HomeMy WebLinkAbout1983-005 Lease - Safeco..... :~m~.e.~. corporetion, (hereafter c~lled "O~mer") and
Ow.-',er t~Tt~!er a =eas~ do?'.cd October 't :,wo has !eased certai~'~ real property i~
~'~oCrew ...... ~: ....... ~a. ..... ..... Se',,,mizi', Ir'K:, ~br a term of twenty (20) years. McGrew Brothers
Sawmi!l~ Inc. has filed ba~kr~ptey in the U, S. Bankruptcy Court, District of Oregon,
Case i[o, 681.-05122 and
u~.~ leasehold intc~rest has been conveyed to CROMAN CO,ii'ORATION,
an Ore[~on corporation. CROMAN 0~,~, ORA~zO~, has obtained financin2 from SAFECO and
pr,~po~e:~ [.o z~:~:j~: a~d mort,~a[~e to SAFFCO its iht, crest under said lease anc~ the
lWzasehold estate des:crib.ad therein to s~ecure the financing; and SAFECO has requested
the consent of
,.~;,,er to the cssignment and ~rtgage;
T~tm~Jfu,'-m" .','-~:,,~, IT IS AGREED:
1.. O~er hereby consents to the mortgaging or' encumbering of lessee's interest
in the lease to SAFECO as provided in the Collateral Assignment of Lease, a copy of
which is attached herei:o amd, in the event the Assigns. or named therein, CROMAN
CORPORATION, an Oregon corporation~ or any of their successors, default under the
Collateral Assigmnent of Lease result.ing in foreclosure or a transfer in lieu of
foreclosure, Own, er hereby consents to such a transfer of lessee's interest to SAFECO.
2. Otmer also agrees to waive any option or right to cancel the lease because
of the bankruptcy or insolvency of the lessee so ].omg as SAFECO or any successor of
SAFECO has any interest in the leasehold provided that this waiver shall not limit
the lesaor's right tc cancel or terminate the lease or pursue other remedies for
rmr~payment of rent or failure to perfom other terms and conditions of the lease.
3. Before cancelling or termip, at~ng the lease on accotmt of any default I,mder
the lease, Owner agrees to give SAFECO at ]~::.'-:'~t fVfteen ~ays written notice of any
intended cancellation or termination ~-;ithin ~,~hich time S/~FECO shall haw; the right to
cure any such default and thereby restore said lease to good standing.
4. SAFECO agrees that its interest in the property covered by the lease sha].].
be and at all times remain subordinate to the interest of the Owner and that if, in
ato e~u Collateral Assignment of
the endorcement of any rights it has under the "~ '~ ~
perform the terms and conditions of the lease~ SAEECO shall not have the right to
transfer or assign the lease ~ithout the written consent of the O~.mer, provided,
however, that the Owner agrees that it ~ill .not unreasonably ~ithhold such consent.
Except as provided above O~ner retains all r~gn..s and remedies for enforcement of
its rights under the lease.
SAFECO:
City of Ashland
A M~nicipal Corporation
SAFECO Credit Company, Inc.
A Washington Corporation
Attest
Mailing Address
SAFECO Plaza
Seattle, WA 98185
jw #16/57
Account ~gg. CRO~:! 9172
This schedule is incorporated by this reJere. J~C9 into that
dated ~xec,.;ted by
._^n..__O;~go_n. C_ or_p_o__r_a_.t_t i_on
Croman Corpor~tioD
TRACT 3: Beginni,~g at the Narx,~est correct of' ,qo'~.'erta~ent Lot 4 ia Township 39 south.
i east of the i~/liamette'HeriOian it~ Jackson Cotmry, Oregon; thence south 251.0 feet;
thence north 56' 1]' west 1588.4 feel to the we,JO t;ne of the southeast quarter of Section
14, thence North along said ue:;t line 4Y~.9 feet:; theuce east 1120.0 feet.; thence north
455.0 feet to an intersection ~ith thc sourher!y li~e of tl~e Southern Pacific Railroad
right-of-way; thence southerly along s~ii<T righ.':--of.~a~y line 1850.0 feet to a point due
east of the point of beginning; theDce ~;,ea; 231.06
-. . ~.e~t to tt~e point of hegit';ning.
SUBJECT TO:
A 40 foot road from adjoining City property I;o~.Pd,~-- to Thomas J. Parker & Associates, Inc.,
Pacesetter llomes, Ibc., the Oregon State Forest Service and the Ashland Acres Riding
A~sociation~ to Highway 99.
TRACr 4: Beginning at the center of Section 14 ir, Township 39 South, Range i East of the
~-{~lamette Meridian in Jackson County, Oregon; L!~ence South I20.0 feet to the true point
of beginning; thence East 300.0 feet; thence N~-~:;:h ,72~ West 126.0 feet; thence North 11'
40' Wear 25.0 feet; thence North 47~ O0~ East 720.0 feet~ more or less} to the South~zrly
vig}~t-of-way of the Southecn ?~:ci~ic ''~ .......
aou~nt:aaac~y aio~ig amid right-of-wa;.,
450,0 feet, more or less, to the ,~oat Northerly point of land presently leased b7 l~cGre'a
Bros. Sa~ill Inc.; thence Sot, th 455.0 feet; tt~aace West 1120.0 feet; thence North 80.0
feet to the true point of beginning.
SUBJECT TO:
(1) A 40 'foot road right-of-way as presently surveyed and used along the tlesterly aide of
the above described land.
(2) Easement to City of Ashland for water pipeline purposes.
(3) Subject to existing power line easement.
BY:
.... Cr~man_~or at ion
IFULL LEGAL NAME)
~'tTt, E
SAFECO Credit Company, Iv