Res 2007-183 - Laserfiche WebLink

Home Browse Search

3.4 Article T, Section 1, l of the Loan Agreement is hereby amended in its entirety to read as follows: "1.1 Financine Licn. "Financing Lien'' means a lien which (i) is granted by JQH-San Marcos on the Property in a Deed of Trust to a third Party lender not related to either JQH or JQH-San Marcos to secure a loan from such lender for construction or permanent financing For the Hotel and (ii) secures only such lender's construction or permanent financing loan to JQH and/or JQH-San Marcos for the Hotel on the Property and no other indebtedness," 3.5 Article 1, Section 1.3 of the Loan Agreement is hereby amended in its entirety to read as follows: "1.3 Loan Documents. "Loan Documents" means this Agreement, the Note, (as defined herein), the Deed of Trust (as defined herein) and all other documents, instruments, certificates and agreements executed and/or delivered by JQH and/or JQH-San Marcos in connection with the Loan, all as may be amended, renewed, supplemented, modified, replaced and/or restated from time to time." 3.6 Article TII, Section 32 of the Loan Agreement is hereby amended in its entirety to read as follows: " 3.2 Deed of Trust. JQH-San Marcos executing and delivering an original counterpart of a Deed of Tnist (And Security Agreement, Assignment of Rents and Financing Statement) duly acknowledged by a notary public, in form and content identical to that attached hereto as Exhibit "E" (said Deed of Trust, together with all renewals, extensions and modifications thereof being hereafter referred to as the "Deed of Trust")." 3.7 Article [II, Section 3.3 of the Loan Agreement is hereby amended in its entirety to read as follows: " 3.3 Title Polite. JQH delivering or causing to be delivered to the City, at no expense to the City, a Mortgagee Title Policy on the standard form promulgated by the Texas llepartment of Insurance with an insured amount of $2,000,000.00, naming City as the insured, covering the Property, insuring City's lien under the Deed of Trust (with no superior liens thereto), with such endorsements as City may request, and otherwise in Form and content acceptable to City (specifically including, but not limited to, the Permitted Encumbrances). The Mortgagee "1'itlc Policy shall be issued by S[ewart Title Guaranty Company through its agent, ETays County Abstract Company (the "Title Company")," 'rR5R97 7