|
CROSS
COLLATERALIZATION
AND
CROSS DEFAULT AGREEMENT
|
In order to induce Garrard Street
Enterprises, LLC, a Kentucky limited liability company
(“Garrard”), whose address is 281 Richwood Road,
Walton, Boone County, Kentucky 41094, to lend the sum of Three
Million Seven Hundred Thousand Dollars ($3,700,000.00)
(“Garrard Note”) to SSTI 2526 Ritchie ST, LLC, a
Delaware limited liability company (herein, “Crescent
Borrower”), SSTI 5970 Centennial CIR, LLC, a Delaware limited
liability company (herein, “Florence Borrower”), and
SSTI 281 Richwood RD, LLC, a Delaware limited liability company
(herein, “Walton Borrower”, and together with Crescent
Borrower and Florence Borrower, hereafter collectively referred to
as “Borrower”), whose mailing address is 111 Corporate
Drive, Suite 120, Ladera Ranch, California 92694; and in order to
induce Crescent Springs Storage, L.L.C., a Kentucky limited
liability company (“Crescent”; both Garrard and
Crescent are hereinafter referred to collectively as
“Lender”), whose address is 281 Richwood Road, Walton,
Boone County, Kentucky 41094, to lend the sum of Eight Hundred
Thousand Dollars ($800,000.00) (“Crescent Note”) to
Borrower; Lender and Borrower now hereby agree as follows:
|
1.
|
A default under (i) the
Garrard Note, (ii) that certain Mortgage, Security Agreement and
Financing Statement (the “Walton Mortgage”) executed by
Walton Borrower in favor of Lender of even date therewith, and/or
(iii) that other certain Mortgage, Security Agreement and Financing
Statement (the “Florence Mortgage”) executed by
Florence Borrower in favor of Lender of even date therewith, shall
constitut
|
|