Dixie Group Inc 8-K/A, filed Mar 22, 2022
Dixie Group Inc (DXYN)
8-K/A
2022-03-22
For: 2022-03-22
View Original
Added on
April 06, 2026
About this 8-K/A
Dixie Group Inc filed this 8-K/A on March 22, 2022.
Items reported
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant To Section 13 OR 15(d) Of The Securities Exchange Act Of 1934
Date of Report (Date of earliest event reported): March 16, 2022
(Exact name of Registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (zip code) | |||||||||||||
| (Registrant's telephone number, including area code) | |||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
This amendment to Form 8-K is being filed to amend and supplement a Form 8-K filed March 21, 2022 solely for the purpose of adding the exhibits listed below in Item 9.01.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 22, 2022 | THE DIXIE GROUP, INC. | |||||||
/s/ Allen L. Danzey | ||||||||
| Allen L. Danzey | ||||||||
| Chief Financial Officer | ||||||||
SEPARATE GUARANTY OF CARVEOUT OBLIGATIONS
Loan No. 73101343
THIS SEPARATE GUARANTY OF CARVEOUT OBLIGATIONS (this “Guaranty”) is made as of the 16th day of March, 2022 (the “Effective Date”), by THE DIXIE GROUP, INC., a Tennessee corporation, whose address is 475 Reed Road, Dalton, GA 30720 (the “Guarantors” whether one or more), in favor of RGA REINSURANCE COMPANY, a Missouri corporation, and its successors and assigns (the “Lender”), whose address is c/o RGA Mortgage Loan Servicing, 16600 Swingley Ridge Road, Chesterfield, Missouri 63017.
For and in consideration of the premises set forth herein, in order to induce Lender to make a loan in the original principal amount of Eleven Million and No/100 Dollars ($11,000,000.00) (the “Loan”) to TDG ADAIRSVILLE, LLC, a Georgia limited liability company (the “Borrower”), which Loan is evidenced by that certain Promissory Note dated of even date herewith (the “Note”) made by Borrower in favor of Lender, as payee thereunder, Guarantors hereby agree as follows:
1.GUARANTEE OF CARVEOUT OBLIGATIONS. In consideration of Lender agreeing to make the Loan, Guarantors hereby irrevocably, absolutely, unconditionally and jointly and severally guarantee the full and prompt payment to Lender of all amounts due or arising from or in connection with the following obligations (the “Carveout Obligations”): (a) the obligation to pay any amounts advanced or expenses incurred by Lender under the Note, the Deed to Secure Debt, Security Agreement and Fixture Filing dated as of the date hereof securing the Note (the “Security Instrument”) or any other instrument executed in connection with or given as security for the Note (the “Loan Documents”) with respect to any of those matters set forth in (i) through (x) below (the “Carveouts”); (b) the obligation to defend and hold Lender harmless from and against any claims, judgments, causes of action or proceedings arising from any of the Carveouts; (c) the obligation to indemnify Lender with respect to any costs, damages, losses, including attorneys’ fees, suffered or incurred by Lender in connection with or arising from any of the Carveouts; and (d) the obligation to repay the entire indebtedness evidenced by the Note, the Security Instrument and other Loan Documents, if Lender’s exculpation of Borrower from personal liability has become void as set forth in the Loan Documents. The Carveouts are:
i.Material written misrepresentation by Borrower with respect to the Loan;
ii.Waste of the property described in the Security Instrument (the “Property”) (which shall include damage, destruction or disrepair of the Property caused by a willful act or grossly negligent omission of Borrower, but shall exclude ordinary wear and tear in the absence of gross negligence);
iii.Misappropriation of tenant security deposits (including proceeds of tenant letters of credit), insurance proceeds or condemnation proceeds with regard to the Property;
iv.Failure to pay ground rent, property taxes, assessments or other lienable impositions with regard to the Property, except to the extent funds for payment of such items were placed and remain in escrow with Lender;
v.Failure to pay to Lender (a) all rents, income and profits collected more than one (1) month in advance, and (b) all rents, income and profits (including any rent for the last month of the lease term under any lease in force at the time of default), received with respect to the Property during any period when there exists a default under the Note or any of the Loan Documents, net of amounts used to pay the reasonable and customary operating and maintenance expenses of the Property;
vi.Removal of fixtures or Personal Property (as defined in the Security Instrument) from the Property, unless replaced in a commercially reasonable manner;
{18524/00066/3359463.DOCX.5}
20886566v2
Loan No. 73101343 Page 2
vii.Any amounts expended by Lender in connection with the foreclosure of the Security Instrument or expenses incurred by Lender in connection with any proceeding brought to enforce the terms of the other Loan Documents following default;
viii.Terminating or amending a lease of the Property in violation of the Loan Documents;
ix.Failure to maintain all insurance as required by the Security Instrument, except to the extent funds for payment of said insurance premiums were placed and remain in escrow with Lender; and
x.Liability of Borrower under the Environmental Indemnity Agreement or the provisions set forth in the Security Instrument pertaining to hazardous materials or toxic substances found in, on or under the Property.
Guarantors acknowledge that the Loan is made solely for business purposes and that Guarantors will be liable for any deficiency judgment after any foreclosure or trustee’s sale or deed in lieu of foreclosure or trustee’s sale that Lender elects to prosecute or accept, to the extent that liability for the Carveout Obligations have remained unsatisfied. Any such deficiency or any judgment therefor shall bear interest at the Default Rate (as defined in the Note) from and after the date of such foreclosure or trustee’s sale or Lender’s or its affiliate’s acceptance of a deed in lieu thereof until and including the date the deficiency or judgment is paid.
2.INDEMNITY AND HOLD HARMLESS. Guarantors jointly and severally agree to indemnify Lender and hold it harmless, to the extent of Lender’s actual damages and losses, attributable to any circumstance or event constituting a Carveout Obligation. This obligation includes the protection of Lender from, and the defense of Lender against, any and all actions, suits, proceedings, demands, assessments, adjustments, penalties or other assertions of liability arising as a result of or in connection with the Carveout Obligations, and the indemnification of Lender from and against all out-of-pocket costs and expenses sustained by Lender in enforcing this Guaranty, including reasonable attorneys’ fees and expenses.
3. CONDITIONAL GUARANTEE OF ENTIRE INDEBTEDNESS. Notwithstanding anything herein to the contrary set forth herein or in any instrument given as security for the Note, Guarantors hereby irrevocably, absolutely, unconditionally and jointly and severally guarantee the full and prompt payment to Lender of the entire indebtedness evidenced by the Note and secured by the Loan Documents in the event of: (a) any fraud or intentional misrepresentation by Borrower, (b) a voluntary transfer or encumbrance of the Property, or any direct or indirect beneficial ownership interest in Borrower, in violation of the Loan Documents; or (c) Borrower’s filing of a voluntary petition for reorganization under Title 11 of the United States Code (or under any other present or future law, domestic or foreign, relating to bankruptcy, insolvency, reorganization proceedings or otherwise similarly affecting the rights of creditors), unless, prior to filing, Borrower offers to enter into Lender’s choice of either an agreement to permit an uncontested foreclosure, or an agreement to deliver a deed in lieu of foreclosure, Lender accepts Borrower’s offer and the agreement is consummated within sixty (60) days of Lender’s acceptance of the offer. After Lender accepts such an offer, default by Borrower in fulfilling the terms of the accepted offer shall trigger personal liability of Borrower for the entire Indebtedness and Guarantors’ guarantee thereof. No such offer shall be conditioned on any payment by Lender, on the release of Borrower or any Guarantor from any other obligation or liability under the Loan Documents, or on any other concession. Guarantors’ personal liability for the Carveout Obligations shall survive foreclosure of the Security Instrument (or Lender’s acquisition of all or any portion of the Property by a deed in lieu of foreclosure).
This Guaranty is not a guarantee of collection, but rather is an irrevocable, absolute and unconditional, continuing guarantee of payment and performance. In this regard, Guarantors hereby acknowledge, consent and agree that the guarantee set forth in this Guaranty may not be revoked as to any present or future advances to or existing or additional liability incurred by Borrower under the terms of
{18524/00066/3359463.DOCX.5}
20886566v2
Loan No. 73101343 Page 3
the Note or any of the Loan Documents. The guarantee set forth in this Section shall terminate when the Note and the indebtedness evidenced thereby has been paid in full.
Guarantors hereby recognize and acknowledge that they will derive substantial economic benefit from the loan from Lender to Borrower in accordance with said Note and Security Instrument and, in consideration therefore, Guarantors have agreed to enter into this Guaranty.
4.REPRESENTATIONS AND WARRANTIES. Guarantors hereby covenant, represent and warrant to Lender as follows:
i.The execution and performance of this Guaranty and all guaranties, indemnities and covenants herein will not result in any breach of, or constitute a default under, any contract, guarantee, document or other instrument to which any of Guarantors is a party or by which any of Guarantors may be bound or affected, and do not and will not violate or contravene any law to which any of Guarantors is subject; nor do any such other instruments impose or contemplate any obligations which are or will be inconsistent with this Guaranty.
ii.No approval by, authorization of, or filing with any federal, state or municipal or other governmental commission, board or agency or other governmental authority is necessary in connection with the authorization, execution and delivery of this Guaranty.
iii.This Guaranty has been duly executed and delivered and constitutes the legal, valid and binding obligations of Guarantors, and is enforceable against Guarantors in accordance with its terms.
iv.All financial information furnished by Guarantors to Lender is true, correct and complete in all material respects as of its date and does not omit to state any fact or circumstance necessary to make the statements contained therein not misleading. There has been no material adverse change in the Guarantors’ financial condition since the date of said financial statement.
v.No Guarantor is currently the subject of, nor intends to take any action to become the subject of any bankruptcy court filing, insolvency proceeding, receivership, composition or assignment for the benefit of creditors.
vi.There are no material actions, suits or proceedings pending or, to the best of the knowledge of Guarantors, threatened against or affecting any Guarantor.
5.FINANCIAL REPORTS. On or before March 31 of each year during the term of the Loan, Guarantors shall deliver to Lender, its successors and assigns or authorized servicer, copies of their financial statements. Guarantors shall certify that such statements are true and correct, and are based upon records compiled in conformity with recognized accounting practices. Lender expressly reserves the right to require such a certification by an independent certified public accountant if it has reason to believe that any previously provided financial statement is misleading in any material respect.
6.DEFAULT. A “Default” shall exist under this Guaranty if any of the following events occur:
i.Any Guarantor shall fail to pay any monetary obligation arising under this Guaranty within five (5) business days after written notice and demand by Lender.
ii.Any Guarantor shall fail to perform, observe, or comply with any non-monetary covenant under this Guaranty, other than those specifically identified below in this Section 6, within thirty (30) days after written notice from Lender demanding such performance, observance or compliance.
{18524/00066/3359463.DOCX.5}
20886566v2
Loan No. 73101343 Page 4
iii.Any Guarantor shall file a petition in bankruptcy or for relief from creditors under any present or future law that affords general protection from creditors; or any other person shall file an involuntary petition in bankruptcy against any Guarantor; or the filing of any other action that may result in a composition of debts, provide for the marshaling of assets for the satisfaction of such Guarantor debts, or result in the judicially ordered sale of assets for the purpose of satisfying obligations to creditors (unless a motion for the dismissal of the petition or other action is filed within ten (10) days and results in its dismissal within sixty (60) days of the filing of the petition or other action).
iv.The dissolution, liquidation or winding up of any Guarantor that is not a natural person shall commence, or its legal existence shall cease, or any Guarantor who is a natural person shall die, unless either (A) following the related event, any one or more of the remaining Guarantors have an aggregate net worth equal to or in excess of Guarantors’ aggregate net worth (excluding the value of the Guarantors’ equity in the Property) represented to Lender as of the date hereof (“Guarantor Net Worth Requirement”) and is otherwise acceptable to Lender, or (B) Lender is promptly advised of the event, and Borrower or remaining Guarantors (or the executor of their estate, as applicable) succeed in obtaining a replacement Guarantor acceptable to Lender, in its sole discretion (a “Replacement Guarantor”), within one hundred eighty (180) days of the subject event. If required for the determination of compliance with the Guarantor Net Worth Requirement, Guarantors and any prospective replacement Guarantors shall have the burden of proving their compliance by providing current financial statements. Any Replacement Guarantor shall jointly and severally assume the obligations of the Guarantor under this Guaranty and the Environmental Indemnity Agreement, in a written agreement approved in writing by Lender, so that the other Guarantors and all Replacement Guarantors in the aggregate meet the Guarantor Net Worth Requirement.
7.APPLICATION OF PAYMENTS. All payments with respect to the indebtedness evidenced by the Note received by Lender from Borrower, or any party other than Guarantors, may be applied by Lender to the indebtedness evidenced by the Note and secured by the Loan Documents in such manner and order as Lender desires, in its sole discretion, whether or not such application reduces the liability of Guarantors with respect to the Carveout Obligations. If a foreclosure sale of the Property takes place, the proceeds of the sale (whether received in cash or by credit bid) shall be applied first to reduce that portion of the indebtedness which is not guaranteed under this Guaranty.
8.UNSECURED OBLIGATION. This Guaranty is not secured by any of the Loan Documents securing the Loan.
9.WAIVERS.
9.1SUBROGATION RIGHTS AGAINST BORROWER. Guarantors waive: (a) any right of reimbursement, subrogation, exoneration, contribution, or indemnity from or by Borrower with respect to the satisfaction by Guarantors of any obligation of Borrower; and (b) any “claim,” as that term is defined in the Bankruptcy Code, which Guarantors might now have or hereafter acquire against Borrower by virtue of Guarantors’ performance of any obligation of Borrower. In connection with the waiver set forth in clause (a), Guarantors expressly waive: (i) any and all rights of subrogation to Lender against Borrower; and (ii) any rights to enforce any remedy which Lender may have against Borrower and any right of participation in any collateral for the Loan. In addition, Guarantors hereby subordinate any and all indebtedness of Borrower now or hereafter owed to Guarantors to all indebtedness of Borrower to Lender, and covenant with Lender not to demand or accept any payment of principal or interest on any such indebtedness while any default exists under the terms of any of the Loan Documents.
9.2WAIVER OF JURY TRIAL. ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS GUARANTY IS HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVED BY GUARANTORS,
{18524/00066/3359463.DOCX.5}
20886566v2
Loan No. 73101343 Page 5
AND IT IS AGREED BY GUARANTORS THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY.
9.3MARSHALING OF ASSETS. Guarantors waive any right to cause a marshaling of Borrower’s assets.
9.4HOMESTEAD LAWS AND EXEMPTIONS. Guarantors waive all rights and exemptions under homestead and similar laws.
9.5VALUATION OF COLLATERAL. Guarantors waive any right to assert that the amount paid for the property securing the Note at a lawfully conducted judicial or nonjudicial foreclosure sale is less than the value of the Property.
9.6PROTEST, DEMAND, DISHONOR. Guarantors waive all rights of protest, demand, dishonor, presentment or any other notices or demands which might otherwise be required by any statute or rule of law now or hereafter in effect with respect to this Guaranty or any of the Carveout Obligations.
9.7ADDITIONAL WAIVERS. Guarantors waive: (a) any defense based upon Lender’s election of any remedy; (b) any defense of the statute of limitations; and (c) any defense based on Lender’s failure to disclose any information concerning the financial condition of Borrower or any other circumstances bearing on the ability of Borrower to pay and perform its obligations under the Loan Documents, or Lender’s failure to provide notice of any act or omission by Borrower from which any liability for a Carveout Obligation may have arisen.
10.MISCELLANEOUS.
10.1INDEPENDENCE OF OBLIGATIONS. Guarantors shall be fully and personally liable for the Carveout Obligations, and Lender shall be entitled to maintain an independent action against Guarantors regardless of whether Lender has commenced or completed any action against Borrower or the Property. Guarantors disclaim any status as beneficiaries of any obligation of Lender to Borrower to provide notice of default under the Loan Documents. If Lender has initiated any action against Borrower to enforce the Loan Documents, Lender may join Guarantors or refrain from doing so, at its sole and absolute discretion. The liability of Guarantors under this Guaranty shall be reinstated with respect to any amount at any time paid to Lender by Borrower on account of the Carveout Obligations which shall thereafter be required to be restored or returned by Lender upon the bankruptcy, insolvency or reorganization of Borrower or any other Guarantors other than the party against whom Lender has sought to enforce this Guaranty, as though such amount had not been paid. Except as expressly agreed in writing by Lender, Guarantors liability for the Carveout Obligations shall not be released, diminished, impaired, reduced or otherwise affected by: (a) the reconveyance of the interest created by the Security Instrument; (b) the consent by Lender to any transfer of a direct or indirect interest in the Property (whether through sale of the Property, transfers of interests in Borrower, or a change in the form of business organization of Borrower); or (c) any forbearance by Lender to exercise any rights under the Loan Documents, unless those rights are expressly waived or modified in a written instrument duly executed by Lender; provided, however, that any written modification of the Loan that affects the amount of the indebtedness evidenced by the Note may be considered in ascertaining the amount of the indebtedness for purposes of determining the amount of Guarantors’ liability arising under Section 3 of this Guaranty, absent fraud or material written misrepresentation in connection with such a modification.
10.2OFFSETS AND DEFENSES. No liability of Guarantors under this Guaranty shall be released, diminished, impaired, reduced or otherwise affected by any existing or future offset, claim, or defense of Guarantors against Lender. No liability of any Guarantor shall be affected because the liability of any other guarantor is limited, impaired or released by reason of a trustee’s sale or any other agreement is made or remedy is exercised by Lender, whether such limitation, impairment or release results from
{18524/00066/3359463.DOCX.5}
20886566v2
Loan No. 73101343 Page 6
such person also being Borrower or liable by reason of being any entity, natural person or general partner comprising Borrower or otherwise.
10.3 NOTICES. All notices hereunder shall be in writing. All notices to be given hereunder (including, without limitation, notices of sale or default) may be given by any of the following means: (i) personal service; (ii) overnight delivery by a nationally-recognized overnight courier; or (iii) U.S. Mail, postage thereon prepaid, return receipt requested. Written notice shall be deemed effective as follows:(i) if by personal service or overnight delivery, upon delivery or first attempted delivery; and (ii) if by U.S. Mail, three (3) days after deposit in the U.S. Mail. Notices to Guarantors or Lender shall be addressed to the mailing address for the applicable party shown in the caption hereof, and a copy of any notice to Lender shall also be delivered to Lender at 16600 Swingley Ridge Road, Chesterfield, Missouri 63017-1706, “Attention: Global Legal Services.” A copy of any notice to Guarantor shall also be delivered at 832 Georgia Avenue, Chattanooga, Tennessee 37402, “Attention: John Henry”. Each of the parties may hereafter designate a different address for notices hereunder by providing notice of such designation to the other parties pursuant to the procedures set forth above.
10.4ENTIRE GUARANTY AND MODIFICATION. This Guaranty contains the entire agreement of Guarantors relating to the subject matter hereof, and all prior guaranties relative hereto which are not contained herein are hereby terminated. This Guaranty may not be amended, revised, waived, discharged, released or terminated orally but only by a written instrument or instruments executed by Lender. Any alleged amendment, revision, waiver, discharge, release or termination that is not so documented shall not be effective as to Lender.
10.5COUNTERPARTS. This Guaranty may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Guaranty by PDF shall be effective as delivery of a manually executed counterpart of this Guaranty. The failure of any party hereto to execute this Guaranty shall not relieve the other signatories from their obligations hereunder.
10.6GOVERNING LAW. This Guaranty shall be construed and enforced according to, and governed by, the laws of Georgia without reference to conflicts of laws provisions which, but for this provision, would require the application of the law of any other jurisdiction.
10.7CUMULATIVE REMEDIES. Every right and remedy provided in this Guaranty shall be cumulative of every other right or remedy of Lender whether herein or by law conferred and may be enforced concurrently with any such right or remedy. No acceptance of performance of any Carveout Obligation as to which Guarantors shall be in Default, or waiver of particular or single performance of any obligation or observance of any covenant, shall be construed as a waiver of the obligation or covenant or as a waiver of any other Default then, theretofore or thereafter existing.
10.8SEVERABILITY. In the event that any one or more of the provisions of this Guaranty shall for any reason be held to be invalid, illegal or unenforceable, in whole or in part, or in any respect, or in the event that any one or more of the provisions of this Guaranty shall operate, or would prospectively operate, to invalidate this Guaranty, then, and in any such event, such provision or provisions only shall be deemed to be null and void and of no force or effect and shall not affect any other provision of this Guaranty, and the remaining provisions of this Guaranty shall remain operative and in full force and effect and shall in no way be affected, prejudiced or disturbed thereby.
10.9SETTLEMENTS. Upon Lender’s request, Guarantors shall participate in good faith and in a commercially reasonable manner in any settlement between Borrower and Lender which includes or may include a deed in lieu of a foreclosure or of a trustee’s sale.
10.10REFERENCE TO PARTICULARS. The scope of a general statement made in this Guaranty shall not be construed as having been reduced through the inclusion of references to particular items that would be included within the statement’s scope. Therefore, unless the relevant provision of this
{18524/00066/3359463.DOCX.5}
20886566v2
Loan No. 73101343 Page 7
Guaranty contains specific language to the contrary, the term “include” shall mean “include, but shall not be limited to” and the term “including” shall mean “including, without limitation.”
10.11ASSIGNMENT. Lender may assign its rights under this Guaranty without notice to any holder of the Note and assignee of Lender’s rights under the Loan Documents.
10.12SURVIVAL. Except as expressly provided herein, all obligations under this Guaranty shall be binding upon Guarantors’ heirs, personal representatives, successors and assigns, and shall survive foreclosure of all or any portion of the Property, delivery and acceptance of a deed to all or any portion of the Property in lieu of foreclosure, and the repayment of the Indebtedness.
10.13COSTS AND EXPENSES. In addition to all other amounts payable by Guarantors hereunder, Guarantors hereby jointly and severally agree to pay to Lender upon demand any and all costs and expenses, including court costs and reasonable attorneys’ fees which Lender may incur in preparing to enforce, or in enforcing the obligations of Guarantors hereunder, whether or not suit or action is filed.
10.14 ATTORNEYS’ FEES. Notwithstanding any provision to the contrary in this Guaranty or any of the other Loan Documents, including any indemnity agreement, whenever Borrower, a Guarantor or other party is obligated in this Guaranty or any of the other Loan Documents, including any indemnity agreement, to pay the legal fees and expenses (however phrased) of Lender or any other party, such obligations shall mean the reasonable legal fees actually incurred by Lender or such other party at the standard hourly rates of Lender’s or such party’s legal counsel and the out-of-pocket expenses actually incurred by Lender or such other party, and not the statutory legal fees specified in O.C.G.A. Section 13-1-11(a)(2) or any other statute. Neither Borrower nor any other such party shall be liable under any circumstances for any additional legal fees or expenses under O.C.G.A. Section 13-1-11(a)(2) or other statute, and to the extent Lender or such other party may be permitted to charge or receive additional legal fees or expenses under O.C.G.A. Section 13-1-11(a)(2) or other statute, Lender and such other party hereby waive such right.
SEE NEXT PAGE FOR SIGNATURES
{18524/00066/3359463.DOCX.5}
20886566v2
IN WITNESS WHEREOF, Guarantors have caused this Guaranty to be duly executed as of the Effective Date.
GUARANTORS:
THE DIXIE GROUP, INC., a Tennessee corporation
By:
Name: Allen L. Danzey
Title: Chief Financial Officer
{18524/00066/3359463.DOCX.5} Separate Guaranty of Carveout Obligations
Signature Page
20886566v2
LEASE GUARANTY
In order to induce RGA Reinsurance Company, an Missouri corporation (“Lender”), to enter provide an $11,000,000 mortgage loan (the “Loan”) to TDG Adairsville, LLC, a Georgia limited liability company (“Borrower”), secured, inter alia, by Borrower’s assignment of its interest in that certain Lease Agreement of even date herewith (the “Lease”), between Borrower and TDG Operations LLC (“Tenant”), and in consideration of the benefits inuring to the undersigned (the “Guarantor”) under the Loan and the Lease, the receipt and sufficiency of which are represented by Guarantor to Lender to be sufficient and adequate, Guarantor hereby unconditionally guarantees the performance of all of Tenant’s obligations under the Lease, including, without limitation, the payment of rental as provided therein. This Guaranty shall remain in full force throughout the original 20-year Lease term.
This Guaranty is a guaranty of payment and performance, and not of collection. Guarantor hereby waives notice of acceptance of this Guaranty agreement and all other notices in connection herewith or in connection with the liabilities, obligations and duties guaranteed hereby, including notices to it of default by Tenant under the Lease or by Borrower under the Loan, and hereby waives diligence, presentment, protest and suit on the part of Borrower or Lender in the enforcement of any liability, obligation or duty guaranteed hereby.
Guarantor further agrees that Lender shall not be first or concurrently required to enforce against Borrower, Tenant or any other person, any liability, obligation or duty guaranteed hereby before seeking enforcement thereof against Guarantor. The liability of Guarantor shall not be affected by any indulgence, compromise, settlement or variation of terms which may be extended to Borrower by Lender, or to Tenant by Borrower, or agreed upon by Lender, Borrower or Tenant, and shall not be affected by any assignment by Tenant of its interest in the Lease, nor shall the liability of Guarantor be affected by the insolvency, bankruptcy (voluntary or involuntary) or reorganization of Borrower or Tenant, nor by the voluntary or involuntary liquidation, sale or other disposition of all or substantially all of the assets of Borrower or Tenant, or by the release of any other guarantor. Lender, Borrower and Tenant, without notice to or consent by Guarantor, may at any time or times enter into such modifications, extensions, amendments or other covenants respecting the Lease as they may deem appropriate and Guarantor shall not be released thereby, but shall continue to be fully liable for the performance of all obligations and duties of Tenant under the Lease as so modified, extended or amended.
Guarantor further agrees (1) to indemnify and hold harmless Landlord from and against any claims, damages, expenses or losses, including to the extent permitted by law, the reasonable fees of an attorney, resulting from or arising out of any breach of the Lease by Tenant or by reason of Tenant’s failure to perform any of its obligations thereunder, and (2) to the extent permitted by law, to pay any costs or expenses, including the reasonable fees of an attorney, incurred by Borrower or Lender in enforcing this Guaranty.
Guarantor acknowledges that Borrower has assigned its rights under the Lease to Lender as security for the Loan and as long as any indebtedness of Borrower shall be outstanding under the Loan and such assignment of the Lease shall exist, Lender shall be entitled to bring any suit, action or proceeding against the undersigned for the enforcement of any provision of this Guaranty and it shall not be necessary in any such suit, action or proceeding to make Borrower a party thereto. This Guaranty may not be modified or amended without the prior written consent of Lender, and any attempted modification or amendment without such consent shall be void.
This Guaranty shall be binding upon Guarantor and Guarantor’s heirs, legal representatives, successors and assigns and shall inure to the benefit of Landlord and its successors and assigns. This Guaranty shall be governed by and construed and enforced in
17365821v1
18247-0009" "" 17365821v1
18247-0009
accordance with the laws of the State where the Leased Premises are located. If there is more than one Guarantor, the liability of each Guarantor shall be joint and several.
All existing and future advances by Guarantor to Tenant, and all existing and future debts of Tenant to any Guarantor, shall be subordinated to all obligations owed to Borrower under the Lease and this Guaranty; provided that as long as Tenant is not in default under the Lease, Tenant may pay such amounts owed to Guarantor in accordance with the terms thereof and in the ordinary course of business. Guarantor assumes the responsibility to remain informed of the financial condition of Tenant and of all other circumstances bearing upon the risk of Tenant’s default, which reasonable inquiry would reveal, and agrees that neither Borrower nor Lender shall have any duty to advise Guarantor of information known to it regarding such condition or any such circumstance. Neither Borrower nor Lender shall be required to inquire into the powers of Tenant or the officers, employees, partners or agents acting or purporting to act on its behalf, and any indebtedness made or created in reliance upon the professed exercise of such powers shall be guaranteed under this Guaranty. Each Guarantor hereby represents and warrants to Borrower and Lender that such Guarantor has received a copy of the Lease, has read or had the opportunity to read the Lease and understands the terms of the Lease. The provisions in the Lease relating to the execution of additional documents, legal proceedings by Borrower against Tenant, severability of the provisions of the Lease, interpretation of the Lease, notices, waivers, the applicable laws which govern the interpretation of the Lease and the authority of Tenant to execute the Lease are incorporated herein in their entirety by this reference and made a part thereof.
IN WITNESS WHEREOF, Guarantor has caused this instrument to be executed this _____ day of March, 2022.
THE DIXIE GROUP, INC.
By:
Allen L. Danzey
Chief Financial Officer
17365821v1
18247-0009" "" 17365821v1
18247-0009
_________________________________________________________________________________________
DOCUMENT PREPARED BY AND, SPACE ABOVE FOR RECORDER’S USE ONLY
AFTER RECORDING, PLEASE RETURN TO:
RGA Reinsurance Company
Douglas Miller – Senior Counsel, Real Estate
16600 Swingley Ridge Road
Chesterfield, Missouri 63017
RGA REINSURANCE COMPANY,
a Missouri corporation, as Lender
a Missouri corporation, as Lender
TDG OPERATIONS, LLC,
a Georgia limited liability company, as Tenant
a Georgia limited liability company, as Tenant
and
TDG ADAIRSVILLE, LLC,
a Georgia limited liability company, as Landlord
a Georgia limited liability company, as Landlord
________________________________________________________________________________________
LEASE SUBORDINATION AGREEMENT
Dated March _____, 2022
This instrument affects real and personal property situated, lying and being
in the City of Adairsville, County of Bartow, State of Georgia, known as follows:
in the City of Adairsville, County of Bartow, State of Georgia, known as follows:
Parcel:
Block:
Lot:
Street Address: 400 Princeton Boulevard
Adairsville, Georgia 30103
88108
Loan No. 73101343
LEASE SUBORDINATION AGREEMENT
THIS LEASE SUBORDINATION AGREEMENT (this “Agreement”) is made effective as of March _____, 2022 (the “Effective Date”), by and among: RGA REINSURANCE COMPANY, a Missouri corporation (collectively with its successors and assigns, “Lender”); TDG OPERATIONS, LLC, a Georgia limited liability company (collectively with its successors and assigns, “Tenant”); and TDG ADAIRSVILLE, LLC, a Georgia limited liability company (“Landlord”).
Recitals:
Lender has made a loan (the “Loan”) to Landlord. The Loan is secured by (among other things) a deed to secure debt, security agreement and fixture filing (collectively with any and all other security interests and agreements held by Lender for the Loan, the “Mortgage”), to be recorded in the Official Records of the County of Bartow and State of Georgia (the “Official Records”) covering the real property legally described in Exhibit A (collectively with all other property encumbered by the Mortgage, the “Property”). The Mortgage secures Landlord’s obligations to Lender under the Loan Documents, as defined in the Mortgage, as such Loan Documents may be modified or amended (including any increases in the amount or interest rate of the secured indebtedness) by and between Landlord and Lender, with no requirement for any consent or confirmation by Tenant (the “Loan Documents”). All capitalized terms used in this Agreement but not otherwise defined shall have the meanings set forth in the Loan Documents.
By that certain Commercial Lease Agreement Lease dated on or about the Effective Date between Landlord and Tenant (the “Lease”), Landlord has leased the Property to Tenant. Tenant is affiliated with Landlord and expects to derive significant indirect financial benefits from Lender making the Loan to Landlord. In order to induce Lender to make the Loan to Landlord, Tenant has agreed to subordinate the Lease to the Mortgage under the terms and conditions of this Agreement so that the Mortgage will be and remain a lien, encumbrance or charge upon the Property that is unconditionally prior and superior to the Lease and the leasehold estate created thereby.
Agreement:
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other good and valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the Loan to Landlord, Lender and Tenant agree as follows:
1.Subordination. Notwithstanding: (a) the order in which the Mortgage and the Lease were executed, delivered, recorded, filed, granted, attached or perfected; (b) anything to the contrary in the Loan Documents or under applicable law; or (c) any other fact, event or circumstance; the Lease and all claims and rights of Tenant under the Lease (including any right or option to purchase all or any portion of the Property or lease additional space, and any right of first refusal or right of first offer) shall be, and shall at all times remain, completely, absolutely, unconditionally and irrevocably junior, subject and subordinate (in all respects, including as to priority, time and right to payment) to the Loan, the lien of the Mortgage, and all of Lender’s rights and remedies under the Loan Documents. Without limiting the generality of the previous sentence, Tenant acknowledges and agrees that the Lease (and all of Tenant’s rights under the Lease) shall be unconditionally, completely, and irrevocably subject, subordinate, and inferior to:
(a)the lien, security interest, or encumbrance created by the Mortgage or any other Loan Document;
(b)all advances made or to be made under the Loan Documents, and any renewals, extensions, increases, consolidations, modifications or replacements thereof;
(c)all sums secured by the Mortgage (including interest, post-petition interest, late charges, yield maintenance premiums, prepayment premiums, and all other sums secured by the Mortgage without limitation of any kind); and
(d)every term, covenant, condition, agreement and provision of the Mortgage and other Loan Documents and all rights, remedies and claims of Lender under the Loan Documents (or under Law as holder of the Mortgage and the other Loan Documents).
2.Assignment of Leases and Rents. Tenant acknowledges that, in connection with the Loan, Landlord will execute and deliver to Lender an Assignment of Leases and Rents (the “Assignment”), dated as
88108
ii
Loan No. 73101343
of the Effective Date, assigning to Lender (among other things) all of Landlord’s right, title and interest in and to the leases and the rents from the Property (including the Lease and all amounts payable thereunder) and any of Landlord’s rights in the security deposits thereunder (subject to the requirements of applicable law). Tenant agrees that it will not be entitled to receive any fees from security deposits or be entitled in any way to any security deposits with respect to any portion of the Property or be permitted to use any security deposits for any purpose except to the extent the Lease or governing law requires the release of any security deposit to Tenant. If Lender directs Tenant to do so, then Tenant shall pay to Lender, and not to Landlord, any and all amounts that the Lease requires Tenant to pay. By signing below, Landlord directs Tenant to comply with this paragraph.
3.Recordation. Without limiting the provisions of this Agreement on “Subordination,” these documents shall be recorded (or deemed recorded) in this order: (i) the Mortgage; (ii) the Assignment; and (iii) this Agreement. Tenant and Landlord shall not record a memorandum of the Lease.
4.Possible Changes in Mortgage. The subordination of the Lease as described in this Agreement shall remain fully effective even if the Mortgage or any other Loan Document is amended, modified, supplemented, extended, renewed, replaced or restated at any time (any of the foregoing, a “Change”). Lender is not obligated to provide Tenant with notice of any Change. This paragraph does not imply that Tenant’s consent is required before any Loan Document is Changed. Each Change shall be enforceable against Tenant whether or not Tenant received notice of, or consented to, that Change.
5.Certain Matters Affecting Lease. Notwithstanding anything to the contrary in the Lease, Landlord and Tenant shall not assign, modify, or amend the Lease, and Tenant shall not sublet any portion of the Property, without in each case obtaining Lender’s prior written consent, which consent Lender may withhold for any reason or no reason in Lender’s sole discretion.
6.No Contest. Tenant waives any right to assert, covenants not to assert, and agrees not to directly or indirectly assist any other person in asserting, that the Mortgage or any interest of Lender in the Property is, in whole or in part, based upon any theory or principle whatsoever: (a) subordinate or equal in priority to the Lease; (b) invalid, voidable, void, unperfected or unenforceable; or (c) unsecured. Tenant acknowledges that the Mortgage and Lender’s interest in the Property is fully effective and valid for all purposes.
7.Foreclosure Event. Each of the following events shall be a “Foreclosure Event”: (a) a foreclosure sale; (b) a deed in lieu of foreclosure; (c) an auction sale in bankruptcy; or (d) exercise of any other right or remedy whatsoever that results in any party succeeding to Landlord’s interest under the Lease. At the option and in the sole discretion of Lender, or any assignee, nominee or subsidiary, or any foreclosure sale purchaser that succeeds by any means to the interest of Landlord under the Lease after a Foreclosure Event (each a “Successor,” including Lender), the Lease shall terminate and be of no force or effect, and Tenant’s rights under the Lease shall terminate and Tenant shall have no right to occupy or use the Property or any part of it and shall have no claims against Landlord, Lender or the Property. If Lender commences an action to cause a Foreclosure Event and elects to terminate the Lease, Lender may give notice to Tenant of the commencement of that action (a “Foreclosure Notice”), in which event the Lease and its term shall terminate, expire, and come to an end (as fully and completely as if the expiration date under the Lease had occurred) on the date five (5) days after that Foreclosure Notice; or, unless Lender or Successor affirmatively elects to retain the Lease and Tenant’s obligations thereunder as described in Section 8, automatically upon the occurrence of a Foreclosure Event (whether or not Lender delivered a Foreclosure Notice), the Lease and its term shall terminate, expire and come to an end (as fully and completely as if the expiration date under the Lease had occurred). Any such termination shall constitute the limit beyond which Tenant’s tenancy no longer exists. Tenant shall then quit and surrender the Property but remain liable under the Lease as to any liability that continues after termination of the Lease. It is a conditional limitation of the Lease that its term shall terminate and expire as this paragraph states. This paragraph is intended to establish a conditional limitation and not a condition subsequent.
8.Optional Attornment. Notwithstanding the foregoing, Lender or Successor may, in its sole and absolute discretion, elect to retain the Lease in effect after a Foreclosure Event, in which case Tenant shall be bound to Successor as the landlord under all of the terms, covenants and conditions of the Lease, and Successor as Landlord shall, from and after Successor’s succession to Landlord’s interest under the Lease, have the same remedies against Tenant for breach of the Lease, whether or not occurring before Successor’s succeeded to Landlord’s interest, as were available to Landlord, provided, however, that:
88108
iii
Loan No. 73101343
(a)Confirmation of Attornment. If Successor elects to require Tenant to recognize and attorn to Successor as Tenant’s landlord, then Tenant agrees to confirm to Successor in writing, in a manner reasonably satisfactory to Successor, that Tenant recognizes and attorns to Successor as Tenant’s landlord.
(b)No Personal Liability. Successor shall have no personal liability whatsoever under the Lease.
(c)Limitation on Successor’s Liability. Successor shall not be liable or answerable in any way, including by way of offset or counterclaim, for any act or omission of Landlord or any claim that Tenant may have against Landlord, including claims for payment or refund.
(d)Prepaid Rent. Successor shall not be bound by any payment of rent for more than the current month.
(e)Amendments. Successor shall not be bound by any amendment or modification of the Lease unless approved by Successor in writing.
9.Landlord Bankruptcy. If Landlord becomes the subject of any bankruptcy, insolvency, or similar proceeding (a “Bankruptcy”), then Tenant shall not file any proof of claim, election, motion or other pleadings or papers in any such Bankruptcy without Lender’s consent, which Lender may withhold for any reason or no reason. Tenant shall support (pursuant to documentation satisfactory to Lender), and shall not oppose, any action or motion that Lender proposes to be taken or takes in or for any Bankruptcy. If for any reason the Lease remains in effect at the time, then Tenant irrevocably: (a) consents to a sale of the Property free and clear of the Lease under 11 U.S.C. § 363; and (b) elects to terminate the Lease and surrender possession if Landlord rejects the Lease under 11 U.S.C. § 365(h).
10.Deed in Lieu. If Lender accepts a deed in lieu of foreclosure of the Property, then the estate so conveyed shall not merge with the estate under the Mortgage. The interests of Lender as holder of the Mortgage and holder of the estate transferred by the deed in lieu of foreclosure shall remain forever separate and distinct except as Lender agrees otherwise in writing. To reiterate the parties’ intent, a deed in lieu of foreclosure shall constitute a Foreclosure Event and shall (subject to the option of Lender or Successor to retain the Lease as described in Section 8) result in the automatic termination of the Lease as this Agreement provides.
11.Other Documentation. This Agreement shall be self-operative and effective without the execution of any confirmatory document or instrument by any party. Without limiting the previous sentence, if Lender or any Successor reasonably requires it, Tenant shall enter into confirmatory documentation.
12.Insurance Policies. Tenant hereby assigns and releases to Lender all right, title, interest and claim in and to all insurance and condemnation proceeds and awards payable at any time in respect of the Property. Tenant shall have no right for itself to join in adjusting or settling any loss. All parties shall instruct the insurer to pay all casualty insurance proceeds to Lender.
13.Notice to Lender. Tenant shall give Lender a copy of any notice Tenant delivers to Landlord under the Lease at the same time and in the same manner the Lease specifies for service of that notice on Landlord. No notice under the Lease shall be effective against Lender or Successor unless and until Lender has actually received it.
14.Representations and Warranties. Tenant represents and warrants to Lender that Tenant: (a) has not transferred, encumbered, or assigned, conveyed or otherwise disposed of the Lease or any interest therein; (b) has full authority to enter into this Agreement and has been duly authorized by all necessary actions; and (c) has not (other than the Lease) entered into any agreement with Landlord about the Property or the Lease that shall in any way bind Lender (or any assignee, designee, or nominee of Lender, Successor, or anyone else who obtains title to the Property directly or indirectly from or through Lender or Successor). Tenant further represents and warrants that: (i) the Lease has not been amended, modified, terminated, cancelled, or waived, orally or in writing, except as this Agreement discloses; (ii) Tenant has not prepaid any rent for more than 30 days; (iii) the current annual fixed, base or minimum rent under the Lease is at least [ $1,205,481.96 ] per annum; (iv) the current expiration date of the Lease is [ April 31, 2042 ] ; (v) Tenant has no options to renew; (vi) Tenant is in possession of the Property, and the building(s), improvements and space required to be provided under the Lease have been satisfactorily completed in all respects; (vii) Landlord has
88108
iv
Loan No. 73101343
not agreed to any payments, abatements or other obligations of an inducement nature; (viii) Tenant has no option to purchase the Property or any right of first refusal or right of first offer with respect to the purchase or leasing of the Property; (ix) Landlord is not in default or breach under the Lease; and (x) Tenant has no defense, claim, offset or setoff against Tenant’s obligations under the Lease.
15.Tenant’s Claims Against Landlord. To the extent Landlord violates the Lease or Tenant otherwise obtains any claims or rights against Landlord, Tenant shall not assert such claims or rights against Landlord and shall, upon demand, assign such claims and rights to Lender through documentation satisfactory to Lender.
16.Modifications, Releases, Choice of Remedies, Etc. At any time and at Lender’s option, Lender may, in Lender’s sole and absolute discretion and without prejudice to Lender or in any way limiting the provisions of this Agreement, without notice to or consent by Landlord, Tenant, or any other person, without liability and notwithstanding any breach under the Loan Documents, do (elect not to do, or waive the right to do) any of the following, whether intentionally or unintentionally, even if it impairs the position of Tenant or any other person: (1) release any or all of the Property from the Mortgage or take additional security; (2) consent to any map, plat, restriction, declaration or easement affecting any Property; (3) extend, renew or subordinate any Loan Document; (4) substitute any Property; (5) perfect any security interest; (6) grant any indulgence or modification to Landlord or any other party; (7) change, amend, modify, extend, waive, increase, supplement, restate or release any Loan Document, even if it increases the burden of the Loan on the Property; (8) discharge or release any obligor; (9) commence, prosecute, and complete a Foreclosure Event; (10) accept or make compromises or other arrangements or file any claim in any Bankruptcy; (11) lend money to Landlord in such amount(s) and at such time(s) as Lender may determine, whether or not secured by the Mortgage; (12) credit payments under the Loan in such manner as Lender may determine in its discretion; and (13) otherwise deal with Landlord or any other obligor under the Loan as Lender may determine. Lender shall have no obligation to proceed against any other security or guaranties held by Lender before exercising any rights or remedies under the Mortgage. Any action or omission described in this paragraph shall not affect the lien or priority of the lien evidenced by the Mortgage, the absolute subordination of the Lease as described in this Agreement, Landlord’s obligations under the Loan Documents, or the effectiveness of this Agreement.
17.No Limitation of Subordination. Tenant acknowledges that the subordination of the Lease as described in this Agreement shall in no way be limited, diminished, impaired or otherwise affected by any event, condition, occurrence, circumstance, proceeding, action or failure to act whatsoever, including: (t) any substitution for, refinancing, renewal, amendment, extension or modification of, or addition or supplement to the Mortgage or any other Loan Document; (u) any compromise, settlement, adjustment, modification or extension of Landlord’s obligations or liability under the Mortgage or any other Loan Document; (v) any waiver, consent, indulgence, forbearance, lack of diligence, action or inaction by Lender in enforcing the Mortgage or any other Loan Document; (w) any Landlord default under the Loan Documents; (x) any assignment, conveyance, extinguishment, merger or other transfer (whether voluntary or involuntary, and whether by operation or law or otherwise) of all or any part of Landlord’s interest in the Property or Lender’s interest in the Mortgage or any other Loan Document; (y) any Bankruptcy; or (z) any action taken or omitted to be taken by or for Lender regarding the Mortgage, including any Foreclosure Event (even if it impairs any of Lender’s collateral).
18.Personalty. Tenant acknowledges that it has no right, title or interest in or to the furniture, fixtures, equipment or other personal property encumbered by the Mortgage (as more particularly described in the Mortgage, collectively, the “Personalty”) and constituting part of the Property, and that Landlord owns all right, title and interest in that Personalty, subject to Lender’s security interest. Tenant shall execute and deliver such documents to and for the benefit of Landlord and Lender to confirm the foregoing as Lender reasonably requests from time to time. Tenant authorizes Lender to file a UCC financing statement by which Tenant disclaims, releases, and waives any interest in the Personalty. Any such financing statement may describe the Personalty in any manner as Lender may determine, in its sole and absolute discretion, is necessary, advisable, or prudent to achieve the foregoing purposes. Tenant authorizes Lender to file any such financing statements at such time(s) and in such place(s) as Lender shall determine.
19.Additional Acknowledgments. Tenant acknowledges that in reliance upon, and in consideration of, Tenant’s execution and delivery of this Agreement, Lender is making the Loan and specific advances, and is incurring and will incur other obligations, that Lender would not make or incur but for its reliance on this Agreement. Each of Tenant and Landlord further acknowledges that neither this Agreement nor Lender’s review of or changes to the Lease are intended to, or shall be deemed to, limit, negate or
88108
v
Loan No. 73101343
otherwise affect (i) any of Tenant’s obligations and other agreements set forth in this Agreement or (ii) any of Landlord’s obligations and other agreements set forth in the Loan Documents.
20.Effect of Violation. No violation of this Agreement by Lender or by Successor shall cancel, annul, terminate, diminish or render void the unconditional subordination set forth in this Agreement.
21.Successors and Assigns. This Agreement shall bind and benefit the parties and their successors and assigns. All references to “Lender” shall be deemed to include any subsequent holder of the Mortgage, and any other person succeeding to Lender’s or a Successor’s interest in the Property or any part of it and who claims by, through or under Lender or any Successor, whether by a Foreclosure Event or otherwise.
22.Termination. Upon the repayment of the Loan and all other amounts due under the Loan Documents in full accordance with their terms, this Agreement shall terminate and, if requested by Tenant in writing, Lender shall make or cause to be made the appropriate filing(s) or recording(s) to release Tenant from this Agreement.
23.Limitation of Liability. Any liability of Lender under this Agreement shall in no event extend beyond Lender’s interest in the Property.
24.Law; Jury Trial. This Agreement shall be governed and construed under the laws of the state of Georgia. The parties knowingly and intentionally waive trial by jury in any action or proceeding relating to or arising from this Agreement, any Loan Document, the relationship between the parties under governing law, and any counterclaim in any such action or proceeding.
25.Counterparts. This Agreement may be executed in counterparts, which may be executed by email, PDF, or facsimile, each of which shall be deemed an original. All such counterparts with their various signed signature pages shall constitute one and the same instrument.
26.Landlord’s Signature. Landlord joins in this Agreement only to consent to it and acknowledge the terms and conditions hereof (including any specific acknowledgments by Landlord set forth herein). Nothing in this Agreement gives Landlord any rights. Any amendment of this Agreement does not require Landlord’s consent.
[Remainder of Page Blank; Signature Page Follows]
88108
vi
Loan No. 73101343
IN WITNESS WHEREOF, the parties have entered into this Agreement to be effective as of the Effective Date.
Lender:
Signed, sealed and delivered in the RGA REINSURANCE COMPANY,
presence of: a Missouri corporation
_____________________________________ By: ____________________________________
_____________________________________ [SEAL] Name:
Unofficial Witness Title:
_____________________________________
Notary Public
(NOTARY SEAL)
My commission expires: _________________
Tenant :
Signed, sealed and delivered in the TDG OPERATIONS, LLC,
presence of: a Georgia limited liability company
_____________________________________ By: ____________________________________
_____________________________________ [SEAL] Name:
Unofficial Witness Title:
_____________________________________
Notary Public
(NOTARY SEAL)
My commission expires: _________________
Loan No. 73101343
Signature Page – Lease Subordination Agreement
88108
Loan No. 73101343
Landlord:
Signed, sealed and delivered in the TDG ADAIRSVILLE, LLC,
presence of: a Georgia limited liability company
_____________________________________ By: ____________________________________
_____________________________________ [SEAL] Name:
Unofficial Witness Title:
_____________________________________
Notary Public
(NOTARY SEAL)
My commission expires: _________________
Loan No. 73101343
Signature Page – Lease Subordination Agreement
88108
Loan No. 73101343
EXHIBIT A
(Legal Description)
All that certain lot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and being in the City of Adairsville, County of Bartow, State of Georgia.
All that tract or parcel of land lying and being in the City of Adairsville in Land Lot 199 of the 15th District and 3rd Section of Barlow County, Georgia containing 17.480 acres and being more particularly described as follows:
To find the Point of Beginning, commence at the intersection of the North right-of-way of Martin Luther King, Jr., Drive formerly Mitchell Road (50' R/W) with the line dividing Land Lots 199 and 222 of said District;
Thence South 86 degrees 49 minutes 48 seconds West for a distance of 80.09 feet along the North right-of-way of Martin Luther King, Jr., Drive to a point;
Thence North 87 degrees 21 minutes 11 seconds West for a distance of 150.01 feet along said North right-of-way to a point;
Thence North 87 degrees 21 minutes 11 seconds West for a distance of 174.90 feet along said North right-of-way to an iron pin found at the intersection of said North right-of-way with the West right-of-way of Princeton Boulevard (100' R/W) and the Point of Beginning.
Thence from the Point of Beginning thus established run North 87 degrees 25 minutes 38 seconds West for a distance of 291.24 feet along the North right-of-way of Martin Luther King, Jr., Drive to a point;
Thence North 86 degrees 44 minutes 00 seconds West for a distance of 227.19 feet along said North right-of-way to a point
Thence North 87 degrees 22 minutes 40 seconds West for a distance of 150.02 feet along said North right-of-way to a point;
Thence North 88 degrees 18 minutes 17 seconds West for a distance of 181.10 feet along said North right-of-way to a point;
Thence North 87 degrees 42 minutes 10 seconds West for a distance of 340.44 feet along said North right-of-way to an iron pin found;
Thence North 00 degrees 48 minutes 25 seconds East for a distance of 730.96 feet leaving said North right-of-way to an iron pin found;
Thence South 66 degrees 20 minutes 25 seconds East for a distance of 585.15 feet to an iron pin placed;
Thence North 51 degrees 57 minutes 18 seconds East for a distance of 465.70 feet to an iron pin placed on the West right-of-way of Princeton Boulevard;
Thence South 38 degrees 49 minutes 08 seconds East for a distance of 246.85 feet along the West right-of-way of Princeton Boulevard to an iron pin found;
Thence along a curve to the right having a radius of 556.7 feet and an arc length of 380.73 feet, being subtended by a chord of South 19 degrees 13 minutes 20 seconds East for a distance of 373.36 feet along said West right-of-way to an iron pin found;
Thence South 00 degrees 22 minutes 07 seconds West for a distance of 290.10 feet along said right-of-way to an iron pin found at the intersection of said West right-of-way with the North right-of-way of Martin Luther King, Jr., Drive and the Point of Beginning.
88108