HomeMy WebLinkAbout0913 payment to ~h~ 'frustee o£ such sum as may be n~cessary to cure
tt~e default, inclu;iing i.nterest at 6% per annum to the date of
the :~alE of such Leneficial interest. and any excess, after
}~ayment of such sums~ sh~ll be paid over to rl:e defaulting
t~eneficiary who will thereafter have na £urther interesC in the
trusC created hereunder.
The r~spective beneficial interest of each beneficiary
hereunder shall be the sole security for the satisfaction of any
obli~;ation .of a beneficiary under thi.s para~;raph.
~ 10. API'LICATION OF PROCEEDS FROM SALE OR OTHER INCOME
llI:i± T VEll ~ KOM '1'RUST YR~YERTY IN PARCEL A. In~ cons iderat ion of the
cr.:ti~ier o~ Yarc~l A tu 'rkEASL'RE COAST WEINEF: KING ~~1, LTD.. as
pr~viuecl for in paras;=-~.iph 6, TREASL"':,' COAS'I t•1L•:liJER KING ~~I. LTD. , :
~
SI1:iL1 pa;~ at ~he time :~f such transfer in cash the sum of '
$29,2"lb.SU, said u.~uunt to be utilized by the Trusr_ee to provide ~
the down p~~rrnent required t~ close cantract described in Exhibit
"A". Additionally, TRF.ASUR~: COAST W~:INER KING.~~1, LTD. , shall
execute and deliver eu thE Trustee its promissory note in the ±
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atilUilrit of :~14, 750. D~. All income rc~ceived as paynent on such ' ~
~
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; note shall b~ distribu-ed by the Truste~ 100"l, to FRANCHISE
~ I.~VES1':~1EtiT r'~SSOCIATES. Additionally, the TrusCee will, upon ~
~ ~
i c1c'IIt3I1(3 c,i FEtA;iCNISE Zt:~ESTMENT ASSOCIATES, assign ~aid note to
` ~~IUi~~~C}iISI? INVF~:S"i~1E;+T E~SSOCZATES at any time without recourse.
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11. AYYI.ICrTIOi~ OF PROCEEDS FROM SALE OR OTHER ~
7NC0:~ DERIVI?ll FROM TKL'ST PROPERTY IN PARCEL C. All net proceeds
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~ i-ec~ivcd by ttie Trustecy r~S a result of sale o~ other income
;
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= cieriv~u from t'rie trus~ property included in P~xrcel C shall be
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'y .
~ first apF~lied to ~ayr?ent of the trust obligations, including all
c:evclop~.,eiit cc~sts , anc: the r~mainder shall Le distributed to the
~ -
ber~e£iciaric~s in Proportion to the~r interests as set forth in
S .
r~aragraph 7.
12. AP~'I.ZCATION OF PROCEEDS FKOM RE-SALES OR OTHER
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7 i3CU?'tE UERIVED FR0~1 TRUST PRUPERTY IN PARCEL
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