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Home My WebLink AboutDEED OF SECURE DEBT AUGUSTA MINI THEATRE ORIGINAL DEED TO SECURE DEBT THIS INDENTURE, made this 18TH day of September, 2007, between AUGUSTA MINI THEATRE, INC., of Richmond County, State of Georgia (hereinafter called the "Borrower"), and AUGUSTA, GEORGIA by and through the Augusta-Richmond County Commission, (hereinafter called the "Lender"). WITNESSETH: Borrower is indebted to Lender in the sum of $206,404.55 payable to Lender or Order. As security for payment of said indebtedness and to insure performance of certain covenants, Borrower hereby grants, bargains, sells and conveys unto the Lender the following described property, to wit: All that tract or parcel of land, lying and being located in the 88th Georgia Militia District, City of Augusta, Richmond County, State of Georgia being more fully shown and designated as a 10.96 acre tract as shown on a Plat for the McKinney Corporation by Cranston, Robertson & Whitehurst, P.C. dated November 8, 2002, which is recorded in the Office of the Clerk of the Superior Court of Richmond County, Georgia, in Realty Reel 824, Page 1130 and having the following metes and bound to wit: Commencing at the intersection of the southwesterly right of way line of Deans Bridge Road (U.S. Highway No.1) and the southern right-of-way line of Cherry Road; thence along the southwestern right-of-way line of Deans Bridge Road 931.23 feet to a #5 rebar found being the Point of Beginning. Thence, turning and leaving said right-of-way line with property of now on formerly Hatcher South 570 30' 02" East a distance of 662.82. feet to a #5 rebar set; thence, turning and running along property of the McKinney Corporation South 290 55' 46" West a distance of 631.79 feet to a #5 rebar set; thence, turning and running along property of Bonita W. Coleman North 550 17' 43" West a distance of 889.25 feet to a #5 rebar set on the southwesterly right-of-way line Deans Bridge Road (U.S. Highway No.1); thence, turning and running along said right-of-way line North 50021' 47' East a distance of 211.08 feet to the Point of Beginning, containing 10.96 acres. The improvements on said tract is known under the present system of numbering in the City of Augusta as 2546 Deans Bridge Road. TO HAVE AND TO HOLD the said bargained premises, together with all and singular the rights, members and appurtenances thereof (together with heating, plumbing, lighting, water-heating, refrigerating, and air-conditioning fixtures, screens, awnings, flowers, shrubs and timber now or hereafter placed in or on growing on said premises, all of which are hereby declared to be a part of said realty) to the use, benefit and behoof of the Lender, forever in FEE SIMPLE. The Borrower warrants and will forever defend the right and title of the above described property unto the Lender against the lawful claims of all persons whomsoever. This instrument is a deed passing title pursuant to the laws of the State of Georgia governing loan or security deeds and is not a mortgage: and is made and intended to secure the payment of the following indebtedness and obligations, to-wit: The Lender has this date made available to Borrower the sum of $206.404.55 under its Community Development Block Grant Program, to evidence which Borrower has made and delivered to Lender a Promissory Note in the same amount. The amount of the note is a loan but becomes incrementally an absolute grant at the completion of five years from date in that at the end of one year from date 20% thereof shall abate, at the end of two years from date an additional 20% shall abate, and so on for each of the remaining years. The abatement is conditional upon Borrower both properly maintaining the facility and continuing to own the land above described. In the event that Borrower shall convey the land to another by __1_ __ _:n ___~LI_~__ LL _ r' r ... . The Borrower agrees to pay all taxes, liens, assessments and charges of every character that may accrue or be assessed against said property, unless he shall bona fidely dispute the same and shall have taken such steps as in the opinion of Lender are necessary to protect Lender's security interest: to carry fire and extended coverage insurance on the premises in the amount of the full insurable value of said premises and as may be required to prevent the Lender from being or becoming a co-insurer, in an insurance company or companies acceptable to the Lender, with loss, if any, payable to the Lender; to deposit with the Lender policies with standard mortgage clause without contribution evidencing such insurance; to keep said premises and all improvements thereon in first-class condition and repair. The Borrower hereby agrees that should he fail to pay as the same mature any tax, assessment, lien or charge that may lawfully accrue against said property, or should he fail to maintain the insurance as herein provided for, or should he fail on ten (10) days written notice from the Lender to repair the premises in a reasonable time, or should any proceeding under bankruptcy laws be brought by or against Borrower, or should a receiver be appointed for any properties of Borrower by any court in a proceeding wherein Borrower is charged with fraud or alleged to be insolvent or unable to pay his debts as they mature, then and in any of said events the entire unpaid balance of the indebtedness secured hereby shall become due and collectible at the option of the holder, and the right of action thereon shall then exist. The Borrower agrees that should he default in complying with the terms of the note or notes secured hereby, then the entire unpaid balance of the indebtedness secured hereby shall at once become due and collectible at the option of the holder and the right of action thereon shall at once exist. In the event of any such default by the Borrower in paying such taxes or assessments, providing such insurance or making such repairs, then the Lender may at its option pay such taxes or assessments, or procure such insurance, or make such repairs, and all payments of the Lender in connection therewith shall be secured by this deed, and shall bear Eight (8%) per cent interest per annum from the time of payment by the Lender until repayment by the Borrower to the Lender. Any indulgence or departure at any time by the Lender from any of the provisions hereof, or of any obligation hereby secured, shall not modify the same nor relate to the future nor waive future compliance therewith by the Borrower. If said indebtedness be not paid when due, whether by acceleration or otherwise, the Lender may enter upon said premises, take possession, and collect the rents and profits thereof (which said rents and profits in such case are now, in consideration of the premises, transferred and assigned to the Lender); and may with or without taking possession sell the same as a whole, or any parcel thereof separately, at public sale or sales, before the Court House door in the county in which the property or any part thereof, is situated, to the highest bidder for cash, first giving notice of the time, place and terms of such sale or sales by advertisement once a week for four weeks in the paper in which the Sheriff of the County wherein said land, or any part thereof, lies, publishes his advertisements. This power shall not be exhausted until said indebtedness has been satisfied, and one or more sales may be held hereunder. The Lender may bid and/or purchase at any sale and may execute and deliver to the purchaser or purchasers at any sale a sufficient conveyance of said property and vesting the same in the purchaser or purchasers at such sale or sales, and all of the acts and doings of said Attorney in Fact are hereby ratified and confirmed, and any recitals in said conveyance as to facts essential to a valid sale shall be binding on said Borrower. The proceeds of such sale shall be applied first to the payment of all sums secured hereby, then to the expenses of such sale and all proceedings in connection therewith, and the remainder, if any, shall be paid to the Borrower. The power and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, and are granted as cumulative to the remedies for collection of said indebtedness as provided by law. The Lender shall, upon application to any court, be entitled to a Receiver to take charge of said property herein described without alleging or proving insolvency of the Borrower, and without consideration of the value of the premises hereby conveyed as security, or any other ground usually incident to the appointment of receivers other than default in some term of terms of this deed or the note -- which it secures. The Borrower covenants that in the event of a sale under power as hereinabove provided, the Borrower shall then become and be a tenant holding over and shall forthwith deliver possession to the purchaser at such sale, or be summarily dispossessed, in accordance with the provisions of law applicable to tl'm;:mtl': hnlrlinn m/l'>r AUGUSTA MINI THEATRE, INC. ~j By: ' . .A"/~ .-. /' ~--~/1-cJl'''e.I/'''~ p, /1.<'- As its President IN WITNESS WHEREOF, the Borrower has hereunto set his hand and affixed his seal, the day and year first above written. ATTEST: SEAL 8y ~~~C#2t~~ /~ ,4t-~ Witness Notary Public