Exhibit 10.78
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Recording Requested By
And When Recorded Mail To:
U.S. Bank National Association
101 North First Avenue, Suite 1600
Phoenix, AZ 85003-1902
Attention: Commercial Banking
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Space Above For Recorder’s Use
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WASHINGTON STATE COUNTY
AUDITOR’S/RECORDER’S INFORMATION (RCW
65.04):
GRANTOR:
RADER FARMS, INC.
(“GRANTOR” and “LESSEE”)
GRANTEE:
U.S. BANK NATIONAL ASSOCIATION
(“BENEFICIARY”)
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ABBREVIATED
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LEGAL DESCRIPTION:
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Ptn. of Sections 1, 3, 4, 9, 10, 31, 33,
Township 40 North, Range 3 East of W.M., Ptn. of Sections 6 and 31,
Township 40 North, Range 4 East of W.M.
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[SEE ATTACHED EXHIBIT A FOR FULL LEGAL
DESCRIPTION]
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ASSESSOR’S PROPERTY TAX PARCEL ACCOUNT
NUMBER(S):
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400406 235480 0000 and 400310 258263 0000 and
400309 466060 0000 and 400405 096537 0000 and 410333 205232 0000
and 400310 121045 0000 and 400309 475078 0000 and 400309 476112
0000 and 400310 024030 0000 and 400310 067020 0000 and 400406
198523 0000 and 410431 019031 0000 and 410431 019090 0000 and
400310 207022 0000 and 400309 490232 0000 and 410431 019156 0000
and 400310 038225 0000 and 400309 505035 0000 and 400310 105237
0000 and 400309 441228 0000 and 400303 449478 0000 and 400406
037482 0000 and 400309 305089 0000 and 400310 070169 0000 and
400301 235478 0000 and 400310 187087 0000 and 400310 070085 0000
and 400309 470490 0000 and 400301 363356 0000 and 400405 104471
0000 and 400406 250460 0000 and 400304 344458 0000 and 410431
086075 0000 and 400310 213195 0000 and 400304 209456 0000 and
400303 487407 0000 and 400309 395110 0000 and 400301 402485
0000
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1
AMENDMENT TO LEASEHOLD DEED OF
TRUST
WITH ASSIGNMENT OF RENTS, SECURITY AGREEMENT, AND
FIXTURE FILING AND MEMORANDUM OF MODIFICATION
(Washington)
This Document Serves as a Fixture Filing under
the Washington Uniform Commercial Code.
Grantor’s Organizational Identification
Number is: DE-4351069 .
This Amendment to Leasehold Deed of
Trust with Assignment of Rents, Security Agreement, and Fixture
Filing and Memorandum of Modification (the “Amendment”)
is dated for reference purposes as of March 21, 2011, by and
between RADER FARMS, INC. , a Delaware corporation, as
trustor (the “Grantor”), CHICAGO TITLE INSURANCE
COMPANY , as trustee (the “Trustee”), and U.S.
BANK NATIONAL ASSOCIATION , a national banking association, as
beneficiary and secured party (the
“Beneficiary”).
Factual
Background
A.
Beneficiary and INVENTURE
FOODS, INC. , a Delaware corporation f/k/a THE INVENTURE
GROUP, INC. (the “Borrower”), are parties to that
certain Loan Agreement (Revolving Line of Credit Loan and Term
Loan) dated as of May 16, 2007 (as amended, restated,
replaced, supplemented or otherwise modified from time to time, the
“RLOC/Term Loan Agreement”). The
RLOC/Term Loan Agreement establishes (1) a revolving line
of credit loan (“RLOC Loan”) to Borrower in the maximum
principal amount of Twenty-Five Million and No/100 Dollars
($25,000,000.00) (the “RLOC Loan Maximum Committed
Amount”), and (2) a term loan (“Term Loan”) to
Borrower in the principal amount of Six Million and No/100 Dollars
($6,000,000.00) (the “Term Loan Amount”). Bank
also made a term loan (the “RE Loan”) to Borrower in
the principal amount of Four Million and No/100 Dollars
($4,000,000.00) (the “RE Loan Amount”), pursuant
to that certain Term Loan Agreement dated as of June 28, 2007
(as amended, restated, replaced, supplemented or otherwise modified
from time to time, the “RE Loan Agreement”).
The RLOC Loan, the Term Loan, and the RE Loan are hereinafter
collectively, referred to as the “Credit Facilities” or
“Loans” as applicable, each, individually, a
“Credit Facility,” or “Loan,” as
applicable). All capitalized terms used herein and not
defined shall have the meanings set forth in the
RLOC/Term Loan Documents and/or the RE Loan Documents, as
applicable.
B.
The RLOC Loan is evidenced by a
Promissory Note Secured by Deed of Trust (Revolving Line of Credit
Loan) made payable to Bank in the RLOC Loan Maximum Committed
Amount (as amended, restated, renewed, replaced, supplemented or
otherwise modified from time to time, the “RLOC Loan
Note”). The Term Loan is evidenced by a Promissory Note
Term Loan - Interim Draw Period Converting to Term (Term Loan -
Interim Draw Period Converting to Term) made payable to Bank in the
Term Loan Amount (as amended, restated, renewed, replaced,
supplemented or otherwise modified from time to time, the
“Term Loan Note”). The RE Loan is evidenced by a
Promissory Note Secured by Deed of Trust (Term Loan) made payable
to Bank in the RE Loan Amount (as amended, restated, renewed,
replaced, supplemented or otherwise modified from time to time, the
“RE Loan Note”). The RLOC Loan Note, the Term
Loan Note, and the RE Loan Note, as amended, restated, renewed,
replaced, supplemented or otherwise modified from time to time, are
hereinafter collectively, referred to as the “Notes,”
each, individually, a “Note,” as applicable.
C.
The Notes are secured by, among
other things, (i) that certain Business Security Agreement
(Blanket - All Business Assets) dated as of May 16, 2007,
covering all business assets of the Obligated Group (as amended,
restated, replaced, supplemented or otherwise modified from time to
time,
2
the “Business Security Agreement”),
(ii) that certain Leasehold Deed of Trust with Assignment of
Rents, Security Agreement, and Fixture Filing (Washington) by
RADER FARMS, INC. , a Delaware corporation
(“Rader”), as grantor, and CHICAGO TITLE INSURANCE
COMPANY , as trustee, and Bank, as beneficiary and secured
party dated as of June 28, 2007, and recorded July 2,
2007, as Recording Number 2070700138 in the Official Records of
Whatcom County, Washington (the “Deed of Trust”)
covering certain real and personal property, as therein described
(all collectively, the “Property”). The Property
encumbered by the Deed of Trust includes, without limitation,
Rader’s Lessee’s Rights under the Ground
Lease.
D .
Grantor has requested that
Beneficiary modify certain terms and conditions of the Loans,
including but not limited to, increasing the amount of the RLOC
Loan by Ten Million and No/100 Dollars ($10,000,000.00) and
extending the Maturity Date of the Loan to July 31, 2014, upon
the terms and conditions set forth in that certain Modification and
Extension Agreement, dated of even date herewith, by and between
Beneficiary and Grantor (the “Modification
Agreement”). Beneficiary, although under no obligation
to do so, is willing to modify the Loans in accordance with the
terms and conditions of the Modification Agreement, provided that
the following amendments are made to the Deed of Trust. All
capitalized terms not defined herein shall have the meaning set
forth in the Modification Agreement, or if not defined in the
Modification Agreement, shall have the meaning set forth in the
RLOC/Term Loan Agreement and/or the RE Loan Agreement, as
applicable.
E .
Together with the execution hereof
and pursuant to the terms of the Modification Agreement, Grantor
has executed an Amended and Restated Promissory Note dated of even
date herewith (the “Restated RLOC Loan Note”), made
payable to Beneficiary in the stated principal amount of amount of
Twenty-Five Million and No/100 Dollars ($25,000,000.00), which
amends, restates, replaces, and supersedes the original RLOC
Note.
F.
This Amendment, the Modification
Agreement, the RLOC/Term Loan Agreement, the RE Loan
Agreement, the Restated RLOC Loan Note, and the Deed of Trust (as
amended hereby, together with all of their exhibits, and all other
documents which evidence, guaranty, secure, or otherwise pertain to
the Loans, as any or all of them may have been amended, modified,
or restated from time to time, collectively constitute the
“Loan Documents.”
Agreement
THEREFORE , for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Grantor
and Beneficiary agree as follows:
1.
Accuracy of
Recitals/Reaffirmation . Grantor acknowledges the accuracy of the
Recitals, and reaffirms all of its obligations under the Deed of
Trust and the Loans. Except as specifically hereby amended,
the Deed of Trust shall remain in full force and effect.
Grantor’s payment and performance obligations pursuant to the
Deed of Trust and the Loan Documents executed in connection with
the Loans, including all extensions, amendments, renewals or
replacements thereof, shall continue to be secured by the security
interests and liens arising out of the Loan Documents and the Deed
of Trust.
2.
Modification of
Loan . The
Loans and the Loan Documents, including the indebtedness secured by
the Deed of Trust, have been modified by the Modification Agreement
and related documents thereto.
3.
Modifications to Deed of
Trust . The
Deed of Trust is hereby modified and amended as described
below. In the event of a conflict between the terms of the
RLOC/Term Loan Documents or the RE Loan Documents, and the terms of
this Amendment, this Amendment shall control:
3
3.1
Modification to Deed of
Trust .
Section 1.2(a)(ii) of the Deed of Trust
is amended and modified to read as follows:
“(ii)
Payment of all obligations at any
time owing under that certain Promissory Note Secured By Deeds of
Trust (Facility 1 - Revolving Line of Credit Loan) (the
“Facility 1 Note”) dated as of March 21, 2011,
payable by Borrower as maker to the order of Beneficiary in the
stated principal amount of Twenty-Five Million and No/100 Dollars
($25,000,000.00); and”
3.2
Restated RLOC
Loan Note . Concurrently with the execution of this
Amendment, Borrower shall execute and deliver to Bank an amended
and restated promissory note in a form acceptable to Bank in its
sole and absolute discretion (the “Restated RLOC Loan
Note”), which Restated RLOC Loan Note shall reflect the
modifications set forth in this Modification Agreement and certain
other modifications by operation of the Restated RLOC Loan Note,
which shall control. The Restated RLOC Loan Note amends,
restates, and replaces the RLOC Loan Note, as such may have been
amended or restated from time to time prior to the date of this
Amendment, and any credit outstanding under thereunder shall be
deemed to be outstanding under the Restated Note. The stated
amount of the Restated RLOC Loan Note is Twenty-Five Million and
No/100 Dollars ($25,000,000).
4.
Miscellaneous
.
4.1
Further
Assurances . At
its sole cost and without expense to the Trus