HomeMy WebLinkAboutCDC-EDCpkt2024-01-04
IMPORTANT LEGAL NOTICE: The Corporation may vote and/or act upon each of the items listed in this agenda. The Corporation
reserves the right to retire into executive session concerning any of the items listed on this agenda, whenever it is considered
necessary and legally justified under the Open Meetings Act. Disabled persons who want to attend this meeting and who may need
assistance should contact the City Secretary at 972-924-3325 two working days prior to the meeting so that appropriate
arrangements can be made.
MEETING AGENDA
ANNA COMMUNITY DEVELOPMENT CORPORATION
AND
ANNA ECONOMIC DEVELOPMENT CORPORATION
Thursday, January 4, 2024 @ 6:00 PM
The EDC/CDC of the City of Anna will meet at 6:00 PM, on Thursday, January 4,
2024, at the Anna Municipal Complex--Council Chambers, located at 120 W. 7th
Street, to consider the following items below.
1. Call to Order, Roll Call, and Establishment of Quorum.
2. Invocation and Pledge of Allegiance.
3. Neighbor Comments.
Persons may address the Board of Directors on items not on the agenda; please observe
the time limit of three (3) minutes. Members of the Board cannot comment on or deliberate
statements of the public except as authorized by Section 551.042 of the Texas Government
Code.
4. Consent Agenda.
a. Approve minutes from the December 7, 2023, Joint Community Development
Corporation and Economic Development Corporation Meeting. (CDC) b. Approve minutes from the December 7, 2023, Joint Community Development
Corporation and Economic Development Corporation Meeting. (EDC)
5. Individual Consideration.
a. Consider/Discuss/Action on a Resolution authorizing the Board President to
execute an Agreement with Lamar National Bank for financing land acquisitions.
(CDC)
6. Director's Report.
a. Sales tax update b. ICSC Red River
c. February Meeting d. Joey Grisham Departure
IMPORTANT LEGAL NOTICE: The Corporation may vote and/or act upon each of the items listed in this agenda. The Corporation
reserves the right to retire into executive session concerning any of the items listed on this agenda, whenever it is considered
necessary and legally justified under the Open Meetings Act. Disabled persons who want to attend this meeting and who may need
assistance should contact the City Secretary at 972-924-3325 two working days prior to the meeting so that appropriate
arrangements can be made.
7. Closed Session.
a. Deliberate regarding the purchase, exchange, lease or value of real property.
(Tex. Gov’t Code §551.072) possible property acquisition; possible land
sale/purchase;
b. Consult with legal counsel on matters in which the duty of the attorney to the
governmental body under the Texas Disciplinary Rules of Professional Conduct
of the State Bar of Texas clearly conflicts with Chapter 551 of the Government
Code (Tex. Gov’t Code §551.071); Grant program; Lease agreement and
professional services contract.
c. Discuss or deliberate Economic Development Negotiations: (1) To discuss or
deliberate regarding commercial or financial information that the Board of
Directors has received from a business prospect that the Board of Directors
seeks to have locate, stay, or expand in or near the territory of the City of Anna
and with which the Board is conducting economic development negotiations; or,
(2) To deliberate the offer of a financial or other incentive to a business prospect
described by subdivision (1). (Tex. Gov’t Code §551.087) ; potential retail and
medical projects.
8. Reconvene into open session and take any action on closed session items.
9. Receive reports from staff or Board Members about items of community interest.
10. Adjourn.
This is to certify that I, Joey Grisham, Director of Economic Development, posted this agenda at
a place readily accessible to the public at the Anna City Hall and on the City Hall bulletin board
at or before 5:00 p.m. on December 29, 2023.
Joey Grisham, Director of Economic
Development
Item No. 3.
EDC/CDC Agenda
Staff Report
Meeting Date: 1/4/2024
Staff Contact:
AGENDA ITEM:
Neighbor Comments.
SUMMARY:
STAFF RECOMMENDATION:
ATTACHMENTS:
Item No. 4.a.
EDC/CDC Agenda
Staff Report
Meeting Date: 1/4/2024
Staff Contact:
AGENDA ITEM:
Approve minutes from the December 7, 2023, Joint Community Development
Corporation and Economic Development Corporation Meeting. (CDC)
SUMMARY:
STAFF RECOMMENDATION:
ATTACHMENTS:
1. December 7_2023 CDC EDC Joint Meeting Minutes_Draft
Officers: Staff:
Bruce Norwood, President Joey Grisham, Director of Economic Development
Jody Bills, Vice-President Bernie Parker, Assistant Director of Economic Development
Rocio Gonzalez, Secretary
Anna Community Development Corporation and Anna Economic Development
Corporation Meeting Minutes
Thursday, December 7, 2023, at 6:00 pm
Anna Municipal Complex, City Council Chambers
120 W. 7th Street, Anna, Texas 75409
The Anna Community Development Corporation and the Anna Economic Development Corporation
conducted a special called meeting at 6:00 p.m. on Thursday, December 7, 2023, at the Anna Municipal
Complex City Council City Council Chambers, located at 120 W. 7th Street Anna, Texas 75409.
A video recording of the open session portions of the meeting may be viewed online at the City of Anna’s
website: https://www.annatexas.gov/962/AgendasMinutes
CDC and EDC Board Members Present: Bruce Norwood, Rocio Gonzalez, Kylee Kelley, Michelle Hawkins,
and Ronnie Kerr. CDC and EDC Board Members Absent: Jody Bills and Allison Inesta Others Present: Joey
Grisham (Director of Economic Development), Bernie Parker (Assistant Director of Economic
Development), Lee Miller (Council Member) and Clark McCoy (Attorney).
1. Call to Order, Roll Call, and Establishment of Quorum.
The meeting was called to order by Board President Bruce Norwood at 6:00 p.m.
2. Invocation and Pledge of Allegiance.
Invocation and Pledge of Allegiance was led by Bruce Norwood.
3. Neighbor Comments.
None.
4. Consent Agenda.
a. Approve minutes from the November 2, 2023, Joint Community Development
Corporation and Economic Development Corporation Meeting. (CDC)
b. Approve minutes from the November 2, 2023, Joint Community Development
Corporation and Economic Development Corporation Meeting. (EDC)
c. Approve minutes from the November 20, 2023, Special Called Joint Community
Development Corporation and Economic Development Corporation Meeting.
Officers: Staff:
Bruce Norwood, President Joey Grisham, Director of Economic Development
Jody Bills, Vice-President Bernie Parker, Assistant Director of Economic Development
Rocio Gonzalez, Secretary
(CDC)
d. Approve minutes from the November 20, 2023, Special Called Joint Community
Development Corporation and Economic Development Corporation Meeting.
(EDC)
Rocio Gonzalez made a motion on behalf of the CDC and EDC to approve the consent
agenda with the recommended corrections stated by Michelle Hawkins and Kylee
Kelley. Kylee Kelley seconded the motion. All were in favor. Motion passed.
5. Individual Consideration.
a. Consider/Discuss/Action on a Resolution authorizing the Board President to
execute an Agreement with Lamar National Bank for financing land acquisitions.
(CDC)
Bruce Norwood made a motion on behalf of the CDC to take no action on this
item. Ronnie Kerr seconded the motion. All were in favor. Motion passed.
6. Director’s Report.
a. ICSC Red River
Joey Grisham informed the board that ICSC will be held on February 1st and 2nd
at the Dallas Convention Center.
b. Strategic Plan Update
Joey Grisham presented December’s CDC/EDC measurables and updated
additional information on increased sales tax and new businesses opening Salad
and Go and Texas Road House.
c. January 4th Meeting
Joey Grisham inquired of the Board members availability for January’s meeting.
d. FY 2023 Annual Report
Joey Grisham presented the Annual Report to the Board and highlighted major
accomplishments.
e. TDA Grants
Joey Grisham informed the Board that Anna had received two CDBG grants for a
downtown sidewalk project and street improvement project.
7. Closed Session.
a. Deliberate regarding the purchase, exchange, lease or value of real property.
(Tex. Gov’t Code §551.072) possible property acquisition; possible land
sale/purchase.
b. Consult with legal counsel on matters in which the duty of the attorney to the
governmental body under the Texas Disciplinary Rules of Professional Conduct of
Officers: Staff:
Bruce Norwood, President Joey Grisham, Director of Economic Development
Jody Bills, Vice-President Bernie Parker, Assistant Director of Economic Development
Rocio Gonzalez, Secretary
the State Bar of Texas clearly conflicts with Chapter 551 of the Government Code
(Tex. Gov’t Code §551.071); Grant program; Lease agreement and professional
services contract.
c. Discuss or deliberate Economic Development Negotiations: (1) To discuss or
deliberate regarding commercial or financial information that the Board of
Directors has received from a business prospect that the Board of Directors seeks
to have locate, stay, or expand in or near the territory of the City of Anna and with
which the Board is conducting economic development negotiations; or,
(2) To deliberate the offer of a financial or other incentive to a business prospect
described by subdivision (1). (Tex. Gov’t Code §551.087) Anna Business Park Property;
potential retail and medical projects.
Michelle Hawkins made a motion to enter closed session. Rocio Gonzalez seconded the motion.
All were in favor. Motion passed. EDC/CDC Board entered closed session at 6:18 p.m.
8. Reconvene into open session and take any action on closed session items.
Kylee Kelley made a motion to reconvene into open session. Rocio Gonzalez seconded the
motion. All were in favor. Motion passed. The EDC/CDC reconvened into open session at 6:48
p.m.
9. Receive reports from staff or Board Members about items of community interest.
Joey Grisham informed the Board of the Chamber of Commerce's Christmas Parade time and
location.
Bruce Norwood informed the Board of the Chamber’s Christmas Trader Village at Slayter
Creek and Anna Coyote’s football game.
10. Adjourn.
Michelle Hawkins a motion to adjourn the meeting at 6:51 p.m. Rocio Gonzalez seconded the
motion. All were in favor. Motion passed.
APPROVED: ATTESTED:
____________________________ ____________________________
Bruce Norwood Rocio Gonzalez
President of CDC/EDC Secretary of CDC/EDC
Item No. 4.b.
EDC/CDC Agenda
Staff Report
Meeting Date: 1/4/2024
Staff Contact:
AGENDA ITEM:
Approve minutes from the December 7, 2023, Joint Community Development
Corporation and Economic Development Corporation Meeting. (EDC)
SUMMARY:
STAFF RECOMMENDATION:
ATTACHMENTS:
1. December 7_2023 CDC EDC Joint Meeting Minutes_Draft
Officers: Staff:
Bruce Norwood, President Joey Grisham, Director of Economic Development
Jody Bills, Vice-President Bernie Parker, Assistant Director of Economic Development
Rocio Gonzalez, Secretary
Anna Community Development Corporation and Anna Economic Development
Corporation Meeting Minutes
Thursday, December 7, 2023, at 6:00 pm
Anna Municipal Complex, City Council Chambers
120 W. 7th Street, Anna, Texas 75409
The Anna Community Development Corporation and the Anna Economic Development Corporation
conducted a special called meeting at 6:00 p.m. on Thursday, December 7, 2023, at the Anna Municipal
Complex City Council City Council Chambers, located at 120 W. 7th Street Anna, Texas 75409.
A video recording of the open session portions of the meeting may be viewed online at the City of Anna’s
website: https://www.annatexas.gov/962/AgendasMinutes
CDC and EDC Board Members Present: Bruce Norwood, Rocio Gonzalez, Kylee Kelley, Michelle Hawkins,
and Ronnie Kerr. CDC and EDC Board Members Absent: Jody Bills and Allison Inesta Others Present: Joey
Grisham (Director of Economic Development), Bernie Parker (Assistant Director of Economic
Development), Lee Miller (Council Member) and Clark McCoy (Attorney).
1. Call to Order, Roll Call, and Establishment of Quorum.
The meeting was called to order by Board President Bruce Norwood at 6:00 p.m.
2. Invocation and Pledge of Allegiance.
Invocation and Pledge of Allegiance was led by Bruce Norwood.
3. Neighbor Comments.
None.
4. Consent Agenda.
a. Approve minutes from the November 2, 2023, Joint Community Development
Corporation and Economic Development Corporation Meeting. (CDC)
b. Approve minutes from the November 2, 2023, Joint Community Development
Corporation and Economic Development Corporation Meeting. (EDC)
c. Approve minutes from the November 20, 2023, Special Called Joint Community
Development Corporation and Economic Development Corporation Meeting.
Officers: Staff:
Bruce Norwood, President Joey Grisham, Director of Economic Development
Jody Bills, Vice-President Bernie Parker, Assistant Director of Economic Development
Rocio Gonzalez, Secretary
(CDC)
d. Approve minutes from the November 20, 2023, Special Called Joint Community
Development Corporation and Economic Development Corporation Meeting.
(EDC)
Rocio Gonzalez made a motion on behalf of the CDC and EDC to approve the consent
agenda with the recommended corrections stated by Michelle Hawkins and Kylee
Kelley. Kylee Kelley seconded the motion. All were in favor. Motion passed.
5. Individual Consideration.
a. Consider/Discuss/Action on a Resolution authorizing the Board President to
execute an Agreement with Lamar National Bank for financing land acquisitions.
(CDC)
Bruce Norwood made a motion on behalf of the CDC to take no action on this
item. Ronnie Kerr seconded the motion. All were in favor. Motion passed.
6. Director’s Report.
a. ICSC Red River
Joey Grisham informed the board that ICSC will be held on February 1st and 2nd
at the Dallas Convention Center.
b. Strategic Plan Update
Joey Grisham presented December’s CDC/EDC measurables and updated
additional information on increased sales tax and new businesses opening Salad
and Go and Texas Road House.
c. January 4th Meeting
Joey Grisham inquired of the Board members availability for January’s meeting.
d. FY 2023 Annual Report
Joey Grisham presented the Annual Report to the Board and highlighted major
accomplishments.
e. TDA Grants
Joey Grisham informed the Board that Anna had received two CDBG grants for a
downtown sidewalk project and street improvement project.
7. Closed Session.
a. Deliberate regarding the purchase, exchange, lease or value of real property.
(Tex. Gov’t Code §551.072) possible property acquisition; possible land
sale/purchase.
b. Consult with legal counsel on matters in which the duty of the attorney to the
governmental body under the Texas Disciplinary Rules of Professional Conduct of
Officers: Staff:
Bruce Norwood, President Joey Grisham, Director of Economic Development
Jody Bills, Vice-President Bernie Parker, Assistant Director of Economic Development
Rocio Gonzalez, Secretary
the State Bar of Texas clearly conflicts with Chapter 551 of the Government Code
(Tex. Gov’t Code §551.071); Grant program; Lease agreement and professional
services contract.
c. Discuss or deliberate Economic Development Negotiations: (1) To discuss or
deliberate regarding commercial or financial information that the Board of
Directors has received from a business prospect that the Board of Directors seeks
to have locate, stay, or expand in or near the territory of the City of Anna and with
which the Board is conducting economic development negotiations; or,
(2) To deliberate the offer of a financial or other incentive to a business prospect
described by subdivision (1). (Tex. Gov’t Code §551.087) Anna Business Park Property;
potential retail and medical projects.
Michelle Hawkins made a motion to enter closed session. Rocio Gonzalez seconded the motion.
All were in favor. Motion passed. EDC/CDC Board entered closed session at 6:18 p.m.
8. Reconvene into open session and take any action on closed session items.
Kylee Kelley made a motion to reconvene into open session. Rocio Gonzalez seconded the
motion. All were in favor. Motion passed. The EDC/CDC reconvened into open session at 6:48
p.m.
9. Receive reports from staff or Board Members about items of community interest.
Joey Grisham informed the Board of the Chamber of Commerce's Christmas Parade time and
location.
Bruce Norwood informed the Board of the Chamber’s Christmas Trader Village at Slayter
Creek and Anna Coyote’s football game.
10. Adjourn.
Michelle Hawkins a motion to adjourn the meeting at 6:51 p.m. Rocio Gonzalez seconded the
motion. All were in favor. Motion passed.
APPROVED: ATTESTED:
____________________________ ____________________________
Bruce Norwood Rocio Gonzalez
President of CDC/EDC Secretary of CDC/EDC
Item No. 5.
EDC/CDC Agenda
Staff Report
Meeting Date: 1/4/2024
Staff Contact:
AGENDA ITEM:
Individual Consideration.
SUMMARY:
STAFF RECOMMENDATION:
ATTACHMENTS:
Item No. 5.a.
EDC/CDC Agenda
Staff Report
Meeting Date: 1/4/2024
Staff Contact:
AGENDA ITEM:
Consider/Discuss/Action on a Resolution authorizing the Board President to execute an
Agreement with Lamar National Bank for financing land acquisitions. (CDC)
SUMMARY:
This item authorizes the Board President to execute a Loan Agreement (attached) with
Lamar National Bank to finance land acquisitions. It includes a fixed rate of 5.5% for ten
years.
STAFF RECOMMENDATION:
Approve.
ATTACHMENTS:
1. Anna CDC 2023 Note - Resolution of the Corporation
2. Simplex_LPL_12672
CERTIFICATE FOR RESOLUTION
On January 4, 2024, we, the undersigned officers of the Anna Community Development
Corporation, hereby certify as follows:
1. The Board of Directors of said Corporation convened in Regular Meeting on
January 4, 2024 at the designated meeting place, and the roll was called of the duly constituted
officers and members of said Board of Directors, to wit:
Bruce Norwood President
Jody Bills Vice President
Rocio Gonzalez Secretary
Kylee Kelley Director
Michelle Hawkins Director
Ronald Kerr Director
Allison Inesta Director
and all of said persons were present, except the following absentees: ________________, thus
constituting a quorum. Whereupon, among other business, the following was transacted at said
Meeting: a written
RESOLUTION OF THE BOARD OF DIRECTORS OF THE ANNA
COMMUNITY DEVELOPMENT CORPORATION REGARDING A LOAN
IN AN AMOUNT NOT TO EXCEED $2,500,000
was duly introduced for the consideration of said Board of Directors and read in full. It was then
duly moved and seconded that said Resolution be adopted; and, after due discussion, said motion
carrying with it the adoption of said Resolution, prevailed and carried by the following vote:
AYES: All members of the Board of Directors shown present above voted "Aye"
except as shown below.
NOES: _________________
ABSTAIN: _________________
2. That a true, full and correct copy of the aforesaid Resolution adopted at the Meeting
described in the above and foregoing paragraph is attached to and follows this Certificate; that said
Resolution has been duly recorded in said Board of Directors' minutes of said Meeting; that the
above and foregoing paragraph is a true, full and correct excerpt from said Board of Directors'
minutes of said Meeting pertaining to the adoption of said Resolution; that the persons named in
the above and foregoing paragraph are the duly chosen, qualified and acting officers and members
of said Board of Directors as indicated therein; that each of the officers and members of said Board
of Directors was duly and sufficiently notified officially and personally, in advance, of the time,
place and purpose of the aforesaid Meeting, and that said Resolution would be introduced and
considered for adoption at said Meeting, and each of said officers and members consented, in
advance, to the holding of said Meeting for such purpose, and that said Meeting was open to the
public and public notice of the time, place and purpose of said Meeting was given, all as required
by Chapter 551, Texas Government Code.
3. That the President of the Board of Directors of the Corporation has approved and
hereby approves the aforesaid Resolution; that the President and the Secretary of said Corporation
have duly signed said Resolution; and that the President and the Corporation Secretary of said
Corporation hereby declare that their signing of this Certificate shall constitute the signing of the
attached and following copy of said Resolution for all purposes.
Signed on the date first written above.
Secretary, Board of Directors President, Board of Directors
RESOLUTION OF THE BOARD OF DIRECTORS OF THE ANNA
COMMUNITY DEVELOPMENT CORPORATION REGARDING A
LOAN IN AN AMOUNT NOT TO EXCEED $2,500,000
WHEREAS, ANNA COMMUNITY DEVELOPMENT CORPORATION (“Borrower”)
proposes to enter into a Loan Agreement (as amended, restated, supplemented and/or otherwise
modified, the “Loan Agreement”), with Lamar National Bank, as lender (“Lender”) to enable
Borrower to acquire one or more tracts of real property (the “Project”) in downtown Anna, Texas
(the “City”) to promote new or expanded business development in the City, in an amount not to
exceed $2,500,000 and as for the payment of the principal of and interest thereon, the Borrower
has agreed to pledge its Economic Development Sales and Use Tax. All capitalized terms used
herein, but not otherwise defined herein, shall have the meaning ascribed to such term in the Loan
Agreement.
WHEREAS, the Board of Directors (the “Board”) of the Borrower desires to authorize the
President of the Board, and/or the President’s designee, to negotiate the final form of the Loan
Agreement, Note and the Sales Tax Remittance Agreement consistent with the terms of this
Resolution.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
ANNA COMMUNITY DEVELOPMENT CORPORATION AS FOLLOWS:
Section 1. The Board agrees to enter into the Loan Agreement, Note and the Sales Tax
Remittance Agreement to finance the costs of the Project in an amount not to exceed $2,500,000
at an interest rate agreed upon by the Lender and the Borrower on the date of execution of the
Note, the Loan Agreement and the Sales Tax Remittance Agreement and, in order to secure the
principal of and interest on the Note, to pledge its Economic Development Sales and Use Tax.
Section 2. That the Board hereby accepts the following financing option as set forth by
the Lender in its Preliminary Term Sheet: Fixed rate; ten (10) years and that any one or more
Authorized Officers (as defined below) are authorized to negotiate, execute, acknowledge and
deliver in the name and on behalf of Borrower to the Lender the final Loan Agreement, including
all attachments and exhibits thereto and the Note consistent with the options elected herein.
Further, the Authorized Officers are each authorized to execute, acknowledge and deliver in the
name and on behalf of the Borrower any other agreement, instrument, certificate, representation
and document, and to take any other action as may be advisable, convenient or necessary to enter
into such Loan Agreement and the Note; the execution thereof by the Authorized Officers shall be
conclusive as to such determination.
Section 3. That for the purposes of this resolution, the following persons, or the persons
holding the following positions, are “Authorized Officers” duly authorized to enter into the
transaction contemplated by this resolution in the name and on behalf of the Borrower:
Title Name
Board President Bruce Norwood
Board Vice-President Jody Bills
Board Secretary Rocio Gonzalez
Section 4. That this Resolution shall take effect immediately.
PASSED AND ADOPTED on January 4, 2024.
ANNA COMMUNITY DEVELOPMENT
CORPORATION
By:
Bruce Norwood, President
ATTEST:
By:
Rocio Gonzalez, Secretary
LOAN CHECKLIST
Principal Loan Date Maturity Loan No Call /Coll Account Officer Initials
$2,225,000.00 01-15-2024 11-15-2033 873235 0029 BB
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***"has been omitted due to text length limitations.
Borrower:Anna Community Development Corporation Lender:LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
DESCRIPTION
_______Loan Type:This is a non-precomputed Fixed Rate (5.500%)Nondisclosable Installment Loan to a Corporation for $2,225,000.00 due
on demand and,if no demand,on November 15,2033.
_______Transaction Number:12672.
_______Collateral:This transaction is secured by Real Estate Collateral.
_______Officer:BB Blair,Brian
_______Processor:IB Baker,Isabel
_______Standard Product:COMMERCIAL R/E.
_______Standard Policy:COMMERCIAL POLICY.
_______General Lending Policy for this transaction is governed by Texas law.Collateral documents printed through LASER PRO for this
transaction will be governed by the collateral law state as specified on the Collateral Summary Screen for each piece of collateral.
_______LASER PRO has identified this as a Texas "Chapter 303"transaction.
LOAN DOCUMENTS
_____Loan Checklist _____Amortization Schedule
_____Corporate Resolution:Anna Community Development
Corporation
_____Business Loan Agreement
_____Promissory Note
_____TX Deed of Trust for Real Property located at 123 W
8th St.and Interurban St.,Anna,TX 75409
_____TX Deed of Trust for Real Property located at 110 W.
White St,Anna,TX 75409
_____TX Deed of Trust for Real Property located at 607 S.
Interurban St,Anna,TX 75409
_____TX Deed of Trust for Real Property located at 118 W
White St,Anna,TX 75409
_____TX Assignment of Rents _____TX Assignment of Rents
_____TX Assignment of Rents _____TX Assignment of Rents
_____Electronic Consent -Electronic Consent _____Agreement to Provide Insurance:Real Property located at
607 S.Interurban St,Anna,TX 75409;Real Property
located at 110 W.White St,Anna,TX 75409;Real
Property located at 123 W 8th St.and Interurban St.,
Anna,TX 75409;Real Property located at 118 W White
St,Anna,TX 75409;owned by Anna Community
Development Corporation
_____Disbursement Request and Authorization
_____Notice of Final Agreement
_____Boarding Data Sheet:Transaction 12672
_____W-9 Request for Taxpayer ID Number and Certification:
:Anna Community Development Corporation
This list of documents may not include all the documents needed for this transaction.Applications,verifications,and other specialized
documents may be needed.
ENTRY OMISSION WARNINGS TO LENDER
______NO ADDRESS.The mailing address of Anna Community Development Corporation has not been entered on the appropriate Customer
Details Screen.2GLEAS0036S
______NO CITY.The city for the mailing address of Anna Community Development Corporation has not been entered on the appropriate
Customer Details Screen.2GLEAS0037S
______NO STATE.The state for the mailing address of Anna Community Development Corporation has not been entered on the appropriate
Customer Details Screen.2GLEAS0020S
______NO ZIP CODE.The zip code for the mailing address of Anna Community Development Corporation has not been entered on the
appropriate Customer Details Screen.2GLEAS0021S
In processing this loan,any omission warnings in this "Entry Omissions"section should be reviewed as provided below.
ADVISORY WARNINGS TO LENDER
______RE COLLATERAL.You have chosen a loan secured by an interest in Texas real estate.You should be certain to complete all addresses,
including county addresses,for all parties to this transaction.3CRETX0008S
______TX 83.001.Section 83.001(a)of the Tex.Gov.Code provides that a person (other than an attorney licensed in Texas,real estate
broker or salesperson,or person performing acts relating to a transaction for lease,sale or transfer of any mineral or mining interest in real
property),may not charge or receive,either directly or indirectly,any compensation for all or any part of the preparation of a legal instrument
affecting title to real property,including a deed,deed of trust,note,mortgage,and transfer or release of lien.You should review with your
Texas legal counsel what this legal requirement means and how it impacts your institution's policies and procedures.3BRETX0015S
LOAN CHECKLIST
(Continued)Loan No:873235 Page 2
______TX 83.001.Section 83.001(a)of the Tex.Gov.Code provides that a person (other than an attorney licensed in Texas,real estate
broker or salesperson,or person performing acts relating to a transaction for lease,sale or transfer of any mineral or mining interest in real
property),may not charge or receive,either directly or indirectly,any compensation for all or any part of the preparation of a legal instrument
affecting title to real property,including a deed,deed of trust,note,mortgage,and transfer or release of lien.You should review with your
Texas legal counsel what this legal requirement means and how it impacts your institution's policies and procedures.3BRETX0015S
______TX 83.001.Section 83.001(a)of the Tex.Gov.Code provides that a person (other than an attorney licensed in Texas,real estate
broker or salesperson,or person performing acts relating to a transaction for lease,sale or transfer of any mineral or mining interest in real
property),may not charge or receive,either directly or indirectly,any compensation for all or any part of the preparation of a legal instrument
affecting title to real property,including a deed,deed of trust,note,mortgage,and transfer or release of lien.You should review with your
Texas legal counsel what this legal requirement means and how it impacts your institution's policies and procedures.3BRETX0015S
______TX 83.001.Section 83.001(a)of the Tex.Gov.Code provides that a person (other than an attorney licensed in Texas,real estate
broker or salesperson,or person performing acts relating to a transaction for lease,sale or transfer of any mineral or mining interest in real
property),may not charge or receive,either directly or indirectly,any compensation for all or any part of the preparation of a legal instrument
affecting title to real property,including a deed,deed of trust,note,mortgage,and transfer or release of lien.You should review with your
Texas legal counsel what this legal requirement means and how it impacts your institution's policies and procedures.3BRETX0015S
______HMDA NOT CHOSEN.From the information you have entered for this loan,the loan may be subject to the requirements of the Home
Mortgage Disclosure Act (HMDA)and Federal Regulation C.However,you have not selected the HMDA Loan prompt on the Loan Request
window.You should verify with your Compliance Officer whether this transaction is subject to HMDA.3BLEAS0908S
______LOAN AGREEMENT.You have chosen a Business Loan Agreement for this loan on the Loan Documents Window.You should make
sure that the terms of the Business Loan Agreement are appropriate to the Borrower's circumstances.3CLETX0043S
______365/360.A 365/360 interest calculation method has been selected for this loan.This calculation method results in a higher effective
interest rate than the numeric interest rate stated in the loan documents.Before committing to this interest calculation method,you should
consult your legal counsel or compliance officer.LaserPro offers the option of making the chosen 365/360 interest calculation method more
conspicuous by including a line for the borrower to initial the "Interest Calculation Method"paragraph.This option has not been chosen for this
loan.Additionally,LaserPro offers the option to add the following statement in the "Interest Calculation Method"paragraph:"This calculation
method results in a higher effective interest rate than the numeric interest rate stated in this Note."Including this language alerts your
customers to the effect of the 365/360 interest calculation method.This option has also not been chosen for this loan.Consult your legal
counsel if you have questions.3BLEAS0160S
______365/360 MIN MAX.A 365/360 interest calculation method has been selected for this loan that also contains a ceiling,floor or default
rate increase.Your legal counsel should be consulted to determine how a floor,ceiling,or default rate should be applied in conjunction with this
accrual.3BLEAS0163S
In processing this loan,any warnings in this "Advisory Warnings"section should be reviewed as provided below.
CRITICAL WARNINGS TO LENDER
In processing this loan,any warnings in this "Critical Warnings"section should be reviewed as provided below.
CHECKLIST WARNINGS
In processing this loan,all warnings appearing above should be reviewed.To generate correct closing documents,it is important to visit and
make appropriate selections on all applicable details windows,such as collateral details windows.All closing documents should be reviewed by
your compliance officer or legal counsel as specified in the LaserPro Setup Guide.If you have questions about why LaserPro has generated any
warning,visit the Finastra Customer Success Community at https://support.finastra.com to log into our online self-service Case Management
system.If you have legal questions about these warnings or this loan or what action to take,you should seek the advice of your compliance
officer or legal counsel.
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\A05.FC TR-12672 PR-4
AMORTIZATION SCHEDULE
Principal Loan Date Maturity Loan No Call /Coll Account Officer Initials
$2,225,000.00 01-15-2024 11-15-2033 873235 0029 BB
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***"has been omitted due to text length limitations.
Borrower:Anna Community Development Corporation Lender:LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
Disbursement Date:January 15,2024 Repayment Schedule:Installment
Interest Rate:5.500 Calculation Method:365/360 U.S.Rule
Payment Payment Payment Interest Principal Remaining
Number Date Amount Paid Paid Balance
1 02-15-2024 72,288.48 10,537.85 61,750.63 2,163,249.37
2 05-15-2024 72,288.48 29,744.68 42,543.80 2,120,705.57
3 08-15-2024 72,288.48 29,807.69 42,480.79 2,078,224.78
4 11-15-2024 72,288.48 29,210.60 43,077.88 2,035,146.90
2024 TOTALS:289,153.92 99,300.82 189,853.10
5 02-15-2025 72,288.48 28,605.12 43,683.36 1,991,463.54
6 05-15-2025 72,288.48 27,078.37 45,210.11 1,946,253.43
7 08-15-2025 72,288.48 27,355.67 44,932.81 1,901,320.62
8 11-15-2025 72,288.48 26,724.12 45,564.36 1,855,756.26
2025 TOTALS:289,153.92 109,763.28 179,390.64
9 02-15-2026 72,288.48 26,083.69 46,204.79 1,809,551.47
10 05-15-2026 72,288.48 24,604.87 47,683.61 1,761,867.86
11 08-15-2026 72,288.48 24,764.03 47,524.45 1,714,343.41
12 11-15-2026 72,288.48 24,096.05 48,192.43 1,666,150.98
2026 TOTALS:289,153.92 99,548.64 189,605.28
13 02-15-2027 72,288.48 23,418.68 48,869.80 1,617,281.18
14 05-15-2027 72,288.48 21,990.53 50,297.95 1,566,983.23
15 08-15-2027 72,288.48 22,024.82 50,263.66 1,516,719.57
16 11-15-2027 72,288.48 21,318.34 50,970.14 1,465,749.43
2027 TOTALS:289,153.92 88,752.37 200,401.55
17 02-15-2028 72,288.48 20,601.92 51,686.56 1,414,062.87
18 05-15-2028 72,288.48 19,443.36 52,845.12 1,361,217.75
19 08-15-2028 72,288.48 19,132.67 53,155.81 1,308,061.94
20 11-15-2028 72,288.48 18,385.54 53,902.94 1,254,159.00
2028 TOTALS:289,153.92 77,563.49 211,590.43
21 02-15-2029 72,288.48 17,627.90 54,660.58 1,199,498.42
22 05-15-2029 72,288.48 16,309.85 55,978.63 1,143,519.79
23 08-15-2029 72,288.48 16,072.81 56,215.67 1,087,304.12
24 11-15-2029 72,288.48 15,282.66 57,005.82 1,030,298.30
2029 TOTALS:289,153.92 65,293.22 223,860.70
25 02-15-2030 72,288.48 14,481.41 57,807.07 972,491.23
26 05-15-2030 72,288.48 13,223.18 59,065.30 913,425.93
27 08-15-2030 72,288.48 12,838.71 59,449.77 853,976.16
28 11-15-2030 72,288.48 12,003.11 60,285.37 793,690.79
2030 TOTALS:289,153.92 52,546.41 236,607.51
29 02-15-2031 72,288.48 11,155.76 61,132.72 732,558.07
30 05-15-2031 72,288.48 9,960.75 62,327.73 670,230.34
31 08-15-2031 72,288.48 9,420.46 62,868.02 607,362.32
32 11-15-2031 72,288.48 8,536.81 63,751.67 543,610.65
2031 TOTALS:289,153.92 39,073.78 250,080.14
33 02-15-2032 72,288.48 7,640.75 64,647.73 478,962.92
34 05-15-2032 72,288.48 6,585.74 65,702.74 413,260.18
35 08-15-2032 72,288.48 5,808.60 66,479.88 346,780.30
36 11-15-2032 72,288.48 4,874.19 67,414.29 279,366.01
2032 TOTALS:289,153.92 24,909.28 264,244.64
37 02-15-2033 72,288.48 3,926.64 68,361.84 211,004.17
38 05-15-2033 72,288.48 2,869.07 69,419.41 141,584.76
39 08-15-2033 72,288.48 1,990.05 70,298.43 71,286.33
40 11-15-2033 72,288.48 1,002.15 71,286.33 0.00
AMORTIZATION SCHEDULE
(Continued)Loan No:873235 Page 2
2033 TOTALS:289,153.92 9,787.91 279,366.01
TOTALS:2,891,539.20 666,539.20 2,225,000.00
NOTICE:This is an estimated loan amortization schedule.Actual amounts may vary if payments are made on different dates or in different
amounts.
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\AMORT.FC TR-12672 PR-4
CORPORATE RESOLUTION TO BORROW /GRANT COLLATERAL
Principal Loan Date Maturity Loan No Call /Coll Account Officer Initials
$2,225,000.00 01-15-2024 11-15-2033 873235 0029 BB
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***"has been omitted due to text length limitations.
Corporation:Anna Community Development Corporation
Lender:LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
WE,THE UNDERSIGNED,DO HEREBY CERTIFY THAT:
THE CORPORATION'S EXISTENCE.The complete and correct name of the Corporation is Anna Community Development Corporation
("Corporation").The Corporation is a corporation for profit which is,and at all times shall be,duly organized,validly existing,and in good
standing under and by virtue of the laws of the Corporation's state of incorporation.The Corporation is duly authorized to transact business in
all other states in which the Corporation is doing business,having obtained all necessary filings,governmental licenses and approvals for each
state in which the Corporation is doing business.Specifically,the Corporation is,and at all times shall be,duly qualified as a foreign corporation
in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition.The Corporation has
the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage.
The Corporation maintains an office at .Unless the Corporation has
designated otherwise in writing,the principal office is the office at which the Corporation keeps its books and records.The Corporation will
notify Lender prior to any change in the location of the Corporation's state of organization or any change in the Corporation's name.The
Corporation shall do all things necessary to preserve and to keep in full force and effect its existence,rights and privileges,and shall comply
with all regulations,rules,ordinances,statutes,orders and decrees of any governmental or quasi-governmental authority or court applicable to
the Corporation and the Corporation's business activities.
RESOLUTIONS ADOPTED.At a meeting of the Directors of the Corporation,or if the Corporation is a close corporation having no Board of
Directors then at a meeting of the Corporation's shareholders,duly called and held on December 29,2023,at which a quorum was present and
voting,or by other duly authorized action in lieu of a meeting,the resolutions set forth in this Resolution were adopted.
OFFICERS.The following named persons and entities are officers of Anna Community Development Corporation:
NAMES TITLES AUTHORIZED ACTUAL SIGNATURES
ACTIONS AUTHORIZED.Any two (2)of the persons and entities listed above may enter into any agreements of any nature with Lender,and
those agreements will bind the Corporation.Specifically,but without limitation,any two (2)of such persons and entities are authorized,
empowered,and directed to do the following for and on behalf of the Corporation:
Borrow Money.To borrow,as a cosigner or otherwise,from time to time from Lender,on such terms as may be agreed upon between the
Corporation and Lender,such sum or sums of money as in their judgment should be borrowed,without limitation.
Execute Notes.To execute and deliver to Lender the promissory note or notes,or other evidence of the Corporation's credit
accommodations,on Lender's forms,at such rates of interest and on such terms as may be agreed upon,evidencing the sums of money so
borrowed or any of the Corporation's indebtedness to Lender,and also to execute and deliver to Lender one or more renewals,extensions,
modifications,refinancings,consolidations,or substitutions for one or more of the notes,any portion of the notes,or any other evidence of
credit accommodations.
Grant Security.To mortgage,pledge,transfer,endorse,hypothecate,or otherwise encumber and deliver to Lender any property now or
hereafter belonging to the Corporation or in which the Corporation now or hereafter may have an interest,including without limitation all of
the Corporation's real property and all of the Corporation's personal property (tangible or intangible),as security for the payment of any
loans or credit accommodations so obtained,any promissory notes so executed (including any amendments to or modifications,renewals,
and extensions of such promissory notes),or any other or further indebtedness of the Corporation to Lender at any time owing,however
the same may be evidenced.Such property may be mortgaged,pledged,transferred,endorsed,hypothecated or encumbered at the time
such loans are obtained or such indebtedness is incurred,or at any other time or times,and may be either in addition to or in lieu of any
property theretofore mortgaged,pledged,transferred,endorsed,hypothecated or encumbered.
Execute Security Documents.To execute and deliver to Lender the forms of mortgage,deed of trust,pledge agreement,hypothecation
agreement,and other security agreements and financing statements which Lender may require and which shall evidence the terms and
conditions under and pursuant to which such liens and encumbrances,or any of them,are given;and also to execute and deliver to Lender
any other written instruments,any chattel paper,or any other collateral,of any kind or nature,which Lender may deem necessary or proper
in connection with or pertaining to the giving of the liens and encumbrances.
Negotiate Items.To draw,endorse,and discount with Lender all drafts,trade acceptances,promissory notes,or other evidences of
indebtedness payable to or belonging to the Corporation or in which the Corporation may have an interest,and either to receive cash for the
same or to cause such proceeds to be credited to the Corporation's account with Lender,or to cause such other disposition of the
proceeds derived therefrom as they may deem advisable.
Further Acts.In the case of lines of credit,to designate additional or alternate individuals as being authorized to request advances under
such lines,and in all cases,to do and perform such other acts and things,to pay any and all fees and costs,and to execute and deliver
such other documents and agreements as the officers may in their discretion deem reasonably necessary or proper in order to carry into
effect the provisions of this Resolution.
ASSUMED BUSINESS NAMES.The Corporation has filed or recorded all documents or filings required by law relating to all assumed business
names used by the Corporation.Excluding the name of the Corporation,the following is a complete list of all assumed business names under
which the Corporation does business:None.
NOTICES TO LENDER.The Corporation will promptly notify Lender in writing at Lender's address shown above (or such other addresses as
Lender may designate from time to time)prior to any (A)change in the Corporation's name;(B)change in the Corporation's assumed
business name(s);(C)change in the management of the Corporation;(D)change in the authorized signer(s);(E)change in the Corporation's
principal office address;(F)change in the Corporation's state of organization;(G)conversion of the Corporation to a new or different type of
business entity;or (H)change in any other aspect of the Corporation that directly or indirectly relates to any agreements between the
Corporation and Lender.No change in the Corporation's name or state of organization will take effect until after Lender has received notice.
CERTIFICATION CONCERNING OFFICERS AND RESOLUTIONS.The officers named above are duly elected,appointed,or employed by or for the
Corporation,as the case may be,and occupy the positions set opposite their respective names.This Resolution now stands of record on the
CORPORATE RESOLUTION TO BORROW /GRANT COLLATERAL
(Continued)Loan No:873235 Page 2
books of the Corporation,is in full force and effect,and has not been modified or revoked in any manner whatsoever.
NO CORPORATE SEAL.The Corporation has no corporate seal,and therefore,no seal is affixed to this Resolution.
CONTINUING VALIDITY.Any and all acts authorized pursuant to this Resolution and performed prior to the passage of this Resolution are
hereby ratified and approved.This Resolution shall be continuing,shall remain in full force and effect and Lender may rely on it until written
notice of its revocation shall have been delivered to Lender and receipt acknowledged by Lender in writing at Lender's address shown above (or
such addresses as Lender may designate from time to time).Any such notice shall not affect any of the Corporation's agreements or
commitments in effect at the time notice is given.
IN TESTIMONY WHEREOF,we have hereunto set our hand and attest that the signatures set opposite the names listed above are their genuine
signatures.
We each have read all the provisions of this Resolution,and we each personally and on behalf of the Corporation certify that all statements and
representations made in this Resolution are true and correct.This Corporate Resolution to Borrow /Grant Collateral is dated January 15,2024.
CERTIFIED TO AND ATTESTED BY:
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
NOTE:If the officers signing this Resolution are designated by the foregoing document as one of the officers authorized to act on the Corporation's behalf,it is advisable to have this Resolution
signed by at least one non-authorized officer of the Corporation.
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\C10.FC TR-12672 PR-4
BUSINESS LOAN AGREEMENT
Principal Loan Date Maturity Loan No Call /Coll Account Officer Initials
$2,225,000.00 01-15-2024 11-15-2033 873235 0029 BB
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***"has been omitted due to text length limitations.
Borrower:Anna Community Development Corporation Lender:LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
THIS BUSINESS LOAN AGREEMENT dated January 15,2024,is made and executed between Anna Community Development Corporation
("Borrower")and LAMAR NATIONAL BANK ("Lender")on the following terms and conditions.Borrower has received prior commercial loans
from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations,including those which may be described
on any exhibit or schedule attached to this Agreement.Borrower understands and agrees that:(A)in granting,renewing,or extending any
Loan,Lender is relying upon Borrower's representations,warranties,and agreements as set forth in this Agreement;(B)the granting,
renewing,or extending of any Loan by Lender at all times shall be subject to Lender's sole judgment and discretion;and (C)all such Loans
shall be and remain subject to the terms and conditions of this Agreement.
TERM.This Agreement shall be effective as of January 15,2024,and shall continue in full force and effect until such time as all of Borrower's
Loans in favor of Lender have been paid in full,including principal,interest,costs,expenses,attorneys'fees,and other fees and charges,or
until such time as the parties may agree in writing to terminate this Agreement.
CONDITIONS PRECEDENT TO EACH ADVANCE.Lender's obligation to make the initial Advance and each subsequent Advance under this
Agreement shall be subject to the fulfillment to Lender's satisfaction of all of the conditions set forth in this Agreement and in the Related
Documents.
Loan Documents.Borrower shall provide to Lender the following documents for the Loan:(1)the Note;(2)Security Agreements
granting to Lender security interests in the Collateral;(3)financing statements and all other documents perfecting Lender's Security
Interests;(4)evidence of insurance as required below;(5)together with all such Related Documents as Lender may require for the Loan;
all in form and substance satisfactory to Lender and Lender's counsel.
Borrower's Authorization.Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions,duly
authorizing the execution and delivery of this Agreement,the Note and the Related Documents.In addition,Borrower shall have provided
such other resolutions,authorizations,documents and instruments as Lender or its counsel,may require.
Payment of Fees and Expenses.Borrower shall have paid to Lender all fees,charges,and other expenses which are then due and payable
as specified in this Agreement or any Related Document.
Representations and Warranties.The representations and warranties set forth in this Agreement,in the Related Documents,and in any
document or certificate delivered to Lender under this Agreement are true and correct.
No Default.There shall not exist at the time of any Advance a Default under this Agreement or under any Related Document.
REPRESENTATIONS AND WARRANTIES.Borrower represents and warrants to Lender,as of the date of this Agreement,as of the date of each
disbursement of loan proceeds,as of the date of any renewal,extension or modification of any Loan,and at all times any Indebtedness exists:
Organization.Borrower is a corporation for profit which is,and at all times shall be,duly organized,validly existing,and in good standing
under and by virtue of the laws of Borrower's state of incorporation.Borrower is duly authorized to transact business in all other states in
which Borrower is doing business,having obtained all necessary filings,governmental licenses and approvals for each state in which
Borrower is doing business.Specifically,Borrower is,and at all times shall be,duly qualified as a foreign corporation in all states in which
the failure to so qualify would have a material adverse effect on its business or financial condition.Borrower has the full power and
authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage.Borrower
maintains an office at .Unless Borrower has designated otherwise
in writing,the principal office is the office at which Borrower keeps its books and records including its records concerning the Collateral.
Borrower will notify Lender prior to any change in the location of Borrower's state of organization or any change in Borrower's name.
Borrower shall do all things necessary to preserve and to keep in full force and effect its existence,rights and privileges,and shall comply
with all regulations,rules,ordinances,statutes,orders and decrees of any governmental or quasi-governmental authority or court applicable
to Borrower and Borrower's business activities.
Assumed Business Names.Borrower has filed or recorded all documents or filings required by law relating to all assumed business names
used by Borrower.Excluding the name of Borrower,the following is a complete list of all assumed business names under which Borrower
does business:None.
Authorization.Borrower's execution,delivery,and performance of this Agreement and all the Related Documents have been duly
authorized by all necessary action by Borrower and do not conflict with,result in a violation of,or constitute a default under (1)any
provision of (a)Borrower's articles of incorporation or organization,or bylaws,or (b)any agreement or other instrument binding upon
Borrower or (2)any law,governmental regulation,court decree,or order applicable to Borrower or to Borrower's properties.
Financial Information.Each of Borrower's financial statements supplied to Lender truly and completely disclosed Borrower's financial
condition as of the date of the statement,and there has been no material adverse change in Borrower's financial condition subsequent to
the date of the most recent financial statement supplied to Lender.Borrower has no material contingent obligations except as disclosed in
such financial statements.
Legal Effect.This Agreement constitutes,and any instrument or agreement Borrower is required to give under this Agreement when
delivered will constitute legal,valid,and binding obligations of Borrower enforceable against Borrower in accordance with their respective
terms.
Properties.Except as contemplated by this Agreement or as previously disclosed in Borrower's financial statements or in writing to Lender
and as accepted by Lender,and except for property tax liens for taxes not presently due and payable,Borrower owns and has good title to
all of Borrower's properties free and clear of all Security Interests,and has not executed any security documents or financing statements
relating to such properties.All of Borrower's properties are titled in Borrower's legal name,and Borrower has not used or filed a financing
statement under any other name for at least the last five (5)years.
Hazardous Substances.Except as disclosed to and acknowledged by Lender in writing,Borrower represents and warrants that:(1)During
the period of Borrower's ownership of the Collateral,there has been no use,generation,manufacture,storage,treatment,disposal,release
or threatened release of any Hazardous Substance by any person on,under,about or from any of the Collateral.(2)Borrower has no
BUSINESS LOAN AGREEMENT
(Continued)Loan No:873235 Page 2
knowledge of,or reason to believe that there has been (a)any breach or violation of any Environmental Laws;(b)any use,generation,
manufacture,storage,treatment,disposal,release or threatened release of any Hazardous Substance on,under,about or from the
Collateral by any prior owners or occupants of any of the Collateral;or (c)any actual or threatened litigation or claims of any kind by any
person relating to such matters.(3)Neither Borrower nor any tenant,contractor,agent or other authorized user of any of the Collateral
shall use,generate,manufacture,store,treat,dispose of or release any Hazardous Substance on,under,about or from any of the
Collateral;and any such activity shall be conducted in compliance with all applicable federal,state,and local laws,regulations,and
ordinances,including without limitation all Environmental Laws.Borrower authorizes Lender and its agents to enter upon the Collateral to
make such inspections and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the
Agreement.Any inspections or tests made by Lender shall be at Borrower's expense and for Lender's purposes only and shall not be
construed to create any responsibility or liability on the part of Lender to Borrower or to any other person.The representations and
warranties contained herein are based on Borrower's due diligence in investigating the Collateral for hazardous waste and Hazardous
Substances.Borrower hereby (1)releases and waives any future claims against Lender for indemnity or contribution in the event
Borrower becomes liable for cleanup or other costs under any such laws,and (2)agrees to indemnify,defend,and hold harmless Lender
against any and all claims,losses,liabilities,damages,penalties,and expenses which Lender may directly or indirectly sustain or suffer
resulting from a breach of this section of the Agreement or as a consequence of any use,generation,manufacture,storage,disposal,
release or threatened release of a hazardous waste or substance on the Collateral.The provisions of this section of the Agreement,
including the obligation to indemnify and defend,shall survive the payment of the Indebtedness and the termination,expiration or
satisfaction of this Agreement and shall not be affected by Lender's acquisition of any interest in any of the Collateral,whether by
foreclosure or otherwise.
Litigation and Claims.No litigation,claim,investigation,administrative proceeding or similar action (including those for unpaid taxes)
against Borrower is pending or threatened,and no other event has occurred which may materially adversely affect Borrower's financial
condition or properties,other than litigation,claims,or other events,if any,that have been disclosed to and acknowledged by Lender in
writing.
Taxes.To the best of Borrower's knowledge,all of Borrower's tax returns and reports that are or were required to be filed,have been
filed,and all taxes,assessments and other governmental charges have been paid in full,except those presently being or to be contested by
Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided.
Lien Priority.Unless otherwise previously disclosed to Lender in writing,Borrower has not entered into or granted any Security
Agreements,or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly
securing repayment of Borrower's Loan and Note,that would be prior or that may in any way be superior to Lender's Security Interests and
rights in and to such Collateral.
Binding Effect.This Agreement,the Note,all Security Agreements (if any),and all Related Documents are binding upon the signers
thereof,as well as upon their successors,representatives and assigns,and are legally enforceable in accordance with their respective
terms.
AFFIRMATIVE COVENANTS.Borrower covenants and agrees with Lender that,so long as this Agreement remains in effect,Borrower will:
Notices of Claims and Litigation.Promptly inform Lender in writing of (1)all material adverse changes in Borrower's financial condition,
and (2)all existing and all threatened litigation,claims,investigations,administrative proceedings or similar actions affecting Borrower or
any Guarantor which could materially affect the financial condition of Borrower or the financial condition of any Guarantor.
Financial Records.Maintain its books and records in accordance with GAAP,or an OCBOA acceptable to Lender,applied on a consistent
basis,and permit Lender to examine and audit Borrower's books and records at all reasonable times.
Financial Statements.Furnish Lender with the following:
Annual Statements.As soon as available,but in no event later than thirty (30)days after the end of each fiscal year,Borrower's
balance sheet and income statement for the year ended,prepared by Borrower in form satisfactory to Lender.
Tax Returns.As soon as available,but in no event later than sixty (60)days after the applicable filing date for the tax reporting period
ended,Borrower's Federal and other governmental tax returns,prepared by a tax professional satisfactory to Lender.
Additional Requirements.This loan is subject to a 3.00%rate increase if Tax Returns are not provided within 60 days of the due date,
or Financial Statements are not provided within 30 days of the due date.This rate increase will be in effect until the Tax Return or
Financial Statements are received by the Bank.
All financial reports required to be provided under this Agreement shall be prepared in accordance with GAAP,or an OCBOA acceptable to
Lender,applied on a consistent basis,and certified by Borrower as being true and correct.
Additional Information.Furnish such additional information and statements,as Lender may request from time to time.
Insurance.Maintain fire and other risk insurance,public liability insurance,and such other insurance as Lender may require with respect to
Borrower's properties and operations,in form,amounts,and coverages reasonably acceptable to Lender and by insurance companies
authorized to transact business in Texas.BORROWER MAY FURNISH THE INSURANCE REQUIRED BY THIS AGREEMENT WHETHER
THROUGH EXISTING POLICIES OWNED OR CONTROLLED BY BORROWER OR THROUGH EQUIVALENT COVERAGE FROM ANY
INSURANCE COMPANY AUTHORIZED TO TRANSACT BUSINESS IN TEXAS.Borrower,upon request of Lender,will deliver to Lender from
time to time the policies or certificates of insurance in form satisfactory to Lender,including stipulations that coverages will not be
cancelled or diminished without at least ten (10)days prior written notice to Lender.Each insurance policy also shall include an
endorsement providing that coverage in favor of Lender will not be impaired in any way by any act,omission or default of Borrower or any
other person.In connection with all policies covering assets in which Lender holds or is offered a security interest for the Loans,Borrower
will provide Lender with such lender's loss payable or other endorsements as Lender may require.
Insurance Reports.Furnish to Lender,upon request of Lender,reports on each existing insurance policy showing such information as
Lender may reasonably request,including without limitation the following:(1)the name of the insurer;(2)the risks insured;(3)the
amount of the policy;(4)the properties insured;(5)the then current property values on the basis of which insurance has been obtained,
and the manner of determining those values;and (6)the expiration date of the policy.In addition,upon request of Lender (however not
more often than annually),Borrower will have an independent appraiser satisfactory to Lender determine,as applicable,the actual cash
value or replacement cost of any Collateral.The cost of such appraisal shall be paid by Borrower.
Other Agreements.Comply with all terms and conditions of all other agreements,whether now or hereafter existing,between Borrower
and any other party and notify Lender immediately in writing of any default in connection with any other such agreements.
Loan Proceeds.Use all Loan proceeds solely for Borrower's business operations,unless specifically consented to the contrary by Lender in
writing.
BUSINESS LOAN AGREEMENT
(Continued)Loan No:873235 Page 3
Taxes,Charges and Liens.Pay and discharge when due all of its indebtedness and obligations,including without limitation all assessments,
taxes,governmental charges,levies and liens,of every kind and nature,imposed upon Borrower or its properties,income,or profits,prior
to the date on which penalties would attach,and all lawful claims that,if unpaid,might become a lien or charge upon any of Borrower's
properties,income,or profits.Provided however,Borrower will not be required to pay and discharge any such assessment,tax,charge,
levy,lien or claim so long as (1)the legality of the same shall be contested in good faith by appropriate proceedings,and (2)Borrower
shall have established on Borrower's books adequate reserves with respect to such contested assessment,tax,charge,levy,lien,or claim
in accordance with GAAP or an OCBOA acceptable to Lender.
Performance.Perform and comply,in a timely manner,with all terms,conditions,and provisions set forth in this Agreement,in the Related
Documents,and in all other instruments and agreements between Borrower and Lender.Borrower shall notify Lender immediately in
writing of any default in connection with any agreement.
Operations.Maintain executive and management personnel with substantially the same qualifications and experience as the present
executive and management personnel;provide written notice to Lender of any change in executive and management personnel;conduct its
business affairs in a reasonable and prudent manner.
Environmental Studies.Promptly conduct and complete,at Borrower's expense,all such investigations,studies,samplings and testings as
may be requested by Lender or any governmental authority relative to any substance,or any waste or by-product of any substance defined
as toxic or a hazardous substance under applicable federal,state,or local law,rule,regulation,order or directive,at or affecting any
property or any facility owned,leased or used by Borrower.
Compliance with Governmental Requirements.Comply with all laws,ordinances,and regulations,now or hereafter in effect,of all
governmental authorities applicable to the conduct of Borrower's properties,businesses and operations,and to the use or occupancy of the
Collateral,including without limitation,the Americans With Disabilities Act.Borrower may contest in good faith any such law,ordinance,
or regulation and withhold compliance during any proceeding,including appropriate appeals,so long as Borrower has notified Lender in
writing prior to doing so and so long as,in Lender's sole opinion,Lender's interests in the Collateral are not jeopardized.Lender may
require Borrower to post adequate security or a surety bond,reasonably satisfactory to Lender,to protect Lender's interest.
Inspection.Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and
Borrower's other properties and to examine or audit Borrower's books,accounts,and records and to make copies and memoranda of
Borrower's books,accounts,and records.If Borrower now or at any time hereafter maintains any records (including without limitation
computer generated records and computer software programs for the generation of such records)in the possession of a third party,
Borrower,upon request of Lender,shall notify such party to permit Lender free access to such records at all reasonable times and to
provide Lender with copies of any records it may request,all at Borrower's expense.
Environmental Compliance and Reports.Borrower shall comply in all respects with any and all Environmental Laws;not cause or permit to
exist,as a result of an intentional or unintentional action or omission on Borrower's part or on the part of any third party,on property
owned and/or occupied by Borrower,any environmental activity where damage may result to the environment,unless such environmental
activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal,state or local governmental
authorities;shall furnish to Lender promptly and in any event within thirty (30)days after receipt thereof a copy of any notice,summons,
lien,citation,directive,letter or other communication from any governmental agency or instrumentality concerning any intentional or
unintentional action or omission on Borrower's part in connection with any environmental activity whether or not there is damage to the
environment and/or other natural resources.
Additional Assurances.Make,execute and deliver to Lender such promissory notes,mortgages,deeds of trust,security agreements,
assignments,financing statements,instruments,documents and other agreements as Lender or its attorneys may reasonably request to
evidence and secure the Loans and to perfect all Security Interests.
RECOVERY OF ADDITIONAL COSTS.If the imposition of or any change in any law,rule,regulation,guideline,or generally accepted accounting
principle,or the interpretation or application of any thereof by any court,administrative or governmental authority,or standard-setting
organization (including any request or policy not having the force of law)shall impose,modify or make applicable any taxes (except federal,
state or local income or franchise taxes imposed on Lender),reserve requirements,capital adequacy requirements or other obligations which
would (A)increase the cost to Lender for extending or maintaining the credit facilities to which this Agreement relates,(B)reduce the
amounts payable to Lender under this Agreement or the Related Documents,or (C)reduce the rate of return on Lender's capital as a
consequence of Lender's obligations with respect to the credit facilities to which this Agreement relates,then Borrower agrees to pay Lender
such additional amounts as will compensate Lender therefor,within five (5)days after Lender's written demand for such payment,which
demand shall be accompanied by an explanation of such imposition or charge and a calculation in reasonable detail of the additional amounts
payable by Borrower,which explanation and calculations shall be conclusive in the absence of manifest error.
LENDER'S EXPENDITURES.If any action or proceeding is commenced that would materially affect Lender's interest in the Collateral or if
Borrower fails to comply with any provision of this Agreement or any Related Documents,including but not limited to Borrower's failure to
discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents,Lender on
Borrower's behalf may (but shall not be obligated to)take any action that Lender deems appropriate,including but not limited to discharging or
paying all taxes,liens,security interests,encumbrances and other claims,at any time levied or placed on any Collateral and paying all costs for
insuring,maintaining and preserving any Collateral.All such expenditures paid by Lender for such purposes will then bear interest at the Note
rate from the date paid by Lender to the date of repayment by Borrower.To the extent permitted by applicable law,all such expenses will
become a part of the Indebtedness and,at Lender's option,will (A)be payable on demand;(B)be added to the balance of the Note and be
apportioned among and be payable with any installment payments to become due during either (1)the term of any applicable insurance policy;
or (2)the remaining term of the Note;or (C)be treated as a balloon payment which will be due and payable at the Note's maturity.
RIGHT OF SETOFF.To the extent permitted by applicable law,Lender reserves a right of setoff in all Borrower's accounts with Lender (whether
checking,savings,or some other account).This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may
open in the future.However,this does not include any IRA or Keogh accounts,or any trust accounts for which setoff would be prohibited by
law.Borrower authorizes Lender,to the extent permitted by applicable law,to charge or setoff all sums owing on the Indebtedness against any
and all such accounts.
DEFAULT.Default will occur if payment of the Indebtedness in full is not made immediately upon demand.
EFFECT OF DEFAULT.Upon Default,except where otherwise provided in this Agreement or the Related Documents,all commitments and
obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any
obligation to make further Loan Advances or disbursements),and,at Lender's option,all Indebtedness immediately will become due and
payable,all without notice of any kind to Borrower.In addition,Lender shall have all the rights and remedies provided in the Related Documents
or available at law,in equity,or otherwise.Except as may be prohibited by applicable law,all of Lender's rights and remedies shall be
cumulative and may be exercised singularly or concurrently.Election by Lender to pursue any remedy shall not exclude pursuit of any other
BUSINESS LOAN AGREEMENT
(Continued)Loan No:873235 Page 4
remedy,and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender's
right to declare a default and to exercise its rights and remedies.
ADDITIONAL PROVISIONS.Release prices for each property will be 100%of net sales proceeds or the original purchase price of each property,
whichever is higher.If a property is sold for less than what it was purchased for,then the CDC will open a CD converting the difference to cash
secured and will match the remaining loan term.
MISCELLANEOUS PROVISIONS.The following miscellaneous provisions are a part of this Agreement:
Amendments.This Agreement,together with any Related Documents,constitutes the entire understanding and agreement of the parties
as to the matters set forth in this Agreement.No alteration of or amendment to this Agreement shall be effective unless given in writing
and signed by the party or parties sought to be charged or bound by the alteration or amendment.
Attorneys'Fees;Expenses.Borrower agrees to pay upon demand all of Lender's costs and expenses,including Lender's reasonable
attorneys'fees and Lender's legal expenses,incurred in connection with the enforcement of this Agreement.Lender may hire or pay
someone else to help enforce this Agreement,and Borrower shall pay the costs and expenses of such enforcement.Costs and expenses
include Lender's reasonable attorneys'fees and legal expenses whether or not there is a lawsuit,including Lender's reasonable attorneys'
fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction),appeals,and
any anticipated post-judgment collection services.Borrower also shall pay all court costs and such additional fees as may be directed by
the court.
Caption Headings.Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the
provisions of this Agreement.
Consent to Loan Participation.Borrower agrees and consents to Lender's sale or transfer,whether now or later,of one or more
participation interests in the Loan to one or more purchasers,whether related or unrelated to Lender.Lender may provide,without any
limitation whatsoever,to any one or more purchasers,or potential purchasers,any information or knowledge Lender may have about
Borrower or about any other matter relating to the Loan,and Borrower hereby waives any rights to privacy Borrower may have with respect
to such matters.Borrower additionally waives any and all notices of sale of participation interests,as well as all notices of any repurchase
of such participation interests.Borrower also agrees that the purchasers of any such participation interests will be considered as the
absolute owners of such interests in the Loan and will have all the rights granted under the participation agreement or agreements
governing the sale of such participation interests.Borrower further waives all rights of offset or counterclaim that it may have now or later
against Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender or such purchaser may
enforce Borrower's obligation under the Loan irrespective of the failure or insolvency of any holder of any interest in the Loan.Borrower
further agrees that the purchaser of any such participation interests may enforce its interests irrespective of any personal claims or
defenses that Borrower may have against Lender.
Governing Law.This Agreement will be governed by federal law applicable to Lender and,to the extent not preempted by federal law,the
laws of the State of Texas without regard to its conflicts of law provisions.This Agreement has been accepted by Lender in the State of
Texas.
No Waiver by Lender.Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing
and signed by Lender.No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right.A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender's right otherwise to
demand strict compliance with that provision or any other provision of this Agreement.No prior waiver by Lender,nor any course of
dealing between Lender and Borrower,or between Lender and any Grantor,shall constitute a waiver of any of Lender's rights or of any of
Borrower's or any Grantor's obligations as to any future transactions.Whenever the consent of Lender is required under this Agreement,
the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent
is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.
Notices.Any notice required to be given under this Agreement shall be given in writing,and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law),when deposited with a nationally recognized overnight courier,
or,if mailed,when deposited in the United States mail,as first class,certified or registered mail postage prepaid,directed to the addresses
shown near the beginning of this Agreement.Any party may change its address for notices under this Agreement by giving formal written
notice to the other parties,specifying that the purpose of the notice is to change the party's address.For notice purposes,Borrower
agrees to keep Lender informed at all times of Borrower's current address.Unless otherwise provided or required by law,if there is more
than one Borrower,any notice given by Lender to any Borrower is deemed to be notice given to all Borrowers.
Payment of Interest and Fees.Notwithstanding any other provision of this Agreement or any provision of any Related Document,Borrower
does not agree or intend to pay,and Lender does not agree or intend to charge,collect,take,reserve or receive (collectively referred to
herein as "charge or collect"),any amount in the nature of interest or in the nature of a fee for the Loan which would in any way or event
(including demand,prepayment,or acceleration)cause Lender to contract for,charge or collect more for the Loan than the maximum
Lender would be permitted to charge or collect by any applicable federal or Texas state law.Any such excess interest or unauthorized fee
will,instead of anything stated to the contrary,be applied first to reduce the unpaid principal balance of the Loan,and when the principal
has been paid in full,be refunded to Borrower.
Severability.If a court of competent jurisdiction finds any provision of this Agreement to be illegal,invalid,or unenforceable as to any
circumstance,that finding shall not make the offending provision illegal,invalid,or unenforceable as to any other circumstance.If feasible,
the offending provision shall be considered modified so that it becomes legal,valid and enforceable.If the offending provision cannot be so
modified,it shall be considered deleted from this Agreement.Unless otherwise required by law,the illegality,invalidity,or unenforceability
of any provision of this Agreement shall not affect the legality,validity or enforceability of any other provision of this Agreement.
Subsidiaries and Affiliates of Borrower.To the extent the context of any provisions of this Agreement makes it appropriate,including
without limitation any representation,warranty or covenant,the word "Borrower"as used in this Agreement shall include all of Borrower's
subsidiaries and affiliates.Notwithstanding the foregoing however,under no circumstances shall this Agreement be construed to require
Lender to make any Loan or other financial accommodation to any of Borrower's subsidiaries or affiliates.
Successors and Assigns.All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related
Documents shall bind Borrower's successors and assigns and shall inure to the benefit of Lender and its successors and assigns.Borrower
shall not,however,have the right to assign Borrower's rights under this Agreement or any interest therein,without the prior written
consent of Lender.
Survival of Representations and Warranties.Borrower understands and agrees that in making the Loan,Lender is relying on all
representations,warranties,and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by
Borrower to Lender under this Agreement or the Related Documents.Borrower further agrees that regardless of any investigation made by
BUSINESS LOAN AGREEMENT
(Continued)Loan No:873235 Page 5
Lender,all such representations,warranties and covenants will survive the making of the Loan and delivery to Lender of the Related
Documents,shall be continuing in nature,and shall remain in full force and effect until such time as Borrower's Indebtedness shall be paid
in full,or until this Agreement shall be terminated in the manner provided above,whichever is the last to occur.
Time is of the Essence.Time is of the essence in the performance of this Agreement.
DEFINITIONS.The following capitalized words and terms shall have the following meanings when used in this Agreement.Unless specifically
stated to the contrary,all references to dollar amounts shall mean amounts in lawful money of the United States of America.Words and terms
used in the singular shall include the plural,and the plural shall include the singular,as the context may require.Words and terms not otherwise
defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code.Accounting words and terms not
otherwise defined in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting principles as in
effect on the date of this Agreement:
Advance.The word "Advance"means a disbursement of Loan funds made,or to be made,to Borrower or on Borrower's behalf on a line
of credit or multiple advance basis under the terms and conditions of this Agreement.
Agreement.The word "Agreement"means this Business Loan Agreement,as this Business Loan Agreement may be amended or modified
from time to time,together with all exhibits and schedules attached to this Business Loan Agreement from time to time.
Borrower.The word "Borrower"means Anna Community Development Corporation and includes all co-signers and co-makers signing the
Note and all their successors and assigns.
Collateral.The word "Collateral"means all property and assets granted as collateral security for a Loan,whether real or personal property,
whether granted directly or indirectly,whether granted now or in the future,and whether granted in the form of a security interest,
mortgage,collateral mortgage,deed of trust,assignment,pledge,crop pledge,chattel mortgage,collateral chattel mortgage,chattel trust,
factor's lien,equipment trust,conditional sale,trust receipt,lien,charge,lien or title retention contract,lease or consignment intended as a
security device,or any other security or lien interest whatsoever,whether created by law,contract,or otherwise.
Default.The word "Default"means the Default set forth in this Agreement in the section titled "Default".
Environmental Laws.The words "Environmental Laws"mean any and all state,federal and local statutes,regulations and ordinances
relating to the protection of human health or the environment,including without limitation the Comprehensive Environmental Response,
Compensation,and Liability Act of 1980,as amended,42 U.S.C.Section 9601,et seq.("CERCLA"),the Superfund Amendments and
Reauthorization Act of 1986,Pub.L.No.99-499 ("SARA"),the Hazardous Materials Transportation Act,49 U.S.C.Section 1801,et seq.,
the Resource Conservation and Recovery Act,42 U.S.C.Section 6901,et seq.,or other applicable state or federal laws,rules,or
regulations adopted pursuant thereto.
GAAP.The word "GAAP"means generally accepted accounting principles.
Grantor.The word "Grantor"means each and all of the persons or entities granting a Security Interest in any Collateral for the Loan,
including without limitation all Borrowers granting such a Security Interest.
Guarantor.The word "Guarantor"means any guarantor,surety,or accommodation party of any or all of the Loan.
Hazardous Substances.The words "Hazardous Substances"mean materials that,because of their quantity,concentration or physical,
chemical or infectious characteristics,may cause or pose a present or potential hazard to human health or the environment when
improperly used,treated,stored,disposed of,generated,manufactured,transported or otherwise handled.The words "Hazardous
Substances"are used in their very broadest sense and include without limitation any and all hazardous or toxic substances,materials or
waste as defined by or listed under the Environmental Laws.The term "Hazardous Substances"also includes,without limitation,petroleum
and petroleum by-products or any fraction thereof and asbestos.
Indebtedness.The word "Indebtedness"means the indebtedness evidenced by the Note or Related Documents,including all principal and
interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any
of the Related Documents.
Lender.The word "Lender"means LAMAR NATIONAL BANK,its successors and assigns.
Loan.The word "Loan"means any and all loans and financial accommodations from Lender to Borrower whether now or hereafter
existing,and however evidenced,including without limitation those loans and financial accommodations described herein or described on
any exhibit or schedule attached to this Agreement from time to time.
Note.The word "Note"means the Note dated January 15,2024 and executed by Anna Community Development Corporation in the
principal amount of $2,225,000.00,together with all renewals of,extensions of,modifications of,refinancings of,consolidations of,and
substitutions for the note or credit agreement.
OCBOA.The term "OCBOA"means Other Comprehensive Basis of Accounting,as designated by Lender in writing as an acceptable
alternative to GAAP.
Related Documents.The words "Related Documents"mean all promissory notes,credit agreements,loan agreements,environmental
agreements,guaranties,security agreements,mortgages,deeds of trust,security deeds,collateral mortgages,and all other instruments,
agreements and documents,whether now or hereafter existing,executed in connection with the Loan.
Security Agreement.The words "Security Agreement"mean and include without limitation any agreements,promises,covenants,
arrangements,understandings or other agreements,whether created by law,contract,or otherwise,evidencing,governing,representing,or
creating a Security Interest.
Security Interest.The words "Security Interest"mean,without limitation,any and all types of collateral security,present and future,
whether in the form of a lien,charge,encumbrance,mortgage,deed of trust,security deed,assignment,pledge,crop pledge,chattel
mortgage,collateral chattel mortgage,chattel trust,factor's lien,equipment trust,conditional sale,trust receipt,lien or title retention
contract,lease or consignment intended as a security device,or any other security or lien interest whatsoever whether created by law,
contract,or otherwise.
BUSINESS LOAN AGREEMENT
(Continued)Loan No:873235 Page 6
BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO
ITS TERMS.THIS BUSINESS LOAN AGREEMENT IS DATED JANUARY 15,2024.
BORROWER:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
LENDER:
LAMAR NATIONAL BANK
By:
Brian Blair,Market President
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\C40.FC TR-12672 PR-4
PROMISSORY NOTE
Principal Loan Date Maturity Loan No Call /Coll Account Officer Initials
$2,225,000.00 01-15-2024 11-15-2033 873235 0029 BB
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***"has been omitted due to text length limitations.
Borrower:Anna Community Development Corporation Lender:LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
Principal Amount:$2,225,000.00 Date of Note:January 15,2024
PROMISE TO PAY.Anna Community Development Corporation ("Borrower")promises to pay to LAMAR NATIONAL BANK ("Lender"),or order,
in lawful money of the United States of America,the principal amount of Two Million Two Hundred Twenty-five Thousand &00/100 Dollars
($2,225,000.00),together with interest on the unpaid principal balance from January 15,2024,calculated as described in the "INTEREST
CALCULATION METHOD"paragraph using an interest rate of 5.500%,until maturity.The interest rate may change under the terms and
conditions of the "INTEREST AFTER DEFAULT"section.
PAYMENT.Borrower will pay this loan in full immediately upon Lender's demand.If no demand is made,Borrower will pay this loan in 40
payments of $72,288.48 each payment.Borrower's first payment is due February 15,2024,and all subsequent payments are due on the same
day of each quarter after that.Borrower's final payment will be due on November 15,2033,and will be for all principal and all accrued interest
not yet paid.Payments include principal and interest.Unless otherwise agreed or required by applicable law,payments will be applied first to
any accrued unpaid interest as shown on the most recent statement or bill provided to Borrower (if no statement or bill has been provided for
any reason,it shall be applied to the unpaid interest accrued since the last payment);then to principal;and then to any late charges.
INTEREST CALCULATION METHOD.Interest on this Note is computed on a 365/360 basis;that is,by applying the ratio of the interest rate
over a year of 360 days,multiplied by the outstanding principal balance,multiplied by the actual number of days the principal balance is
outstanding,unless such calculation would result in a usurious rate,in which case interest shall be calculated on a per diem basis of a year of
365 or 366 days,as the case may be.All interest payable under this Note is computed using this method.
RECEIPT OF PAYMENTS.All payments must be made in U.S.dollars and must be received by Lender at:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461.
All payments must be received by Lender consistent with any written payment instructions provided by Lender.If a payment is made consistent
with Lender's payment instructions but received after 4:00 PM Central Time on a business day,Lender will credit Borrower's payment on the
next business day.
PREPAYMENT.Borrower may pay without penalty all or a portion of the amount owed earlier than it is due.Prepayment in full shall consist of
payment of the remaining unpaid principal balance together with all accrued and unpaid interest and all other amounts,costs and expenses for
which Borrower is responsible under this Note or any other agreement with Lender pertaining to this loan,and in no event will Borrower ever be
required to pay any unearned interest.Early payments will not,unless agreed to by Lender in writing,relieve Borrower of Borrower's obligation
to continue to make payments under the payment schedule.Rather,early payments will reduce the principal balance due and may result in
Borrower's making fewer payments.Borrower agrees not to send Lender payments marked "paid in full","without recourse",or similar
language.If Borrower sends such a payment,Lender may accept it without losing any of Lender's rights under this Note,and Borrower will
remain obligated to pay any further amount owed to Lender.All written communications concerning disputed amounts,including any check or
other payment instrument that indicates that the payment constitutes "payment in full"of the amount owed or that is tendered with other
conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to:LAMAR NATIONAL BANK,P.O.BOX 1097
PARIS,TX 75461.
LATE CHARGE.If a payment is 10 days or more late,Borrower will be charged 5.000%of the unpaid portion of the regularly scheduled
payment.
INTEREST AFTER DEFAULT.Upon default,including failure to pay upon final maturity,the interest rate on this Note shall be increased to
18.000%.However,in no event will the interest rate exceed the maximum interest rate limitations under applicable law.
LENDER'S RIGHTS.Upon default,Lender may declare the entire indebtedness,including the unpaid principal balance under this Note,all
accrued unpaid interest,and all other amounts,costs and expenses for which Borrower is responsible under this Note or any other agreement
with Lender pertaining to this loan,immediately due,without notice,and then Borrower will pay that amount.
ATTORNEYS'FEES;EXPENSES.Lender may hire an attorney to help collect this Note if Borrower does not pay,and Borrower will pay Lender's
reasonable attorneys'fees.Borrower also will pay Lender all other amounts Lender actually incurs as court costs,lawful fees for filing,
recording,releasing to any public office any instrument securing this Note;the reasonable cost actually expended for repossessing,storing,
preparing for sale,and selling any security;and fees for noting a lien on or transferring a certificate of title to any motor vehicle offered as
security for this Note,or premiums or identifiable charges received in connection with the sale of authorized insurance.
GOVERNING LAW.This Note will be governed by federal law applicable to Lender and,to the extent not preempted by federal law,the laws of
the State of Texas without regard to its conflicts of law provisions.This Note has been accepted by Lender in the State of Texas.
DISHONORED CHECK CHARGE.Borrower will pay a processing fee of $30.00 if any check given by Borrower to Lender as a payment on this
loan is dishonored.
RIGHT OF SETOFF.To the extent permitted by applicable law,Lender reserves a right of setoff in all Borrower's accounts with Lender (whether
checking,savings,or some other account).This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may
open in the future.However,this does not include any IRA or Keogh accounts,or any trust accounts for which setoff would be prohibited by
law.Borrower authorizes Lender,to the extent permitted by applicable law,to charge or setoff all sums owing on the indebtedness against any
and all such accounts.
COLLATERAL.Borrower acknowledges this Note is secured by the following collateral described in the security instruments listed herein:
(A)a Deed of Trust dated January 15,2024,to a trustee in favor of Lender on real property described as "Real Property located at 607 S.
Interurban St,Anna,TX 75409"and located in Collin County,State of Texas.
(B)an Assignment of All Rents to Lender on real property described as "Real Property located at 607 S.Interurban St,Anna,TX 75409"
and located in Collin County,State of Texas.
PROMISSORY NOTE
(Continued)Loan No:873235 Page 2
(C)a Deed of Trust dated January 15,2024,to a trustee in favor of Lender on real property described as "Real Property located at 110 W.
White St,Anna,TX 75409"and located in Collin County,State of Texas.
(D)an Assignment of All Rents to Lender on real property described as "Real Property located at 110 W.White St,Anna,TX 75409"and
located in Collin County,State of Texas.
(E)a Deed of Trust dated January 15,2024,to a trustee in favor of Lender on real property described as "Real Property located at 123 W
8th St.and Interurban St.,Anna,TX 75409"and located in Collin County,State of Texas.
(F)an Assignment of All Rents to Lender on real property described as "Real Property located at 123 W 8th St.and Interurban St.,Anna,
TX 75409"and located in Collin County,State of Texas.
(G)a Deed of Trust dated January 15,2024,to a trustee in favor of Lender on real property described as "Real Property located at 118 W
White St,Anna,TX 75409"and located in Collin County,State of Texas.
(H)an Assignment of All Rents to Lender on real property described as "Real Property located at 118 W White St,Anna,TX 75409"and
located in Collin County,State of Texas.
COMMERCIAL ADMINISTRATIVE FEE.I will pay an administrative fee in the amount of $1000.00.This fee is considered earned at the time the
loan is made or refinanced and is not subject to refund..
SUCCESSOR INTERESTS.The terms of this Note shall be binding upon Borrower,and upon Borrower's heirs,personal representatives,
successors and assigns,and shall inure to the benefit of Lender and its successors and assigns.
GENERAL PROVISIONS.NOTICE:Under no circumstances (and notwithstanding any other provisions of this Note)shall the interest charged,
collected,or contracted for on this Note exceed the maximum rate permitted by law.The term "maximum rate permitted by law"as used in
this Note means the greater of (a)the maximum rate of interest permitted under federal or other law applicable to the indebtedness evidenced
by this Note,or (b)the higher,as of the date of this Note,of the "Weekly Ceiling"or the "Quarterly Ceiling"as referred to in Sections 303.002,
303.003 and 303.006 of the Texas Finance Code.If any part of this Note cannot be enforced,this fact will not affect the rest of the Note.
Borrower does not agree or intend to pay,and Lender does not agree or intend to contract for,charge,collect,take,reserve or receive
(collectively referred to herein as "charge or collect"),any amount in the nature of interest or in the nature of a fee for this loan,which would in
any way or event (including demand,prepayment,or acceleration)cause Lender to charge or collect more for this loan than the maximum
Lender would be permitted to charge or collect by federal law or the law of the State of Texas (as applicable).Any such excess interest or
unauthorized fee shall,instead of anything stated to the contrary,be applied first to reduce the principal balance of this loan,and when the
principal has been paid in full,be refunded to Borrower.The right to accelerate maturity of sums due under this Note does not include the right
to accelerate any interest which has not otherwise accrued on the date of such acceleration,and Lender does not intend to charge or collect any
unearned interest in the event of acceleration.All sums paid or agreed to be paid to Lender for the use,forbearance or detention of sums due
hereunder shall,to the extent permitted by applicable law,be amortized,prorated,allocated and spread throughout the full term of the loan
evidenced by this Note until payment in full so that the rate or amount of interest on account of the loan evidenced hereby does not exceed the
applicable usury ceiling.Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them.Borrower and
any other person who signs,guarantees or endorses this Note,to the extent allowed by law,waive presentment,demand for payment,notice of
dishonor,notice of intent to accelerate the maturity of this Note,and notice of acceleration of the maturity of this Note,provided,however,that
Borrower shall be entitled to any required notice of default and shall be given all opportunity to cure as required by applicable law.Upon any
change in the terms of this Note,and unless otherwise expressly stated in writing,no party who signs this Note,whether as maker,guarantor,
accommodation maker or endorser,shall be released from liability.All such parties agree that Lender may renew or extend (repeatedly and for
any length of time)this loan or release any party or guarantor or collateral;or impair,fail to realize upon or perfect Lender's security interest in
the collateral without the consent of or notice to anyone.All such parties also agree that Lender may modify this loan without the consent of or
notice to anyone other than the party with whom the modification is made.The obligations under this Note are joint and several.
PRIOR TO SIGNING THIS NOTE,BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE.BORROWER AGREES TO THE
TERMS OF THE NOTE.
BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.
BORROWER:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\D20.FC TR-12672 PR-4
DEED OF TRUST
RECORDATION REQUESTED BY:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
WHEN RECORDED MAIL TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
SEND TAX NOTICES TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
THIS DEED OF TRUST is dated January 15,2024,among Anna Community Development Corporation,whose
address is ("Grantor");LAMAR NATIONAL BANK,whose
address is P.O.BOX 1097,PARIS,TX 75461 (referred to below sometimes as "Beneficiary");and BRIAN BLAIR,
whose address is 200 S.COLLEGIATE DR,PARIS,TX 75460 (referred to below as "Trustee").
CONVEYANCE AND GRANT.For valuable consideration,Grantor conveys to Trustee in trust,with power of sale,for the benefit of Lender as
Beneficiary,the following described real property,together with all existing or subsequently erected or affixed buildings,improvements and
fixtures;and all easements,rights of way,and appurtenances;all water and water rights;and all other rights,royalties,and profits relating to
the real property,including without limitation such rights as Grantor may have in all minerals,oil,gas,geothermal and similar matters,(the
"Real Property")located in Collin County,State of Texas:
See See Exhibit A,which is attached to this Deed of Trust and made a part of this Deed of Trust as if fully set
forth herein.
The Real Property or its address is commonly known as 123 W 8th St.and Interurban St.,Anna,TX 75409.The
Real Property tax identification number is 2634611 &2634612.
Grantor hereby absolutely assigns to Lender (also known as Beneficiary in this Deed of Trust)all of Grantor's right,title,and interest in and to all
present and future leases of the Property and all Rents from the Property.In addition,Grantor grants to Lender a Uniform Commercial Code
security interest in the Personal Property and Rents.
THIS DEED OF TRUST,INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY,
IS GIVEN TO SECURE (A)PAYMENT OF THE INDEBTEDNESS AND (B)PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS,AND THIS DEED OF TRUST.THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE.Except as otherwise provided in this Deed of Trust,Grantor shall pay to Lender all amounts secured by this
Deed of Trust as they become due,and shall strictly and in a timely manner perform all of Grantor's obligations under the Note,this Deed of
Trust,and the Related Documents.
VENDOR'S LIEN.The debt evidenced by the Note is in part or total payment of the purchase price of the Property;the debt is secured by both
this Deed of Trust and by a vendor's lien on the Property,which is expressly retained in the deed of the Property to Grantor.This Deed of Trust
does not waive the vendor's lien,and the two liens and the rights created by this instrument shall be cumulative.Lender may elect to foreclose
under either of the liens without waiving the other or may foreclose under both.The deed wherein the vendor's lien is retained is incorporated
into this Deed of Trust.
POSSESSION AND MAINTENANCE OF THE PROPERTY.Grantor agrees that Grantor's possession and use of the Property shall be governed by
the following provisions:
Possession and Use.Until Default,Grantor may (1)remain in possession and control of the Property;(2)use,operate or manage the
Property;and (3)collect the Rents from the Property.
Duty to Maintain.Grantor shall maintain the Property in tenantable condition and promptly perform all repairs,replacements,and
maintenance necessary to preserve its value.
Compliance With Environmental Laws.Grantor represents and warrants to Lender that:(1)During the period of Grantor's ownership of
the Property,there has been no use,generation,manufacture,storage,treatment,disposal,release or threatened release of any Hazardous
Substance by any person on,under,about or from the Property;(2)Grantor has no knowledge of,or reason to believe that there has
been,except as previously disclosed to and acknowledged by Lender in writing,(a)any breach or violation of any Environmental Laws,
(b)any use,generation,manufacture,storage,treatment,disposal,release or threatened release of any Hazardous Substance on,under,
about or from the Property by any prior owners or occupants of the Property,or (c)any actual or threatened litigation or claims of any
kind by any person relating to such matters;and (3)Except as previously disclosed to and acknowledged by Lender in writing,(a)neither
Grantor nor any tenant,contractor,agent or other authorized user of the Property shall use,generate,manufacture,store,treat,dispose of
or release any Hazardous Substance on,under,about or from the Property;and (b)any such activity shall be conducted in compliance
with all applicable federal,state,and local laws,regulations and ordinances,including without limitation all Environmental Laws.Grantor
authorizes Lender and its agents to enter upon the Property to make such inspections and tests,at Grantor's expense,as Lender may deem
appropriate to determine compliance of the Property with this section of the Deed of Trust.Any inspections or tests made by Lender shall
be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any
other person.The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for
Hazardous Substances.Grantor hereby (1)releases and waives any future claims against Lender for indemnity or contribution in the
event Grantor becomes liable for cleanup or other costs under any such laws;and (2)agrees to indemnify,defend,and hold harmless
Lender against any and all claims,losses,liabilities,damages,penalties,and expenses which Lender may directly or indirectly sustain or
DEED OF TRUST
(Continued)Page 2
suffer resulting from a breach of this section of the Deed of Trust or as a consequence of any use,generation,manufacture,storage,
disposal,release or threatened release occurring prior to Grantor's ownership or interest in the Property,whether or not the same was or
should have been known to Grantor.The provisions of this section of the Deed of Trust,including the obligation to indemnify and defend,
shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Deed of Trust and shall not be
affected by Lender's acquisition of any interest in the Property,whether by foreclosure or otherwise.
Nuisance,Waste.Grantor shall not cause,conduct or permit any nuisance nor commit,permit,or suffer any stripping of or waste on or to
the Property or any portion of the Property.Without limiting the generality of the foregoing,Grantor will not remove,or grant to any other
party the right to remove,any timber,minerals (including oil and gas),coal,clay,scoria,soil,gravel or rock products without Lender's prior
written consent.This restriction will not apply to rights and easements (such as gas and oil)not owned by Grantor and of which Grantor
has informed Lender in writing prior to Grantor's signing of this Deed of Trust.
Removal of Improvements.Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written
consent.As a condition to the removal of any Improvements,Lender may require Grantor to make arrangements satisfactory to Lender to
replace such Improvements with Improvements of at least equal value.
Lender's Right to Enter.Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend
to Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Deed of
Trust.
Compliance with Governmental Requirements.Grantor shall promptly comply with all laws,ordinances,and regulations,now or hereafter
in effect,of all governmental authorities applicable to the use or occupancy of the Property,including without limitation,the Americans
With Disabilities Act.Grantor may contest in good faith any such law,ordinance,or regulation and withhold compliance during any
proceeding,including appropriate appeals,so long as Grantor has notified Lender in writing prior to doing so and so long as,in Lender's
sole opinion,Lender's interests in the Property are not jeopardized.Lender may require Grantor to post adequate security or a surety bond,
reasonably satisfactory to Lender,to protect Lender's interest.
Duty to Protect.Grantor agrees neither to abandon or leave unattended the Property.Grantor shall do all other acts,in addition to those
acts set forth above in this section,which from the character and use of the Property are reasonably necessary to protect and preserve the
Property.
DUE ON SALE -CONSENT BY LENDER.Lender may,at Lender's option,declare immediately due and payable all sums secured by this Deed of
Trust upon the sale or transfer,without Lender's prior written consent,of all or any part of the Real Property,or any interest in the Real
Property.A "sale or transfer"means the conveyance of Real Property or any right,title or interest in the Real Property;whether legal,beneficial
or equitable;whether voluntary or involuntary;whether by outright sale,deed,installment sale contract,land contract,contract for deed,
leasehold interest with a term greater than three (3)years,lease-option contract,or by sale,assignment,or transfer of any beneficial interest in
or to any land trust holding title to the Real Property,or by any other method of conveyance of an interest in the Real Property.If any Grantor is
a corporation,partnership or limited liability company,transfer also includes any restructuring of the legal entity (whether by merger,division or
otherwise)or any change in ownership of more than twenty-five percent (25%)of the voting stock,partnership interests or limited liability
company interests,as the case may be,of such Grantor.However,this option shall not be exercised by Lender if such exercise is prohibited by
federal law or by Texas law.
TAXES AND LIENS.The following provisions relating to the taxes and liens on the Property are part of this Deed of Trust:
Payment.Grantor shall pay when due (and in all events prior to delinquency)all taxes,special taxes,assessments,charges (including
water and sewer),fines and impositions levied against or on account of the Property,and shall pay when due all claims for work done on or
for services rendered or material furnished to the Property.Grantor shall maintain the Property free of all liens having priority over or equal
to the interest of Lender under this Deed of Trust,except for the lien of taxes and assessments not due and except as otherwise provided
in this Deed of Trust.
Right to Contest.Grantor may withhold payment of any tax,assessment,or claim in connection with a good faith dispute over the
obligation to pay,so long as Lender's interest in the Property is not jeopardized.If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15)days after the lien arises or,if a lien is filed,within fifteen (15)days after Grantor has notice of the filing,
secure the discharge of the lien,or if requested by Lender,deposit with Lender cash or a sufficient corporate surety bond or other security
satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and Lender's reasonable attorneys'fees,or other charges
that could accrue as a result of a foreclosure or sale under the lien.In any contest,Grantor shall defend itself and Lender and shall satisfy
any adverse judgment before enforcement against the Property.Grantor shall name Lender as an additional obligee under any surety bond
furnished in the contest proceedings.
Evidence of Payment.Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against
the Property.
Notice of Construction.Grantor shall notify Lender at least fifteen (15)days before any work is commenced,any services are furnished,or
any materials are supplied to the Property,if any mechanic's lien,materialmen's lien,or other lien could be asserted on account of the
work,services,or materials.Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor
can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE.The following provisions relating to insuring the Property are a part of this Deed of Trust.
Maintenance of Insurance.Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application
of any coinsurance clause,and with a standard mortgagee clause in favor of Lender.Grantor shall also procure and maintain
comprehensive general liability insurance in such coverage amounts as Lender may request with Trustee and Lender being named as
additional insureds in such liability insurance policies.Additionally,Grantor shall maintain such other insurance,including but not limited to
hazard,business interruption,and boiler insurance,as Lender may reasonably require.Policies shall be written in form,amounts,coverages
and basis reasonably acceptable to Lender,with losses made payable to Lender.GRANTOR MAY FURNISH THE REQUIRED INSURANCE
WHETHER THROUGH EXISTING POLICIES OWNED OR CONTROLLED BY GRANTOR OR THROUGH EQUIVALENT INSURANCE FROM ANY
INSURANCE COMPANY AUTHORIZED TO TRANSACT BUSINESS IN THE STATE OF TEXAS.If Grantor fails to provide any required
insurance or fails to continue such insurance in force,Lender may,but shall not be required to,do so at Grantor's expense,and the cost of
the insurance will be added to the Indebtedness.If any such insurance is procured by Lender,Grantor will be so notified,and Grantor will
DEED OF TRUST
(Continued)Page 3
have the option of furnishing equivalent insurance through any insurer authorized to transact business in Texas.Grantor,upon request of
Lender,will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender,including stipulations
that coverages will not be cancelled or diminished without at least ten (10)days prior written notice to Lender.Each insurance policy also
shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act,omission or default of
Grantor or any other person.Should the Real Property be located in an area designated by the Administrator of the Federal Emergency
Management Agency as a special flood hazard area,Grantor agrees to obtain and maintain flood insurance,if available,for the full unpaid
principal balance of the loan and any prior liens on the property securing the loan,up to the maximum policy limits set under the National
Flood Insurance Program,or as otherwise required by Lender,and to maintain such insurance for the term of the loan.Flood insurance may
be purchased under the National Flood Insurance Program,from private insurers providing "private flood insurance"as defined by applicable
federal flood insurance statutes and regulations,or from another flood insurance provider that is both acceptable to Lender in its sole
discretion and permitted by applicable federal flood insurance statutes and regulations.
Application of Proceeds.Grantor shall promptly notify Lender of any loss or damage to the Property.Lender may make proof of loss if
Grantor fails to do so within fifteen (15)days of the casualty.Whether or not Lender's security is impaired,Lender may,at Lender's
election,receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness,payment of any lien
affecting the Property,or the restoration and repair of the Property.If Lender elects to apply the proceeds to restoration and repair,Grantor
shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender.Lender shall,upon satisfactory proof of
such expenditure,pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default
under this Deed of Trust.Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not
committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Deed of Trust,then
to pay accrued interest,and the remainder,if any,shall be applied to the principal balance of the Indebtedness.If Lender holds any
proceeds after payment in full of the Indebtedness,such proceeds shall be paid to Grantor as Grantor's interests may appear.
Grantor's Report on Insurance.Upon request of Lender,however not more than once a year,Grantor shall furnish to Lender a report on
each existing policy of insurance showing:(1)the name of the insurer;(2)the risks insured;(3)the amount of the policy;(4)the
property insured,the then current replacement value of such property,and the manner of determining that value;and (5)the expiration
date of the policy.Grantor shall,upon request of Lender,have an independent appraiser satisfactory to Lender determine the cash value
replacement cost of the Property.
LENDER'S EXPENDITURES.If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor
fails to comply with any provision of this Deed of Trust or any Related Documents,including but not limited to Grantor's failure to discharge or
pay when due any amounts Grantor is required to discharge or pay under this Deed of Trust or any Related Documents,Lender on Grantor's
behalf may (but shall not be obligated to)take any action that Lender deems appropriate,including but not limited to discharging or paying all
taxes,liens,security interests,encumbrances and other claims,at any time levied or placed on the Property and paying all costs for insuring,
maintaining and preserving the Property.All such expenditures paid by Lender for such purposes will then bear interest at the Note rate from
the date paid by Lender to the date of repayment by Grantor.To the extent permitted by applicable law,all such expenses will become a part of
the Indebtedness and,at Lender's option,will (A)be payable on demand;(B)be added to the balance of the Note and be apportioned among
and be payable with any installment payments to become due during either (1)the term of any applicable insurance policy;or (2)the
remaining term of the Note;or (C)be treated as a balloon payment which will be due and payable at the Note's maturity.The Deed of Trust
also will secure payment of these amounts.Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon
Default.
WARRANTY;DEFENSE OF TITLE.The following provisions relating to ownership of the Property are a part of this Deed of Trust:
Title.Grantor warrants that:(a)Grantor holds good and marketable title of record to the Property in fee simple,free and clear of all liens
and encumbrances other than those set forth in the Real Property description or in any title insurance policy,title report,or final title opinion
issued in favor of,and accepted by,Lender in connection with this Deed of Trust,and (b)Grantor has the full right,power,and authority
to execute and deliver this Deed of Trust to Lender.
Defense of Title.Subject to the exception in the paragraph above,Grantor warrants and will forever defend the title to the Property against
the lawful claims of all persons.In the event any action or proceeding is commenced that questions Grantor's title or the interest of
Trustee or Lender under this Deed of Trust,Grantor shall defend the action at Grantor's expense.Grantor may be the nominal party in
such proceeding,but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of
Lender's own choice,and Grantor will deliver,or cause to be delivered,to Lender such instruments as Lender may request from time to
time to permit such participation.
Compliance With Laws.Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances,and regulations of governmental authorities.
Survival of Representations and Warranties.All representations,warranties,and agreements made by Grantor in this Deed of Trust shall
survive the execution and delivery of this Deed of Trust,shall be continuing in nature,and shall remain in full force and effect until such
time as Grantor's Indebtedness shall be paid in full.
CONDEMNATION,JUDGMENTS AND AWARDS.The following provisions relating to condemnation proceedings,judgments,decrees and
awards for injury to the Property are a part of this Deed of Trust:
Proceedings.If any proceeding in condemnation is filed,Grantor shall promptly notify Lender in writing,and Grantor shall promptly take
such steps as may be necessary to defend the action and obtain the award.Grantor may be the nominal party in such proceeding,but
Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice,and Grantor
will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to
permit such participation.
Application of Net Proceeds.To the extent permitted by applicable law,all judgments,decrees and awards for injury or damage to the
Property,or any part of the Property,and awards pursuant to proceedings for condemnation of the Property,are hereby absolutely assigned
to Lender,and if all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of
condemnation,Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or
the repair or restoration of the Property.The net proceeds of the award,judgment or decree shall mean the award after payment of all
reasonable costs,expenses,and attorneys'fees incurred by Trustee or Lender in connection with the condemnation.
SECURITY AGREEMENT;FINANCING STATEMENTS.The following provisions relating to this Deed of Trust as a security agreement are a part
DEED OF TRUST
(Continued)Page 4
of this Deed of Trust:
Security Agreement.This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures,and
Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Interest.Upon request by Lender,Grantor shall take whatever action is requested by Lender to perfect and continue Lender's
security interest in the Rents and Personal Property.In addition to recording this Deed of Trust in the real property records,Lender may,at
any time and without further authorization from Grantor,file executed counterparts,copies or reproductions of this Deed of Trust as a
financing statement.Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest.Upon
default,Grantor shall not remove,sever or detach the Personal Property from the Property.Upon default,Grantor shall assemble any
Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available
to Lender within three (3)days after receipt of written demand from Lender to the extent permitted by applicable law.
Addresses.The mailing addresses of Grantor (debtor)and Lender (secured party)from which information concerning the security interest
granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code)are as stated on the first page of this
Deed of Trust.
FURTHER ASSURANCES;ATTORNEY-IN-FACT.The following provisions relating to further assurances and attorney-in-fact are a part of this
Deed of Trust:
Further Assurances.At any time,and from time to time,upon request of Lender,Grantor will make,execute and deliver,or will cause to
be made,executed or delivered,to Lender or to Lender's designee,and when requested by Lender,cause to be filed,recorded,refiled,or
rerecorded,as the case may be,at such times and in such offices and places as Lender may deem appropriate,any and all such mortgages,
deeds of trust,security deeds,security agreements,financing statements,continuation statements,instruments of further assurance,
certificates,and other documents as may,in the sole opinion of Lender,be necessary or desirable in order to effectuate,complete,perfect,
continue,or preserve (1)Grantor's obligations under the Note,this Deed of Trust,and the Related Documents,and (2)the liens and
security interests created by this Deed of Trust as first and prior liens on the Property,whether now owned or hereafter acquired by
Grantor.Unless prohibited by law or Lender agrees to the contrary in writing,Grantor shall reimburse Lender for all costs and expenses
incurred in connection with the matters referred to in this paragraph.
Attorney-in-Fact.If Grantor fails to do any of the things referred to in the preceding paragraph,Lender may do so for and in the name of
Grantor and at Grantor's expense.For such purposes,Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the
purpose of making,executing,delivering,filing,recording,and doing all other things as may be necessary or desirable,in Lender's sole
opinion,to accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE.If Grantor pays all the Indebtedness when due,and otherwise performs all the obligations imposed upon Grantor under
this Deed of Trust,Lender shall execute and deliver to Grantor a release of this Deed of Trust lien and suitable statements of termination of any
financing statement on file evidencing Lender's security interest in the Rents and the Personal Property.However,it is agreed that the payment
of all the Indebtedness and performance of such obligations shall not terminate this Deed of Trust unless the liens and interests created hereby
are released by Lender by a proper recordable instrument.Any filing fees required by law shall be paid by Grantor,if permitted by applicable
law.
DEFAULT.Default will occur if payment of the Indebtedness in full is not made immediately upon demand.
RIGHTS AND REMEDIES ON DEFAULT.If Default occurs under this Deed of Trust,at any time thereafter,Trustee or Lender may exercise any
one or more of the following rights and remedies:
Election of Remedies.Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy,and an election to make
expenditures or to take action to perform an obligation of Grantor under this Deed of Trust,after Grantor's failure to perform,shall not
affect Lender's right to declare a default and exercise its remedies.
Accelerate Indebtedness.Lender may declare the unpaid principal balance of the Indebtedness due and payable.In no event will Grantor
be required to pay any unearned interest.
Foreclosure.If Lender invokes the power of sale,Trustee,at the request of Lender,may sell all or any portion of the Property at public
auction to the highest bidder for cash at the location within the courthouse designated by the County Commissioners Court,or if no such
area has been designated,at the area designated in the notice of sale within the courthouse,between the hours of 10:00 A.M.and 4:00
P.M.on the first Tuesday of any month,after the Trustee or its agent has given notice of the time and place of sale and of the property to
be sold as required by the Texas Property Code,as then amended.
UCC Remedies.With respect to all or any part of the Personal Property,Lender shall have all the rights and remedies of a secured party
under the Uniform Commercial Code.
Collect Rents.As additional security for the payment of the Indebtedness,Grantor hereby assigns to Lender all Rents as defined in the
Definitions section of this Deed of Trust.Lender shall have the right at any time,and even though no Default shall have occurred under this
Deed of Trust,to collect and receive the Rents.Lender shall provide any notice required by applicable law with regard to such enforcement
of its right to collect and receive the Rents.In addition,if the Property is vacant,Lender may rent or lease the Property.Lender shall not
be liable for its failure to rent the Property,to collect any Rents,or to exercise diligence in any matter relating to the Rents;Lender shall be
accountable only for Rents actually received.Lender neither has nor assumes any obligation as lessor or landlord with respect to any
occupant of the Property.Rents so received shall be applied by Lender first to the remaining unpaid balance of the Indebtedness,in such
order or manner as Lender shall elect,and the residue,if any,shall be paid to the person or persons legally entitled to the residue.
Trustee's Powers.Grantor hereby jointly and severally authorizes and empowers Trustee to sell all or any portion of the Property together
or in lots or parcels,as Trustee may deem expedient,and to execute and deliver to the purchaser or purchasers of such Property good and
sufficient deeds of conveyance of fee simple title,or of lesser estates,and bills of sale and assignments,with covenants of general
warranty made on Grantor's behalf.In no event shall Trustee be required to exhibit,present or display at any such sale any of the Property
to be sold at such sale.The Trustee making such sale shall receive the proceeds of the sale and shall apply the same as provided below.
Payment of the purchase price to Trustee shall satisfy the liability of the purchaser at any such sale of the Property,and such person shall
not be bound to look after the application of the proceeds.
Appoint Receiver.Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property,with the
power to protect and preserve the Property,to operate the Property preceding foreclosure or sale,and to collect the Rents from the
DEED OF TRUST
(Continued)Page 5
Property and apply the proceeds,over and above the cost of the receivership,against the Indebtedness.The receiver may serve without
bond if permitted by law.Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by a substantial amount.Employment by Lender shall not disqualify a person from serving as a receiver.
Tenancy at Sufferance.If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor,Grantor shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall,at Lender's option,either (1)pay a reasonable rental for the use of the Property,(2)vacate the
Property immediately upon the demand of Lender,or (3)if such tenants refuse to surrender possession of the Property upon demand,the
purchaser shall be entitled to institute and maintain the statutory action of forcible entry and detainer and procure a writ of possession
thereunder,and Grantor expressly waives all damages sustained by reason thereof.
Other Remedies.Trustee or Lender shall have any other right or remedy provided in this Deed of Trust or the Note or available at law or in
equity.
Sale of the Property.To the extent permitted by applicable law,Grantor hereby waives any and all rights to have the Property marshalled.
In exercising its rights and remedies,the Trustee or Lender shall be free to sell all or any part of the Property together or separately,in one
sale or by separate sales.Lender shall be entitled to bid at any public sale on all or any portion of the Property.Trustee may convey all or
any part of the Property to the highest bidder for cash with a general warranty binding Grantor,subject to prior liens and to other
exceptions to conveyance and warranty.Grantor waives all requirements of appraisement,if any.The affidavit of any person having
knowledge of the facts to the effect that proper notice as required by the Texas Property Code was given shall be prima facie evidence of
the fact that such notice was in fact given.Recitals and statements of fact in any notice or in any conveyance to the purchaser or
purchasers of the Property in any foreclosure sale under this Deed of Trust shall be prima facie evidence of the truth of such facts,and all
prerequisites and requirements necessary to the validity of any such sale shall be presumed to have been performed.Any sale under the
powers granted by this Deed of Trust shall be a perpetual bar against Grantor,Grantor's heirs,successors,assigns and legal
representatives.
Proceeds.Trustee shall pay the proceeds of any sale of the Property (a)first,to the expenses of foreclosure,including reasonable fees or
charges paid to the Trustee,including but not limited to fees for enforcing the lien,posting for sale,selling,or releasing the Property,(b)
then to Lender the full amount of the Indebtedness,(c)then to any amount required by law to be paid before payment to Grantor,and (d)
the balance,if any,to Grantor.
Attorneys'Fees;Expenses.If Lender institutes any suit or action to enforce any of the terms of this Deed of Trust,Lender shall be entitled
to recover such sum as the court may adjudge reasonable as Lender's attorneys'fees at trial and upon any appeal.Whether or not any
court action is involved,and to the extent not prohibited by law,all reasonable expenses Lender incurs that in Lender's opinion are
necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on
demand and shall bear interest at the Note rate from the date of the expenditure until repaid.Expenses covered by this paragraph include,
without limitation,however subject to any limits under applicable law,Lender's reasonable attorneys'fees and Lender's legal expenses,
whether or not there is a lawsuit,including Lender's reasonable attorneys'fees and expenses for bankruptcy proceedings (including efforts
to modify or vacate any automatic stay or injunction),appeals,and any anticipated post-judgment collection services,the cost of searching
records,obtaining title reports (including foreclosure reports),surveyors'reports,and appraisal fees,title insurance,and fees for the
Trustee,to the extent permitted by applicable law.Grantor also will pay any court costs,in addition to all other sums provided by law.In
the event of foreclosure of this Deed of Trust,Lender shall be entitled to recover from Grantor Lender's reasonable attorneys'fees and
actual disbursements that Lender necessarily incurs in pursuing such foreclosure.
POWERS AND OBLIGATIONS OF TRUSTEE.The following provisions relating to the powers and obligations of Trustee are part of this Deed of
Trust:
Powers of Trustee.In addition to all powers of Trustee arising as a matter of law,Trustee shall have the power to take the following
actions with respect to the Property upon the written request of Lender and Grantor:(a)join in preparing and filing a map or plat of the
Real Property,including the dedication of streets or other rights to the public;(b)join in granting any easement or creating any restriction
on the Real Property;and (c)join in any subordination or other agreement affecting this Deed of Trust or the interest of Lender under this
Deed of Trust.
Obligations to Notify.Trustee shall not be obligated to notify any other lienholder of the Property of the commencement of a foreclosure
proceeding or of the commencement of any other action to which Lender may avail itself as a remedy,except to the extent required by
applicable law or by written agreement.
Trustee.In addition to the rights and remedies set forth above,with respect to all or any part of the Property,the Trustee shall have the
right to foreclose by notice and sale,and Lender shall have the right to foreclose by judicial foreclosure,in either case in accordance with
and to the full extent provided by applicable law.
Substitute Trustee.Lender,at Lender's option,from time to time,and more than once,may appoint in writing a successor or substitute
trustee,with or without cause,including the resignation,absence,death,inability,refusal or failure to act of the Trustee.The successor or
substitute trustee may be appointed without ever requiring the resignation of the former trustee and without any formality except for the
execution and acknowledgment of the appointment by the beneficiary of this Deed of Trust.The successor or substitute trustee shall then
succeed to all rights,obligations,and duties of the Trustee.This appointment may be made on Lender's behalf by the President,any Vice
President,Secretary,or Cashier of Lender.
NOTICES.Any notice required to be given under this Deed of Trust,including without limitation any notice of default and any notice of sale
shall be given in writing,and shall be effective when actually delivered,when actually received by telefacsimile (unless otherwise required by
law),when deposited with a nationally recognized overnight courier,or,if mailed,when deposited in the United States mail,as first class,
certified or registered mail postage prepaid,directed to the addresses shown near the beginning of this Deed of Trust.Any party may change
its address for notices under this Deed of Trust by giving formal written notice to the other parties,specifying that the purpose of the notice is
to change the party's address.For notice purposes,Grantor agrees to keep Lender informed at all times of Grantor's current address.Unless
otherwise provided or required by law,if there is more than one Grantor,any notice given by Lender to any Grantor is deemed to be notice given
to all Grantors.
MISCELLANEOUS PROVISIONS.The following miscellaneous provisions are a part of this Deed of Trust:
Amendments.This Deed of Trust,together with any Related Documents,constitutes the entire understanding and agreement of the parties
as to the matters set forth in this Deed of Trust.No alteration of or amendment to this Deed of Trust shall be effective unless given in
DEED OF TRUST
(Continued)Page 6
writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.
Annual Reports.If the Property is used for purposes other than Grantor's residence,Grantor shall furnish to Lender,upon request,a
certified statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as
Lender shall require."Net operating income"shall mean all cash receipts from the Property less all cash expenditures made in connection
with the operation of the Property.
Caption Headings.Caption headings in this Deed of Trust are for convenience purposes only and are not to be used to interpret or define
the provisions of this Deed of Trust.
Merger.There shall be no merger of the interest or estate created by this Deed of Trust with any other interest or estate in the Property at
any time held by or for the benefit of Lender in any capacity,without the written consent of Lender.
Governing Law.This Deed of Trust will be governed by federal law applicable to Lender and,to the extent not preempted by federal law,
the laws of the State of Texas without regard to its conflicts of law provisions.This Deed of Trust has been accepted by Lender in the
State of Texas.
No Waiver by Lender.Lender shall not be deemed to have waived any rights under this Deed of Trust unless such waiver is given in writing
and signed by Lender.No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right.A waiver by Lender of a provision of this Deed of Trust shall not prejudice or constitute a waiver of Lender's right otherwise to
demand strict compliance with that provision or any other provision of this Deed of Trust.No prior waiver by Lender,nor any course of
dealing between Lender and Grantor,shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future
transactions.Whenever the consent of Lender is required under this Deed of Trust,the granting of such consent by Lender in any instance
shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be
granted or withheld in the sole discretion of Lender.
Severability.If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal,invalid,or unenforceable as to any
circumstance,that finding shall not make the offending provision illegal,invalid,or unenforceable as to any other circumstance.If feasible,
the offending provision shall be considered modified so that it becomes legal,valid and enforceable.If the offending provision cannot be so
modified,it shall be considered deleted from this Deed of Trust.Unless otherwise required by law,the illegality,invalidity,or
unenforceability of any provision of this Deed of Trust shall not affect the legality,validity or enforceability of any other provision of this
Deed of Trust.
Successors and Assigns.Subject to any limitations stated in this Deed of Trust on transfer of Grantor's interest,this Deed of Trust shall be
binding upon and inure to the benefit of the parties,their successors and assigns.If ownership of the Property becomes vested in a person
other than Grantor,Lender,without notice to Grantor,may deal with Grantor's successors with reference to this Deed of Trust and the
Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Deed of Trust or liability under the
Indebtedness.
Time is of the Essence.Time is of the essence in the performance of this Deed of Trust.
DEFINITIONS.The following capitalized words and terms shall have the following meanings when used in this Deed of Trust.Unless
specifically stated to the contrary,all references to dollar amounts shall mean amounts in lawful money of the United States of America.Words
and terms used in the singular shall include the plural,and the plural shall include the singular,as the context may require.Words and terms not
otherwise defined in this Deed of Trust shall have the meanings attributed to such terms in the Uniform Commercial Code:
Beneficiary.The word "Beneficiary"means LAMAR NATIONAL BANK,and its successors and assigns.
Borrower.The word "Borrower"means Anna Community Development Corporation and includes all co-signers and co-makers signing the
Note and all their successors and assigns.
Deed of Trust.The words "Deed of Trust"mean this Deed of Trust among Grantor,Lender,and Trustee,and includes without limitation all
assignment and security interest provisions relating to the Personal Property and Rents.
Default.The word "Default"means the Default set forth in this Deed of Trust in the section titled "Default".
Environmental Laws.The words "Environmental Laws"mean any and all state,federal and local statutes,regulations and ordinances
relating to the protection of human health or the environment,including without limitation the Comprehensive Environmental Response,
Compensation,and Liability Act of 1980,as amended,42 U.S.C.Section 9601,et seq.("CERCLA"),the Superfund Amendments and
Reauthorization Act of 1986,Pub.L.No.99-499 ("SARA"),the Hazardous Materials Transportation Act,49 U.S.C.Section 1801,et seq.,
the Resource Conservation and Recovery Act,42 U.S.C.Section 6901,et seq.,or other applicable state or federal laws,rules,or
regulations adopted pursuant thereto.
Grantor.The word "Grantor"means Anna Community Development Corporation.
Hazardous Substances.The words "Hazardous Substances"mean materials that,because of their quantity,concentration or physical,
chemical or infectious characteristics,may cause or pose a present or potential hazard to human health or the environment when
improperly used,treated,stored,disposed of,generated,manufactured,transported or otherwise handled.The words "Hazardous
Substances"are used in their very broadest sense and include without limitation any and all hazardous or toxic substances,materials or
waste as defined by or listed under the Environmental Laws.The term "Hazardous Substances"also includes,without limitation,petroleum
and petroleum by-products or any fraction thereof and asbestos.
Improvements.The word "Improvements"means all existing and future improvements,buildings,structures,mobile homes affixed on the
Real Property,facilities,additions,replacements and other construction on the Real Property.
Indebtedness.The word "Indebtedness"means all principal,interest,and other amounts,costs and expenses payable under the Note or
Related Documents,together with all renewals of,extensions of,modifications of,consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Trustee
or Lender to enforce Grantor's obligations under this Deed of Trust,together with interest on such amounts as provided in this Deed of
Trust.
Lender.The word "Lender"means LAMAR NATIONAL BANK,its successors and assigns.
Note.The word "Note"means the promissory note dated January 15,2024,in the original principal amount of
DEED OF TRUST
(Continued)Page 7
$2,225,000.00 from Grantor to Lender,together with all renewals of,extensions of,modifications of,refinancings of,consolidations
of,and substitutions for the promissory note or agreement.
Personal Property.The words "Personal Property"mean all equipment,fixtures,and other articles of personal property now or hereafter
owned by Grantor,and now or hereafter attached or affixed to the Real Property;together with all accessions,parts,and additions to,all
replacements of,and all substitutions for,any of such property;and together with all proceeds (including without limitation all insurance
proceeds and refunds of premiums)from any sale or other disposition of the Property.
Property.The word "Property"means collectively the Real Property and the Personal Property.
Real Property.The words "Real Property"mean the real property,interests and rights,as further described in this Deed of Trust.
Related Documents.The words "Related Documents"mean all promissory notes,credit agreements,loan agreements,environmental
agreements,guaranties,security agreements,mortgages,deeds of trust,security deeds,collateral mortgages,and all other instruments,
agreements and documents,whether now or hereafter existing,executed in connection with the Indebtedness.
Rents.The word "Rents"means all present and future rents,revenues,income,issues,royalties,profits,and other benefits derived from
the Property.The word "Rents"shall also mean all "Rents"as defined in Chapter 64 of the Texas Property Code.
Trustee.The word "Trustee"means BRIAN BLAIR,whose address is 200 S.COLLEGIATE DR,PARIS,TX 75460 and any substitute or
successor trustees.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS DEED OF TRUST,AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
CORPORATE ACKNOWLEDGMENT
STATE OF ___________________________________)
)SS
COUNTY OF ___________________________________)
This instrument was acknowledged before me on ______________________________________,20________by ________________________________,
________________________________of Anna Community Development Corporation and ________________________________,
________________________________of Anna Community Development Corporation a _______________corporation,on behalf of said corporation.
_____________________________________________________
Notary Public,State of Texas
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\G01.FC TR-12672
PR-4
DEED OF TRUST
RECORDATION REQUESTED BY:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
WHEN RECORDED MAIL TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
SEND TAX NOTICES TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
THIS DEED OF TRUST is dated January 15,2024,among Anna Community Development Corporation,whose
address is ("Grantor");LAMAR NATIONAL BANK,whose
address is P.O.BOX 1097,PARIS,TX 75461 (referred to below sometimes as "Beneficiary");and BRIAN BLAIR,
whose address is 200 S.COLLEGIATE DR,PARIS,TX 75460 (referred to below as "Trustee").
CONVEYANCE AND GRANT.For valuable consideration,Grantor conveys to Trustee in trust,with power of sale,for the benefit of Lender as
Beneficiary,the following described real property,together with all existing or subsequently erected or affixed buildings,improvements and
fixtures;and all easements,rights of way,and appurtenances;all water and water rights;and all other rights,royalties,and profits relating to
the real property,including without limitation such rights as Grantor may have in all minerals,oil,gas,geothermal and similar matters,(the
"Real Property")located in Collin County,State of Texas:
See See Exhibit A,which is attached to this Deed of Trust and made a part of this Deed of Trust as if fully set
forth herein.
The Real Property or its address is commonly known as 110 W.White St,Anna,TX 75409.The Real Property
tax identification number is 1017615.
Grantor hereby absolutely assigns to Lender (also known as Beneficiary in this Deed of Trust)all of Grantor's right,title,and interest in and to all
present and future leases of the Property and all Rents from the Property.In addition,Grantor grants to Lender a Uniform Commercial Code
security interest in the Personal Property and Rents.
THIS DEED OF TRUST,INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY,
IS GIVEN TO SECURE (A)PAYMENT OF THE INDEBTEDNESS AND (B)PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS,AND THIS DEED OF TRUST.THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE.Except as otherwise provided in this Deed of Trust,Grantor shall pay to Lender all amounts secured by this
Deed of Trust as they become due,and shall strictly and in a timely manner perform all of Grantor's obligations under the Note,this Deed of
Trust,and the Related Documents.
VENDOR'S LIEN.The debt evidenced by the Note is in part or total payment of the purchase price of the Property;the debt is secured by both
this Deed of Trust and by a vendor's lien on the Property,which is expressly retained in the deed of the Property to Grantor.This Deed of Trust
does not waive the vendor's lien,and the two liens and the rights created by this instrument shall be cumulative.Lender may elect to foreclose
under either of the liens without waiving the other or may foreclose under both.The deed wherein the vendor's lien is retained is incorporated
into this Deed of Trust.
POSSESSION AND MAINTENANCE OF THE PROPERTY.Grantor agrees that Grantor's possession and use of the Property shall be governed by
the following provisions:
Possession and Use.Until Default,Grantor may (1)remain in possession and control of the Property;(2)use,operate or manage the
Property;and (3)collect the Rents from the Property.
Duty to Maintain.Grantor shall maintain the Property in tenantable condition and promptly perform all repairs,replacements,and
maintenance necessary to preserve its value.
Compliance With Environmental Laws.Grantor represents and warrants to Lender that:(1)During the period of Grantor's ownership of
the Property,there has been no use,generation,manufacture,storage,treatment,disposal,release or threatened release of any Hazardous
Substance by any person on,under,about or from the Property;(2)Grantor has no knowledge of,or reason to believe that there has
been,except as previously disclosed to and acknowledged by Lender in writing,(a)any breach or violation of any Environmental Laws,
(b)any use,generation,manufacture,storage,treatment,disposal,release or threatened release of any Hazardous Substance on,under,
about or from the Property by any prior owners or occupants of the Property,or (c)any actual or threatened litigation or claims of any
kind by any person relating to such matters;and (3)Except as previously disclosed to and acknowledged by Lender in writing,(a)neither
Grantor nor any tenant,contractor,agent or other authorized user of the Property shall use,generate,manufacture,store,treat,dispose of
or release any Hazardous Substance on,under,about or from the Property;and (b)any such activity shall be conducted in compliance
with all applicable federal,state,and local laws,regulations and ordinances,including without limitation all Environmental Laws.Grantor
authorizes Lender and its agents to enter upon the Property to make such inspections and tests,at Grantor's expense,as Lender may deem
appropriate to determine compliance of the Property with this section of the Deed of Trust.Any inspections or tests made by Lender shall
be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any
other person.The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for
Hazardous Substances.Grantor hereby (1)releases and waives any future claims against Lender for indemnity or contribution in the
event Grantor becomes liable for cleanup or other costs under any such laws;and (2)agrees to indemnify,defend,and hold harmless
Lender against any and all claims,losses,liabilities,damages,penalties,and expenses which Lender may directly or indirectly sustain or
DEED OF TRUST
(Continued)Page 2
suffer resulting from a breach of this section of the Deed of Trust or as a consequence of any use,generation,manufacture,storage,
disposal,release or threatened release occurring prior to Grantor's ownership or interest in the Property,whether or not the same was or
should have been known to Grantor.The provisions of this section of the Deed of Trust,including the obligation to indemnify and defend,
shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Deed of Trust and shall not be
affected by Lender's acquisition of any interest in the Property,whether by foreclosure or otherwise.
Nuisance,Waste.Grantor shall not cause,conduct or permit any nuisance nor commit,permit,or suffer any stripping of or waste on or to
the Property or any portion of the Property.Without limiting the generality of the foregoing,Grantor will not remove,or grant to any other
party the right to remove,any timber,minerals (including oil and gas),coal,clay,scoria,soil,gravel or rock products without Lender's prior
written consent.This restriction will not apply to rights and easements (such as gas and oil)not owned by Grantor and of which Grantor
has informed Lender in writing prior to Grantor's signing of this Deed of Trust.
Removal of Improvements.Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written
consent.As a condition to the removal of any Improvements,Lender may require Grantor to make arrangements satisfactory to Lender to
replace such Improvements with Improvements of at least equal value.
Lender's Right to Enter.Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend
to Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Deed of
Trust.
Compliance with Governmental Requirements.Grantor shall promptly comply with all laws,ordinances,and regulations,now or hereafter
in effect,of all governmental authorities applicable to the use or occupancy of the Property,including without limitation,the Americans
With Disabilities Act.Grantor may contest in good faith any such law,ordinance,or regulation and withhold compliance during any
proceeding,including appropriate appeals,so long as Grantor has notified Lender in writing prior to doing so and so long as,in Lender's
sole opinion,Lender's interests in the Property are not jeopardized.Lender may require Grantor to post adequate security or a surety bond,
reasonably satisfactory to Lender,to protect Lender's interest.
Duty to Protect.Grantor agrees neither to abandon or leave unattended the Property.Grantor shall do all other acts,in addition to those
acts set forth above in this section,which from the character and use of the Property are reasonably necessary to protect and preserve the
Property.
DUE ON SALE -CONSENT BY LENDER.Lender may,at Lender's option,declare immediately due and payable all sums secured by this Deed of
Trust upon the sale or transfer,without Lender's prior written consent,of all or any part of the Real Property,or any interest in the Real
Property.A "sale or transfer"means the conveyance of Real Property or any right,title or interest in the Real Property;whether legal,beneficial
or equitable;whether voluntary or involuntary;whether by outright sale,deed,installment sale contract,land contract,contract for deed,
leasehold interest with a term greater than three (3)years,lease-option contract,or by sale,assignment,or transfer of any beneficial interest in
or to any land trust holding title to the Real Property,or by any other method of conveyance of an interest in the Real Property.If any Grantor is
a corporation,partnership or limited liability company,transfer also includes any restructuring of the legal entity (whether by merger,division or
otherwise)or any change in ownership of more than twenty-five percent (25%)of the voting stock,partnership interests or limited liability
company interests,as the case may be,of such Grantor.However,this option shall not be exercised by Lender if such exercise is prohibited by
federal law or by Texas law.
TAXES AND LIENS.The following provisions relating to the taxes and liens on the Property are part of this Deed of Trust:
Payment.Grantor shall pay when due (and in all events prior to delinquency)all taxes,special taxes,assessments,charges (including
water and sewer),fines and impositions levied against or on account of the Property,and shall pay when due all claims for work done on or
for services rendered or material furnished to the Property.Grantor shall maintain the Property free of all liens having priority over or equal
to the interest of Lender under this Deed of Trust,except for the lien of taxes and assessments not due and except as otherwise provided
in this Deed of Trust.
Right to Contest.Grantor may withhold payment of any tax,assessment,or claim in connection with a good faith dispute over the
obligation to pay,so long as Lender's interest in the Property is not jeopardized.If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15)days after the lien arises or,if a lien is filed,within fifteen (15)days after Grantor has notice of the filing,
secure the discharge of the lien,or if requested by Lender,deposit with Lender cash or a sufficient corporate surety bond or other security
satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and Lender's reasonable attorneys'fees,or other charges
that could accrue as a result of a foreclosure or sale under the lien.In any contest,Grantor shall defend itself and Lender and shall satisfy
any adverse judgment before enforcement against the Property.Grantor shall name Lender as an additional obligee under any surety bond
furnished in the contest proceedings.
Evidence of Payment.Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against
the Property.
Notice of Construction.Grantor shall notify Lender at least fifteen (15)days before any work is commenced,any services are furnished,or
any materials are supplied to the Property,if any mechanic's lien,materialmen's lien,or other lien could be asserted on account of the
work,services,or materials.Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor
can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE.The following provisions relating to insuring the Property are a part of this Deed of Trust.
Maintenance of Insurance.Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application
of any coinsurance clause,and with a standard mortgagee clause in favor of Lender.Grantor shall also procure and maintain
comprehensive general liability insurance in such coverage amounts as Lender may request with Trustee and Lender being named as
additional insureds in such liability insurance policies.Additionally,Grantor shall maintain such other insurance,including but not limited to
hazard,business interruption,and boiler insurance,as Lender may reasonably require.Policies shall be written in form,amounts,coverages
and basis reasonably acceptable to Lender,with losses made payable to Lender.GRANTOR MAY FURNISH THE REQUIRED INSURANCE
WHETHER THROUGH EXISTING POLICIES OWNED OR CONTROLLED BY GRANTOR OR THROUGH EQUIVALENT INSURANCE FROM ANY
INSURANCE COMPANY AUTHORIZED TO TRANSACT BUSINESS IN THE STATE OF TEXAS.If Grantor fails to provide any required
insurance or fails to continue such insurance in force,Lender may,but shall not be required to,do so at Grantor's expense,and the cost of
the insurance will be added to the Indebtedness.If any such insurance is procured by Lender,Grantor will be so notified,and Grantor will
DEED OF TRUST
(Continued)Page 3
have the option of furnishing equivalent insurance through any insurer authorized to transact business in Texas.Grantor,upon request of
Lender,will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender,including stipulations
that coverages will not be cancelled or diminished without at least ten (10)days prior written notice to Lender.Each insurance policy also
shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act,omission or default of
Grantor or any other person.Should the Real Property be located in an area designated by the Administrator of the Federal Emergency
Management Agency as a special flood hazard area,Grantor agrees to obtain and maintain flood insurance,if available,for the full unpaid
principal balance of the loan and any prior liens on the property securing the loan,up to the maximum policy limits set under the National
Flood Insurance Program,or as otherwise required by Lender,and to maintain such insurance for the term of the loan.Flood insurance may
be purchased under the National Flood Insurance Program,from private insurers providing "private flood insurance"as defined by applicable
federal flood insurance statutes and regulations,or from another flood insurance provider that is both acceptable to Lender in its sole
discretion and permitted by applicable federal flood insurance statutes and regulations.
Application of Proceeds.Grantor shall promptly notify Lender of any loss or damage to the Property.Lender may make proof of loss if
Grantor fails to do so within fifteen (15)days of the casualty.Whether or not Lender's security is impaired,Lender may,at Lender's
election,receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness,payment of any lien
affecting the Property,or the restoration and repair of the Property.If Lender elects to apply the proceeds to restoration and repair,Grantor
shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender.Lender shall,upon satisfactory proof of
such expenditure,pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default
under this Deed of Trust.Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not
committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Deed of Trust,then
to pay accrued interest,and the remainder,if any,shall be applied to the principal balance of the Indebtedness.If Lender holds any
proceeds after payment in full of the Indebtedness,such proceeds shall be paid to Grantor as Grantor's interests may appear.
Grantor's Report on Insurance.Upon request of Lender,however not more than once a year,Grantor shall furnish to Lender a report on
each existing policy of insurance showing:(1)the name of the insurer;(2)the risks insured;(3)the amount of the policy;(4)the
property insured,the then current replacement value of such property,and the manner of determining that value;and (5)the expiration
date of the policy.Grantor shall,upon request of Lender,have an independent appraiser satisfactory to Lender determine the cash value
replacement cost of the Property.
LENDER'S EXPENDITURES.If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor
fails to comply with any provision of this Deed of Trust or any Related Documents,including but not limited to Grantor's failure to discharge or
pay when due any amounts Grantor is required to discharge or pay under this Deed of Trust or any Related Documents,Lender on Grantor's
behalf may (but shall not be obligated to)take any action that Lender deems appropriate,including but not limited to discharging or paying all
taxes,liens,security interests,encumbrances and other claims,at any time levied or placed on the Property and paying all costs for insuring,
maintaining and preserving the Property.All such expenditures paid by Lender for such purposes will then bear interest at the Note rate from
the date paid by Lender to the date of repayment by Grantor.To the extent permitted by applicable law,all such expenses will become a part of
the Indebtedness and,at Lender's option,will (A)be payable on demand;(B)be added to the balance of the Note and be apportioned among
and be payable with any installment payments to become due during either (1)the term of any applicable insurance policy;or (2)the
remaining term of the Note;or (C)be treated as a balloon payment which will be due and payable at the Note's maturity.The Deed of Trust
also will secure payment of these amounts.Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon
Default.
WARRANTY;DEFENSE OF TITLE.The following provisions relating to ownership of the Property are a part of this Deed of Trust:
Title.Grantor warrants that:(a)Grantor holds good and marketable title of record to the Property in fee simple,free and clear of all liens
and encumbrances other than those set forth in the Real Property description or in any title insurance policy,title report,or final title opinion
issued in favor of,and accepted by,Lender in connection with this Deed of Trust,and (b)Grantor has the full right,power,and authority
to execute and deliver this Deed of Trust to Lender.
Defense of Title.Subject to the exception in the paragraph above,Grantor warrants and will forever defend the title to the Property against
the lawful claims of all persons.In the event any action or proceeding is commenced that questions Grantor's title or the interest of
Trustee or Lender under this Deed of Trust,Grantor shall defend the action at Grantor's expense.Grantor may be the nominal party in
such proceeding,but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of
Lender's own choice,and Grantor will deliver,or cause to be delivered,to Lender such instruments as Lender may request from time to
time to permit such participation.
Compliance With Laws.Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances,and regulations of governmental authorities.
Survival of Representations and Warranties.All representations,warranties,and agreements made by Grantor in this Deed of Trust shall
survive the execution and delivery of this Deed of Trust,shall be continuing in nature,and shall remain in full force and effect until such
time as Grantor's Indebtedness shall be paid in full.
CONDEMNATION,JUDGMENTS AND AWARDS.The following provisions relating to condemnation proceedings,judgments,decrees and
awards for injury to the Property are a part of this Deed of Trust:
Proceedings.If any proceeding in condemnation is filed,Grantor shall promptly notify Lender in writing,and Grantor shall promptly take
such steps as may be necessary to defend the action and obtain the award.Grantor may be the nominal party in such proceeding,but
Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice,and Grantor
will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to
permit such participation.
Application of Net Proceeds.To the extent permitted by applicable law,all judgments,decrees and awards for injury or damage to the
Property,or any part of the Property,and awards pursuant to proceedings for condemnation of the Property,are hereby absolutely assigned
to Lender,and if all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of
condemnation,Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or
the repair or restoration of the Property.The net proceeds of the award,judgment or decree shall mean the award after payment of all
reasonable costs,expenses,and attorneys'fees incurred by Trustee or Lender in connection with the condemnation.
SECURITY AGREEMENT;FINANCING STATEMENTS.The following provisions relating to this Deed of Trust as a security agreement are a part
DEED OF TRUST
(Continued)Page 4
of this Deed of Trust:
Security Agreement.This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures,and
Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Interest.Upon request by Lender,Grantor shall take whatever action is requested by Lender to perfect and continue Lender's
security interest in the Rents and Personal Property.In addition to recording this Deed of Trust in the real property records,Lender may,at
any time and without further authorization from Grantor,file executed counterparts,copies or reproductions of this Deed of Trust as a
financing statement.Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest.Upon
default,Grantor shall not remove,sever or detach the Personal Property from the Property.Upon default,Grantor shall assemble any
Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available
to Lender within three (3)days after receipt of written demand from Lender to the extent permitted by applicable law.
Addresses.The mailing addresses of Grantor (debtor)and Lender (secured party)from which information concerning the security interest
granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code)are as stated on the first page of this
Deed of Trust.
FURTHER ASSURANCES;ATTORNEY-IN-FACT.The following provisions relating to further assurances and attorney-in-fact are a part of this
Deed of Trust:
Further Assurances.At any time,and from time to time,upon request of Lender,Grantor will make,execute and deliver,or will cause to
be made,executed or delivered,to Lender or to Lender's designee,and when requested by Lender,cause to be filed,recorded,refiled,or
rerecorded,as the case may be,at such times and in such offices and places as Lender may deem appropriate,any and all such mortgages,
deeds of trust,security deeds,security agreements,financing statements,continuation statements,instruments of further assurance,
certificates,and other documents as may,in the sole opinion of Lender,be necessary or desirable in order to effectuate,complete,perfect,
continue,or preserve (1)Grantor's obligations under the Note,this Deed of Trust,and the Related Documents,and (2)the liens and
security interests created by this Deed of Trust as first and prior liens on the Property,whether now owned or hereafter acquired by
Grantor.Unless prohibited by law or Lender agrees to the contrary in writing,Grantor shall reimburse Lender for all costs and expenses
incurred in connection with the matters referred to in this paragraph.
Attorney-in-Fact.If Grantor fails to do any of the things referred to in the preceding paragraph,Lender may do so for and in the name of
Grantor and at Grantor's expense.For such purposes,Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the
purpose of making,executing,delivering,filing,recording,and doing all other things as may be necessary or desirable,in Lender's sole
opinion,to accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE.If Grantor pays all the Indebtedness when due,and otherwise performs all the obligations imposed upon Grantor under
this Deed of Trust,Lender shall execute and deliver to Grantor a release of this Deed of Trust lien and suitable statements of termination of any
financing statement on file evidencing Lender's security interest in the Rents and the Personal Property.However,it is agreed that the payment
of all the Indebtedness and performance of such obligations shall not terminate this Deed of Trust unless the liens and interests created hereby
are released by Lender by a proper recordable instrument.Any filing fees required by law shall be paid by Grantor,if permitted by applicable
law.
DEFAULT.Default will occur if payment of the Indebtedness in full is not made immediately upon demand.
RIGHTS AND REMEDIES ON DEFAULT.If Default occurs under this Deed of Trust,at any time thereafter,Trustee or Lender may exercise any
one or more of the following rights and remedies:
Election of Remedies.Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy,and an election to make
expenditures or to take action to perform an obligation of Grantor under this Deed of Trust,after Grantor's failure to perform,shall not
affect Lender's right to declare a default and exercise its remedies.
Accelerate Indebtedness.Lender may declare the unpaid principal balance of the Indebtedness due and payable.In no event will Grantor
be required to pay any unearned interest.
Foreclosure.If Lender invokes the power of sale,Trustee,at the request of Lender,may sell all or any portion of the Property at public
auction to the highest bidder for cash at the location within the courthouse designated by the County Commissioners Court,or if no such
area has been designated,at the area designated in the notice of sale within the courthouse,between the hours of 10:00 A.M.and 4:00
P.M.on the first Tuesday of any month,after the Trustee or its agent has given notice of the time and place of sale and of the property to
be sold as required by the Texas Property Code,as then amended.
UCC Remedies.With respect to all or any part of the Personal Property,Lender shall have all the rights and remedies of a secured party
under the Uniform Commercial Code.
Collect Rents.As additional security for the payment of the Indebtedness,Grantor hereby assigns to Lender all Rents as defined in the
Definitions section of this Deed of Trust.Lender shall have the right at any time,and even though no Default shall have occurred under this
Deed of Trust,to collect and receive the Rents.Lender shall provide any notice required by applicable law with regard to such enforcement
of its right to collect and receive the Rents.In addition,if the Property is vacant,Lender may rent or lease the Property.Lender shall not
be liable for its failure to rent the Property,to collect any Rents,or to exercise diligence in any matter relating to the Rents;Lender shall be
accountable only for Rents actually received.Lender neither has nor assumes any obligation as lessor or landlord with respect to any
occupant of the Property.Rents so received shall be applied by Lender first to the remaining unpaid balance of the Indebtedness,in such
order or manner as Lender shall elect,and the residue,if any,shall be paid to the person or persons legally entitled to the residue.
Trustee's Powers.Grantor hereby jointly and severally authorizes and empowers Trustee to sell all or any portion of the Property together
or in lots or parcels,as Trustee may deem expedient,and to execute and deliver to the purchaser or purchasers of such Property good and
sufficient deeds of conveyance of fee simple title,or of lesser estates,and bills of sale and assignments,with covenants of general
warranty made on Grantor's behalf.In no event shall Trustee be required to exhibit,present or display at any such sale any of the Property
to be sold at such sale.The Trustee making such sale shall receive the proceeds of the sale and shall apply the same as provided below.
Payment of the purchase price to Trustee shall satisfy the liability of the purchaser at any such sale of the Property,and such person shall
not be bound to look after the application of the proceeds.
Appoint Receiver.Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property,with the
power to protect and preserve the Property,to operate the Property preceding foreclosure or sale,and to collect the Rents from the
DEED OF TRUST
(Continued)Page 5
Property and apply the proceeds,over and above the cost of the receivership,against the Indebtedness.The receiver may serve without
bond if permitted by law.Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by a substantial amount.Employment by Lender shall not disqualify a person from serving as a receiver.
Tenancy at Sufferance.If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor,Grantor shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall,at Lender's option,either (1)pay a reasonable rental for the use of the Property,(2)vacate the
Property immediately upon the demand of Lender,or (3)if such tenants refuse to surrender possession of the Property upon demand,the
purchaser shall be entitled to institute and maintain the statutory action of forcible entry and detainer and procure a writ of possession
thereunder,and Grantor expressly waives all damages sustained by reason thereof.
Other Remedies.Trustee or Lender shall have any other right or remedy provided in this Deed of Trust or the Note or available at law or in
equity.
Sale of the Property.To the extent permitted by applicable law,Grantor hereby waives any and all rights to have the Property marshalled.
In exercising its rights and remedies,the Trustee or Lender shall be free to sell all or any part of the Property together or separately,in one
sale or by separate sales.Lender shall be entitled to bid at any public sale on all or any portion of the Property.Trustee may convey all or
any part of the Property to the highest bidder for cash with a general warranty binding Grantor,subject to prior liens and to other
exceptions to conveyance and warranty.Grantor waives all requirements of appraisement,if any.The affidavit of any person having
knowledge of the facts to the effect that proper notice as required by the Texas Property Code was given shall be prima facie evidence of
the fact that such notice was in fact given.Recitals and statements of fact in any notice or in any conveyance to the purchaser or
purchasers of the Property in any foreclosure sale under this Deed of Trust shall be prima facie evidence of the truth of such facts,and all
prerequisites and requirements necessary to the validity of any such sale shall be presumed to have been performed.Any sale under the
powers granted by this Deed of Trust shall be a perpetual bar against Grantor,Grantor's heirs,successors,assigns and legal
representatives.
Proceeds.Trustee shall pay the proceeds of any sale of the Property (a)first,to the expenses of foreclosure,including reasonable fees or
charges paid to the Trustee,including but not limited to fees for enforcing the lien,posting for sale,selling,or releasing the Property,(b)
then to Lender the full amount of the Indebtedness,(c)then to any amount required by law to be paid before payment to Grantor,and (d)
the balance,if any,to Grantor.
Attorneys'Fees;Expenses.If Lender institutes any suit or action to enforce any of the terms of this Deed of Trust,Lender shall be entitled
to recover such sum as the court may adjudge reasonable as Lender's attorneys'fees at trial and upon any appeal.Whether or not any
court action is involved,and to the extent not prohibited by law,all reasonable expenses Lender incurs that in Lender's opinion are
necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on
demand and shall bear interest at the Note rate from the date of the expenditure until repaid.Expenses covered by this paragraph include,
without limitation,however subject to any limits under applicable law,Lender's reasonable attorneys'fees and Lender's legal expenses,
whether or not there is a lawsuit,including Lender's reasonable attorneys'fees and expenses for bankruptcy proceedings (including efforts
to modify or vacate any automatic stay or injunction),appeals,and any anticipated post-judgment collection services,the cost of searching
records,obtaining title reports (including foreclosure reports),surveyors'reports,and appraisal fees,title insurance,and fees for the
Trustee,to the extent permitted by applicable law.Grantor also will pay any court costs,in addition to all other sums provided by law.In
the event of foreclosure of this Deed of Trust,Lender shall be entitled to recover from Grantor Lender's reasonable attorneys'fees and
actual disbursements that Lender necessarily incurs in pursuing such foreclosure.
POWERS AND OBLIGATIONS OF TRUSTEE.The following provisions relating to the powers and obligations of Trustee are part of this Deed of
Trust:
Powers of Trustee.In addition to all powers of Trustee arising as a matter of law,Trustee shall have the power to take the following
actions with respect to the Property upon the written request of Lender and Grantor:(a)join in preparing and filing a map or plat of the
Real Property,including the dedication of streets or other rights to the public;(b)join in granting any easement or creating any restriction
on the Real Property;and (c)join in any subordination or other agreement affecting this Deed of Trust or the interest of Lender under this
Deed of Trust.
Obligations to Notify.Trustee shall not be obligated to notify any other lienholder of the Property of the commencement of a foreclosure
proceeding or of the commencement of any other action to which Lender may avail itself as a remedy,except to the extent required by
applicable law or by written agreement.
Trustee.In addition to the rights and remedies set forth above,with respect to all or any part of the Property,the Trustee shall have the
right to foreclose by notice and sale,and Lender shall have the right to foreclose by judicial foreclosure,in either case in accordance with
and to the full extent provided by applicable law.
Substitute Trustee.Lender,at Lender's option,from time to time,and more than once,may appoint in writing a successor or substitute
trustee,with or without cause,including the resignation,absence,death,inability,refusal or failure to act of the Trustee.The successor or
substitute trustee may be appointed without ever requiring the resignation of the former trustee and without any formality except for the
execution and acknowledgment of the appointment by the beneficiary of this Deed of Trust.The successor or substitute trustee shall then
succeed to all rights,obligations,and duties of the Trustee.This appointment may be made on Lender's behalf by the President,any Vice
President,Secretary,or Cashier of Lender.
NOTICES.Any notice required to be given under this Deed of Trust,including without limitation any notice of default and any notice of sale
shall be given in writing,and shall be effective when actually delivered,when actually received by telefacsimile (unless otherwise required by
law),when deposited with a nationally recognized overnight courier,or,if mailed,when deposited in the United States mail,as first class,
certified or registered mail postage prepaid,directed to the addresses shown near the beginning of this Deed of Trust.Any party may change
its address for notices under this Deed of Trust by giving formal written notice to the other parties,specifying that the purpose of the notice is
to change the party's address.For notice purposes,Grantor agrees to keep Lender informed at all times of Grantor's current address.Unless
otherwise provided or required by law,if there is more than one Grantor,any notice given by Lender to any Grantor is deemed to be notice given
to all Grantors.
MISCELLANEOUS PROVISIONS.The following miscellaneous provisions are a part of this Deed of Trust:
Amendments.This Deed of Trust,together with any Related Documents,constitutes the entire understanding and agreement of the parties
as to the matters set forth in this Deed of Trust.No alteration of or amendment to this Deed of Trust shall be effective unless given in
DEED OF TRUST
(Continued)Page 6
writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.
Annual Reports.If the Property is used for purposes other than Grantor's residence,Grantor shall furnish to Lender,upon request,a
certified statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as
Lender shall require."Net operating income"shall mean all cash receipts from the Property less all cash expenditures made in connection
with the operation of the Property.
Caption Headings.Caption headings in this Deed of Trust are for convenience purposes only and are not to be used to interpret or define
the provisions of this Deed of Trust.
Merger.There shall be no merger of the interest or estate created by this Deed of Trust with any other interest or estate in the Property at
any time held by or for the benefit of Lender in any capacity,without the written consent of Lender.
Governing Law.This Deed of Trust will be governed by federal law applicable to Lender and,to the extent not preempted by federal law,
the laws of the State of Texas without regard to its conflicts of law provisions.This Deed of Trust has been accepted by Lender in the
State of Texas.
No Waiver by Lender.Lender shall not be deemed to have waived any rights under this Deed of Trust unless such waiver is given in writing
and signed by Lender.No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right.A waiver by Lender of a provision of this Deed of Trust shall not prejudice or constitute a waiver of Lender's right otherwise to
demand strict compliance with that provision or any other provision of this Deed of Trust.No prior waiver by Lender,nor any course of
dealing between Lender and Grantor,shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future
transactions.Whenever the consent of Lender is required under this Deed of Trust,the granting of such consent by Lender in any instance
shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be
granted or withheld in the sole discretion of Lender.
Severability.If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal,invalid,or unenforceable as to any
circumstance,that finding shall not make the offending provision illegal,invalid,or unenforceable as to any other circumstance.If feasible,
the offending provision shall be considered modified so that it becomes legal,valid and enforceable.If the offending provision cannot be so
modified,it shall be considered deleted from this Deed of Trust.Unless otherwise required by law,the illegality,invalidity,or
unenforceability of any provision of this Deed of Trust shall not affect the legality,validity or enforceability of any other provision of this
Deed of Trust.
Successors and Assigns.Subject to any limitations stated in this Deed of Trust on transfer of Grantor's interest,this Deed of Trust shall be
binding upon and inure to the benefit of the parties,their successors and assigns.If ownership of the Property becomes vested in a person
other than Grantor,Lender,without notice to Grantor,may deal with Grantor's successors with reference to this Deed of Trust and the
Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Deed of Trust or liability under the
Indebtedness.
Time is of the Essence.Time is of the essence in the performance of this Deed of Trust.
DEFINITIONS.The following capitalized words and terms shall have the following meanings when used in this Deed of Trust.Unless
specifically stated to the contrary,all references to dollar amounts shall mean amounts in lawful money of the United States of America.Words
and terms used in the singular shall include the plural,and the plural shall include the singular,as the context may require.Words and terms not
otherwise defined in this Deed of Trust shall have the meanings attributed to such terms in the Uniform Commercial Code:
Beneficiary.The word "Beneficiary"means LAMAR NATIONAL BANK,and its successors and assigns.
Borrower.The word "Borrower"means Anna Community Development Corporation and includes all co-signers and co-makers signing the
Note and all their successors and assigns.
Deed of Trust.The words "Deed of Trust"mean this Deed of Trust among Grantor,Lender,and Trustee,and includes without limitation all
assignment and security interest provisions relating to the Personal Property and Rents.
Default.The word "Default"means the Default set forth in this Deed of Trust in the section titled "Default".
Environmental Laws.The words "Environmental Laws"mean any and all state,federal and local statutes,regulations and ordinances
relating to the protection of human health or the environment,including without limitation the Comprehensive Environmental Response,
Compensation,and Liability Act of 1980,as amended,42 U.S.C.Section 9601,et seq.("CERCLA"),the Superfund Amendments and
Reauthorization Act of 1986,Pub.L.No.99-499 ("SARA"),the Hazardous Materials Transportation Act,49 U.S.C.Section 1801,et seq.,
the Resource Conservation and Recovery Act,42 U.S.C.Section 6901,et seq.,or other applicable state or federal laws,rules,or
regulations adopted pursuant thereto.
Grantor.The word "Grantor"means Anna Community Development Corporation.
Hazardous Substances.The words "Hazardous Substances"mean materials that,because of their quantity,concentration or physical,
chemical or infectious characteristics,may cause or pose a present or potential hazard to human health or the environment when
improperly used,treated,stored,disposed of,generated,manufactured,transported or otherwise handled.The words "Hazardous
Substances"are used in their very broadest sense and include without limitation any and all hazardous or toxic substances,materials or
waste as defined by or listed under the Environmental Laws.The term "Hazardous Substances"also includes,without limitation,petroleum
and petroleum by-products or any fraction thereof and asbestos.
Improvements.The word "Improvements"means all existing and future improvements,buildings,structures,mobile homes affixed on the
Real Property,facilities,additions,replacements and other construction on the Real Property.
Indebtedness.The word "Indebtedness"means all principal,interest,and other amounts,costs and expenses payable under the Note or
Related Documents,together with all renewals of,extensions of,modifications of,consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Trustee
or Lender to enforce Grantor's obligations under this Deed of Trust,together with interest on such amounts as provided in this Deed of
Trust.
Lender.The word "Lender"means LAMAR NATIONAL BANK,its successors and assigns.
Note.The word "Note"means the promissory note dated January 15,2024,in the original principal amount of
DEED OF TRUST
(Continued)Page 7
$2,225,000.00 from Grantor to Lender,together with all renewals of,extensions of,modifications of,refinancings of,consolidations
of,and substitutions for the promissory note or agreement.
Personal Property.The words "Personal Property"mean all equipment,fixtures,and other articles of personal property now or hereafter
owned by Grantor,and now or hereafter attached or affixed to the Real Property;together with all accessions,parts,and additions to,all
replacements of,and all substitutions for,any of such property;and together with all proceeds (including without limitation all insurance
proceeds and refunds of premiums)from any sale or other disposition of the Property.
Property.The word "Property"means collectively the Real Property and the Personal Property.
Real Property.The words "Real Property"mean the real property,interests and rights,as further described in this Deed of Trust.
Related Documents.The words "Related Documents"mean all promissory notes,credit agreements,loan agreements,environmental
agreements,guaranties,security agreements,mortgages,deeds of trust,security deeds,collateral mortgages,and all other instruments,
agreements and documents,whether now or hereafter existing,executed in connection with the Indebtedness.
Rents.The word "Rents"means all present and future rents,revenues,income,issues,royalties,profits,and other benefits derived from
the Property.The word "Rents"shall also mean all "Rents"as defined in Chapter 64 of the Texas Property Code.
Trustee.The word "Trustee"means BRIAN BLAIR,whose address is 200 S.COLLEGIATE DR,PARIS,TX 75460 and any substitute or
successor trustees.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS DEED OF TRUST,AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
CORPORATE ACKNOWLEDGMENT
STATE OF ___________________________________)
)SS
COUNTY OF ___________________________________)
This instrument was acknowledged before me on ______________________________________,20________by ________________________________,
________________________________of Anna Community Development Corporation and ________________________________,
________________________________of Anna Community Development Corporation a _______________corporation,on behalf of said corporation.
_____________________________________________________
Notary Public,State of Texas
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\G01.FC TR-12672
PR-4
DEED OF TRUST
RECORDATION REQUESTED BY:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
WHEN RECORDED MAIL TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
SEND TAX NOTICES TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
THIS DEED OF TRUST is dated January 15,2024,among Anna Community Development Corporation,whose
address is ("Grantor");LAMAR NATIONAL BANK,whose
address is P.O.BOX 1097,PARIS,TX 75461 (referred to below sometimes as "Beneficiary");and BRIAN BLAIR,
whose address is 200 S.COLLEGIATE DR,PARIS,TX 75460 (referred to below as "Trustee").
CONVEYANCE AND GRANT.For valuable consideration,Grantor conveys to Trustee in trust,with power of sale,for the benefit of Lender as
Beneficiary,the following described real property,together with all existing or subsequently erected or affixed buildings,improvements and
fixtures;and all easements,rights of way,and appurtenances;all water and water rights;and all other rights,royalties,and profits relating to
the real property,including without limitation such rights as Grantor may have in all minerals,oil,gas,geothermal and similar matters,(the
"Real Property")located in Collin County,State of Texas:
See See Exhibit A,which is attached to this Deed of Trust and made a part of this Deed of Trust as if fully set
forth herein.
The Real Property or its address is commonly known as 607 S.Interurban St,Anna,TX 75409.The Real
Property tax identification number is 2611381.
Grantor hereby absolutely assigns to Lender (also known as Beneficiary in this Deed of Trust)all of Grantor's right,title,and interest in and to all
present and future leases of the Property and all Rents from the Property.In addition,Grantor grants to Lender a Uniform Commercial Code
security interest in the Personal Property and Rents.
THIS DEED OF TRUST,INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY,
IS GIVEN TO SECURE (A)PAYMENT OF THE INDEBTEDNESS AND (B)PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS,AND THIS DEED OF TRUST.THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE.Except as otherwise provided in this Deed of Trust,Grantor shall pay to Lender all amounts secured by this
Deed of Trust as they become due,and shall strictly and in a timely manner perform all of Grantor's obligations under the Note,this Deed of
Trust,and the Related Documents.
VENDOR'S LIEN.The debt evidenced by the Note is in part or total payment of the purchase price of the Property;the debt is secured by both
this Deed of Trust and by a vendor's lien on the Property,which is expressly retained in the deed of the Property to Grantor.This Deed of Trust
does not waive the vendor's lien,and the two liens and the rights created by this instrument shall be cumulative.Lender may elect to foreclose
under either of the liens without waiving the other or may foreclose under both.The deed wherein the vendor's lien is retained is incorporated
into this Deed of Trust.
POSSESSION AND MAINTENANCE OF THE PROPERTY.Grantor agrees that Grantor's possession and use of the Property shall be governed by
the following provisions:
Possession and Use.Until Default,Grantor may (1)remain in possession and control of the Property;(2)use,operate or manage the
Property;and (3)collect the Rents from the Property.
Duty to Maintain.Grantor shall maintain the Property in tenantable condition and promptly perform all repairs,replacements,and
maintenance necessary to preserve its value.
Compliance With Environmental Laws.Grantor represents and warrants to Lender that:(1)During the period of Grantor's ownership of
the Property,there has been no use,generation,manufacture,storage,treatment,disposal,release or threatened release of any Hazardous
Substance by any person on,under,about or from the Property;(2)Grantor has no knowledge of,or reason to believe that there has
been,except as previously disclosed to and acknowledged by Lender in writing,(a)any breach or violation of any Environmental Laws,
(b)any use,generation,manufacture,storage,treatment,disposal,release or threatened release of any Hazardous Substance on,under,
about or from the Property by any prior owners or occupants of the Property,or (c)any actual or threatened litigation or claims of any
kind by any person relating to such matters;and (3)Except as previously disclosed to and acknowledged by Lender in writing,(a)neither
Grantor nor any tenant,contractor,agent or other authorized user of the Property shall use,generate,manufacture,store,treat,dispose of
or release any Hazardous Substance on,under,about or from the Property;and (b)any such activity shall be conducted in compliance
with all applicable federal,state,and local laws,regulations and ordinances,including without limitation all Environmental Laws.Grantor
authorizes Lender and its agents to enter upon the Property to make such inspections and tests,at Grantor's expense,as Lender may deem
appropriate to determine compliance of the Property with this section of the Deed of Trust.Any inspections or tests made by Lender shall
be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any
other person.The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for
Hazardous Substances.Grantor hereby (1)releases and waives any future claims against Lender for indemnity or contribution in the
event Grantor becomes liable for cleanup or other costs under any such laws;and (2)agrees to indemnify,defend,and hold harmless
Lender against any and all claims,losses,liabilities,damages,penalties,and expenses which Lender may directly or indirectly sustain or
DEED OF TRUST
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suffer resulting from a breach of this section of the Deed of Trust or as a consequence of any use,generation,manufacture,storage,
disposal,release or threatened release occurring prior to Grantor's ownership or interest in the Property,whether or not the same was or
should have been known to Grantor.The provisions of this section of the Deed of Trust,including the obligation to indemnify and defend,
shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Deed of Trust and shall not be
affected by Lender's acquisition of any interest in the Property,whether by foreclosure or otherwise.
Nuisance,Waste.Grantor shall not cause,conduct or permit any nuisance nor commit,permit,or suffer any stripping of or waste on or to
the Property or any portion of the Property.Without limiting the generality of the foregoing,Grantor will not remove,or grant to any other
party the right to remove,any timber,minerals (including oil and gas),coal,clay,scoria,soil,gravel or rock products without Lender's prior
written consent.This restriction will not apply to rights and easements (such as gas and oil)not owned by Grantor and of which Grantor
has informed Lender in writing prior to Grantor's signing of this Deed of Trust.
Removal of Improvements.Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written
consent.As a condition to the removal of any Improvements,Lender may require Grantor to make arrangements satisfactory to Lender to
replace such Improvements with Improvements of at least equal value.
Lender's Right to Enter.Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend
to Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Deed of
Trust.
Compliance with Governmental Requirements.Grantor shall promptly comply with all laws,ordinances,and regulations,now or hereafter
in effect,of all governmental authorities applicable to the use or occupancy of the Property,including without limitation,the Americans
With Disabilities Act.Grantor may contest in good faith any such law,ordinance,or regulation and withhold compliance during any
proceeding,including appropriate appeals,so long as Grantor has notified Lender in writing prior to doing so and so long as,in Lender's
sole opinion,Lender's interests in the Property are not jeopardized.Lender may require Grantor to post adequate security or a surety bond,
reasonably satisfactory to Lender,to protect Lender's interest.
Duty to Protect.Grantor agrees neither to abandon or leave unattended the Property.Grantor shall do all other acts,in addition to those
acts set forth above in this section,which from the character and use of the Property are reasonably necessary to protect and preserve the
Property.
DUE ON SALE -CONSENT BY LENDER.Lender may,at Lender's option,declare immediately due and payable all sums secured by this Deed of
Trust upon the sale or transfer,without Lender's prior written consent,of all or any part of the Real Property,or any interest in the Real
Property.A "sale or transfer"means the conveyance of Real Property or any right,title or interest in the Real Property;whether legal,beneficial
or equitable;whether voluntary or involuntary;whether by outright sale,deed,installment sale contract,land contract,contract for deed,
leasehold interest with a term greater than three (3)years,lease-option contract,or by sale,assignment,or transfer of any beneficial interest in
or to any land trust holding title to the Real Property,or by any other method of conveyance of an interest in the Real Property.If any Grantor is
a corporation,partnership or limited liability company,transfer also includes any restructuring of the legal entity (whether by merger,division or
otherwise)or any change in ownership of more than twenty-five percent (25%)of the voting stock,partnership interests or limited liability
company interests,as the case may be,of such Grantor.However,this option shall not be exercised by Lender if such exercise is prohibited by
federal law or by Texas law.
TAXES AND LIENS.The following provisions relating to the taxes and liens on the Property are part of this Deed of Trust:
Payment.Grantor shall pay when due (and in all events prior to delinquency)all taxes,special taxes,assessments,charges (including
water and sewer),fines and impositions levied against or on account of the Property,and shall pay when due all claims for work done on or
for services rendered or material furnished to the Property.Grantor shall maintain the Property free of all liens having priority over or equal
to the interest of Lender under this Deed of Trust,except for the lien of taxes and assessments not due and except as otherwise provided
in this Deed of Trust.
Right to Contest.Grantor may withhold payment of any tax,assessment,or claim in connection with a good faith dispute over the
obligation to pay,so long as Lender's interest in the Property is not jeopardized.If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15)days after the lien arises or,if a lien is filed,within fifteen (15)days after Grantor has notice of the filing,
secure the discharge of the lien,or if requested by Lender,deposit with Lender cash or a sufficient corporate surety bond or other security
satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and Lender's reasonable attorneys'fees,or other charges
that could accrue as a result of a foreclosure or sale under the lien.In any contest,Grantor shall defend itself and Lender and shall satisfy
any adverse judgment before enforcement against the Property.Grantor shall name Lender as an additional obligee under any surety bond
furnished in the contest proceedings.
Evidence of Payment.Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against
the Property.
Notice of Construction.Grantor shall notify Lender at least fifteen (15)days before any work is commenced,any services are furnished,or
any materials are supplied to the Property,if any mechanic's lien,materialmen's lien,or other lien could be asserted on account of the
work,services,or materials.Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor
can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE.The following provisions relating to insuring the Property are a part of this Deed of Trust.
Maintenance of Insurance.Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application
of any coinsurance clause,and with a standard mortgagee clause in favor of Lender.Grantor shall also procure and maintain
comprehensive general liability insurance in such coverage amounts as Lender may request with Trustee and Lender being named as
additional insureds in such liability insurance policies.Additionally,Grantor shall maintain such other insurance,including but not limited to
hazard,business interruption,and boiler insurance,as Lender may reasonably require.Policies shall be written in form,amounts,coverages
and basis reasonably acceptable to Lender,with losses made payable to Lender.GRANTOR MAY FURNISH THE REQUIRED INSURANCE
WHETHER THROUGH EXISTING POLICIES OWNED OR CONTROLLED BY GRANTOR OR THROUGH EQUIVALENT INSURANCE FROM ANY
INSURANCE COMPANY AUTHORIZED TO TRANSACT BUSINESS IN THE STATE OF TEXAS.If Grantor fails to provide any required
insurance or fails to continue such insurance in force,Lender may,but shall not be required to,do so at Grantor's expense,and the cost of
the insurance will be added to the Indebtedness.If any such insurance is procured by Lender,Grantor will be so notified,and Grantor will
DEED OF TRUST
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have the option of furnishing equivalent insurance through any insurer authorized to transact business in Texas.Grantor,upon request of
Lender,will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender,including stipulations
that coverages will not be cancelled or diminished without at least ten (10)days prior written notice to Lender.Each insurance policy also
shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act,omission or default of
Grantor or any other person.Should the Real Property be located in an area designated by the Administrator of the Federal Emergency
Management Agency as a special flood hazard area,Grantor agrees to obtain and maintain flood insurance,if available,for the full unpaid
principal balance of the loan and any prior liens on the property securing the loan,up to the maximum policy limits set under the National
Flood Insurance Program,or as otherwise required by Lender,and to maintain such insurance for the term of the loan.Flood insurance may
be purchased under the National Flood Insurance Program,from private insurers providing "private flood insurance"as defined by applicable
federal flood insurance statutes and regulations,or from another flood insurance provider that is both acceptable to Lender in its sole
discretion and permitted by applicable federal flood insurance statutes and regulations.
Application of Proceeds.Grantor shall promptly notify Lender of any loss or damage to the Property.Lender may make proof of loss if
Grantor fails to do so within fifteen (15)days of the casualty.Whether or not Lender's security is impaired,Lender may,at Lender's
election,receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness,payment of any lien
affecting the Property,or the restoration and repair of the Property.If Lender elects to apply the proceeds to restoration and repair,Grantor
shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender.Lender shall,upon satisfactory proof of
such expenditure,pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default
under this Deed of Trust.Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not
committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Deed of Trust,then
to pay accrued interest,and the remainder,if any,shall be applied to the principal balance of the Indebtedness.If Lender holds any
proceeds after payment in full of the Indebtedness,such proceeds shall be paid to Grantor as Grantor's interests may appear.
Grantor's Report on Insurance.Upon request of Lender,however not more than once a year,Grantor shall furnish to Lender a report on
each existing policy of insurance showing:(1)the name of the insurer;(2)the risks insured;(3)the amount of the policy;(4)the
property insured,the then current replacement value of such property,and the manner of determining that value;and (5)the expiration
date of the policy.Grantor shall,upon request of Lender,have an independent appraiser satisfactory to Lender determine the cash value
replacement cost of the Property.
LENDER'S EXPENDITURES.If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor
fails to comply with any provision of this Deed of Trust or any Related Documents,including but not limited to Grantor's failure to discharge or
pay when due any amounts Grantor is required to discharge or pay under this Deed of Trust or any Related Documents,Lender on Grantor's
behalf may (but shall not be obligated to)take any action that Lender deems appropriate,including but not limited to discharging or paying all
taxes,liens,security interests,encumbrances and other claims,at any time levied or placed on the Property and paying all costs for insuring,
maintaining and preserving the Property.All such expenditures paid by Lender for such purposes will then bear interest at the Note rate from
the date paid by Lender to the date of repayment by Grantor.To the extent permitted by applicable law,all such expenses will become a part of
the Indebtedness and,at Lender's option,will (A)be payable on demand;(B)be added to the balance of the Note and be apportioned among
and be payable with any installment payments to become due during either (1)the term of any applicable insurance policy;or (2)the
remaining term of the Note;or (C)be treated as a balloon payment which will be due and payable at the Note's maturity.The Deed of Trust
also will secure payment of these amounts.Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon
Default.
WARRANTY;DEFENSE OF TITLE.The following provisions relating to ownership of the Property are a part of this Deed of Trust:
Title.Grantor warrants that:(a)Grantor holds good and marketable title of record to the Property in fee simple,free and clear of all liens
and encumbrances other than those set forth in the Real Property description or in any title insurance policy,title report,or final title opinion
issued in favor of,and accepted by,Lender in connection with this Deed of Trust,and (b)Grantor has the full right,power,and authority
to execute and deliver this Deed of Trust to Lender.
Defense of Title.Subject to the exception in the paragraph above,Grantor warrants and will forever defend the title to the Property against
the lawful claims of all persons.In the event any action or proceeding is commenced that questions Grantor's title or the interest of
Trustee or Lender under this Deed of Trust,Grantor shall defend the action at Grantor's expense.Grantor may be the nominal party in
such proceeding,but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of
Lender's own choice,and Grantor will deliver,or cause to be delivered,to Lender such instruments as Lender may request from time to
time to permit such participation.
Compliance With Laws.Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances,and regulations of governmental authorities.
Survival of Representations and Warranties.All representations,warranties,and agreements made by Grantor in this Deed of Trust shall
survive the execution and delivery of this Deed of Trust,shall be continuing in nature,and shall remain in full force and effect until such
time as Grantor's Indebtedness shall be paid in full.
CONDEMNATION,JUDGMENTS AND AWARDS.The following provisions relating to condemnation proceedings,judgments,decrees and
awards for injury to the Property are a part of this Deed of Trust:
Proceedings.If any proceeding in condemnation is filed,Grantor shall promptly notify Lender in writing,and Grantor shall promptly take
such steps as may be necessary to defend the action and obtain the award.Grantor may be the nominal party in such proceeding,but
Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice,and Grantor
will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to
permit such participation.
Application of Net Proceeds.To the extent permitted by applicable law,all judgments,decrees and awards for injury or damage to the
Property,or any part of the Property,and awards pursuant to proceedings for condemnation of the Property,are hereby absolutely assigned
to Lender,and if all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of
condemnation,Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or
the repair or restoration of the Property.The net proceeds of the award,judgment or decree shall mean the award after payment of all
reasonable costs,expenses,and attorneys'fees incurred by Trustee or Lender in connection with the condemnation.
SECURITY AGREEMENT;FINANCING STATEMENTS.The following provisions relating to this Deed of Trust as a security agreement are a part
DEED OF TRUST
(Continued)Page 4
of this Deed of Trust:
Security Agreement.This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures,and
Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Interest.Upon request by Lender,Grantor shall take whatever action is requested by Lender to perfect and continue Lender's
security interest in the Rents and Personal Property.In addition to recording this Deed of Trust in the real property records,Lender may,at
any time and without further authorization from Grantor,file executed counterparts,copies or reproductions of this Deed of Trust as a
financing statement.Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest.Upon
default,Grantor shall not remove,sever or detach the Personal Property from the Property.Upon default,Grantor shall assemble any
Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available
to Lender within three (3)days after receipt of written demand from Lender to the extent permitted by applicable law.
Addresses.The mailing addresses of Grantor (debtor)and Lender (secured party)from which information concerning the security interest
granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code)are as stated on the first page of this
Deed of Trust.
FURTHER ASSURANCES;ATTORNEY-IN-FACT.The following provisions relating to further assurances and attorney-in-fact are a part of this
Deed of Trust:
Further Assurances.At any time,and from time to time,upon request of Lender,Grantor will make,execute and deliver,or will cause to
be made,executed or delivered,to Lender or to Lender's designee,and when requested by Lender,cause to be filed,recorded,refiled,or
rerecorded,as the case may be,at such times and in such offices and places as Lender may deem appropriate,any and all such mortgages,
deeds of trust,security deeds,security agreements,financing statements,continuation statements,instruments of further assurance,
certificates,and other documents as may,in the sole opinion of Lender,be necessary or desirable in order to effectuate,complete,perfect,
continue,or preserve (1)Grantor's obligations under the Note,this Deed of Trust,and the Related Documents,and (2)the liens and
security interests created by this Deed of Trust as first and prior liens on the Property,whether now owned or hereafter acquired by
Grantor.Unless prohibited by law or Lender agrees to the contrary in writing,Grantor shall reimburse Lender for all costs and expenses
incurred in connection with the matters referred to in this paragraph.
Attorney-in-Fact.If Grantor fails to do any of the things referred to in the preceding paragraph,Lender may do so for and in the name of
Grantor and at Grantor's expense.For such purposes,Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the
purpose of making,executing,delivering,filing,recording,and doing all other things as may be necessary or desirable,in Lender's sole
opinion,to accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE.If Grantor pays all the Indebtedness when due,and otherwise performs all the obligations imposed upon Grantor under
this Deed of Trust,Lender shall execute and deliver to Grantor a release of this Deed of Trust lien and suitable statements of termination of any
financing statement on file evidencing Lender's security interest in the Rents and the Personal Property.However,it is agreed that the payment
of all the Indebtedness and performance of such obligations shall not terminate this Deed of Trust unless the liens and interests created hereby
are released by Lender by a proper recordable instrument.Any filing fees required by law shall be paid by Grantor,if permitted by applicable
law.
DEFAULT.Default will occur if payment of the Indebtedness in full is not made immediately upon demand.
RIGHTS AND REMEDIES ON DEFAULT.If Default occurs under this Deed of Trust,at any time thereafter,Trustee or Lender may exercise any
one or more of the following rights and remedies:
Election of Remedies.Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy,and an election to make
expenditures or to take action to perform an obligation of Grantor under this Deed of Trust,after Grantor's failure to perform,shall not
affect Lender's right to declare a default and exercise its remedies.
Accelerate Indebtedness.Lender may declare the unpaid principal balance of the Indebtedness due and payable.In no event will Grantor
be required to pay any unearned interest.
Foreclosure.If Lender invokes the power of sale,Trustee,at the request of Lender,may sell all or any portion of the Property at public
auction to the highest bidder for cash at the location within the courthouse designated by the County Commissioners Court,or if no such
area has been designated,at the area designated in the notice of sale within the courthouse,between the hours of 10:00 A.M.and 4:00
P.M.on the first Tuesday of any month,after the Trustee or its agent has given notice of the time and place of sale and of the property to
be sold as required by the Texas Property Code,as then amended.
UCC Remedies.With respect to all or any part of the Personal Property,Lender shall have all the rights and remedies of a secured party
under the Uniform Commercial Code.
Collect Rents.As additional security for the payment of the Indebtedness,Grantor hereby assigns to Lender all Rents as defined in the
Definitions section of this Deed of Trust.Lender shall have the right at any time,and even though no Default shall have occurred under this
Deed of Trust,to collect and receive the Rents.Lender shall provide any notice required by applicable law with regard to such enforcement
of its right to collect and receive the Rents.In addition,if the Property is vacant,Lender may rent or lease the Property.Lender shall not
be liable for its failure to rent the Property,to collect any Rents,or to exercise diligence in any matter relating to the Rents;Lender shall be
accountable only for Rents actually received.Lender neither has nor assumes any obligation as lessor or landlord with respect to any
occupant of the Property.Rents so received shall be applied by Lender first to the remaining unpaid balance of the Indebtedness,in such
order or manner as Lender shall elect,and the residue,if any,shall be paid to the person or persons legally entitled to the residue.
Trustee's Powers.Grantor hereby jointly and severally authorizes and empowers Trustee to sell all or any portion of the Property together
or in lots or parcels,as Trustee may deem expedient,and to execute and deliver to the purchaser or purchasers of such Property good and
sufficient deeds of conveyance of fee simple title,or of lesser estates,and bills of sale and assignments,with covenants of general
warranty made on Grantor's behalf.In no event shall Trustee be required to exhibit,present or display at any such sale any of the Property
to be sold at such sale.The Trustee making such sale shall receive the proceeds of the sale and shall apply the same as provided below.
Payment of the purchase price to Trustee shall satisfy the liability of the purchaser at any such sale of the Property,and such person shall
not be bound to look after the application of the proceeds.
Appoint Receiver.Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property,with the
power to protect and preserve the Property,to operate the Property preceding foreclosure or sale,and to collect the Rents from the
DEED OF TRUST
(Continued)Page 5
Property and apply the proceeds,over and above the cost of the receivership,against the Indebtedness.The receiver may serve without
bond if permitted by law.Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by a substantial amount.Employment by Lender shall not disqualify a person from serving as a receiver.
Tenancy at Sufferance.If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor,Grantor shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall,at Lender's option,either (1)pay a reasonable rental for the use of the Property,(2)vacate the
Property immediately upon the demand of Lender,or (3)if such tenants refuse to surrender possession of the Property upon demand,the
purchaser shall be entitled to institute and maintain the statutory action of forcible entry and detainer and procure a writ of possession
thereunder,and Grantor expressly waives all damages sustained by reason thereof.
Other Remedies.Trustee or Lender shall have any other right or remedy provided in this Deed of Trust or the Note or available at law or in
equity.
Sale of the Property.To the extent permitted by applicable law,Grantor hereby waives any and all rights to have the Property marshalled.
In exercising its rights and remedies,the Trustee or Lender shall be free to sell all or any part of the Property together or separately,in one
sale or by separate sales.Lender shall be entitled to bid at any public sale on all or any portion of the Property.Trustee may convey all or
any part of the Property to the highest bidder for cash with a general warranty binding Grantor,subject to prior liens and to other
exceptions to conveyance and warranty.Grantor waives all requirements of appraisement,if any.The affidavit of any person having
knowledge of the facts to the effect that proper notice as required by the Texas Property Code was given shall be prima facie evidence of
the fact that such notice was in fact given.Recitals and statements of fact in any notice or in any conveyance to the purchaser or
purchasers of the Property in any foreclosure sale under this Deed of Trust shall be prima facie evidence of the truth of such facts,and all
prerequisites and requirements necessary to the validity of any such sale shall be presumed to have been performed.Any sale under the
powers granted by this Deed of Trust shall be a perpetual bar against Grantor,Grantor's heirs,successors,assigns and legal
representatives.
Proceeds.Trustee shall pay the proceeds of any sale of the Property (a)first,to the expenses of foreclosure,including reasonable fees or
charges paid to the Trustee,including but not limited to fees for enforcing the lien,posting for sale,selling,or releasing the Property,(b)
then to Lender the full amount of the Indebtedness,(c)then to any amount required by law to be paid before payment to Grantor,and (d)
the balance,if any,to Grantor.
Attorneys'Fees;Expenses.If Lender institutes any suit or action to enforce any of the terms of this Deed of Trust,Lender shall be entitled
to recover such sum as the court may adjudge reasonable as Lender's attorneys'fees at trial and upon any appeal.Whether or not any
court action is involved,and to the extent not prohibited by law,all reasonable expenses Lender incurs that in Lender's opinion are
necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on
demand and shall bear interest at the Note rate from the date of the expenditure until repaid.Expenses covered by this paragraph include,
without limitation,however subject to any limits under applicable law,Lender's reasonable attorneys'fees and Lender's legal expenses,
whether or not there is a lawsuit,including Lender's reasonable attorneys'fees and expenses for bankruptcy proceedings (including efforts
to modify or vacate any automatic stay or injunction),appeals,and any anticipated post-judgment collection services,the cost of searching
records,obtaining title reports (including foreclosure reports),surveyors'reports,and appraisal fees,title insurance,and fees for the
Trustee,to the extent permitted by applicable law.Grantor also will pay any court costs,in addition to all other sums provided by law.In
the event of foreclosure of this Deed of Trust,Lender shall be entitled to recover from Grantor Lender's reasonable attorneys'fees and
actual disbursements that Lender necessarily incurs in pursuing such foreclosure.
POWERS AND OBLIGATIONS OF TRUSTEE.The following provisions relating to the powers and obligations of Trustee are part of this Deed of
Trust:
Powers of Trustee.In addition to all powers of Trustee arising as a matter of law,Trustee shall have the power to take the following
actions with respect to the Property upon the written request of Lender and Grantor:(a)join in preparing and filing a map or plat of the
Real Property,including the dedication of streets or other rights to the public;(b)join in granting any easement or creating any restriction
on the Real Property;and (c)join in any subordination or other agreement affecting this Deed of Trust or the interest of Lender under this
Deed of Trust.
Obligations to Notify.Trustee shall not be obligated to notify any other lienholder of the Property of the commencement of a foreclosure
proceeding or of the commencement of any other action to which Lender may avail itself as a remedy,except to the extent required by
applicable law or by written agreement.
Trustee.In addition to the rights and remedies set forth above,with respect to all or any part of the Property,the Trustee shall have the
right to foreclose by notice and sale,and Lender shall have the right to foreclose by judicial foreclosure,in either case in accordance with
and to the full extent provided by applicable law.
Substitute Trustee.Lender,at Lender's option,from time to time,and more than once,may appoint in writing a successor or substitute
trustee,with or without cause,including the resignation,absence,death,inability,refusal or failure to act of the Trustee.The successor or
substitute trustee may be appointed without ever requiring the resignation of the former trustee and without any formality except for the
execution and acknowledgment of the appointment by the beneficiary of this Deed of Trust.The successor or substitute trustee shall then
succeed to all rights,obligations,and duties of the Trustee.This appointment may be made on Lender's behalf by the President,any Vice
President,Secretary,or Cashier of Lender.
NOTICES.Any notice required to be given under this Deed of Trust,including without limitation any notice of default and any notice of sale
shall be given in writing,and shall be effective when actually delivered,when actually received by telefacsimile (unless otherwise required by
law),when deposited with a nationally recognized overnight courier,or,if mailed,when deposited in the United States mail,as first class,
certified or registered mail postage prepaid,directed to the addresses shown near the beginning of this Deed of Trust.Any party may change
its address for notices under this Deed of Trust by giving formal written notice to the other parties,specifying that the purpose of the notice is
to change the party's address.For notice purposes,Grantor agrees to keep Lender informed at all times of Grantor's current address.Unless
otherwise provided or required by law,if there is more than one Grantor,any notice given by Lender to any Grantor is deemed to be notice given
to all Grantors.
MISCELLANEOUS PROVISIONS.The following miscellaneous provisions are a part of this Deed of Trust:
Amendments.This Deed of Trust,together with any Related Documents,constitutes the entire understanding and agreement of the parties
as to the matters set forth in this Deed of Trust.No alteration of or amendment to this Deed of Trust shall be effective unless given in
DEED OF TRUST
(Continued)Page 6
writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.
Annual Reports.If the Property is used for purposes other than Grantor's residence,Grantor shall furnish to Lender,upon request,a
certified statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as
Lender shall require."Net operating income"shall mean all cash receipts from the Property less all cash expenditures made in connection
with the operation of the Property.
Caption Headings.Caption headings in this Deed of Trust are for convenience purposes only and are not to be used to interpret or define
the provisions of this Deed of Trust.
Merger.There shall be no merger of the interest or estate created by this Deed of Trust with any other interest or estate in the Property at
any time held by or for the benefit of Lender in any capacity,without the written consent of Lender.
Governing Law.This Deed of Trust will be governed by federal law applicable to Lender and,to the extent not preempted by federal law,
the laws of the State of Texas without regard to its conflicts of law provisions.This Deed of Trust has been accepted by Lender in the
State of Texas.
No Waiver by Lender.Lender shall not be deemed to have waived any rights under this Deed of Trust unless such waiver is given in writing
and signed by Lender.No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right.A waiver by Lender of a provision of this Deed of Trust shall not prejudice or constitute a waiver of Lender's right otherwise to
demand strict compliance with that provision or any other provision of this Deed of Trust.No prior waiver by Lender,nor any course of
dealing between Lender and Grantor,shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future
transactions.Whenever the consent of Lender is required under this Deed of Trust,the granting of such consent by Lender in any instance
shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be
granted or withheld in the sole discretion of Lender.
Severability.If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal,invalid,or unenforceable as to any
circumstance,that finding shall not make the offending provision illegal,invalid,or unenforceable as to any other circumstance.If feasible,
the offending provision shall be considered modified so that it becomes legal,valid and enforceable.If the offending provision cannot be so
modified,it shall be considered deleted from this Deed of Trust.Unless otherwise required by law,the illegality,invalidity,or
unenforceability of any provision of this Deed of Trust shall not affect the legality,validity or enforceability of any other provision of this
Deed of Trust.
Successors and Assigns.Subject to any limitations stated in this Deed of Trust on transfer of Grantor's interest,this Deed of Trust shall be
binding upon and inure to the benefit of the parties,their successors and assigns.If ownership of the Property becomes vested in a person
other than Grantor,Lender,without notice to Grantor,may deal with Grantor's successors with reference to this Deed of Trust and the
Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Deed of Trust or liability under the
Indebtedness.
Time is of the Essence.Time is of the essence in the performance of this Deed of Trust.
DEFINITIONS.The following capitalized words and terms shall have the following meanings when used in this Deed of Trust.Unless
specifically stated to the contrary,all references to dollar amounts shall mean amounts in lawful money of the United States of America.Words
and terms used in the singular shall include the plural,and the plural shall include the singular,as the context may require.Words and terms not
otherwise defined in this Deed of Trust shall have the meanings attributed to such terms in the Uniform Commercial Code:
Beneficiary.The word "Beneficiary"means LAMAR NATIONAL BANK,and its successors and assigns.
Borrower.The word "Borrower"means Anna Community Development Corporation and includes all co-signers and co-makers signing the
Note and all their successors and assigns.
Deed of Trust.The words "Deed of Trust"mean this Deed of Trust among Grantor,Lender,and Trustee,and includes without limitation all
assignment and security interest provisions relating to the Personal Property and Rents.
Default.The word "Default"means the Default set forth in this Deed of Trust in the section titled "Default".
Environmental Laws.The words "Environmental Laws"mean any and all state,federal and local statutes,regulations and ordinances
relating to the protection of human health or the environment,including without limitation the Comprehensive Environmental Response,
Compensation,and Liability Act of 1980,as amended,42 U.S.C.Section 9601,et seq.("CERCLA"),the Superfund Amendments and
Reauthorization Act of 1986,Pub.L.No.99-499 ("SARA"),the Hazardous Materials Transportation Act,49 U.S.C.Section 1801,et seq.,
the Resource Conservation and Recovery Act,42 U.S.C.Section 6901,et seq.,or other applicable state or federal laws,rules,or
regulations adopted pursuant thereto.
Grantor.The word "Grantor"means Anna Community Development Corporation.
Hazardous Substances.The words "Hazardous Substances"mean materials that,because of their quantity,concentration or physical,
chemical or infectious characteristics,may cause or pose a present or potential hazard to human health or the environment when
improperly used,treated,stored,disposed of,generated,manufactured,transported or otherwise handled.The words "Hazardous
Substances"are used in their very broadest sense and include without limitation any and all hazardous or toxic substances,materials or
waste as defined by or listed under the Environmental Laws.The term "Hazardous Substances"also includes,without limitation,petroleum
and petroleum by-products or any fraction thereof and asbestos.
Improvements.The word "Improvements"means all existing and future improvements,buildings,structures,mobile homes affixed on the
Real Property,facilities,additions,replacements and other construction on the Real Property.
Indebtedness.The word "Indebtedness"means all principal,interest,and other amounts,costs and expenses payable under the Note or
Related Documents,together with all renewals of,extensions of,modifications of,consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Trustee
or Lender to enforce Grantor's obligations under this Deed of Trust,together with interest on such amounts as provided in this Deed of
Trust.
Lender.The word "Lender"means LAMAR NATIONAL BANK,its successors and assigns.
Note.The word "Note"means the promissory note dated January 15,2024,in the original principal amount of
DEED OF TRUST
(Continued)Page 7
$2,225,000.00 from Grantor to Lender,together with all renewals of,extensions of,modifications of,refinancings of,consolidations
of,and substitutions for the promissory note or agreement.
Personal Property.The words "Personal Property"mean all equipment,fixtures,and other articles of personal property now or hereafter
owned by Grantor,and now or hereafter attached or affixed to the Real Property;together with all accessions,parts,and additions to,all
replacements of,and all substitutions for,any of such property;and together with all proceeds (including without limitation all insurance
proceeds and refunds of premiums)from any sale or other disposition of the Property.
Property.The word "Property"means collectively the Real Property and the Personal Property.
Real Property.The words "Real Property"mean the real property,interests and rights,as further described in this Deed of Trust.
Related Documents.The words "Related Documents"mean all promissory notes,credit agreements,loan agreements,environmental
agreements,guaranties,security agreements,mortgages,deeds of trust,security deeds,collateral mortgages,and all other instruments,
agreements and documents,whether now or hereafter existing,executed in connection with the Indebtedness.
Rents.The word "Rents"means all present and future rents,revenues,income,issues,royalties,profits,and other benefits derived from
the Property.The word "Rents"shall also mean all "Rents"as defined in Chapter 64 of the Texas Property Code.
Trustee.The word "Trustee"means BRIAN BLAIR,whose address is 200 S.COLLEGIATE DR,PARIS,TX 75460 and any substitute or
successor trustees.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS DEED OF TRUST,AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
CORPORATE ACKNOWLEDGMENT
STATE OF ___________________________________)
)SS
COUNTY OF ___________________________________)
This instrument was acknowledged before me on ______________________________________,20________by ________________________________,
________________________________of Anna Community Development Corporation and ________________________________,
________________________________of Anna Community Development Corporation a _______________corporation,on behalf of said corporation.
_____________________________________________________
Notary Public,State of Texas
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\G01.FC TR-12672
PR-4
DEED OF TRUST
RECORDATION REQUESTED BY:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
WHEN RECORDED MAIL TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
SEND TAX NOTICES TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
THIS DEED OF TRUST is dated January 15,2024,among Anna Community Development Corporation,whose
address is ("Grantor");LAMAR NATIONAL BANK,whose
address is P.O.BOX 1097,PARIS,TX 75461 (referred to below sometimes as "Beneficiary");and BRIAN BLAIR,
whose address is 200 S.COLLEGIATE DR,PARIS,TX 75460 (referred to below as "Trustee").
CONVEYANCE AND GRANT.For valuable consideration,Grantor conveys to Trustee in trust,with power of sale,for the benefit of Lender as
Beneficiary,the following described real property,together with all existing or subsequently erected or affixed buildings,improvements and
fixtures;and all easements,rights of way,and appurtenances;all water and water rights;and all other rights,royalties,and profits relating to
the real property,including without limitation such rights as Grantor may have in all minerals,oil,gas,geothermal and similar matters,(the
"Real Property")located in Collin County,State of Texas:
See See Exhibit A,which is attached to this Deed of Trust and made a part of this Deed of Trust as if fully set
forth herein.
The Real Property or its address is commonly known as 118 W White St,Anna,TX 75409.The Real Property
tax identification number is 2542442.
Grantor hereby absolutely assigns to Lender (also known as Beneficiary in this Deed of Trust)all of Grantor's right,title,and interest in and to all
present and future leases of the Property and all Rents from the Property.In addition,Grantor grants to Lender a Uniform Commercial Code
security interest in the Personal Property and Rents.
THIS DEED OF TRUST,INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY,
IS GIVEN TO SECURE (A)PAYMENT OF THE INDEBTEDNESS AND (B)PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS,AND THIS DEED OF TRUST.THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE.Except as otherwise provided in this Deed of Trust,Grantor shall pay to Lender all amounts secured by this
Deed of Trust as they become due,and shall strictly and in a timely manner perform all of Grantor's obligations under the Note,this Deed of
Trust,and the Related Documents.
VENDOR'S LIEN.The debt evidenced by the Note is in part or total payment of the purchase price of the Property;the debt is secured by both
this Deed of Trust and by a vendor's lien on the Property,which is expressly retained in the deed of the Property to Grantor.This Deed of Trust
does not waive the vendor's lien,and the two liens and the rights created by this instrument shall be cumulative.Lender may elect to foreclose
under either of the liens without waiving the other or may foreclose under both.The deed wherein the vendor's lien is retained is incorporated
into this Deed of Trust.
POSSESSION AND MAINTENANCE OF THE PROPERTY.Grantor agrees that Grantor's possession and use of the Property shall be governed by
the following provisions:
Possession and Use.Until Default,Grantor may (1)remain in possession and control of the Property;(2)use,operate or manage the
Property;and (3)collect the Rents from the Property.
Duty to Maintain.Grantor shall maintain the Property in tenantable condition and promptly perform all repairs,replacements,and
maintenance necessary to preserve its value.
Compliance With Environmental Laws.Grantor represents and warrants to Lender that:(1)During the period of Grantor's ownership of
the Property,there has been no use,generation,manufacture,storage,treatment,disposal,release or threatened release of any Hazardous
Substance by any person on,under,about or from the Property;(2)Grantor has no knowledge of,or reason to believe that there has
been,except as previously disclosed to and acknowledged by Lender in writing,(a)any breach or violation of any Environmental Laws,
(b)any use,generation,manufacture,storage,treatment,disposal,release or threatened release of any Hazardous Substance on,under,
about or from the Property by any prior owners or occupants of the Property,or (c)any actual or threatened litigation or claims of any
kind by any person relating to such matters;and (3)Except as previously disclosed to and acknowledged by Lender in writing,(a)neither
Grantor nor any tenant,contractor,agent or other authorized user of the Property shall use,generate,manufacture,store,treat,dispose of
or release any Hazardous Substance on,under,about or from the Property;and (b)any such activity shall be conducted in compliance
with all applicable federal,state,and local laws,regulations and ordinances,including without limitation all Environmental Laws.Grantor
authorizes Lender and its agents to enter upon the Property to make such inspections and tests,at Grantor's expense,as Lender may deem
appropriate to determine compliance of the Property with this section of the Deed of Trust.Any inspections or tests made by Lender shall
be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any
other person.The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for
Hazardous Substances.Grantor hereby (1)releases and waives any future claims against Lender for indemnity or contribution in the
event Grantor becomes liable for cleanup or other costs under any such laws;and (2)agrees to indemnify,defend,and hold harmless
Lender against any and all claims,losses,liabilities,damages,penalties,and expenses which Lender may directly or indirectly sustain or
DEED OF TRUST
(Continued)Page 2
suffer resulting from a breach of this section of the Deed of Trust or as a consequence of any use,generation,manufacture,storage,
disposal,release or threatened release occurring prior to Grantor's ownership or interest in the Property,whether or not the same was or
should have been known to Grantor.The provisions of this section of the Deed of Trust,including the obligation to indemnify and defend,
shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Deed of Trust and shall not be
affected by Lender's acquisition of any interest in the Property,whether by foreclosure or otherwise.
Nuisance,Waste.Grantor shall not cause,conduct or permit any nuisance nor commit,permit,or suffer any stripping of or waste on or to
the Property or any portion of the Property.Without limiting the generality of the foregoing,Grantor will not remove,or grant to any other
party the right to remove,any timber,minerals (including oil and gas),coal,clay,scoria,soil,gravel or rock products without Lender's prior
written consent.This restriction will not apply to rights and easements (such as gas and oil)not owned by Grantor and of which Grantor
has informed Lender in writing prior to Grantor's signing of this Deed of Trust.
Removal of Improvements.Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written
consent.As a condition to the removal of any Improvements,Lender may require Grantor to make arrangements satisfactory to Lender to
replace such Improvements with Improvements of at least equal value.
Lender's Right to Enter.Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend
to Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Deed of
Trust.
Compliance with Governmental Requirements.Grantor shall promptly comply with all laws,ordinances,and regulations,now or hereafter
in effect,of all governmental authorities applicable to the use or occupancy of the Property,including without limitation,the Americans
With Disabilities Act.Grantor may contest in good faith any such law,ordinance,or regulation and withhold compliance during any
proceeding,including appropriate appeals,so long as Grantor has notified Lender in writing prior to doing so and so long as,in Lender's
sole opinion,Lender's interests in the Property are not jeopardized.Lender may require Grantor to post adequate security or a surety bond,
reasonably satisfactory to Lender,to protect Lender's interest.
Duty to Protect.Grantor agrees neither to abandon or leave unattended the Property.Grantor shall do all other acts,in addition to those
acts set forth above in this section,which from the character and use of the Property are reasonably necessary to protect and preserve the
Property.
DUE ON SALE -CONSENT BY LENDER.Lender may,at Lender's option,declare immediately due and payable all sums secured by this Deed of
Trust upon the sale or transfer,without Lender's prior written consent,of all or any part of the Real Property,or any interest in the Real
Property.A "sale or transfer"means the conveyance of Real Property or any right,title or interest in the Real Property;whether legal,beneficial
or equitable;whether voluntary or involuntary;whether by outright sale,deed,installment sale contract,land contract,contract for deed,
leasehold interest with a term greater than three (3)years,lease-option contract,or by sale,assignment,or transfer of any beneficial interest in
or to any land trust holding title to the Real Property,or by any other method of conveyance of an interest in the Real Property.If any Grantor is
a corporation,partnership or limited liability company,transfer also includes any restructuring of the legal entity (whether by merger,division or
otherwise)or any change in ownership of more than twenty-five percent (25%)of the voting stock,partnership interests or limited liability
company interests,as the case may be,of such Grantor.However,this option shall not be exercised by Lender if such exercise is prohibited by
federal law or by Texas law.
TAXES AND LIENS.The following provisions relating to the taxes and liens on the Property are part of this Deed of Trust:
Payment.Grantor shall pay when due (and in all events prior to delinquency)all taxes,special taxes,assessments,charges (including
water and sewer),fines and impositions levied against or on account of the Property,and shall pay when due all claims for work done on or
for services rendered or material furnished to the Property.Grantor shall maintain the Property free of all liens having priority over or equal
to the interest of Lender under this Deed of Trust,except for the lien of taxes and assessments not due and except as otherwise provided
in this Deed of Trust.
Right to Contest.Grantor may withhold payment of any tax,assessment,or claim in connection with a good faith dispute over the
obligation to pay,so long as Lender's interest in the Property is not jeopardized.If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15)days after the lien arises or,if a lien is filed,within fifteen (15)days after Grantor has notice of the filing,
secure the discharge of the lien,or if requested by Lender,deposit with Lender cash or a sufficient corporate surety bond or other security
satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and Lender's reasonable attorneys'fees,or other charges
that could accrue as a result of a foreclosure or sale under the lien.In any contest,Grantor shall defend itself and Lender and shall satisfy
any adverse judgment before enforcement against the Property.Grantor shall name Lender as an additional obligee under any surety bond
furnished in the contest proceedings.
Evidence of Payment.Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against
the Property.
Notice of Construction.Grantor shall notify Lender at least fifteen (15)days before any work is commenced,any services are furnished,or
any materials are supplied to the Property,if any mechanic's lien,materialmen's lien,or other lien could be asserted on account of the
work,services,or materials.Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor
can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE.The following provisions relating to insuring the Property are a part of this Deed of Trust.
Maintenance of Insurance.Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application
of any coinsurance clause,and with a standard mortgagee clause in favor of Lender.Grantor shall also procure and maintain
comprehensive general liability insurance in such coverage amounts as Lender may request with Trustee and Lender being named as
additional insureds in such liability insurance policies.Additionally,Grantor shall maintain such other insurance,including but not limited to
hazard,business interruption,and boiler insurance,as Lender may reasonably require.Policies shall be written in form,amounts,coverages
and basis reasonably acceptable to Lender,with losses made payable to Lender.GRANTOR MAY FURNISH THE REQUIRED INSURANCE
WHETHER THROUGH EXISTING POLICIES OWNED OR CONTROLLED BY GRANTOR OR THROUGH EQUIVALENT INSURANCE FROM ANY
INSURANCE COMPANY AUTHORIZED TO TRANSACT BUSINESS IN THE STATE OF TEXAS.If Grantor fails to provide any required
insurance or fails to continue such insurance in force,Lender may,but shall not be required to,do so at Grantor's expense,and the cost of
the insurance will be added to the Indebtedness.If any such insurance is procured by Lender,Grantor will be so notified,and Grantor will
DEED OF TRUST
(Continued)Page 3
have the option of furnishing equivalent insurance through any insurer authorized to transact business in Texas.Grantor,upon request of
Lender,will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender,including stipulations
that coverages will not be cancelled or diminished without at least ten (10)days prior written notice to Lender.Each insurance policy also
shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act,omission or default of
Grantor or any other person.Should the Real Property be located in an area designated by the Administrator of the Federal Emergency
Management Agency as a special flood hazard area,Grantor agrees to obtain and maintain flood insurance,if available,within 45 days
after notice is given by Lender that the Property is located in a special flood hazard area,for the full unpaid principal balance of the loan and
any prior liens on the property securing the loan,up to the maximum policy limits set under the National Flood Insurance Program,or as
otherwise required by Lender,and to maintain such insurance for the term of the loan.Flood insurance may be purchased under the
National Flood Insurance Program,from private insurers providing "private flood insurance"as defined by applicable federal flood insurance
statutes and regulations,or from another flood insurance provider that is both acceptable to Lender in its sole discretion and permitted by
applicable federal flood insurance statutes and regulations.
Application of Proceeds.Grantor shall promptly notify Lender of any loss or damage to the Property.Lender may make proof of loss if
Grantor fails to do so within fifteen (15)days of the casualty.Whether or not Lender's security is impaired,Lender may,at Lender's
election,receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness,payment of any lien
affecting the Property,or the restoration and repair of the Property.If Lender elects to apply the proceeds to restoration and repair,Grantor
shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender.Lender shall,upon satisfactory proof of
such expenditure,pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default
under this Deed of Trust.Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not
committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Deed of Trust,then
to pay accrued interest,and the remainder,if any,shall be applied to the principal balance of the Indebtedness.If Lender holds any
proceeds after payment in full of the Indebtedness,such proceeds shall be paid to Grantor as Grantor's interests may appear.
Grantor's Report on Insurance.Upon request of Lender,however not more than once a year,Grantor shall furnish to Lender a report on
each existing policy of insurance showing:(1)the name of the insurer;(2)the risks insured;(3)the amount of the policy;(4)the
property insured,the then current replacement value of such property,and the manner of determining that value;and (5)the expiration
date of the policy.Grantor shall,upon request of Lender,have an independent appraiser satisfactory to Lender determine the cash value
replacement cost of the Property.
LENDER'S EXPENDITURES.If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor
fails to comply with any provision of this Deed of Trust or any Related Documents,including but not limited to Grantor's failure to discharge or
pay when due any amounts Grantor is required to discharge or pay under this Deed of Trust or any Related Documents,Lender on Grantor's
behalf may (but shall not be obligated to)take any action that Lender deems appropriate,including but not limited to discharging or paying all
taxes,liens,security interests,encumbrances and other claims,at any time levied or placed on the Property and paying all costs for insuring,
maintaining and preserving the Property.All such expenditures paid by Lender for such purposes will then bear interest at the Note rate from
the date paid by Lender to the date of repayment by Grantor.To the extent permitted by applicable law,all such expenses will become a part of
the Indebtedness and,at Lender's option,will (A)be payable on demand;(B)be added to the balance of the Note and be apportioned among
and be payable with any installment payments to become due during either (1)the term of any applicable insurance policy;or (2)the
remaining term of the Note;or (C)be treated as a balloon payment which will be due and payable at the Note's maturity.The Deed of Trust
also will secure payment of these amounts.Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon
Default.
WARRANTY;DEFENSE OF TITLE.The following provisions relating to ownership of the Property are a part of this Deed of Trust:
Title.Grantor warrants that:(a)Grantor holds good and marketable title of record to the Property in fee simple,free and clear of all liens
and encumbrances other than those set forth in the Real Property description or in any title insurance policy,title report,or final title opinion
issued in favor of,and accepted by,Lender in connection with this Deed of Trust,and (b)Grantor has the full right,power,and authority
to execute and deliver this Deed of Trust to Lender.
Defense of Title.Subject to the exception in the paragraph above,Grantor warrants and will forever defend the title to the Property against
the lawful claims of all persons.In the event any action or proceeding is commenced that questions Grantor's title or the interest of
Trustee or Lender under this Deed of Trust,Grantor shall defend the action at Grantor's expense.Grantor may be the nominal party in
such proceeding,but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of
Lender's own choice,and Grantor will deliver,or cause to be delivered,to Lender such instruments as Lender may request from time to
time to permit such participation.
Compliance With Laws.Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances,and regulations of governmental authorities.
Survival of Representations and Warranties.All representations,warranties,and agreements made by Grantor in this Deed of Trust shall
survive the execution and delivery of this Deed of Trust,shall be continuing in nature,and shall remain in full force and effect until such
time as Grantor's Indebtedness shall be paid in full.
CONDEMNATION,JUDGMENTS AND AWARDS.The following provisions relating to condemnation proceedings,judgments,decrees and
awards for injury to the Property are a part of this Deed of Trust:
Proceedings.If any proceeding in condemnation is filed,Grantor shall promptly notify Lender in writing,and Grantor shall promptly take
such steps as may be necessary to defend the action and obtain the award.Grantor may be the nominal party in such proceeding,but
Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice,and Grantor
will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to
permit such participation.
Application of Net Proceeds.To the extent permitted by applicable law,all judgments,decrees and awards for injury or damage to the
Property,or any part of the Property,and awards pursuant to proceedings for condemnation of the Property,are hereby absolutely assigned
to Lender,and if all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of
condemnation,Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or
the repair or restoration of the Property.The net proceeds of the award,judgment or decree shall mean the award after payment of all
reasonable costs,expenses,and attorneys'fees incurred by Trustee or Lender in connection with the condemnation.
DEED OF TRUST
(Continued)Page 4
SECURITY AGREEMENT;FINANCING STATEMENTS.The following provisions relating to this Deed of Trust as a security agreement are a part
of this Deed of Trust:
Security Agreement.This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures,and
Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Interest.Upon request by Lender,Grantor shall take whatever action is requested by Lender to perfect and continue Lender's
security interest in the Rents and Personal Property.In addition to recording this Deed of Trust in the real property records,Lender may,at
any time and without further authorization from Grantor,file executed counterparts,copies or reproductions of this Deed of Trust as a
financing statement.Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest.Upon
default,Grantor shall not remove,sever or detach the Personal Property from the Property.Upon default,Grantor shall assemble any
Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available
to Lender within three (3)days after receipt of written demand from Lender to the extent permitted by applicable law.
Addresses.The mailing addresses of Grantor (debtor)and Lender (secured party)from which information concerning the security interest
granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code)are as stated on the first page of this
Deed of Trust.
FURTHER ASSURANCES;ATTORNEY-IN-FACT.The following provisions relating to further assurances and attorney-in-fact are a part of this
Deed of Trust:
Further Assurances.At any time,and from time to time,upon request of Lender,Grantor will make,execute and deliver,or will cause to
be made,executed or delivered,to Lender or to Lender's designee,and when requested by Lender,cause to be filed,recorded,refiled,or
rerecorded,as the case may be,at such times and in such offices and places as Lender may deem appropriate,any and all such mortgages,
deeds of trust,security deeds,security agreements,financing statements,continuation statements,instruments of further assurance,
certificates,and other documents as may,in the sole opinion of Lender,be necessary or desirable in order to effectuate,complete,perfect,
continue,or preserve (1)Grantor's obligations under the Note,this Deed of Trust,and the Related Documents,and (2)the liens and
security interests created by this Deed of Trust as first and prior liens on the Property,whether now owned or hereafter acquired by
Grantor.Unless prohibited by law or Lender agrees to the contrary in writing,Grantor shall reimburse Lender for all costs and expenses
incurred in connection with the matters referred to in this paragraph.
Attorney-in-Fact.If Grantor fails to do any of the things referred to in the preceding paragraph,Lender may do so for and in the name of
Grantor and at Grantor's expense.For such purposes,Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the
purpose of making,executing,delivering,filing,recording,and doing all other things as may be necessary or desirable,in Lender's sole
opinion,to accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE.If Grantor pays all the Indebtedness when due,and otherwise performs all the obligations imposed upon Grantor under
this Deed of Trust,Lender shall execute and deliver to Grantor a release of this Deed of Trust lien and suitable statements of termination of any
financing statement on file evidencing Lender's security interest in the Rents and the Personal Property.However,it is agreed that the payment
of all the Indebtedness and performance of such obligations shall not terminate this Deed of Trust unless the liens and interests created hereby
are released by Lender by a proper recordable instrument.Any filing fees required by law shall be paid by Grantor,if permitted by applicable
law.
DEFAULT.Default will occur if payment of the Indebtedness in full is not made immediately upon demand.
RIGHTS AND REMEDIES ON DEFAULT.If Default occurs under this Deed of Trust,at any time thereafter,Trustee or Lender may exercise any
one or more of the following rights and remedies:
Election of Remedies.Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy,and an election to make
expenditures or to take action to perform an obligation of Grantor under this Deed of Trust,after Grantor's failure to perform,shall not
affect Lender's right to declare a default and exercise its remedies.
Accelerate Indebtedness.Lender may declare the unpaid principal balance of the Indebtedness due and payable.In no event will Grantor
be required to pay any unearned interest.
Foreclosure.If Lender invokes the power of sale,Trustee,at the request of Lender,may sell all or any portion of the Property at public
auction to the highest bidder for cash at the location within the courthouse designated by the County Commissioners Court,or if no such
area has been designated,at the area designated in the notice of sale within the courthouse,between the hours of 10:00 A.M.and 4:00
P.M.on the first Tuesday of any month,after the Trustee or its agent has given notice of the time and place of sale and of the property to
be sold as required by the Texas Property Code,as then amended.
UCC Remedies.With respect to all or any part of the Personal Property,Lender shall have all the rights and remedies of a secured party
under the Uniform Commercial Code.
Collect Rents.As additional security for the payment of the Indebtedness,Grantor hereby assigns to Lender all Rents as defined in the
Definitions section of this Deed of Trust.Lender shall have the right at any time,and even though no Default shall have occurred under this
Deed of Trust,to collect and receive the Rents.Lender shall provide any notice required by applicable law with regard to such enforcement
of its right to collect and receive the Rents.In addition,if the Property is vacant,Lender may rent or lease the Property.Lender shall not
be liable for its failure to rent the Property,to collect any Rents,or to exercise diligence in any matter relating to the Rents;Lender shall be
accountable only for Rents actually received.Lender neither has nor assumes any obligation as lessor or landlord with respect to any
occupant of the Property.Rents so received shall be applied by Lender first to the remaining unpaid balance of the Indebtedness,in such
order or manner as Lender shall elect,and the residue,if any,shall be paid to the person or persons legally entitled to the residue.
Trustee's Powers.Grantor hereby jointly and severally authorizes and empowers Trustee to sell all or any portion of the Property together
or in lots or parcels,as Trustee may deem expedient,and to execute and deliver to the purchaser or purchasers of such Property good and
sufficient deeds of conveyance of fee simple title,or of lesser estates,and bills of sale and assignments,with covenants of general
warranty made on Grantor's behalf.In no event shall Trustee be required to exhibit,present or display at any such sale any of the Property
to be sold at such sale.The Trustee making such sale shall receive the proceeds of the sale and shall apply the same as provided below.
Payment of the purchase price to Trustee shall satisfy the liability of the purchaser at any such sale of the Property,and such person shall
not be bound to look after the application of the proceeds.
Appoint Receiver.Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property,with the
DEED OF TRUST
(Continued)Page 5
power to protect and preserve the Property,to operate the Property preceding foreclosure or sale,and to collect the Rents from the
Property and apply the proceeds,over and above the cost of the receivership,against the Indebtedness.The receiver may serve without
bond if permitted by law.Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by a substantial amount.Employment by Lender shall not disqualify a person from serving as a receiver.
Tenancy at Sufferance.If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor,Grantor shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall,at Lender's option,either (1)pay a reasonable rental for the use of the Property,(2)vacate the
Property immediately upon the demand of Lender,or (3)if such tenants refuse to surrender possession of the Property upon demand,the
purchaser shall be entitled to institute and maintain the statutory action of forcible entry and detainer and procure a writ of possession
thereunder,and Grantor expressly waives all damages sustained by reason thereof.
Other Remedies.Trustee or Lender shall have any other right or remedy provided in this Deed of Trust or the Note or available at law or in
equity.
Sale of the Property.To the extent permitted by applicable law,Grantor hereby waives any and all rights to have the Property marshalled.
In exercising its rights and remedies,the Trustee or Lender shall be free to sell all or any part of the Property together or separately,in one
sale or by separate sales.Lender shall be entitled to bid at any public sale on all or any portion of the Property.Trustee may convey all or
any part of the Property to the highest bidder for cash with a general warranty binding Grantor,subject to prior liens and to other
exceptions to conveyance and warranty.Grantor waives all requirements of appraisement,if any.The affidavit of any person having
knowledge of the facts to the effect that proper notice as required by the Texas Property Code was given shall be prima facie evidence of
the fact that such notice was in fact given.Recitals and statements of fact in any notice or in any conveyance to the purchaser or
purchasers of the Property in any foreclosure sale under this Deed of Trust shall be prima facie evidence of the truth of such facts,and all
prerequisites and requirements necessary to the validity of any such sale shall be presumed to have been performed.Any sale under the
powers granted by this Deed of Trust shall be a perpetual bar against Grantor,Grantor's heirs,successors,assigns and legal
representatives.
Proceeds.Trustee shall pay the proceeds of any sale of the Property (a)first,to the expenses of foreclosure,including reasonable fees or
charges paid to the Trustee,including but not limited to fees for enforcing the lien,posting for sale,selling,or releasing the Property,(b)
then to Lender the full amount of the Indebtedness,(c)then to any amount required by law to be paid before payment to Grantor,and (d)
the balance,if any,to Grantor.
Attorneys'Fees;Expenses.If Lender institutes any suit or action to enforce any of the terms of this Deed of Trust,Lender shall be entitled
to recover such sum as the court may adjudge reasonable as Lender's attorneys'fees at trial and upon any appeal.Whether or not any
court action is involved,and to the extent not prohibited by law,all reasonable expenses Lender incurs that in Lender's opinion are
necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on
demand and shall bear interest at the Note rate from the date of the expenditure until repaid.Expenses covered by this paragraph include,
without limitation,however subject to any limits under applicable law,Lender's reasonable attorneys'fees and Lender's legal expenses,
whether or not there is a lawsuit,including Lender's reasonable attorneys'fees and expenses for bankruptcy proceedings (including efforts
to modify or vacate any automatic stay or injunction),appeals,and any anticipated post-judgment collection services,the cost of searching
records,obtaining title reports (including foreclosure reports),surveyors'reports,and appraisal fees,title insurance,and fees for the
Trustee,to the extent permitted by applicable law.Grantor also will pay any court costs,in addition to all other sums provided by law.In
the event of foreclosure of this Deed of Trust,Lender shall be entitled to recover from Grantor Lender's reasonable attorneys'fees and
actual disbursements that Lender necessarily incurs in pursuing such foreclosure.
POWERS AND OBLIGATIONS OF TRUSTEE.The following provisions relating to the powers and obligations of Trustee are part of this Deed of
Trust:
Powers of Trustee.In addition to all powers of Trustee arising as a matter of law,Trustee shall have the power to take the following
actions with respect to the Property upon the written request of Lender and Grantor:(a)join in preparing and filing a map or plat of the
Real Property,including the dedication of streets or other rights to the public;(b)join in granting any easement or creating any restriction
on the Real Property;and (c)join in any subordination or other agreement affecting this Deed of Trust or the interest of Lender under this
Deed of Trust.
Obligations to Notify.Trustee shall not be obligated to notify any other lienholder of the Property of the commencement of a foreclosure
proceeding or of the commencement of any other action to which Lender may avail itself as a remedy,except to the extent required by
applicable law or by written agreement.
Trustee.In addition to the rights and remedies set forth above,with respect to all or any part of the Property,the Trustee shall have the
right to foreclose by notice and sale,and Lender shall have the right to foreclose by judicial foreclosure,in either case in accordance with
and to the full extent provided by applicable law.
Substitute Trustee.Lender,at Lender's option,from time to time,and more than once,may appoint in writing a successor or substitute
trustee,with or without cause,including the resignation,absence,death,inability,refusal or failure to act of the Trustee.The successor or
substitute trustee may be appointed without ever requiring the resignation of the former trustee and without any formality except for the
execution and acknowledgment of the appointment by the beneficiary of this Deed of Trust.The successor or substitute trustee shall then
succeed to all rights,obligations,and duties of the Trustee.This appointment may be made on Lender's behalf by the President,any Vice
President,Secretary,or Cashier of Lender.
NOTICES.Any notice required to be given under this Deed of Trust,including without limitation any notice of default and any notice of sale
shall be given in writing,and shall be effective when actually delivered,when actually received by telefacsimile (unless otherwise required by
law),when deposited with a nationally recognized overnight courier,or,if mailed,when deposited in the United States mail,as first class,
certified or registered mail postage prepaid,directed to the addresses shown near the beginning of this Deed of Trust.Any party may change
its address for notices under this Deed of Trust by giving formal written notice to the other parties,specifying that the purpose of the notice is
to change the party's address.For notice purposes,Grantor agrees to keep Lender informed at all times of Grantor's current address.Unless
otherwise provided or required by law,if there is more than one Grantor,any notice given by Lender to any Grantor is deemed to be notice given
to all Grantors.
MISCELLANEOUS PROVISIONS.The following miscellaneous provisions are a part of this Deed of Trust:
Amendments.This Deed of Trust,together with any Related Documents,constitutes the entire understanding and agreement of the parties
DEED OF TRUST
(Continued)Page 6
as to the matters set forth in this Deed of Trust.No alteration of or amendment to this Deed of Trust shall be effective unless given in
writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.
Annual Reports.If the Property is used for purposes other than Grantor's residence,Grantor shall furnish to Lender,upon request,a
certified statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as
Lender shall require."Net operating income"shall mean all cash receipts from the Property less all cash expenditures made in connection
with the operation of the Property.
Caption Headings.Caption headings in this Deed of Trust are for convenience purposes only and are not to be used to interpret or define
the provisions of this Deed of Trust.
Merger.There shall be no merger of the interest or estate created by this Deed of Trust with any other interest or estate in the Property at
any time held by or for the benefit of Lender in any capacity,without the written consent of Lender.
Governing Law.This Deed of Trust will be governed by federal law applicable to Lender and,to the extent not preempted by federal law,
the laws of the State of Texas without regard to its conflicts of law provisions.This Deed of Trust has been accepted by Lender in the
State of Texas.
No Waiver by Lender.Lender shall not be deemed to have waived any rights under this Deed of Trust unless such waiver is given in writing
and signed by Lender.No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right.A waiver by Lender of a provision of this Deed of Trust shall not prejudice or constitute a waiver of Lender's right otherwise to
demand strict compliance with that provision or any other provision of this Deed of Trust.No prior waiver by Lender,nor any course of
dealing between Lender and Grantor,shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future
transactions.Whenever the consent of Lender is required under this Deed of Trust,the granting of such consent by Lender in any instance
shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be
granted or withheld in the sole discretion of Lender.
Severability.If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal,invalid,or unenforceable as to any
circumstance,that finding shall not make the offending provision illegal,invalid,or unenforceable as to any other circumstance.If feasible,
the offending provision shall be considered modified so that it becomes legal,valid and enforceable.If the offending provision cannot be so
modified,it shall be considered deleted from this Deed of Trust.Unless otherwise required by law,the illegality,invalidity,or
unenforceability of any provision of this Deed of Trust shall not affect the legality,validity or enforceability of any other provision of this
Deed of Trust.
Successors and Assigns.Subject to any limitations stated in this Deed of Trust on transfer of Grantor's interest,this Deed of Trust shall be
binding upon and inure to the benefit of the parties,their successors and assigns.If ownership of the Property becomes vested in a person
other than Grantor,Lender,without notice to Grantor,may deal with Grantor's successors with reference to this Deed of Trust and the
Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Deed of Trust or liability under the
Indebtedness.
Time is of the Essence.Time is of the essence in the performance of this Deed of Trust.
DEFINITIONS.The following capitalized words and terms shall have the following meanings when used in this Deed of Trust.Unless
specifically stated to the contrary,all references to dollar amounts shall mean amounts in lawful money of the United States of America.Words
and terms used in the singular shall include the plural,and the plural shall include the singular,as the context may require.Words and terms not
otherwise defined in this Deed of Trust shall have the meanings attributed to such terms in the Uniform Commercial Code:
Beneficiary.The word "Beneficiary"means LAMAR NATIONAL BANK,and its successors and assigns.
Borrower.The word "Borrower"means Anna Community Development Corporation and includes all co-signers and co-makers signing the
Note and all their successors and assigns.
Deed of Trust.The words "Deed of Trust"mean this Deed of Trust among Grantor,Lender,and Trustee,and includes without limitation all
assignment and security interest provisions relating to the Personal Property and Rents.
Default.The word "Default"means the Default set forth in this Deed of Trust in the section titled "Default".
Environmental Laws.The words "Environmental Laws"mean any and all state,federal and local statutes,regulations and ordinances
relating to the protection of human health or the environment,including without limitation the Comprehensive Environmental Response,
Compensation,and Liability Act of 1980,as amended,42 U.S.C.Section 9601,et seq.("CERCLA"),the Superfund Amendments and
Reauthorization Act of 1986,Pub.L.No.99-499 ("SARA"),the Hazardous Materials Transportation Act,49 U.S.C.Section 1801,et seq.,
the Resource Conservation and Recovery Act,42 U.S.C.Section 6901,et seq.,or other applicable state or federal laws,rules,or
regulations adopted pursuant thereto.
Grantor.The word "Grantor"means Anna Community Development Corporation.
Hazardous Substances.The words "Hazardous Substances"mean materials that,because of their quantity,concentration or physical,
chemical or infectious characteristics,may cause or pose a present or potential hazard to human health or the environment when
improperly used,treated,stored,disposed of,generated,manufactured,transported or otherwise handled.The words "Hazardous
Substances"are used in their very broadest sense and include without limitation any and all hazardous or toxic substances,materials or
waste as defined by or listed under the Environmental Laws.The term "Hazardous Substances"also includes,without limitation,petroleum
and petroleum by-products or any fraction thereof and asbestos.
Improvements.The word "Improvements"means all existing and future improvements,buildings,structures,mobile homes affixed on the
Real Property,facilities,additions,replacements and other construction on the Real Property.
Indebtedness.The word "Indebtedness"means all principal,interest,and other amounts,costs and expenses payable under the Note or
Related Documents,together with all renewals of,extensions of,modifications of,consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Trustee
or Lender to enforce Grantor's obligations under this Deed of Trust,together with interest on such amounts as provided in this Deed of
Trust.
Lender.The word "Lender"means LAMAR NATIONAL BANK,its successors and assigns.
DEED OF TRUST
(Continued)Page 7
Note.The word "Note"means the promissory note dated January 15,2024,in the original principal amount of
$2,225,000.00 from Grantor to Lender,together with all renewals of,extensions of,modifications of,refinancings of,consolidations
of,and substitutions for the promissory note or agreement.
Personal Property.The words "Personal Property"mean all equipment,fixtures,and other articles of personal property now or hereafter
owned by Grantor,and now or hereafter attached or affixed to the Real Property;together with all accessions,parts,and additions to,all
replacements of,and all substitutions for,any of such property;and together with all proceeds (including without limitation all insurance
proceeds and refunds of premiums)from any sale or other disposition of the Property.
Property.The word "Property"means collectively the Real Property and the Personal Property.
Real Property.The words "Real Property"mean the real property,interests and rights,as further described in this Deed of Trust.
Related Documents.The words "Related Documents"mean all promissory notes,credit agreements,loan agreements,environmental
agreements,guaranties,security agreements,mortgages,deeds of trust,security deeds,collateral mortgages,and all other instruments,
agreements and documents,whether now or hereafter existing,executed in connection with the Indebtedness.
Rents.The word "Rents"means all present and future rents,revenues,income,issues,royalties,profits,and other benefits derived from
the Property.The word "Rents"shall also mean all "Rents"as defined in Chapter 64 of the Texas Property Code.
Trustee.The word "Trustee"means BRIAN BLAIR,whose address is 200 S.COLLEGIATE DR,PARIS,TX 75460 and any substitute or
successor trustees.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS DEED OF TRUST,AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
CORPORATE ACKNOWLEDGMENT
STATE OF ___________________________________)
)SS
COUNTY OF ___________________________________)
This instrument was acknowledged before me on ______________________________________,20________by ________________________________,
________________________________of Anna Community Development Corporation and ________________________________,
________________________________of Anna Community Development Corporation a _______________corporation,on behalf of said corporation.
_____________________________________________________
Notary Public,State of Texas
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\G01.FC TR-12672
PR-4
ASSIGNMENT OF RENTS
RECORDATION REQUESTED BY:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
WHEN RECORDED MAIL TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
SEND TAX NOTICES TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
THIS ASSIGNMENT OF RENTS dated January 15,2024,is made and executed between Anna Community
Development Corporation,whose address is (referred to
below as "Grantor")and LAMAR NATIONAL BANK,whose address is P.O.BOX 1097,PARIS,TX 75461 (referred
to below as "Lender").
ASSIGNMENT.For valuable consideration,Grantor hereby assigns,grants a continuing security interest in,and
conveys to Lender all of Grantor's right,title,and interest in and to the Rents from the following described Property
located in Collin County,State of Texas:
See See Exhibit A,which is attached to this Assignment and made a part of this Assignment as if fully set forth
herein.
The Property or its address is commonly known as 118 W White St,Anna,TX 75409.The Property tax
identification number is 2542442.
THIS ASSIGNMENT IS GIVEN TO SECURE (1)PAYMENT OF THE INDEBTEDNESS AND (2)PERFORMANCE OF ANY AND ALL OBLIGATIONS
OF GRANTOR UNDER THE NOTE,THIS ASSIGNMENT,AND THE RELATED DOCUMENTS.THIS ASSIGNMENT IS GIVEN AND ACCEPTED ON
THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE.Except as otherwise provided in this Assignment or any Related Documents,Grantor shall pay to Lender all
amounts secured by this Assignment as they become due,and shall strictly perform all of Grantor's obligations under this Assignment.Unless
and until Lender exercises its right to collect the Rents as provided below and so long as there is no default under this Assignment,Grantor may
remain in possession and control of and operate and manage the Property and collect the Rents,provided that the granting of the right to collect
the Rents shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding.
GRANTOR'S REPRESENTATIONS AND WARRANTIES.Grantor warrants that:
Ownership.Grantor is entitled to receive the Rents free and clear of all rights,loans,liens,encumbrances,and claims except as disclosed
to and accepted by Lender in writing.
Right to Assign.Grantor has the full right,power and authority to enter into this Assignment and to assign and convey the Rents to
Lender.
No Prior Assignment.Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
No Further Transfer.Grantor will not sell,assign,encumber,or otherwise dispose of any of Grantor's rights in the Rents except as
provided in this Assignment.
LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS.Lender shall have the right at any time,and even though no default shall have occurred
under this Assignment,to collect and receive the Rents.For this purpose,Lender is hereby given and granted the following rights,powers and
authority:
Notice to Tenants.Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all Rents
to be paid directly to Lender or Lender's agent.
Enter the Property.Lender may enter upon and take possession of the Property;demand,collect and receive from the tenants or from any
other persons liable therefor,all of the Rents;institute and carry on all legal proceedings necessary for the protection of the Property,
including such proceedings as may be necessary to recover possession of the Property;collect the Rents and remove any tenant or tenants
or other persons from the Property.
Maintain the Property.Lender may enter upon the Property to maintain the Property and keep the same in repair;to pay the costs thereof
and of all services of all employees,including their equipment,and of all continuing costs and expenses of maintaining the Property in
proper repair and condition,and also to pay all taxes,assessments and water utilities,and the premiums on fire and other insurance
effected by Lender on the Property.
Compliance with Laws.Lender may do any and all things to execute and comply with the laws of the State of Texas and also all other
laws,rules,orders,ordinances and requirements of all other governmental agencies affecting the Property.
Lease the Property.Lender may rent or lease the whole or any part of the Property for such term or terms and on such conditions as
Lender may deem appropriate.
Employ Agents.Lender may engage such agent or agents as Lender may deem appropriate,either in Lender's name or in Grantor's name,
to rent and manage the Property,including the collection and application of Rents.
ASSIGNMENT OF RENTS
(Continued)Page 2
Other Acts.Lender may do all such other things and acts with respect to the Property as Lender may deem appropriate and may act
exclusively and solely in the place and stead of Grantor and to have all of the powers of Grantor for the purposes stated above.
No Requirement to Act.Lender shall not be required to do any of the foregoing acts or things,and the fact that Lender shall have
performed one or more of the foregoing acts or things shall not require Lender to do any other specific act or thing.
APPLICATION OF RENTS.All costs and expenses incurred by Lender in connection with the Property shall be for Grantor's account and Lender
may pay such costs and expenses from the Rents.Lender,in its sole discretion,shall determine the application of any and all Rents received by
it;however,any such Rents received by Lender which are not applied to such costs and expenses shall be applied to the Indebtedness.All
expenditures made by Lender under this Assignment and not reimbursed from the Rents shall become a part of the Indebtedness secured by this
Assignment,and shall be payable on demand,with interest at the Note rate from date of expenditure until paid.
FULL PERFORMANCE.If Grantor pays all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor under
this Assignment,the Note,and the Related Documents,Lender shall execute and deliver to Grantor a suitable satisfaction of this Assignment
and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Property.
Any termination fee required by law shall be paid by Grantor,if permitted by applicable law.
LENDER'S EXPENDITURES.If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor
fails to comply with any provision of this Assignment or any Related Documents,including but not limited to Grantor's failure to discharge or
pay when due any amounts Grantor is required to discharge or pay under this Assignment or any Related Documents,Lender on Grantor's
behalf may (but shall not be obligated to)take any action that Lender deems appropriate,including but not limited to discharging or paying all
taxes,liens,security interests,encumbrances and other claims,at any time levied or placed on the Rents or the Property and paying all costs for
insuring,maintaining and preserving the Property.All such expenditures paid by Lender for such purposes will then bear interest at the Note
rate from the date paid by Lender to the date of repayment by Grantor.To the extent permitted by applicable law,all such expenses will
become a part of the Indebtedness and,at Lender's option,will (A)be payable on demand;(B)be added to the balance of the Note and be
apportioned among and be payable with any installment payments to become due during either (1)the term of any applicable insurance policy;
or (2)the remaining term of the Note;or (C)be treated as a balloon payment which will be due and payable at the Note's maturity.The
Assignment also will secure payment of these amounts.Such right shall be in addition to all other rights and remedies to which Lender may be
entitled upon Default.
DEFAULT.Default will occur if payment of the Indebtedness in full is not made immediately upon demand.
RIGHTS AND REMEDIES ON DEFAULT.Upon Default and at any time thereafter,Lender may exercise any one or more of the following rights
and remedies,in addition to any other rights or remedies provided by law:
Accelerate Indebtedness.Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately
due and payable,including any prepayment premium that Grantor would be required to pay.
Collect Rents.Lender shall have the right,upon providing any notice under applicable law,to take possession of the Property and collect
the Rents,including amounts past due and unpaid,and apply the net proceeds,over and above Lender's costs,against the Indebtedness.
In furtherance of this right,Lender shall have all the rights provided for in the Lender's Right to Receive and Collect Rents Section,above.
If the Rents are collected by Lender,then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments
received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds.Payments by tenants or other
users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made,whether or not any proper
grounds for the demand existed.Lender may exercise its rights under this subparagraph either in person,by agent,or through a receiver.
Appoint Receiver.Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property,with the
power to protect and preserve the Property,to operate the Property preceding foreclosure or sale,and to collect the Rents from the
Property and apply the proceeds,over and above the cost of the receivership,against the Indebtedness.The receiver may serve without
bond if permitted by law.Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by a substantial amount.Employment by Lender shall not disqualify a person from serving as a receiver.
Other Remedies.Lender shall have all other rights and remedies provided in this Assignment or the Note or by law.
Election of Remedies.Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy,and an election to make
expenditures or to take action to perform an obligation of Grantor under this Assignment,after Grantor's failure to perform,shall not affect
Lender's right to declare a default and exercise its remedies.
Attorneys'Fees;Expenses.If Lender institutes any suit or action to enforce any of the terms of this Assignment,Lender shall be entitled to
recover such sum as the court may adjudge reasonable as Lender's attorneys'fees at trial and upon any appeal.Whether or not any court
action is involved,and to the extent not prohibited by law,all reasonable expenses Lender incurs that in Lender's opinion are necessary at
any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and
shall bear interest at the Note rate from the date of the expenditure until repaid.Expenses covered by this paragraph include,without
limitation,however subject to any limits under applicable law,Lender's reasonable attorneys'fees and Lender's legal expenses,whether or
not there is a lawsuit,including Lender's reasonable attorneys'fees and expenses for bankruptcy proceedings (including efforts to modify
or vacate any automatic stay or injunction),appeals,and any anticipated post-judgment collection services,the cost of searching records,
obtaining title reports (including foreclosure reports),surveyors'reports,and appraisal fees,title insurance,and fees for the Trustee,to the
extent permitted by applicable law.Grantor also will pay any court costs,in addition to all other sums provided by law.In the event of
foreclosure of this Assignment,Lender shall be entitled to recover from Grantor Lender's reasonable attorneys'fees and actual
disbursements that Lender necessarily incurs in pursuing such foreclosure.
MISCELLANEOUS PROVISIONS.The following miscellaneous provisions are a part of this Assignment:
Amendments.This Assignment,together with any Related Documents,constitutes the entire understanding and agreement of the parties
as to the matters set forth in this Assignment.No alteration of or amendment to this Assignment shall be effective unless given in writing
and signed by the party or parties sought to be charged or bound by the alteration or amendment.
Caption Headings.Caption headings in this Assignment are for convenience purposes only and are not to be used to interpret or define the
provisions of this Assignment.
Governing Law.This Assignment will be governed by federal law applicable to Lender and,to the extent not preempted by federal law,the
laws of the State of Texas without regard to its conflicts of law provisions.This Assignment has been accepted by Lender in the State of
ASSIGNMENT OF RENTS
(Continued)Page 3
Texas.
Merger.There shall be no merger of the interest or estate created by this Assignment with any other interest or estate in the Property at
any time held by or for the benefit of Lender in any capacity,without the written consent of Lender.
Interpretation.(1)In all cases where there is more than one Borrower or Grantor,then all words used in this Assignment in the singular
shall be deemed to have been used in the plural where the context and construction so require.(2)If more than one person signs this
Assignment as "Grantor,"the obligations of each Grantor are joint and several.This means that if Lender brings a lawsuit,Lender may sue
any one or more of the Grantors.If Borrower and Grantor are not the same person,Lender need not sue Borrower first,and that Borrower
need not be joined in any lawsuit.(3)The names given to paragraphs or sections in this Assignment are for convenience purposes only.
They are not to be used to interpret or define the provisions of this Assignment.
No Waiver by Lender.Lender shall not be deemed to have waived any rights under this Assignment unless such waiver is given in writing
and signed by Lender.No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right.A waiver by Lender of a provision of this Assignment shall not prejudice or constitute a waiver of Lender's right otherwise to
demand strict compliance with that provision or any other provision of this Assignment.No prior waiver by Lender,nor any course of
dealing between Lender and Grantor,shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future
transactions.Whenever the consent of Lender is required under this Assignment,the granting of such consent by Lender in any instance
shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be
granted or withheld in the sole discretion of Lender.
Notices.Any notice required to be given under this Assignment shall be given in writing,and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law),when deposited with a nationally recognized overnight courier,
or,if mailed,when deposited in the United States mail,as first class,certified or registered mail postage prepaid,directed to the addresses
shown near the beginning of this Assignment.Any party may change its address for notices under this Assignment by giving formal
written notice to the other parties,specifying that the purpose of the notice is to change the party's address.For notice purposes,Grantor
agrees to keep Lender informed at all times of Grantor's current address.Unless otherwise provided or required by law,if there is more
than one Grantor,any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.
Powers of Attorney.The various agencies and powers of attorney conveyed on Lender under this Assignment are granted for purposes of
security and may not be revoked by Grantor until such time as the same are renounced by Lender.
Severability.If a court of competent jurisdiction finds any provision of this Assignment to be illegal,invalid,or unenforceable as to any
circumstance,that finding shall not make the offending provision illegal,invalid,or unenforceable as to any other circumstance.If feasible,
the offending provision shall be considered modified so that it becomes legal,valid and enforceable.If the offending provision cannot be so
modified,it shall be considered deleted from this Assignment.Unless otherwise required by law,the illegality,invalidity,or unenforceability
of any provision of this Assignment shall not affect the legality,validity or enforceability of any other provision of this Assignment.
Successors and Assigns.Subject to any limitations stated in this Assignment on transfer of Grantor's interest,this Assignment shall be
binding upon and inure to the benefit of the parties,their successors and assigns.If ownership of the Property becomes vested in a person
other than Grantor,Lender,without notice to Grantor,may deal with Grantor's successors with reference to this Assignment and the
Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Assignment or liability under the
Indebtedness.
Time is of the Essence.Time is of the essence in the performance of this Assignment.
DEFINITIONS.The following capitalized words and terms shall have the following meanings when used in this Assignment.Unless specifically
stated to the contrary,all references to dollar amounts shall mean amounts in lawful money of the United States of America.Words and terms
used in the singular shall include the plural,and the plural shall include the singular,as the context may require.Words and terms not otherwise
defined in this Assignment shall have the meanings attributed to such terms in the Uniform Commercial Code:
Assignment.The word "Assignment"means this ASSIGNMENT OF RENTS,as this ASSIGNMENT OF RENTS may be amended or modified
from time to time,together with all exhibits and schedules attached to this ASSIGNMENT OF RENTS from time to time.
Borrower.The word "Borrower"means Anna Community Development Corporation.
Default.The word "Default"means the Default set forth in this Assignment in the section titled "Default".
Grantor.The word "Grantor"means Anna Community Development Corporation.
Indebtedness.The word "Indebtedness"means all principal,interest,and other amounts,costs and expenses payable under the Note or
Related Documents,together with all renewals of,extensions of,modifications of,consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to
enforce Grantor's obligations under this Assignment,together with interest on such amounts as provided in this Assignment.
Lender.The word "Lender"means LAMAR NATIONAL BANK,its successors and assigns.
Note.The word "Note"means the promissory note dated January 15,2024,in the original principal amount of
$2,225,000.00 from Grantor to Lender,together with all renewals of,extensions of,modifications of,refinancings of,consolidations
of,and substitutions for the promissory note or agreement.
Property.The word "Property"means all of Grantor's right,title and interest in and to all the Property as described in the "Assignment"
section of this Assignment.
Related Documents.The words "Related Documents"mean all promissory notes,credit agreements,loan agreements,environmental
agreements,guaranties,security agreements,mortgages,deeds of trust,security deeds,collateral mortgages,and all other instruments,
agreements and documents,whether now or hereafter existing,executed in connection with the Indebtedness.
Rents.The word "Rents"means all of Grantor's present and future rights,title and interest in,to and under any and all present and future
leases,including,without limitation,all rents,revenue,income,issues,royalties,bonuses,accounts receivable,cash or security deposits,
advance rentals,profits and proceeds from the Property,and other payments and benefits derived or to be derived from such leases of
every kind and nature,whether due now or later,including without limitation Grantor's right to enforce such leases and to receive and
collect payment and proceeds thereunder.The word "Rents"shall also mean all "Rents"as defined in Chapter 64 of the Texas Property
Code.
ASSIGNMENT OF RENTS
(Continued)Page 4
THE UNDERSIGNED ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS ASSIGNMENT,AND NOT PERSONALLY BUT AS AN
AUTHORIZED SIGNER,HAS CAUSED THIS ASSIGNMENT TO BE SIGNED AND EXECUTED ON BEHALF OF GRANTOR ON JANUARY 15,2024.
GRANTOR:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
CORPORATE ACKNOWLEDGMENT
STATE OF ___________________________________)
)SS
COUNTY OF ___________________________________)
This instrument was acknowledged before me on ______________________________________,20________by ________________________________,
________________________________of Anna Community Development Corporation and ________________________________,
________________________________of Anna Community Development Corporation a _______________corporation,on behalf of said corporation.
_____________________________________________________
Notary Public,State of Texas
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\G14.FC TR-12672
PR-4
ASSIGNMENT OF RENTS
RECORDATION REQUESTED BY:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
WHEN RECORDED MAIL TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
SEND TAX NOTICES TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
THIS ASSIGNMENT OF RENTS dated January 15,2024,is made and executed between Anna Community
Development Corporation,whose address is (referred to
below as "Grantor")and LAMAR NATIONAL BANK,whose address is P.O.BOX 1097,PARIS,TX 75461 (referred
to below as "Lender").
ASSIGNMENT.For valuable consideration,Grantor hereby assigns,grants a continuing security interest in,and
conveys to Lender all of Grantor's right,title,and interest in and to the Rents from the following described Property
located in Collin County,State of Texas:
See See Exhibit A,which is attached to this Assignment and made a part of this Assignment as if fully set forth
herein.
The Property or its address is commonly known as 607 S.Interurban St,Anna,TX 75409.The Property tax
identification number is 2611381.
THIS ASSIGNMENT IS GIVEN TO SECURE (1)PAYMENT OF THE INDEBTEDNESS AND (2)PERFORMANCE OF ANY AND ALL OBLIGATIONS
OF GRANTOR UNDER THE NOTE,THIS ASSIGNMENT,AND THE RELATED DOCUMENTS.THIS ASSIGNMENT IS GIVEN AND ACCEPTED ON
THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE.Except as otherwise provided in this Assignment or any Related Documents,Grantor shall pay to Lender all
amounts secured by this Assignment as they become due,and shall strictly perform all of Grantor's obligations under this Assignment.Unless
and until Lender exercises its right to collect the Rents as provided below and so long as there is no default under this Assignment,Grantor may
remain in possession and control of and operate and manage the Property and collect the Rents,provided that the granting of the right to collect
the Rents shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding.
GRANTOR'S REPRESENTATIONS AND WARRANTIES.Grantor warrants that:
Ownership.Grantor is entitled to receive the Rents free and clear of all rights,loans,liens,encumbrances,and claims except as disclosed
to and accepted by Lender in writing.
Right to Assign.Grantor has the full right,power and authority to enter into this Assignment and to assign and convey the Rents to
Lender.
No Prior Assignment.Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
No Further Transfer.Grantor will not sell,assign,encumber,or otherwise dispose of any of Grantor's rights in the Rents except as
provided in this Assignment.
LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS.Lender shall have the right at any time,and even though no default shall have occurred
under this Assignment,to collect and receive the Rents.For this purpose,Lender is hereby given and granted the following rights,powers and
authority:
Notice to Tenants.Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all Rents
to be paid directly to Lender or Lender's agent.
Enter the Property.Lender may enter upon and take possession of the Property;demand,collect and receive from the tenants or from any
other persons liable therefor,all of the Rents;institute and carry on all legal proceedings necessary for the protection of the Property,
including such proceedings as may be necessary to recover possession of the Property;collect the Rents and remove any tenant or tenants
or other persons from the Property.
Maintain the Property.Lender may enter upon the Property to maintain the Property and keep the same in repair;to pay the costs thereof
and of all services of all employees,including their equipment,and of all continuing costs and expenses of maintaining the Property in
proper repair and condition,and also to pay all taxes,assessments and water utilities,and the premiums on fire and other insurance
effected by Lender on the Property.
Compliance with Laws.Lender may do any and all things to execute and comply with the laws of the State of Texas and also all other
laws,rules,orders,ordinances and requirements of all other governmental agencies affecting the Property.
Lease the Property.Lender may rent or lease the whole or any part of the Property for such term or terms and on such conditions as
Lender may deem appropriate.
Employ Agents.Lender may engage such agent or agents as Lender may deem appropriate,either in Lender's name or in Grantor's name,
to rent and manage the Property,including the collection and application of Rents.
ASSIGNMENT OF RENTS
(Continued)Page 2
Other Acts.Lender may do all such other things and acts with respect to the Property as Lender may deem appropriate and may act
exclusively and solely in the place and stead of Grantor and to have all of the powers of Grantor for the purposes stated above.
No Requirement to Act.Lender shall not be required to do any of the foregoing acts or things,and the fact that Lender shall have
performed one or more of the foregoing acts or things shall not require Lender to do any other specific act or thing.
APPLICATION OF RENTS.All costs and expenses incurred by Lender in connection with the Property shall be for Grantor's account and Lender
may pay such costs and expenses from the Rents.Lender,in its sole discretion,shall determine the application of any and all Rents received by
it;however,any such Rents received by Lender which are not applied to such costs and expenses shall be applied to the Indebtedness.All
expenditures made by Lender under this Assignment and not reimbursed from the Rents shall become a part of the Indebtedness secured by this
Assignment,and shall be payable on demand,with interest at the Note rate from date of expenditure until paid.
FULL PERFORMANCE.If Grantor pays all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor under
this Assignment,the Note,and the Related Documents,Lender shall execute and deliver to Grantor a suitable satisfaction of this Assignment
and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Property.
Any termination fee required by law shall be paid by Grantor,if permitted by applicable law.
LENDER'S EXPENDITURES.If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor
fails to comply with any provision of this Assignment or any Related Documents,including but not limited to Grantor's failure to discharge or
pay when due any amounts Grantor is required to discharge or pay under this Assignment or any Related Documents,Lender on Grantor's
behalf may (but shall not be obligated to)take any action that Lender deems appropriate,including but not limited to discharging or paying all
taxes,liens,security interests,encumbrances and other claims,at any time levied or placed on the Rents or the Property and paying all costs for
insuring,maintaining and preserving the Property.All such expenditures paid by Lender for such purposes will then bear interest at the Note
rate from the date paid by Lender to the date of repayment by Grantor.To the extent permitted by applicable law,all such expenses will
become a part of the Indebtedness and,at Lender's option,will (A)be payable on demand;(B)be added to the balance of the Note and be
apportioned among and be payable with any installment payments to become due during either (1)the term of any applicable insurance policy;
or (2)the remaining term of the Note;or (C)be treated as a balloon payment which will be due and payable at the Note's maturity.The
Assignment also will secure payment of these amounts.Such right shall be in addition to all other rights and remedies to which Lender may be
entitled upon Default.
DEFAULT.Default will occur if payment of the Indebtedness in full is not made immediately upon demand.
RIGHTS AND REMEDIES ON DEFAULT.Upon Default and at any time thereafter,Lender may exercise any one or more of the following rights
and remedies,in addition to any other rights or remedies provided by law:
Accelerate Indebtedness.Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately
due and payable,including any prepayment premium that Grantor would be required to pay.
Collect Rents.Lender shall have the right,upon providing any notice under applicable law,to take possession of the Property and collect
the Rents,including amounts past due and unpaid,and apply the net proceeds,over and above Lender's costs,against the Indebtedness.
In furtherance of this right,Lender shall have all the rights provided for in the Lender's Right to Receive and Collect Rents Section,above.
If the Rents are collected by Lender,then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments
received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds.Payments by tenants or other
users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made,whether or not any proper
grounds for the demand existed.Lender may exercise its rights under this subparagraph either in person,by agent,or through a receiver.
Appoint Receiver.Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property,with the
power to protect and preserve the Property,to operate the Property preceding foreclosure or sale,and to collect the Rents from the
Property and apply the proceeds,over and above the cost of the receivership,against the Indebtedness.The receiver may serve without
bond if permitted by law.Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by a substantial amount.Employment by Lender shall not disqualify a person from serving as a receiver.
Other Remedies.Lender shall have all other rights and remedies provided in this Assignment or the Note or by law.
Election of Remedies.Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy,and an election to make
expenditures or to take action to perform an obligation of Grantor under this Assignment,after Grantor's failure to perform,shall not affect
Lender's right to declare a default and exercise its remedies.
Attorneys'Fees;Expenses.If Lender institutes any suit or action to enforce any of the terms of this Assignment,Lender shall be entitled to
recover such sum as the court may adjudge reasonable as Lender's attorneys'fees at trial and upon any appeal.Whether or not any court
action is involved,and to the extent not prohibited by law,all reasonable expenses Lender incurs that in Lender's opinion are necessary at
any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and
shall bear interest at the Note rate from the date of the expenditure until repaid.Expenses covered by this paragraph include,without
limitation,however subject to any limits under applicable law,Lender's reasonable attorneys'fees and Lender's legal expenses,whether or
not there is a lawsuit,including Lender's reasonable attorneys'fees and expenses for bankruptcy proceedings (including efforts to modify
or vacate any automatic stay or injunction),appeals,and any anticipated post-judgment collection services,the cost of searching records,
obtaining title reports (including foreclosure reports),surveyors'reports,and appraisal fees,title insurance,and fees for the Trustee,to the
extent permitted by applicable law.Grantor also will pay any court costs,in addition to all other sums provided by law.In the event of
foreclosure of this Assignment,Lender shall be entitled to recover from Grantor Lender's reasonable attorneys'fees and actual
disbursements that Lender necessarily incurs in pursuing such foreclosure.
MISCELLANEOUS PROVISIONS.The following miscellaneous provisions are a part of this Assignment:
Amendments.This Assignment,together with any Related Documents,constitutes the entire understanding and agreement of the parties
as to the matters set forth in this Assignment.No alteration of or amendment to this Assignment shall be effective unless given in writing
and signed by the party or parties sought to be charged or bound by the alteration or amendment.
Caption Headings.Caption headings in this Assignment are for convenience purposes only and are not to be used to interpret or define the
provisions of this Assignment.
Governing Law.This Assignment will be governed by federal law applicable to Lender and,to the extent not preempted by federal law,the
laws of the State of Texas without regard to its conflicts of law provisions.This Assignment has been accepted by Lender in the State of
ASSIGNMENT OF RENTS
(Continued)Page 3
Texas.
Merger.There shall be no merger of the interest or estate created by this Assignment with any other interest or estate in the Property at
any time held by or for the benefit of Lender in any capacity,without the written consent of Lender.
Interpretation.(1)In all cases where there is more than one Borrower or Grantor,then all words used in this Assignment in the singular
shall be deemed to have been used in the plural where the context and construction so require.(2)If more than one person signs this
Assignment as "Grantor,"the obligations of each Grantor are joint and several.This means that if Lender brings a lawsuit,Lender may sue
any one or more of the Grantors.If Borrower and Grantor are not the same person,Lender need not sue Borrower first,and that Borrower
need not be joined in any lawsuit.(3)The names given to paragraphs or sections in this Assignment are for convenience purposes only.
They are not to be used to interpret or define the provisions of this Assignment.
No Waiver by Lender.Lender shall not be deemed to have waived any rights under this Assignment unless such waiver is given in writing
and signed by Lender.No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right.A waiver by Lender of a provision of this Assignment shall not prejudice or constitute a waiver of Lender's right otherwise to
demand strict compliance with that provision or any other provision of this Assignment.No prior waiver by Lender,nor any course of
dealing between Lender and Grantor,shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future
transactions.Whenever the consent of Lender is required under this Assignment,the granting of such consent by Lender in any instance
shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be
granted or withheld in the sole discretion of Lender.
Notices.Any notice required to be given under this Assignment shall be given in writing,and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law),when deposited with a nationally recognized overnight courier,
or,if mailed,when deposited in the United States mail,as first class,certified or registered mail postage prepaid,directed to the addresses
shown near the beginning of this Assignment.Any party may change its address for notices under this Assignment by giving formal
written notice to the other parties,specifying that the purpose of the notice is to change the party's address.For notice purposes,Grantor
agrees to keep Lender informed at all times of Grantor's current address.Unless otherwise provided or required by law,if there is more
than one Grantor,any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.
Powers of Attorney.The various agencies and powers of attorney conveyed on Lender under this Assignment are granted for purposes of
security and may not be revoked by Grantor until such time as the same are renounced by Lender.
Severability.If a court of competent jurisdiction finds any provision of this Assignment to be illegal,invalid,or unenforceable as to any
circumstance,that finding shall not make the offending provision illegal,invalid,or unenforceable as to any other circumstance.If feasible,
the offending provision shall be considered modified so that it becomes legal,valid and enforceable.If the offending provision cannot be so
modified,it shall be considered deleted from this Assignment.Unless otherwise required by law,the illegality,invalidity,or unenforceability
of any provision of this Assignment shall not affect the legality,validity or enforceability of any other provision of this Assignment.
Successors and Assigns.Subject to any limitations stated in this Assignment on transfer of Grantor's interest,this Assignment shall be
binding upon and inure to the benefit of the parties,their successors and assigns.If ownership of the Property becomes vested in a person
other than Grantor,Lender,without notice to Grantor,may deal with Grantor's successors with reference to this Assignment and the
Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Assignment or liability under the
Indebtedness.
Time is of the Essence.Time is of the essence in the performance of this Assignment.
DEFINITIONS.The following capitalized words and terms shall have the following meanings when used in this Assignment.Unless specifically
stated to the contrary,all references to dollar amounts shall mean amounts in lawful money of the United States of America.Words and terms
used in the singular shall include the plural,and the plural shall include the singular,as the context may require.Words and terms not otherwise
defined in this Assignment shall have the meanings attributed to such terms in the Uniform Commercial Code:
Assignment.The word "Assignment"means this ASSIGNMENT OF RENTS,as this ASSIGNMENT OF RENTS may be amended or modified
from time to time,together with all exhibits and schedules attached to this ASSIGNMENT OF RENTS from time to time.
Borrower.The word "Borrower"means Anna Community Development Corporation.
Default.The word "Default"means the Default set forth in this Assignment in the section titled "Default".
Grantor.The word "Grantor"means Anna Community Development Corporation.
Indebtedness.The word "Indebtedness"means all principal,interest,and other amounts,costs and expenses payable under the Note or
Related Documents,together with all renewals of,extensions of,modifications of,consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to
enforce Grantor's obligations under this Assignment,together with interest on such amounts as provided in this Assignment.
Lender.The word "Lender"means LAMAR NATIONAL BANK,its successors and assigns.
Note.The word "Note"means the promissory note dated January 15,2024,in the original principal amount of
$2,225,000.00 from Grantor to Lender,together with all renewals of,extensions of,modifications of,refinancings of,consolidations
of,and substitutions for the promissory note or agreement.
Property.The word "Property"means all of Grantor's right,title and interest in and to all the Property as described in the "Assignment"
section of this Assignment.
Related Documents.The words "Related Documents"mean all promissory notes,credit agreements,loan agreements,environmental
agreements,guaranties,security agreements,mortgages,deeds of trust,security deeds,collateral mortgages,and all other instruments,
agreements and documents,whether now or hereafter existing,executed in connection with the Indebtedness.
Rents.The word "Rents"means all of Grantor's present and future rights,title and interest in,to and under any and all present and future
leases,including,without limitation,all rents,revenue,income,issues,royalties,bonuses,accounts receivable,cash or security deposits,
advance rentals,profits and proceeds from the Property,and other payments and benefits derived or to be derived from such leases of
every kind and nature,whether due now or later,including without limitation Grantor's right to enforce such leases and to receive and
collect payment and proceeds thereunder.The word "Rents"shall also mean all "Rents"as defined in Chapter 64 of the Texas Property
Code.
ASSIGNMENT OF RENTS
(Continued)Page 4
THE UNDERSIGNED ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS ASSIGNMENT,AND NOT PERSONALLY BUT AS AN
AUTHORIZED SIGNER,HAS CAUSED THIS ASSIGNMENT TO BE SIGNED AND EXECUTED ON BEHALF OF GRANTOR ON JANUARY 15,2024.
GRANTOR:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
CORPORATE ACKNOWLEDGMENT
STATE OF ___________________________________)
)SS
COUNTY OF ___________________________________)
This instrument was acknowledged before me on ______________________________________,20________by ________________________________,
________________________________of Anna Community Development Corporation and ________________________________,
________________________________of Anna Community Development Corporation a _______________corporation,on behalf of said corporation.
_____________________________________________________
Notary Public,State of Texas
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\G14.FC TR-12672
PR-4
ASSIGNMENT OF RENTS
RECORDATION REQUESTED BY:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
WHEN RECORDED MAIL TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
SEND TAX NOTICES TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
THIS ASSIGNMENT OF RENTS dated January 15,2024,is made and executed between Anna Community
Development Corporation,whose address is (referred to
below as "Grantor")and LAMAR NATIONAL BANK,whose address is P.O.BOX 1097,PARIS,TX 75461 (referred
to below as "Lender").
ASSIGNMENT.For valuable consideration,Grantor hereby assigns,grants a continuing security interest in,and
conveys to Lender all of Grantor's right,title,and interest in and to the Rents from the following described Property
located in Collin County,State of Texas:
See See Exhibit A,which is attached to this Assignment and made a part of this Assignment as if fully set forth
herein.
The Property or its address is commonly known as 123 W 8th St.and Interurban St.,Anna,TX 75409.The
Property tax identification number is 2634611 &2634612.
THIS ASSIGNMENT IS GIVEN TO SECURE (1)PAYMENT OF THE INDEBTEDNESS AND (2)PERFORMANCE OF ANY AND ALL OBLIGATIONS
OF GRANTOR UNDER THE NOTE,THIS ASSIGNMENT,AND THE RELATED DOCUMENTS.THIS ASSIGNMENT IS GIVEN AND ACCEPTED ON
THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE.Except as otherwise provided in this Assignment or any Related Documents,Grantor shall pay to Lender all
amounts secured by this Assignment as they become due,and shall strictly perform all of Grantor's obligations under this Assignment.Unless
and until Lender exercises its right to collect the Rents as provided below and so long as there is no default under this Assignment,Grantor may
remain in possession and control of and operate and manage the Property and collect the Rents,provided that the granting of the right to collect
the Rents shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding.
GRANTOR'S REPRESENTATIONS AND WARRANTIES.Grantor warrants that:
Ownership.Grantor is entitled to receive the Rents free and clear of all rights,loans,liens,encumbrances,and claims except as disclosed
to and accepted by Lender in writing.
Right to Assign.Grantor has the full right,power and authority to enter into this Assignment and to assign and convey the Rents to
Lender.
No Prior Assignment.Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
No Further Transfer.Grantor will not sell,assign,encumber,or otherwise dispose of any of Grantor's rights in the Rents except as
provided in this Assignment.
LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS.Lender shall have the right at any time,and even though no default shall have occurred
under this Assignment,to collect and receive the Rents.For this purpose,Lender is hereby given and granted the following rights,powers and
authority:
Notice to Tenants.Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all Rents
to be paid directly to Lender or Lender's agent.
Enter the Property.Lender may enter upon and take possession of the Property;demand,collect and receive from the tenants or from any
other persons liable therefor,all of the Rents;institute and carry on all legal proceedings necessary for the protection of the Property,
including such proceedings as may be necessary to recover possession of the Property;collect the Rents and remove any tenant or tenants
or other persons from the Property.
Maintain the Property.Lender may enter upon the Property to maintain the Property and keep the same in repair;to pay the costs thereof
and of all services of all employees,including their equipment,and of all continuing costs and expenses of maintaining the Property in
proper repair and condition,and also to pay all taxes,assessments and water utilities,and the premiums on fire and other insurance
effected by Lender on the Property.
Compliance with Laws.Lender may do any and all things to execute and comply with the laws of the State of Texas and also all other
laws,rules,orders,ordinances and requirements of all other governmental agencies affecting the Property.
Lease the Property.Lender may rent or lease the whole or any part of the Property for such term or terms and on such conditions as
Lender may deem appropriate.
Employ Agents.Lender may engage such agent or agents as Lender may deem appropriate,either in Lender's name or in Grantor's name,
to rent and manage the Property,including the collection and application of Rents.
ASSIGNMENT OF RENTS
(Continued)Page 2
Other Acts.Lender may do all such other things and acts with respect to the Property as Lender may deem appropriate and may act
exclusively and solely in the place and stead of Grantor and to have all of the powers of Grantor for the purposes stated above.
No Requirement to Act.Lender shall not be required to do any of the foregoing acts or things,and the fact that Lender shall have
performed one or more of the foregoing acts or things shall not require Lender to do any other specific act or thing.
APPLICATION OF RENTS.All costs and expenses incurred by Lender in connection with the Property shall be for Grantor's account and Lender
may pay such costs and expenses from the Rents.Lender,in its sole discretion,shall determine the application of any and all Rents received by
it;however,any such Rents received by Lender which are not applied to such costs and expenses shall be applied to the Indebtedness.All
expenditures made by Lender under this Assignment and not reimbursed from the Rents shall become a part of the Indebtedness secured by this
Assignment,and shall be payable on demand,with interest at the Note rate from date of expenditure until paid.
FULL PERFORMANCE.If Grantor pays all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor under
this Assignment,the Note,and the Related Documents,Lender shall execute and deliver to Grantor a suitable satisfaction of this Assignment
and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Property.
Any termination fee required by law shall be paid by Grantor,if permitted by applicable law.
LENDER'S EXPENDITURES.If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor
fails to comply with any provision of this Assignment or any Related Documents,including but not limited to Grantor's failure to discharge or
pay when due any amounts Grantor is required to discharge or pay under this Assignment or any Related Documents,Lender on Grantor's
behalf may (but shall not be obligated to)take any action that Lender deems appropriate,including but not limited to discharging or paying all
taxes,liens,security interests,encumbrances and other claims,at any time levied or placed on the Rents or the Property and paying all costs for
insuring,maintaining and preserving the Property.All such expenditures paid by Lender for such purposes will then bear interest at the Note
rate from the date paid by Lender to the date of repayment by Grantor.To the extent permitted by applicable law,all such expenses will
become a part of the Indebtedness and,at Lender's option,will (A)be payable on demand;(B)be added to the balance of the Note and be
apportioned among and be payable with any installment payments to become due during either (1)the term of any applicable insurance policy;
or (2)the remaining term of the Note;or (C)be treated as a balloon payment which will be due and payable at the Note's maturity.The
Assignment also will secure payment of these amounts.Such right shall be in addition to all other rights and remedies to which Lender may be
entitled upon Default.
DEFAULT.Default will occur if payment of the Indebtedness in full is not made immediately upon demand.
RIGHTS AND REMEDIES ON DEFAULT.Upon Default and at any time thereafter,Lender may exercise any one or more of the following rights
and remedies,in addition to any other rights or remedies provided by law:
Accelerate Indebtedness.Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately
due and payable,including any prepayment premium that Grantor would be required to pay.
Collect Rents.Lender shall have the right,upon providing any notice under applicable law,to take possession of the Property and collect
the Rents,including amounts past due and unpaid,and apply the net proceeds,over and above Lender's costs,against the Indebtedness.
In furtherance of this right,Lender shall have all the rights provided for in the Lender's Right to Receive and Collect Rents Section,above.
If the Rents are collected by Lender,then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments
received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds.Payments by tenants or other
users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made,whether or not any proper
grounds for the demand existed.Lender may exercise its rights under this subparagraph either in person,by agent,or through a receiver.
Appoint Receiver.Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property,with the
power to protect and preserve the Property,to operate the Property preceding foreclosure or sale,and to collect the Rents from the
Property and apply the proceeds,over and above the cost of the receivership,against the Indebtedness.The receiver may serve without
bond if permitted by law.Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by a substantial amount.Employment by Lender shall not disqualify a person from serving as a receiver.
Other Remedies.Lender shall have all other rights and remedies provided in this Assignment or the Note or by law.
Election of Remedies.Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy,and an election to make
expenditures or to take action to perform an obligation of Grantor under this Assignment,after Grantor's failure to perform,shall not affect
Lender's right to declare a default and exercise its remedies.
Attorneys'Fees;Expenses.If Lender institutes any suit or action to enforce any of the terms of this Assignment,Lender shall be entitled to
recover such sum as the court may adjudge reasonable as Lender's attorneys'fees at trial and upon any appeal.Whether or not any court
action is involved,and to the extent not prohibited by law,all reasonable expenses Lender incurs that in Lender's opinion are necessary at
any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and
shall bear interest at the Note rate from the date of the expenditure until repaid.Expenses covered by this paragraph include,without
limitation,however subject to any limits under applicable law,Lender's reasonable attorneys'fees and Lender's legal expenses,whether or
not there is a lawsuit,including Lender's reasonable attorneys'fees and expenses for bankruptcy proceedings (including efforts to modify
or vacate any automatic stay or injunction),appeals,and any anticipated post-judgment collection services,the cost of searching records,
obtaining title reports (including foreclosure reports),surveyors'reports,and appraisal fees,title insurance,and fees for the Trustee,to the
extent permitted by applicable law.Grantor also will pay any court costs,in addition to all other sums provided by law.In the event of
foreclosure of this Assignment,Lender shall be entitled to recover from Grantor Lender's reasonable attorneys'fees and actual
disbursements that Lender necessarily incurs in pursuing such foreclosure.
MISCELLANEOUS PROVISIONS.The following miscellaneous provisions are a part of this Assignment:
Amendments.This Assignment,together with any Related Documents,constitutes the entire understanding and agreement of the parties
as to the matters set forth in this Assignment.No alteration of or amendment to this Assignment shall be effective unless given in writing
and signed by the party or parties sought to be charged or bound by the alteration or amendment.
Caption Headings.Caption headings in this Assignment are for convenience purposes only and are not to be used to interpret or define the
provisions of this Assignment.
Governing Law.This Assignment will be governed by federal law applicable to Lender and,to the extent not preempted by federal law,the
laws of the State of Texas without regard to its conflicts of law provisions.This Assignment has been accepted by Lender in the State of
ASSIGNMENT OF RENTS
(Continued)Page 3
Texas.
Merger.There shall be no merger of the interest or estate created by this Assignment with any other interest or estate in the Property at
any time held by or for the benefit of Lender in any capacity,without the written consent of Lender.
Interpretation.(1)In all cases where there is more than one Borrower or Grantor,then all words used in this Assignment in the singular
shall be deemed to have been used in the plural where the context and construction so require.(2)If more than one person signs this
Assignment as "Grantor,"the obligations of each Grantor are joint and several.This means that if Lender brings a lawsuit,Lender may sue
any one or more of the Grantors.If Borrower and Grantor are not the same person,Lender need not sue Borrower first,and that Borrower
need not be joined in any lawsuit.(3)The names given to paragraphs or sections in this Assignment are for convenience purposes only.
They are not to be used to interpret or define the provisions of this Assignment.
No Waiver by Lender.Lender shall not be deemed to have waived any rights under this Assignment unless such waiver is given in writing
and signed by Lender.No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right.A waiver by Lender of a provision of this Assignment shall not prejudice or constitute a waiver of Lender's right otherwise to
demand strict compliance with that provision or any other provision of this Assignment.No prior waiver by Lender,nor any course of
dealing between Lender and Grantor,shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future
transactions.Whenever the consent of Lender is required under this Assignment,the granting of such consent by Lender in any instance
shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be
granted or withheld in the sole discretion of Lender.
Notices.Any notice required to be given under this Assignment shall be given in writing,and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law),when deposited with a nationally recognized overnight courier,
or,if mailed,when deposited in the United States mail,as first class,certified or registered mail postage prepaid,directed to the addresses
shown near the beginning of this Assignment.Any party may change its address for notices under this Assignment by giving formal
written notice to the other parties,specifying that the purpose of the notice is to change the party's address.For notice purposes,Grantor
agrees to keep Lender informed at all times of Grantor's current address.Unless otherwise provided or required by law,if there is more
than one Grantor,any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.
Powers of Attorney.The various agencies and powers of attorney conveyed on Lender under this Assignment are granted for purposes of
security and may not be revoked by Grantor until such time as the same are renounced by Lender.
Severability.If a court of competent jurisdiction finds any provision of this Assignment to be illegal,invalid,or unenforceable as to any
circumstance,that finding shall not make the offending provision illegal,invalid,or unenforceable as to any other circumstance.If feasible,
the offending provision shall be considered modified so that it becomes legal,valid and enforceable.If the offending provision cannot be so
modified,it shall be considered deleted from this Assignment.Unless otherwise required by law,the illegality,invalidity,or unenforceability
of any provision of this Assignment shall not affect the legality,validity or enforceability of any other provision of this Assignment.
Successors and Assigns.Subject to any limitations stated in this Assignment on transfer of Grantor's interest,this Assignment shall be
binding upon and inure to the benefit of the parties,their successors and assigns.If ownership of the Property becomes vested in a person
other than Grantor,Lender,without notice to Grantor,may deal with Grantor's successors with reference to this Assignment and the
Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Assignment or liability under the
Indebtedness.
Time is of the Essence.Time is of the essence in the performance of this Assignment.
DEFINITIONS.The following capitalized words and terms shall have the following meanings when used in this Assignment.Unless specifically
stated to the contrary,all references to dollar amounts shall mean amounts in lawful money of the United States of America.Words and terms
used in the singular shall include the plural,and the plural shall include the singular,as the context may require.Words and terms not otherwise
defined in this Assignment shall have the meanings attributed to such terms in the Uniform Commercial Code:
Assignment.The word "Assignment"means this ASSIGNMENT OF RENTS,as this ASSIGNMENT OF RENTS may be amended or modified
from time to time,together with all exhibits and schedules attached to this ASSIGNMENT OF RENTS from time to time.
Borrower.The word "Borrower"means Anna Community Development Corporation.
Default.The word "Default"means the Default set forth in this Assignment in the section titled "Default".
Grantor.The word "Grantor"means Anna Community Development Corporation.
Indebtedness.The word "Indebtedness"means all principal,interest,and other amounts,costs and expenses payable under the Note or
Related Documents,together with all renewals of,extensions of,modifications of,consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to
enforce Grantor's obligations under this Assignment,together with interest on such amounts as provided in this Assignment.
Lender.The word "Lender"means LAMAR NATIONAL BANK,its successors and assigns.
Note.The word "Note"means the promissory note dated January 15,2024,in the original principal amount of
$2,225,000.00 from Grantor to Lender,together with all renewals of,extensions of,modifications of,refinancings of,consolidations
of,and substitutions for the promissory note or agreement.
Property.The word "Property"means all of Grantor's right,title and interest in and to all the Property as described in the "Assignment"
section of this Assignment.
Related Documents.The words "Related Documents"mean all promissory notes,credit agreements,loan agreements,environmental
agreements,guaranties,security agreements,mortgages,deeds of trust,security deeds,collateral mortgages,and all other instruments,
agreements and documents,whether now or hereafter existing,executed in connection with the Indebtedness.
Rents.The word "Rents"means all of Grantor's present and future rights,title and interest in,to and under any and all present and future
leases,including,without limitation,all rents,revenue,income,issues,royalties,bonuses,accounts receivable,cash or security deposits,
advance rentals,profits and proceeds from the Property,and other payments and benefits derived or to be derived from such leases of
every kind and nature,whether due now or later,including without limitation Grantor's right to enforce such leases and to receive and
collect payment and proceeds thereunder.The word "Rents"shall also mean all "Rents"as defined in Chapter 64 of the Texas Property
Code.
ASSIGNMENT OF RENTS
(Continued)Page 4
THE UNDERSIGNED ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS ASSIGNMENT,AND NOT PERSONALLY BUT AS AN
AUTHORIZED SIGNER,HAS CAUSED THIS ASSIGNMENT TO BE SIGNED AND EXECUTED ON BEHALF OF GRANTOR ON JANUARY 15,2024.
GRANTOR:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
CORPORATE ACKNOWLEDGMENT
STATE OF ___________________________________)
)SS
COUNTY OF ___________________________________)
This instrument was acknowledged before me on ______________________________________,20________by ________________________________,
________________________________of Anna Community Development Corporation and ________________________________,
________________________________of Anna Community Development Corporation a _______________corporation,on behalf of said corporation.
_____________________________________________________
Notary Public,State of Texas
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\G14.FC TR-12672
PR-4
ASSIGNMENT OF RENTS
RECORDATION REQUESTED BY:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
WHEN RECORDED MAIL TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
SEND TAX NOTICES TO:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
THIS ASSIGNMENT OF RENTS dated January 15,2024,is made and executed between Anna Community
Development Corporation,whose address is (referred to
below as "Grantor")and LAMAR NATIONAL BANK,whose address is P.O.BOX 1097,PARIS,TX 75461 (referred
to below as "Lender").
ASSIGNMENT.For valuable consideration,Grantor hereby assigns,grants a continuing security interest in,and
conveys to Lender all of Grantor's right,title,and interest in and to the Rents from the following described Property
located in Collin County,State of Texas:
See See Exhibit A,which is attached to this Assignment and made a part of this Assignment as if fully set forth
herein.
The Property or its address is commonly known as 110 W.White St,Anna,TX 75409.The Property tax
identification number is 1017615.
THIS ASSIGNMENT IS GIVEN TO SECURE (1)PAYMENT OF THE INDEBTEDNESS AND (2)PERFORMANCE OF ANY AND ALL OBLIGATIONS
OF GRANTOR UNDER THE NOTE,THIS ASSIGNMENT,AND THE RELATED DOCUMENTS.THIS ASSIGNMENT IS GIVEN AND ACCEPTED ON
THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE.Except as otherwise provided in this Assignment or any Related Documents,Grantor shall pay to Lender all
amounts secured by this Assignment as they become due,and shall strictly perform all of Grantor's obligations under this Assignment.Unless
and until Lender exercises its right to collect the Rents as provided below and so long as there is no default under this Assignment,Grantor may
remain in possession and control of and operate and manage the Property and collect the Rents,provided that the granting of the right to collect
the Rents shall not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding.
GRANTOR'S REPRESENTATIONS AND WARRANTIES.Grantor warrants that:
Ownership.Grantor is entitled to receive the Rents free and clear of all rights,loans,liens,encumbrances,and claims except as disclosed
to and accepted by Lender in writing.
Right to Assign.Grantor has the full right,power and authority to enter into this Assignment and to assign and convey the Rents to
Lender.
No Prior Assignment.Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
No Further Transfer.Grantor will not sell,assign,encumber,or otherwise dispose of any of Grantor's rights in the Rents except as
provided in this Assignment.
LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS.Lender shall have the right at any time,and even though no default shall have occurred
under this Assignment,to collect and receive the Rents.For this purpose,Lender is hereby given and granted the following rights,powers and
authority:
Notice to Tenants.Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all Rents
to be paid directly to Lender or Lender's agent.
Enter the Property.Lender may enter upon and take possession of the Property;demand,collect and receive from the tenants or from any
other persons liable therefor,all of the Rents;institute and carry on all legal proceedings necessary for the protection of the Property,
including such proceedings as may be necessary to recover possession of the Property;collect the Rents and remove any tenant or tenants
or other persons from the Property.
Maintain the Property.Lender may enter upon the Property to maintain the Property and keep the same in repair;to pay the costs thereof
and of all services of all employees,including their equipment,and of all continuing costs and expenses of maintaining the Property in
proper repair and condition,and also to pay all taxes,assessments and water utilities,and the premiums on fire and other insurance
effected by Lender on the Property.
Compliance with Laws.Lender may do any and all things to execute and comply with the laws of the State of Texas and also all other
laws,rules,orders,ordinances and requirements of all other governmental agencies affecting the Property.
Lease the Property.Lender may rent or lease the whole or any part of the Property for such term or terms and on such conditions as
Lender may deem appropriate.
Employ Agents.Lender may engage such agent or agents as Lender may deem appropriate,either in Lender's name or in Grantor's name,
to rent and manage the Property,including the collection and application of Rents.
ASSIGNMENT OF RENTS
(Continued)Page 2
Other Acts.Lender may do all such other things and acts with respect to the Property as Lender may deem appropriate and may act
exclusively and solely in the place and stead of Grantor and to have all of the powers of Grantor for the purposes stated above.
No Requirement to Act.Lender shall not be required to do any of the foregoing acts or things,and the fact that Lender shall have
performed one or more of the foregoing acts or things shall not require Lender to do any other specific act or thing.
APPLICATION OF RENTS.All costs and expenses incurred by Lender in connection with the Property shall be for Grantor's account and Lender
may pay such costs and expenses from the Rents.Lender,in its sole discretion,shall determine the application of any and all Rents received by
it;however,any such Rents received by Lender which are not applied to such costs and expenses shall be applied to the Indebtedness.All
expenditures made by Lender under this Assignment and not reimbursed from the Rents shall become a part of the Indebtedness secured by this
Assignment,and shall be payable on demand,with interest at the Note rate from date of expenditure until paid.
FULL PERFORMANCE.If Grantor pays all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor under
this Assignment,the Note,and the Related Documents,Lender shall execute and deliver to Grantor a suitable satisfaction of this Assignment
and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Property.
Any termination fee required by law shall be paid by Grantor,if permitted by applicable law.
LENDER'S EXPENDITURES.If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor
fails to comply with any provision of this Assignment or any Related Documents,including but not limited to Grantor's failure to discharge or
pay when due any amounts Grantor is required to discharge or pay under this Assignment or any Related Documents,Lender on Grantor's
behalf may (but shall not be obligated to)take any action that Lender deems appropriate,including but not limited to discharging or paying all
taxes,liens,security interests,encumbrances and other claims,at any time levied or placed on the Rents or the Property and paying all costs for
insuring,maintaining and preserving the Property.All such expenditures paid by Lender for such purposes will then bear interest at the Note
rate from the date paid by Lender to the date of repayment by Grantor.To the extent permitted by applicable law,all such expenses will
become a part of the Indebtedness and,at Lender's option,will (A)be payable on demand;(B)be added to the balance of the Note and be
apportioned among and be payable with any installment payments to become due during either (1)the term of any applicable insurance policy;
or (2)the remaining term of the Note;or (C)be treated as a balloon payment which will be due and payable at the Note's maturity.The
Assignment also will secure payment of these amounts.Such right shall be in addition to all other rights and remedies to which Lender may be
entitled upon Default.
DEFAULT.Default will occur if payment of the Indebtedness in full is not made immediately upon demand.
RIGHTS AND REMEDIES ON DEFAULT.Upon Default and at any time thereafter,Lender may exercise any one or more of the following rights
and remedies,in addition to any other rights or remedies provided by law:
Accelerate Indebtedness.Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately
due and payable,including any prepayment premium that Grantor would be required to pay.
Collect Rents.Lender shall have the right,upon providing any notice under applicable law,to take possession of the Property and collect
the Rents,including amounts past due and unpaid,and apply the net proceeds,over and above Lender's costs,against the Indebtedness.
In furtherance of this right,Lender shall have all the rights provided for in the Lender's Right to Receive and Collect Rents Section,above.
If the Rents are collected by Lender,then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments
received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds.Payments by tenants or other
users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made,whether or not any proper
grounds for the demand existed.Lender may exercise its rights under this subparagraph either in person,by agent,or through a receiver.
Appoint Receiver.Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property,with the
power to protect and preserve the Property,to operate the Property preceding foreclosure or sale,and to collect the Rents from the
Property and apply the proceeds,over and above the cost of the receivership,against the Indebtedness.The receiver may serve without
bond if permitted by law.Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by a substantial amount.Employment by Lender shall not disqualify a person from serving as a receiver.
Other Remedies.Lender shall have all other rights and remedies provided in this Assignment or the Note or by law.
Election of Remedies.Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy,and an election to make
expenditures or to take action to perform an obligation of Grantor under this Assignment,after Grantor's failure to perform,shall not affect
Lender's right to declare a default and exercise its remedies.
Attorneys'Fees;Expenses.If Lender institutes any suit or action to enforce any of the terms of this Assignment,Lender shall be entitled to
recover such sum as the court may adjudge reasonable as Lender's attorneys'fees at trial and upon any appeal.Whether or not any court
action is involved,and to the extent not prohibited by law,all reasonable expenses Lender incurs that in Lender's opinion are necessary at
any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and
shall bear interest at the Note rate from the date of the expenditure until repaid.Expenses covered by this paragraph include,without
limitation,however subject to any limits under applicable law,Lender's reasonable attorneys'fees and Lender's legal expenses,whether or
not there is a lawsuit,including Lender's reasonable attorneys'fees and expenses for bankruptcy proceedings (including efforts to modify
or vacate any automatic stay or injunction),appeals,and any anticipated post-judgment collection services,the cost of searching records,
obtaining title reports (including foreclosure reports),surveyors'reports,and appraisal fees,title insurance,and fees for the Trustee,to the
extent permitted by applicable law.Grantor also will pay any court costs,in addition to all other sums provided by law.In the event of
foreclosure of this Assignment,Lender shall be entitled to recover from Grantor Lender's reasonable attorneys'fees and actual
disbursements that Lender necessarily incurs in pursuing such foreclosure.
MISCELLANEOUS PROVISIONS.The following miscellaneous provisions are a part of this Assignment:
Amendments.This Assignment,together with any Related Documents,constitutes the entire understanding and agreement of the parties
as to the matters set forth in this Assignment.No alteration of or amendment to this Assignment shall be effective unless given in writing
and signed by the party or parties sought to be charged or bound by the alteration or amendment.
Caption Headings.Caption headings in this Assignment are for convenience purposes only and are not to be used to interpret or define the
provisions of this Assignment.
Governing Law.This Assignment will be governed by federal law applicable to Lender and,to the extent not preempted by federal law,the
laws of the State of Texas without regard to its conflicts of law provisions.This Assignment has been accepted by Lender in the State of
ASSIGNMENT OF RENTS
(Continued)Page 3
Texas.
Merger.There shall be no merger of the interest or estate created by this Assignment with any other interest or estate in the Property at
any time held by or for the benefit of Lender in any capacity,without the written consent of Lender.
Interpretation.(1)In all cases where there is more than one Borrower or Grantor,then all words used in this Assignment in the singular
shall be deemed to have been used in the plural where the context and construction so require.(2)If more than one person signs this
Assignment as "Grantor,"the obligations of each Grantor are joint and several.This means that if Lender brings a lawsuit,Lender may sue
any one or more of the Grantors.If Borrower and Grantor are not the same person,Lender need not sue Borrower first,and that Borrower
need not be joined in any lawsuit.(3)The names given to paragraphs or sections in this Assignment are for convenience purposes only.
They are not to be used to interpret or define the provisions of this Assignment.
No Waiver by Lender.Lender shall not be deemed to have waived any rights under this Assignment unless such waiver is given in writing
and signed by Lender.No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right.A waiver by Lender of a provision of this Assignment shall not prejudice or constitute a waiver of Lender's right otherwise to
demand strict compliance with that provision or any other provision of this Assignment.No prior waiver by Lender,nor any course of
dealing between Lender and Grantor,shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future
transactions.Whenever the consent of Lender is required under this Assignment,the granting of such consent by Lender in any instance
shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be
granted or withheld in the sole discretion of Lender.
Notices.Any notice required to be given under this Assignment shall be given in writing,and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law),when deposited with a nationally recognized overnight courier,
or,if mailed,when deposited in the United States mail,as first class,certified or registered mail postage prepaid,directed to the addresses
shown near the beginning of this Assignment.Any party may change its address for notices under this Assignment by giving formal
written notice to the other parties,specifying that the purpose of the notice is to change the party's address.For notice purposes,Grantor
agrees to keep Lender informed at all times of Grantor's current address.Unless otherwise provided or required by law,if there is more
than one Grantor,any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.
Powers of Attorney.The various agencies and powers of attorney conveyed on Lender under this Assignment are granted for purposes of
security and may not be revoked by Grantor until such time as the same are renounced by Lender.
Severability.If a court of competent jurisdiction finds any provision of this Assignment to be illegal,invalid,or unenforceable as to any
circumstance,that finding shall not make the offending provision illegal,invalid,or unenforceable as to any other circumstance.If feasible,
the offending provision shall be considered modified so that it becomes legal,valid and enforceable.If the offending provision cannot be so
modified,it shall be considered deleted from this Assignment.Unless otherwise required by law,the illegality,invalidity,or unenforceability
of any provision of this Assignment shall not affect the legality,validity or enforceability of any other provision of this Assignment.
Successors and Assigns.Subject to any limitations stated in this Assignment on transfer of Grantor's interest,this Assignment shall be
binding upon and inure to the benefit of the parties,their successors and assigns.If ownership of the Property becomes vested in a person
other than Grantor,Lender,without notice to Grantor,may deal with Grantor's successors with reference to this Assignment and the
Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Assignment or liability under the
Indebtedness.
Time is of the Essence.Time is of the essence in the performance of this Assignment.
DEFINITIONS.The following capitalized words and terms shall have the following meanings when used in this Assignment.Unless specifically
stated to the contrary,all references to dollar amounts shall mean amounts in lawful money of the United States of America.Words and terms
used in the singular shall include the plural,and the plural shall include the singular,as the context may require.Words and terms not otherwise
defined in this Assignment shall have the meanings attributed to such terms in the Uniform Commercial Code:
Assignment.The word "Assignment"means this ASSIGNMENT OF RENTS,as this ASSIGNMENT OF RENTS may be amended or modified
from time to time,together with all exhibits and schedules attached to this ASSIGNMENT OF RENTS from time to time.
Borrower.The word "Borrower"means Anna Community Development Corporation.
Default.The word "Default"means the Default set forth in this Assignment in the section titled "Default".
Grantor.The word "Grantor"means Anna Community Development Corporation.
Indebtedness.The word "Indebtedness"means all principal,interest,and other amounts,costs and expenses payable under the Note or
Related Documents,together with all renewals of,extensions of,modifications of,consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to
enforce Grantor's obligations under this Assignment,together with interest on such amounts as provided in this Assignment.
Lender.The word "Lender"means LAMAR NATIONAL BANK,its successors and assigns.
Note.The word "Note"means the promissory note dated January 15,2024,in the original principal amount of
$2,225,000.00 from Grantor to Lender,together with all renewals of,extensions of,modifications of,refinancings of,consolidations
of,and substitutions for the promissory note or agreement.
Property.The word "Property"means all of Grantor's right,title and interest in and to all the Property as described in the "Assignment"
section of this Assignment.
Related Documents.The words "Related Documents"mean all promissory notes,credit agreements,loan agreements,environmental
agreements,guaranties,security agreements,mortgages,deeds of trust,security deeds,collateral mortgages,and all other instruments,
agreements and documents,whether now or hereafter existing,executed in connection with the Indebtedness.
Rents.The word "Rents"means all of Grantor's present and future rights,title and interest in,to and under any and all present and future
leases,including,without limitation,all rents,revenue,income,issues,royalties,bonuses,accounts receivable,cash or security deposits,
advance rentals,profits and proceeds from the Property,and other payments and benefits derived or to be derived from such leases of
every kind and nature,whether due now or later,including without limitation Grantor's right to enforce such leases and to receive and
collect payment and proceeds thereunder.The word "Rents"shall also mean all "Rents"as defined in Chapter 64 of the Texas Property
Code.
ASSIGNMENT OF RENTS
(Continued)Page 4
THE UNDERSIGNED ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS ASSIGNMENT,AND NOT PERSONALLY BUT AS AN
AUTHORIZED SIGNER,HAS CAUSED THIS ASSIGNMENT TO BE SIGNED AND EXECUTED ON BEHALF OF GRANTOR ON JANUARY 15,2024.
GRANTOR:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
CORPORATE ACKNOWLEDGMENT
STATE OF ___________________________________)
)SS
COUNTY OF ___________________________________)
This instrument was acknowledged before me on ______________________________________,20________by ________________________________,
________________________________of Anna Community Development Corporation and ________________________________,
________________________________of Anna Community Development Corporation a _______________corporation,on behalf of said corporation.
_____________________________________________________
Notary Public,State of Texas
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\G14.FC TR-12672
PR-4
ELECTRONIC CONSENT
Principal Loan Date Maturity Loan No Call /Coll Account Officer Initials
$2,225,000.00 01-15-2024 11-15-2033 873235 0029 BB
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***"has been omitted due to text length limitations.
Borrower:Anna Community Development Corporation Lender:LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
Consent for Electronic Transactions,Records,and Signatures
Please read this Consent for Electronic Transactions,Records,and Signatures (the "Consent")carefully and print or retain a copy for your records.Definitions.As used in this Consent,the
following terms have the following respective meanings:
"Communication"means any communication,notice,disclosure,terms,conditions,agreement,record,statement,or other information that we provide to you,or that we ask you to provide to us,
in connection with any Online Service.Depending on which Online Service you obtain or use,Communications may include,but are not limited to:
1)this Consent and any amendments to this Consent;
2)information and disclosures that are required by certain federal and state laws and regulations,as applicable ("Law"),including initial disclosures about an Online Service you
are obtaining
from us,such as disclosures required by the Electronic Fund Transfer Act,the Truth in Savings Act,the Expedited Funds Availability Act,
the Truth in Lending Act,the Equal Credit Opportunity Act,the Fair Credit Reporting Act,or the Real Estate Settlement Procedures Act,and notices of changes to those disclosures;
3)periodic account statements and other information and notices about Online Service usage,maintenance,activity,transactions,fees,and charges,including periodic information that
we must provide pursuant to Law;our consumer privacy notice;and
4)"Electronic Record"means an electronic or digital version of any Communication.
5)"Online Service"means any electronic product or electronic service we offer that you apply for,obtain,use,administer,or access using the Internet,a website,email,messaging
services (including text messaging),or software applications (including mobile applications),whether by or through a personal computer or mobile or hand held computing device,
either now or in the future.The term also includes any non-electronic account or other non-electronic financial product or service we offer that you apply for,obtain,use,administer
or access electronically by or through a personal computer or mobile or hand-held computing device,either now or in The future.
6)"We", "us", and "our" mean and refer to, as the context may require, Lamar National
Bank or any affiliate of Lamar National Bank that provides an Online Service to you.
7)"You"and "your"mean and refer to the person accepting this Consent and to each and every person who now or hereafter is an account holder,subscriber,user,or owner with
respect to,or has any interest in and authority to use,any Online Service.
Grant of Consent; Scope of Consent. With regard to the federal Electronic Signatures in Global and National Commerce Act, you acknowledge and agree that each and every Online Service you
obtain or use is a transaction in or affecting interstate or foreign commerce.You consent and agree:
1)to do business and to enter into contracts with us electronically and to engage in electronic transactions with us,
2)to receive and to provide Electronic Records,and
3)to use electronic sounds,symbols,or processes as an electronic signature signifying your intent to be bound.
4)Scanning and emailing executed electronic documents to our office for funding.
You further agree that Electronic Records will be sufficient as "writings"under applicable law or regulation.Your consent to the receipt,provision,use,and exchange of Electronic Records applies
not only to the particular transaction with respect to which you are accepting this Consent,but also to all Communications that may be provided or made available during the course of our Online
Service relationships with you.At our option,the delivery of Electronic Records may begin immediately upon your acceptance of this Consent and without further action on your part.If,after
accepting this Consent,you from time to time enroll in,use,or obtain additional Online Services,you agree that this Consent will apply to those Online Services,and you agree that it is not
necessary for us to re-present or for you to re-accept terms like those within this Consent.If we do present you with such terms in connection with any Online Service in the future and you do not
accept them,you agree that your decision not to accept the terms will not constitute a termination or rejection of this Consent with respect to any other Online Services.
Use of Paper Communications.Notwithstanding your agreement and consent to exchange information with us electronically as provided in this Consent,we reserve the right to provide you,and
the right to require you to provide us,with a written or paper version of any Communication in addition to or instead of an Electronic Record of the Communication in our discretion or as the law
may require.If you are required by law or the terms of any agreement with us to provide any notice in writing,you must provide that notice in writing notwithstanding your agreement exchange
information with us electronically as provided in this Consent,unless we specifically advise you in a Communication that you may provide the notice electronically.
Delivery of Electronic Records.We may deliver Electronic Records to you by emailing you directly the documents to be executed.
Updating Your Email or Other Electronic Address.You must promptly notify us of any change in the email address,mobile telephone number,or other electronic address that you have provided to
us for the receipt of Electronic Records.
Amendments and Modifications.We reserve the right,in our sole discretion,to discontinue the use of Electronic Records in connection with any Online Service or to terminate or change the terms
and conditions on which you and we use and exchange Electronic Records as provided in this Consent (including changing the hardware and software requirements),or otherwise to amend this
Consent.Your continued use of Online Services after we provide notice of any change or amendment to the terms of this Consent constitutes your agreement to the change or amendment (and
your confirmation that you continue to satisfy hardware and software requirements,as applicable).We also reserve the right to require you to re-accept any amended version of this Consent as a
condition for the continued use of any Online Service or the continued use of Electronic Records in connection with any Online Service.
BORROWER:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\G60.FC TR-12672 PR-4
AGREEMENT TO PROVIDE INSURANCE
Principal Loan Date Maturity Loan No Call /Coll Account Officer Initials
$2,225,000.00 01-15-2024 11-15-2033 873235 0029 BB
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***"has been omitted due to text length limitations.
Grantor:Anna Community Development Corporation Lender:LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
INSURANCE REQUIREMENTS.Grantor,Anna Community Development Corporation ("Grantor"),understands that insurance coverage is
required in connection with the extending of a loan or the providing of other financial accommodations to Grantor by Lender.These
requirements are set forth in the security documents for the loan.The following minimum insurance coverages must be provided on the
following described collateral (the "Collateral"):
Collateral:607 S.Interurban St,Anna,TX 75409.
Type:Fire and extended coverage.
Amount:Full Insurable Value.
Basis:Replacement value.
Endorsements:Standard mortgagee's clause with stipulation that coverage will not be cancelled or diminished without a
minimum of 10 days prior written notice to Lender,and without disclaimer of the insurer's liability for failure to give such
notice.
Latest Delivery Date:By the loan closing date.
Collateral:110 W.White St,Anna,TX 75409.
Type:Fire and extended coverage.
Amount:Full Insurable Value.
Basis:Replacement value.
Endorsements:Standard mortgagee's clause with stipulation that coverage will not be cancelled or diminished without a
minimum of 10 days prior written notice to Lender,and without disclaimer of the insurer's liability for failure to give such
notice.
Latest Delivery Date:By the loan closing date.
Collateral:123 W 8th St.and Interurban St.,Anna,TX 75409.
Type:Fire and extended coverage.
Amount:Full Insurable Value.
Basis:Replacement value.
Endorsements:Standard mortgagee's clause with stipulation that coverage will not be cancelled or diminished without a
minimum of 10 days prior written notice to Lender,and without disclaimer of the insurer's liability for failure to give such
notice.
Latest Delivery Date:By the loan closing date.
Collateral:118 W White St,Anna,TX 75409.
Type:Fire and extended coverage.
Amount:Full Insurable Value.
Basis:Replacement value.
Endorsements:Standard mortgagee's clause with stipulation that coverage will not be cancelled or diminished without a
minimum of 10 days prior written notice to Lender,and without disclaimer of the insurer's liability for failure to give such
notice.
Latest Delivery Date:By the loan closing date.
INSURANCE COMPANY.Grantor may obtain insurance from any insurance company Grantor may choose that is reasonably acceptable to
Lender.Grantor understands that credit may not be denied solely because insurance was not purchased through Lender.
FLOOD INSURANCE.Flood Insurance for the Collateral securing this loan is described as follows:
Real Estate at 607 S.Interurban St,Anna,TX 75409.
Should the Collateral at any time be deemed to be located in an area designated by the Administrator of the Federal Emergency
Management Agency as a special flood hazard area.Grantor agrees to obtain and maintain flood insurance,if available,for the full unpaid
principal balance of the loan and any prior liens on the property securing the loan,up to the maximum policy limits set under the National
Flood Insurance Program,or as otherwise required by Lender,and to maintain such insurance for the term of the loan.Flood insurance may
be purchased under the National Flood Insurance Program,from private insurers providing "private flood insurance"as defined by applicable
federal flood insurance statutes and regulations,or from another flood insurance provider that is both acceptable to Lender in its sole
discretion and permitted by applicable federal flood insurance statutes and regulations.
Real Estate at 110 W.White St,Anna,TX 75409.
Should the Collateral at any time be deemed to be located in an area designated by the Administrator of the Federal Emergency
Management Agency as a special flood hazard area.Grantor agrees to obtain and maintain flood insurance,if available,for the full unpaid
principal balance of the loan and any prior liens on the property securing the loan,up to the maximum policy limits set under the National
Flood Insurance Program,or as otherwise required by Lender,and to maintain such insurance for the term of the loan.Flood insurance may
be purchased under the National Flood Insurance Program,from private insurers providing "private flood insurance"as defined by applicable
federal flood insurance statutes and regulations,or from another flood insurance provider that is both acceptable to Lender in its sole
discretion and permitted by applicable federal flood insurance statutes and regulations.
Real Estate at 123 W 8th St.and Interurban St.,Anna,TX 75409.
Should the Collateral at any time be deemed to be located in an area designated by the Administrator of the Federal Emergency
Management Agency as a special flood hazard area.Grantor agrees to obtain and maintain flood insurance,if available,for the full unpaid
principal balance of the loan and any prior liens on the property securing the loan,up to the maximum policy limits set under the National
Flood Insurance Program,or as otherwise required by Lender,and to maintain such insurance for the term of the loan.Flood insurance may
be purchased under the National Flood Insurance Program,from private insurers providing "private flood insurance"as defined by applicable
federal flood insurance statutes and regulations,or from another flood insurance provider that is both acceptable to Lender in its sole
discretion and permitted by applicable federal flood insurance statutes and regulations.
Real Estate at 118 W White St,Anna,TX 75409.
AGREEMENT TO PROVIDE INSURANCE
(Continued)Loan No:873235 Page 2
The Collateral securing this loan is not currently located in an area identified as having special flood hazards.Therefore,no special flood
hazard insurance is necessary at this time.Should the Collateral at any time be deemed to be located in an area designated by the
Administrator of the Federal Emergency Management Agency as a special flood hazard area,Grantor agrees to obtain and maintain flood
insurance,if available,within 45 days after notice is given by Lender that the Collateral is located in a special flood hazard area,for the full
unpaid principal balance of the loan and any prior liens on the property securing the loan,up to the maximum policy limits set under the
National Flood Insurance Program,or as otherwise required by Lender,and to maintain such insurance for the term of the loan.Flood
insurance may be purchased under the National Flood Insurance Program,from private insurers providing "private flood insurance"as
defined by applicable federal flood insurance statutes and regulations,or from another flood insurance provider that is both acceptable to
Lender in its sole discretion and permitted by applicable federal flood insurance statutes and regulations.
INSURANCE MAILING ADDRESS.All documents and other materials relating to insurance for this loan should be mailed,delivered or directed to
the following address:
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
FAILURE TO PROVIDE INSURANCE.Grantor agrees to deliver to Lender,on the latest delivery date stated above,evidence of the required
insurance as provided above,with an effective date of January 15,2024,or earlier.Grantor acknowledges and agrees that if Grantor fails to
provide any required insurance or fails to continue such insurance in force,Lender may do so at Grantor's expense as provided in the applicable
security document.The cost of any such insurance,at the option of Lender,shall be added to the indebtedness as provided in the security
document.GRANTOR ACKNOWLEDGES THAT IF LENDER SO PURCHASES ANY SUCH INSURANCE,THE INSURANCE WILL PROVIDE LIMITED
PROTECTION AGAINST PHYSICAL DAMAGE TO THE COLLATERAL,UP TO AN AMOUNT EQUAL TO THE LESSER OF (1)THE UNPAID
BALANCE OF THE DEBT,EXCLUDING ANY UNEARNED FINANCE CHARGES,OR (2)THE VALUE OF THE COLLATERAL;HOWEVER,
GRANTOR'S EQUITY IN THE COLLATERAL MAY NOT BE INSURED.IN ADDITION,THE INSURANCE MAY NOT PROVIDE ANY PUBLIC
LIABILITY OR PROPERTY DAMAGE INDEMNIFICATION AND MAY NOT MEET THE REQUIREMENTS OF ANY FINANCIAL RESPONSIBILITY
LAWS.
If such insurance purchased by Lender is procured at a rate or charge not fixed or approved by the State Board of Insurance,Grantor will be so
notified,and Grantor may at any time cause the cancellation of collateral protection insurance by providing proper evidence to Lender that
Grantor has obtained insurance as required by the security document.
Texas Creditor-Placed Insurance Notice:Grantor is required to keep the Collateral insured against damage in the amount specified by Lender.
Grantor will purchase the insurance from an insurer that is authorized to do business in Texas or an eligible surplus lines insurer.Lender shall be
named as the person to be paid under such policy in the event of loss.If required by Lender,Grantor must deliver a copy of the policy and proof
of the payment of premiums to Lender.If Grantor fails to meet any of these requirements,Lender may,but does not have to,obtain collateral
protection insurance on Grantor's behalf at Grantor's expense.
AUTHORIZATION.For purposes of insurance coverage on the Collateral,Grantor authorizes Lender to provide to any person (including any
insurance agent or company)all information Lender deems appropriate,whether regarding the Collateral,the loan or other financial
accommodations,or both.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS AGREEMENT TO PROVIDE INSURANCE AND AGREES TO ITS
TERMS.THIS AGREEMENT IS DATED JANUARY 15,2024.
GRANTOR:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
FOR LENDER USE ONLY
INSURANCE VERIFICATIONDATE:__________________________PHONE
AGENT'S NAME:
AGENCY:
ADDRESS:
INSURANCE COMPANY:
POLICY NUMBER:
EFFECTIVE DATES:
COMMENTS:
AGREEMENT TO PROVIDE INSURANCE
(Continued)Loan No:873235 Page 3
FOR LENDER USE ONLY
INSURANCE VERIFICATIONDATE:__________________________PHONE
AGENT'S NAME:
AGENCY:
ADDRESS:
INSURANCE COMPANY:
POLICY NUMBER:
EFFECTIVE DATES:
COMMENTS:
FOR LENDER USE ONLY
INSURANCE VERIFICATIONDATE:__________________________PHONE
AGENT'S NAME:
AGENCY:
ADDRESS:
INSURANCE COMPANY:
POLICY NUMBER:
EFFECTIVE DATES:
COMMENTS:
FOR LENDER USE ONLY
INSURANCE VERIFICATIONDATE:__________________________PHONE
AGENT'S NAME:
AGENCY:
ADDRESS:
INSURANCE COMPANY:
POLICY NUMBER:
EFFECTIVE DATES:
COMMENTS:
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\I10.FC TR-12672 PR-4
DISBURSEMENT REQUEST AND AUTHORIZATION
Principal Loan Date Maturity Loan No Call /Coll Account Officer Initials
$2,225,000.00 01-15-2024 11-15-2033 873235 0029 BB
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***"has been omitted due to text length limitations.
Borrower:Anna Community Development Corporation Lender:LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
LOAN TYPE.This is a non-precomputed Fixed Rate (5.500%)Nondisclosable Installment Loan to a Corporation for $2,225,000.00 due on
demand and,if no demand,on November 15,2033.
PRIMARY PURPOSE OF LOAN.The primary purpose of this loan is for:
Personal,Family or Household Purposes.
Personal Investment.
X Business,Agricultural and All Other.
SPECIFIC PURPOSE.The specific purpose of this loan is:Buy and hold properties (4 separate contracts).All properties are improved with
SFRs..
FLOOD INSURANCE.Some of the property that will secure the loan is not located in an area that has been identified by the Administrator of the
Federal Emergency Management Agency as an area having special flood hazards.Therefore,although flood insurance may be available for the
property,no special flood hazard insurance protecting property not located in an area having special flood hazards is required by law for this loan
at this time.
DISBURSEMENT INSTRUCTIONS.Borrower understands that no loan proceeds will be disbursed until all of Lender's conditions for making the
loan have been satisfied.Please disburse the loan proceeds of $2,225,000.00 as follows:
Other Disbursements:$2,225,000.00
$2,225,000.00 Title Company to Disburse Funds
Note Principal:$2,225,000.00
CHARGES PAID IN CASH.Borrower has paid or will pay in cash as agreed the following charges:
Prepaid Finance Charges Paid in Cash:$0.00
Other Charges Paid in Cash:$2,460.00
$60.00 FLOOD FEE
$1,400.00 APPRAISAL FEE
$1,000.00 ADMIN.FEE
Total Charges Paid in Cash:$2,460.00
FINANCIAL CONDITION.BY SIGNING THIS AUTHORIZATION,BORROWER REPRESENTS AND WARRANTS TO LENDER THAT THE
INFORMATION PROVIDED ABOVE IS TRUE AND CORRECT AND THAT THERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN BORROWER'S
FINANCIAL CONDITION AS DISCLOSED IN BORROWER'S MOST RECENT FINANCIAL STATEMENT TO LENDER.THIS AUTHORIZATION IS
DATED JANUARY 15,2024.
BORROWER:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\I20.FC TR-12672 PR-4
NOTICE OF FINAL AGREEMENT
Principal Loan Date Maturity Loan No Call /Coll Account Officer Initials
$2,225,000.00 01-15-2024 11-15-2033 873235 0029 BB
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***"has been omitted due to text length limitations.
Borrower:Anna Community Development Corporation Lender:LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
THE WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,CONTEMPORANEOUS,OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.
As used in this Notice,the following terms have the following meanings:
Loan.The term "Loan"means the following described loan:a non-precomputed Fixed Rate (5.500%)Nondisclosable Installment Loan
to a Corporation for $2,225,000.00 due on demand and,if no demand,on November 15,2033.
Loan Agreement.The term "Loan Agreement"means one or more promises,promissory notes,agreements,undertakings,security
agreements,deeds of trust or other documents,or commitments,or any combination of those actions or documents,relating to the
Loan,including without limitation the following:
LOAN DOCUMENTS
-Corporate Resolution:Anna Community Development
Corporation
-Business Loan Agreement
-Promissory Note
-TX Deed of Trust for Real Property located at 123 W 8th St.
and Interurban St.,Anna,TX 75409
-TX Deed of Trust for Real Property located at 110 W.White St,
Anna,TX 75409
-TX Deed of Trust for Real Property located at 607 S.
Interurban St,Anna,TX 75409
-TX Deed of Trust for Real Property located at 118 W White St,
Anna,TX 75409
-TX Assignment of Rents -TX Assignment of Rents
-TX Assignment of Rents -TX Assignment of Rents
-Electronic Consent -Electronic Consent -Agreement to Provide Insurance
-Disbursement Request and Authorization -Notice of Final Agreement
-W-9 Request for Taxpayer ID Number and Certification::
Anna Community Development Corporation
Parties.The term "Parties"means LAMAR NATIONAL BANK and any and all entities or individuals who are obligated to repay the
loan or have pledged property as security for the Loan,including without limitation the following:
Borrower:Anna Community Development Corporation
Grantor(s):Anna Community Development Corporation
This Notice of Final Agreement is given by LAMAR NATIONAL BANK pursuant to Section 26.02 of the Texas Business and Commerce Code.
Each Party who signs below,other than LAMAR NATIONAL BANK,acknowledges,represents,and warrants to LAMAR NATIONAL BANK that
it has received,read and understood this Notice of Final Agreement.This Notice is dated January 15,2024.
BORROWER:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
LENDER:
LAMAR NATIONAL BANK
X
Brian Blair,Market President
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\I21.FC TR-12672 PR-4
NOTICE OF FINAL AGREEMENT
Principal Loan Date Maturity Loan No Call /Coll Account Officer Initials
$2,225,000.00 01-15-2024 11-15-2033 873235 0029 BB
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***"has been omitted due to text length limitations.
Borrower:Anna Community Development Corporation Lender:LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
THE WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,CONTEMPORANEOUS,OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.
As used in this Notice,the following terms have the following meanings:
Loan.The term "Loan"means the following described loan:a non-precomputed Fixed Rate (5.500%)Nondisclosable Installment Loan
to a Corporation for $2,225,000.00 due on demand and,if no demand,on November 15,2033.
Loan Agreement.The term "Loan Agreement"means one or more promises,promissory notes,agreements,undertakings,security
agreements,deeds of trust or other documents,or commitments,or any combination of those actions or documents,relating to the
Loan,including without limitation the following:
LOAN DOCUMENTS
-Corporate Resolution:Anna Community Development
Corporation
-Business Loan Agreement
-Promissory Note
-TX Deed of Trust for Real Property located at 123 W 8th St.
and Interurban St.,Anna,TX 75409
-TX Deed of Trust for Real Property located at 110 W.White St,
Anna,TX 75409
-TX Deed of Trust for Real Property located at 607 S.
Interurban St,Anna,TX 75409
-TX Deed of Trust for Real Property located at 118 W White St,
Anna,TX 75409
-TX Assignment of Rents -TX Assignment of Rents
-TX Assignment of Rents -TX Assignment of Rents
-Electronic Consent -Electronic Consent -Agreement to Provide Insurance
-Disbursement Request and Authorization -Notice of Final Agreement
-W-9 Request for Taxpayer ID Number and Certification::
Anna Community Development Corporation
Parties.The term "Parties"means LAMAR NATIONAL BANK and any and all entities or individuals who are obligated to repay the
loan or have pledged property as security for the Loan,including without limitation the following:
Borrower:Anna Community Development Corporation
Grantor(s):Anna Community Development Corporation
This Notice of Final Agreement is given by LAMAR NATIONAL BANK pursuant to Section 26.02 of the Texas Business and Commerce Code.
Each Party who signs below,other than LAMAR NATIONAL BANK,acknowledges,represents,and warrants to LAMAR NATIONAL BANK that
it has received,read and understood this Notice of Final Agreement.This Notice is dated January 15,2024.
BORROWER:
ANNA COMMUNITY DEVELOPMENT CORPORATION
By:
Authorized Signer for Anna Community
Development Corporation
By:
Authorized Signer for Anna Community
Development Corporation
LENDER:
LAMAR NATIONAL BANK
X
Brian Blair,Market President
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\I21.FC TR-12672 PR-4
BOARDING DATA SHEET
Principal Loan Date Maturity Loan No Call /Coll Account Officer Initials
$2,225,000.00 01-15-2024 11-15-2033 873235 0029 BB
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***"has been omitted due to text length limitations.
Borrower:Anna Community Development Corporation Lender:LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
CUSTOMER DATA SUMMARY
Cust #:Anna Community Development Corporation Corporation Borrower
Street Address:County:Phone:
Primary Phone:Ext:Instructions:
Resolution:New Resolution
TRANSACTION SUMMARY
Transaction No.:12672
Product Category:COMMERCIAL
Loan Policy:Commercial
Product Description:COMMERCIAL R/E
Category of Purpose:Business,Agricultural and All Other
Specific Loan Purpose:Buy and hold properties (4 separate contracts).All
properties are improved with SFRs.
CLASSIFICATION DATA
Universal Loan Identifier:
Application No:Branch:Employee Loan:No
Application Date:Dept:Restricted Access:No
Loan No:Division:Reg O Loan:873235 No
Loan Date:Region:01-15-2024 Comments:
Officer:Loan Type:BB Blair,Brian Installment (Direct -Installment)
Processor No:Loan Class:IB Baker,Isabel New Loan
Collateral Code:Purpose Code:Portfolio Code:0029 175
Charge Code:Class Code:Host System:03 CL
Call Code:INCOME CODE:INCOME 47,328 OR GREATER [03 EMP/OFF/DIR :
CB REPORT CODE:DO NOT REPORT [0]PAYMENT CODE:Not Specified RISK RATE CODE:
User Code 6:User Code 7:User Code 8:
BOARDING DATA SHEET
(Continued)Loan No:873235 Page 2
COLLATERAL SUMMARY
Purchase Collateral
Type SubType Description State Value Money Code
Real Estate 1-4 Family 607 S.Interurban St,Anna,TX 75409
Property Tax ID Number(s):2611381 Parcel Number:County:Collin
TX $425,000.00 Y 0029
Owner(s):
Cust #:Anna Community Development Corporation Corporation
Street Address:County:Phone:
Primary Phone:Ext:Instructions:
Resolution:New Resolution
Real Estate 1-4 Family 110 W.White St,Anna,TX 75409
Property Tax ID Number(s):1017615 Parcel Number:County:Collin
TX 475,000.00 Y 0029
Owner(s):
Cust #:Anna Community Development Corporation Corporation
Street Address:County:Phone:
Primary Phone:Ext:Instructions:
Resolution:New Resolution
Real Estate 1-4 Family 123 W 8th St.and Interurban St.,Anna,TX 75409
Property Tax ID Number(s):2634611 &2634612 Parcel Number:County:Collin
TX 850,000.00 Y 0029
Owner(s):
Cust #:Anna Community Development Corporation Corporation
Street Address:County:Phone:
Primary Phone:Ext:Instructions:
Resolution:New Resolution
Real Estate 1-4 Family 118 W White St,Anna,TX 75409
Property Tax ID Number(s):2542442 Parcel Number:County:Collin
Flood Hazard Determination and Response Data:
Flood Hazard Status/Flood Section:Not In Hazard Area
Flood Zone:
Map Number:
Map Date:
Community Name:
Community County(ies):
Community Number:
Flood Insurance Program:
Flood Notice Date:
Flood Hazard Determination Vendor Name:
Vendor Transaction Identifier:
Report Type Ordered:
Determination Date:
Condition Code:
Condition Name:
Condition Description:
Verfied Property Address:
Verified Property City:
Verified Property State:
Verified Property Zip:
Verified Property County:
County Code:
Census Tract:
MSA:
Latitude:
Longitude:
LOMA/LOMR:
LOMA/LOMR Date:
Building in CBRA:No
CBRA Designation Date:
Amount of Flood Insurance Required:
Determination Comments:
TX 475,000.00 Y 0029
Owner(s):
Cust #:Anna Community Development Corporation Corporation
Street Address:County:Phone:
Primary Phone:Ext:Instructions:
Resolution:New Resolution
______________
TOTAL $2,225,000.00
CRA DATA
Loan Type:09-Other loan data Business/Farm Gross Annual Revenue:
BOARDING DATA SHEET
(Continued)Loan No:873235 Page 3
Loan Number:873235 Affiliate:
Loan Amount:2,225K Loan Address:607 S.Interurban St
Action Taken:1-Loan originated Loan City:Anna
Action Taken Date:01-15-2024 Loan State:TX
MSA No:19124 Loan Zip:75409
State Code:48 Loan County:Collin
County Code:085 Income in Thousands:
Census Tract:0302.07 CRA Account Type:
PAYMENT DATA
INSTALLMENT LOAN
(Fixed Rate)
Financed In Cash
AMOUNT REQUESTED:$2,225,000.00
PREPAID FINANCE CHARGES:0.00
SECURITY INTEREST CHARGES:
FLOOD FEE 60.00
APPRAISAL FEE 1,400.00
ADMIN.FEE 1,000.00
NOTE AMOUNT:$2,225,000.00 $2,460.00
DISBURSEMENTS:
Other:Title Company to Disburse Funds $2,225,000.00
PAYMENT CALCULATION:
No.of Pmts Amount Due
40 $72,288.48 Quarterly beginning 02-15-2024
Disbursement Date:01-15-2024
Due Date:11-15-2033
INTEREST RATE SELECTION:
Interest Method:365/360
Interest Rate:5.500
APR FINANCE CHARGE AMOUNT FINANCED TOTAL OF PAYMENTS
5.580%$666,539.20 $2,225,000.00 $2,891,539.20
LaserPro,Ver.23.3.20.003 Copr.Finastra USA Corporation 1997,2023.All Rights Reserved.-TX C:\DH\CFI\LPL\I40.FC TR-12672 PR-4
Request for TaxpayerFormW-9 Give Form to the
(Rev.October 2018)requester.Do notIdentificationNumberandCertificationDepartmentoftheTreasurysendtotheIRS.
Internal Revenue Service Go to www.irs.gov/FormW9 for instructions and the latest information.
PrintPrint
oror
type.type.
See
SpecificSpecific
InstructionsInstructions
on
page
3.
1 Name (as shown on your income tax return).Name is required on this line;do not leave this line blank.1
Anna Community Development Corporation
2 Business name/disregarded entity name,if different from above2
3 Check appropriate box for federal tax classification of the person whose name is entered on line 1.Check only one of the3one 4 Exemptions (codes apply only to4
following seven boxes.certain entities,not individuals;see
instructions on page 3):XIndividual/sole proprietor or C Corporation S Corporation Partnership Trust/estate
single-member LLC Exempt payee code (if any)_____
Limited liability company.Enter the tax classification (C=C corporation,S=S corporation,P=Partnership)_________
Note:Check the appropriate box in the line above for the tax classification of the single-member owner.Do not check Exemption from FATCA reporting
LLC if the LLC is classified as a single-member LLC that is disregarded from the owner unless the owner of the LLC is code (if any)___________________
another LLC that is not disregarded from the owner for U.S.federal tax purposes.Otherwise,a single-member LLC thatnot
is disregarded from the owner should check the appropriate box for the tax classification of its owner.
(Applies to accounts maintained outside the U.S.)(Applies to accounts maintained outside the U.S.)Other (see instructions)
5 Address (number,street,and apt.or suite no.)See instructions.5
6 City,state,and ZIP code6
Requester's name and address (optional)
LAMAR NATIONAL BANK
P.O.BOX 1097
PARIS,TX 75461
7 List account number(s)here (optional)7
Part I Taxpayer Identification Number (TIN)
Enter your TIN in the appropriate box.The TIN provided must match the name given
on line 1 to avoid backup withholding.For individuals,this is generally your social
security number (SSN).However,for a resident alien,sole proprietor,or disregarded
entity,see the instructions for Part I,later.For other entities,it is your employer
identification number (EIN).If you do not have a number,see How to get a TIN,later.
Note:If the account is in more than one name,see the instructions for line 1.Also see
What Name and Number To Give the Requester for guidelines on whose number to
enter.
Social security number
or
Employer identification number
Part II Certification
Under penalties of perjury,I certify that:
1.The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me);and
2.I am not subject to backup withholding because:(a)I am exempt from backup withholding,or (b)I have not been notified by the Internal
Revenue Service (IRS)that I am subject to backup withholding as a result of a failure to report all interest or dividends,or (c)the IRS has
notified me that I am no longer subject to backup withholding;and
3.I am a U.S.citizen or other U.S.person (defined below);and
4.The FATCA code(s)entered on this form (if any)indicating that I am exempt from FATCA reporting is correct.
Certification instructions.You must cross out item 2 above if you have been notified by the IRS that you are currently subject to
backup withholding because you have failed to report all interest and dividends on your tax return.For real estate transactions,item 2 does
not apply.For mortgage interest paid,acquisition or abandonment of secured property,cancellation of debt,contributions to an individual
retirement arrangement (IRA),and generally,payments other than interest and dividends,you are not required to sign the certification,but
you must provide your correct TIN.See the instructions for Part II,later.
Sign Signature of
Here U.S.person Date
General Instructions
Section references are to the Internal Revenue Code unless otherwise noted.
Future developments.Future developments.For the latest information about developments related to
Form W-9 and its instructions,such as legislation enacted after they were
published,go to www.irs.gov/FormW9.
Purpose of Form
An individual or entity (Form W-9 requester)who is required to file an information
return with the IRS must obtain your correct taxpayer identification number (TIN)
which may be your social security number (SSN),individual taxpayer identification
number (ITIN),adoption taxpayer identification number (ATIN),or employer
identification number (EIN),to report on an information return the amount paid to
you,or other amount reportable on an information return.Examples of information
returns include,but are not limited to,the following.
•Form 1099-INT (interest earned or paid)
•Form 1099-DIV (dividends,including those from stocks or mutual funds)
•Form 1099-MISC (various types of income,prizes,awards,or gross proceeds)
•Form 1099-B (stock or mutual fund sales and certain other transactions by
brokers)
•Form 1099-S (proceeds from real estate transactions)
•Form 1099-K (merchant card and third party network transactions)
•Form 1098 (home mortgage interest),1098-E (student loan interest),1098-T (tuition)
•Form 1099-C (canceled debt)
•Form 1099-A (acquisition or abandonment of secured property)
Use Form W-9 only if you are a U.S.person (including a resident alien),to provide
your correct TIN.
If you do not return Form W-9 to the requester with a TIN,you might be subject toIfyoudonotreturnFormW-9 to the requester with a TIN,you might be subject to
backup withholding.Seebackupwithholding.See What is backup withholding,later,later.
By signing the filled-out form,you:
1.Certify that the TIN you are giving is correct (or you are waiting for a number to
be issued),
2.Certify that you are not subject to backup withholding,or
3.Claim exemption from backup withholding if you are a U.S.exempt payee.If
applicable,you are also certifying that as a U.S.person,your allocable share of any
partnership income from a U.S.trade or business is not subject to the withholding tax
on foreign partners'share of effectively connected income,and
4.Certify that FATCA code(s)entered on this form (if any)indicating that you are
exempt from the FATCA reporting,is correct.See What is FATCA reportingWhatisFATCAreporting,later,for
further information.
Cat.No.10231X Form W-9 (Rev.10-2018)
Form W-9 (Rev.10-2018)Page 2
Note:Note:If you are a U.S.person and a requester gives you a form other than Form
W-9 to request your TIN,you must use the requester's form if it is substantially
similar to this Form W-9.
Definition of a U.S.person.Definition of a U.S.person.For federal tax purposes,you are considered a U.S.
person if you are:
•An individual who is a U.S.citizen or U.S.resident alien;
•A partnership,corporation,company,or association created or organized in the
United States or under the laws of the United States;
•An estate (other than a foreign estate);or
•A domestic trust (as defined in Regulations section 301.7701-7).
Special rules for partnerships.Special rules for partnerships.Partnerships that conduct a trade or business in the
United States are generally required to pay a withholding tax under section 1446
on any foreign partners'share of effectively connected taxable income from such
business.Further,in certain cases where a Form W-9 has not been received,the
rules under section 1446 require a partnership to presume that a partner is a
foreign person,and pay the section 1446 withholding tax.Therefore,if you are a
U.S.person that is a partner in a partnership conducting a trade or business in the
United States,provide Form W-9 to the partnership to establish your U.S.status
and avoid section 1446 withholding on your share of partnership income.
In the cases below,the following person must give Form W-9 to the partnership
for purposes of establishing its U.S.status and avoiding withholding on its allocable
share of net income from the partnership conducting a trade or business in the
United States.
•In the case of a disregarded entity with a U.S.owner,the U.S.owner of the
disregarded entity and not the entity;
•In the case of a grantor trust with a U.S.grantor or other U.S.owner,generally,
the U.S.grantor or other U.S.owner of the grantor trust and not the trust;and
•In the case of a U.S.trust (other than a grantor trust),the U.S.trust (other than
a grantor trust)and not the beneficiaries of the trust.
Foreign person.Foreign person.If you are a foreign person or the U.S.branch of a foreign bank that
has elected to be treated as a U.S.person,do not use Form W-9.Instead,use the
appropriate Form W-8 or Form 8233 (see Pub.515,Withholding of Tax on
Nonresident Aliens and Foreign Entities).
Nonresident alien who becomes a resident alien.Nonresident alien who becomes a resident alien.Generally,only a nonresident alien
individual may use the terms of a tax treaty to reduce or eliminate U.S.tax on
certain types of income.However,most tax treaties contain a provision known as a
"saving clause."Exceptions specified in the saving clause may permit an exemption
from tax to continue for certain types of income even after the payee has otherwise
become a U.S.resident alien for tax purposes.
If you are a U.S.resident alien who is relying on an exception contained in the
saving clause of a tax treaty to claim an exemption from U.S.tax on certain types
of income,you must attach a statement to Form W-9 that specifies the following
five items.
1.The treaty country.Generally,this must be the same treaty under which you
claimed exemption from tax as a nonresident alien.
2.The treaty article addressing the income.
3.The article number (or location)in the tax treaty that contains the saving
clause and its exceptions.
4.The type and amount of income that qualifies for the exemption from tax.
5.Sufficient facts to justify the exemption from tax under the terms of the
treaty article.
Example.Example.Article 20 of the U.S.-China income tax treaty allows an exemption
from tax for scholarship income received by a Chinese student temporarily present
in the United States.Under U.S.law,this student will become a resident alien for
tax purposes if his or her stay in the United States exceeds 5 calendar years.
However,paragraph 2 of the first Protocol to the U.S.-China treaty (dated April 30,
1984)allows the provisions of Article 20 to continue to apply even after the
Chinese student becomes a resident alien of the United States.A Chinese student
who qualifies for this exception (under paragraph 2 of the first protocol)and is
relying on this exception to claim an exemption from tax on his or her scholarship
or fellowship income would attach to Form W-9 a statement that includes the
information described above to support that exemption.
If you are a nonresident alien or a foreign entity,give the requester the
appropriate completed Form W-8 or Form 8233.
Backup Withholding
What is backup withholding?What is backup withholding?Persons making certain payments to you must under
certain conditions withhold and pay to the IRS 24%of such payments.This is
called "backup withholding."Payments that may be subject to backup withholding
include interest,tax-exempt interest,dividends,broker and barter exchange
transactions,rents,royalties,nonemployee pay,payments made in settlement of
payment card and third party network transactions,and certain payments from
fishing boat operators.Real estate transactions are not subject to backup
withholding.
You will not be subject to backup withholding on payments you receive if you
give the requester your correct TIN,make the proper certifications,and report all
your taxable interest and dividends on your tax return.
Payments you receive will be subject to backup withholding if:Payments you receive will be subject to backup withholding if:
1.You do not furnish your TIN to the requester,
2.You do not certify your TIN when required (see the instructions for Part II for
details),
3.The IRS tells the requester that you furnished an incorrect TIN,
4.The IRS tells you that you are subject to backup withholding because you did
not report all your interest and dividends on your tax return (for reportable interest
and dividends only),or
5.You do not certify to the requester that you are not subject to backup
withholding under 4 above (for reportable interest and dividend accounts opened
after 1983 only).
Certain payees and payments are exempt from backup withholding.See ExemptExempt
payee codepayeecode,later,and the separate Instructions for the Requester of Form W-9 for
more information.
Also see Special rules for partnershipsSpecialrulesforpartnerships,earlier.
What is FATCA Reporting?
The Foreign Account Tax Compliance Act (FATCA)requires a participating foreign
financial institution to report all United States account holders that are specified
United States persons.Certain payees are exempt from FATCA reporting.See
Exemption from FATCA reporting codeExemptionfromFATCAreportingcode,later,and the Instructions for the
Requester of Form W-9 for more information.
Updating Your Information
You must provide updated information to any person to whom you claimed to be an
exempt payee if you are no longer an exempt payee and anticipate receiving
reportable payments in the future from this person.For example,you may need to
provide updated information if you are a C corporation that elects to be an S
corporation,or if you no longer are tax exempt.In addition,you must furnish a new
Form W-9 if the name or TIN changes for the account;for example,if the grantor
of a grantor trust dies.
Penalties
Failure to furnish TIN.Failure to furnish TIN.If you fail to furnish your correct TIN to a requester,you are
subject to a penalty of $50 for each such failure unless your failure is due to
reasonable cause and not to willful neglect.
Civil penalty for false information with respect to withholding.Civil penalty for false information with respect to withholding.If you make a false
statement with no reasonable basis that results in no backup withholding,you are
subject to a $500 penalty.
Criminal penalty for falsifying information.Criminal penalty for falsifying information.Willfully falsifying certifications or
affirmations may subject you to criminal penalties including fines and/or
imprisonment.
Misuse of TINs.Misuse of TINs.If the requester discloses or uses TINs in violation of federal law,
the requester may be subject to civil and criminal penalties.
Specific Instructions
Line 1
You must enter one of the following on this line;do notdonot leave this line blank.The
name should match the name on your tax return.
If this Form W-9 is for a joint account (other than an account maintained by a
foreign financial institution (FFI)),list first,and then circle,the name of the person
or entity whose number you entered in Part I of Form W-9.If you are providing
Form W-9 to an FFI to document a joint account,each holder of the account that is
a U.S.person must provide a Form W-9.
a.Individual.Individual.Generally,enter the name shown on your tax return.If you have
changed your last name without informing the Social Security Administration (SSA)
of the name change,enter your first name,the last name as shown on your social
security card,and your new last name.
Note:ITIN applicant:Note:ITIN applicant:Enter your individual name as it was entered on your Form
W-7 application,line 1a.This should also be the same as the name you entered on
the Form 1040/1040A/1040EZ you filed with your application.
b.Sole proprietor or single-member LLC.Sole proprietor or single-member LLC.Enter your individual name as shown
on your 1040/1040A/1040EZ on line 1.You may enter your business,trade,or
“doing business as”(DBA)name on line 2.
c.Partnership,LLC that is not a single-member LLC,C corporation,or SPartnership,LLC that is not a single-member LLC,C corporation,or S
corporation.corporation.Enter the entity's name as shown on the entity's tax return on line 1
and any business,trade,or DBA name on line 2.
d.Other entities.Other entities.Enter your name as shown on required U.S.federal tax
documents on line 1.This name should match the name shown on the charter or
other legal document creating the entity.You may enter any business,trade,or
DBA name on line 2.
e.Disregarded entity.Disregarded entity.For U.S.federal tax purposes,an entity that is disregarded
as an entity separate from its owner is treated as a “disregarded entity.”See
Regulations section 301.7701-2(c)(2)(iii).Enter the owner's name on line 1.The
name of the entity entered on line 1 should never be a disregarded entity.The name
on line 1 should be the name shown on the income tax return on which the income
should be reported.For example,if a foreign LLC that is treated as a disregarded
entity for U.S.federal tax purposes has a single owner that is a U.S.person,the
U.S.owner's name is required to be provided on line 1.If the direct owner of the
entity is also a disregarded entity,enter the first owner that is not disregarded for
federal tax purposes.Enter the disregarded entity's name on line 2,“Business
name/disregarded entity name.”If the owner of the disregarded entity is a foreign
person,the owner must complete an appropriate Form W-8 instead of a Form W-9.
This is the case even if the foreign person has a U.S.TIN.
Form W-9 (Rev.10-2018)Page 3
Line 2
If you have a business name,trade name,DBA name,or disregarded entity name,
you may enter it on line 2.
Line 3
Check the appropriate box on line 3 for the U.S.federal tax classification of the
person whose name is entered on line 1.Check only one box on line 3.
IF the entity/person on line 1 is a(n)...IF the entity/person on line 1 is a(n)...THEN check the box for ...THEN check the box for ...
•Corporation Corporation
•Individual
•Sole proprietorship,or
•Single-member limited liability company
(LLC)owned by an individual and
disregarded for U.S.federal tax purposes.
Individual/sole proprietor or
single-member LLC
•LLC treated as a partnership for U.S.
federal tax purposes,
•LLC that has filed Form 8832 or 2553
to be taxed as a corporation,or
•LLC that is disregarded as an entity
separate from its owner but the owner is
another LLC that is not disregarded for
U.S.federal tax purposes.
Limited liability company and enter the
appropriate tax classification.
(P=Partnership;C=C corporation;or
S=S corporation)
•Partnership Partnership
•Trust/estate Trust/estate
Line 4,Exemptions
If you are exempt from backup withholding and/or FATCA reporting,enter in the
appropriate space on line 4 any code(s)that may apply to you.
Exempt payee code.Exempt payee code.
•Generally,individuals (including sole proprietors)are not exempt from backup
withholding.
•Except as provided below,corporations are exempt from backup withholding for
certain payments,including interest and dividends.
•Corporations are not exempt from backup withholding for payments made in
settlement of payment card or third party network transactions.
•Corporations are not exempt from backup withholding with respect to attorneys'
fees or gross proceeds paid to attorneys,and corporations that provide medical or
health care services are not exempt with respect to payments reportable on Form
1099-MISC.
The following codes identify payees that are exempt from backup withholding.
Enter the appropriate code in the space in line 4.
1 An organization exempt from tax under section 501(a),any IRA,or a
custodial account under section 403(b)(7)if the account satisfies the requirements
of section 401(f)(2)
2 The United States or any of its agencies or instrumentalities
3 A state,the District of Columbia,a U.S.commonwealth or possession,or
any of their political subdivisions or instrumentalities
4 A foreign government or any of its political subdivisions,agencies,or
instrumentalities
5 A corporation
6 A dealer in securities or commodities required to register in the United
States,the District of Columbia,or a U.S.commonwealth or possession
7 A futures commission merchant registered with the Commodity Futures
Trading Commission
8 A real estate investment trust
9 An entity registered at all times during the tax year under the Investment
Company Act of 1940
10 A common trust fund operated by a bank under section 584(a)
11 A financial institution
12 A middleman known in the investment community as a nominee or
custodian
13 A trust exempt from tax under section 664 or described in section 4947
The following chart shows types of payments that may be exempt from backup
withholding.The chart applies to the exempt payees listed above,1 through 13.
IF the payment is for ...IF the payment is for ...THEN the payment is exempt for ...THEN the payment is exempt for ...
Interest and dividend payments All exempt payees except
for 7
Broker transactions Exempt payees 1 through 4 and 6
through 11 and all C corporations.S
corporations must not enter an exempt
payee code because they are exempt
only for sales of noncovered securities
acquired prior to 2012.
Barter exchange transactions and
patronage dividends
Exempt payees 1 through 4
Payments over $600 required to be
reported and direct sales over $5,0001
Generally,exempt payees
1 through 52
Payments made in settlement of
payment card or third party network
transactions
Exempt payees 1 through 4
1 See Form 1099-MISC,Miscellaneous Income,and its instructions.
2 However,the following payments made to a corporation and reportable on Form
1099-MISC are not exempt from backup withholding:medical and health care
payments,attorneys'fees,gross proceeds paid to an attorney reportable under
section 6045(f),and payments for services paid by a federal executive agency.
Exemption from FATCA reporting code.Exemption from FATCA reporting code.The following codes identify payees
that are exempt from reporting under FATCA.These codes apply to persons
submitting this form for accounts maintained outside of the United States by
certain foreign financial institutions.Therefore,if you are only submitting this form
for an account you hold in the United States,you may leave this field blank.
Consult with the person requesting this form if you are uncertain if the financial
institution is subject to these requirements.A requester may indicate that a code is
not required by providing you with a Form W-9 with “Not Applicable”(or any
similar indication)written or printed on the line for a FATCA exemption code.
A An organization exempt from tax under section 501(a)or any individual
retirement plan as defined in section 7701(a)(37)
B The United States or any of its agencies or instrumentalities
C A state,the District of Columbia,a U.S.commonwealth or possession,or
any of their political subdivisions or instrumentalities
D A corporation the stock of which is regularly traded on one or more
established securities markets,as described in Regulations section 1.1472-1(c)(1)(i)
E A corporation that is a member of the same expanded affiliated group as a
corporation described in Regulations section 1.1472-1(c)(1)(i)
F A dealer in securities,commodities,or derivative financial instruments
(including notional principal contracts,futures,forwards,and options)that is
registered as such under the laws of the United States or any state
G A real estate investment trust
H A regulated investment company as defined in section 851 or an entity
registered at all times during the tax year under the Investment Company Act of
1940
I A common trust fund as defined in section 584(a)
J A bank as defined in section 581
K A broker
L A trust exempt from tax under section 664 or described in section 4947(a)(1)
M A tax exempt trust under a section 403(b)plan or section 457(g)plan
Note:Note:You may wish to consult with the financial institution requesting this form to
determine whether the FATCA code and/or exempt payee code should be
completed.
Line 5
Enter your address (number,street,and apartment or suite number).This is where
the requester of this Form W-9 will mail your information returns.If this address
differs from the one the requester already has on file,write NEW at the top.If a new
address is provided,there is still a chance the old address will be used until the
payor changes your address in their records.
Line 6
Enter your city,state,and ZIP code.
Part I.Taxpayer Identification Number (TIN)
Enter your TIN in the appropriate box.Enter your TIN in the appropriate box.If you are a resident alien and you do not
have and are not eligible to get an SSN,your TIN is your IRS individual taxpayer
identification number (ITIN).Enter it in the social security number box.If you do not
have an ITIN,see How to get a TINHowtogetaTIN below.
If you are a sole proprietor and you have an EIN,you may enter either your SSN or
EIN.
If you are a single-member LLC that is disregarded as an entity separate from its
owner,enter the owner's SSN (or EIN,if the owner has one).Do not enter the
disregarded entity's EIN.If the LLC is classified as a corporation or partnership,enter
the entity's EIN.
Note:Note:See What Name and Number To Give the RequesterWhatNameandNumberToGivetheRequester,later,for further
clarification of name and TIN combinations.
Form W-9 (Rev.10-2018)Page 4
How to get a TIN.How to get a TIN.If you do not have a TIN,apply for one immediately.To apply for
an SSN,get Form SS-5,Application for a Social Security Card,from your local SSA
office or get this form online at www.SSA.gov.You may also get this form by calling
1-800-772-1213.Use Form W-7,Application for IRS Individual Taxpayer
Identification Number,to apply for an ITIN,or Form SS-4,Application for Employer
Identification Number,to apply for an EIN.You can apply for an EIN online by
accessing the IRS website at www.irs.gov/Businesses and clicking on Employer
Identification Number (EIN)under Starting a Business.Go to www.irs.gov/Forms to
view,download,or print Form W-7 and/or Form SS-4.Or,you can go to
www.irs.gov/OrderForms to place an order and have Form W-7 and/or SS-4 mailed to
you within 10 business days.
If you are asked to complete Form W-9 but do not have a TIN,apply for a TIN and
write "Applied For"in the space for the TIN,sign and date the form,and give it to the
requester.For interest and dividend payments,and certain payments made with
respect to readily tradable instruments,generally you will have 60 days to get a TIN
and give it to the requester before you are subject to backup withholding on
payments.The 60-day rule does not apply to other types of payments.You will be
subject to backup withholding on all such payments until you provide your TIN to the
requester.
Note:Note:Entering "Applied For"means that you have already applied for a TIN or that
you intend to apply for one soon.
Caution:Caution:A disregarded U.S.entity that has a foreign owner must use the appropriate
Form W-8.
Part II.Certification
To establish to the withholding agent that you are a U.S.person,or resident alien,
sign Form W-9.You may be requested to sign by the withholding agent even if item
1,4,or 5 below indicates otherwise.
For a joint account,only the person whose TIN is shown in Part I should sign
(when required).In the case of a disregarded entity,the person identified on line 1
must sign.Exempt payees,see Exempt payee codeExemptpayeecode,earlier.
Signature requirements.Signature requirements.Complete the certification as indicated in items 1 through 5
below.
1.Interest,dividend,and barter exchange accounts opened before 19841.Interest,dividend,and barter exchange accounts opened before 1984
and broker accounts considered active during 1983.and broker accounts considered active during 1983.You must give your correct TIN,
but you do not have to sign the certification.
2.Interest,dividend,broker,and barter exchange accounts opened after2.Interest,dividend,broker,and barter exchange accounts opened after
1983 and broker accounts considered inactive during 1983.1983 and broker accounts considered inactive during 1983.You must sign the
certification or backup withholding will apply.If you are subject to backup withholding
and you are merely providing your correct TIN to the requester,you must cross out
item 2 in the certification before signing the form.
3.Real estate transactions.3.Real estate transactions.You must sign the certification.You may cross out
item 2 of the certification.
4.Other payments.4.Other payments.You must give your correct TIN,but you do not have to sign
the certification unless you have been notified that you have previously given an
incorrect TIN."Other payments"include payments made in the course of the
requester's trade or business for rents,royalties,goods (other than bills for
merchandise),medical and health care services (including payments to corporations),
payments to a nonemployee for services,payments made in settlement of payment
card and third party network transactions,payments to certain fishing boat crew
members and fishermen,and gross proceeds paid to attorneys (including payments to
corporations).
5.Mortgage interest paid by you,acquisition or abandonment of secured5.Mortgage interest paid by you,acquisition or abandonment of secured
property,cancellation of debt,qualified tuition program payments (underproperty,cancellation of debt,qualified tuition program payments (under
section 529),ABLE accounts (under section 529A),IRA,Coverdell ESA,Archer MSAsection529),ABLE accounts (under section 529A),IRA,Coverdell ESA,Archer MSA
or HSA contributions or distributions,and pension distributions.or HSA contributions or distributions,and pension distributions.You must give your
correct TIN,but you do not have to sign the certification.
What Name and Number To Give the Requester
For this type of account:For this type of account:Give name and SSN of:Give name and SSN of:
1.Individual The individual
2.Two or more individuals (joint account)
other than an account maintained by an
FFI
The actual owner of the account or,if
combined funds,the first individual
on the account 1
3.Two or more U.S.persons (joint
account maintained by an FFI)
Each holder of the account
4.Custodial account of a minor (Uniform
Gift to Minors Act)
The minor 2
5.a.The usual revocable savings trust
(grantor is also trustee)
The grantor-trustee 1
b.So-called trust account that is not a
legal or valid trust under state law
The actual owner 1
6.Sole proprietorship or disregarded entity
owned by an individual
The owner 3
7.Grantor trust filing under Optional Form
1099 Filing Method 1 (see Regulations
section 1.671-4(b)(2)(i)(A))
The grantor*
For this type of account:For this type of account:Give name and EIN of:Give name and EIN of:
8.Disregarded entity not owned by an
individual
The owner
9.A valid trust,estate,or pension trust Legal entity 4
10.Corporation or LLC electing corporate
status on Form 8832 or Form 2553
The corporation
11.Association,club,religious,
charitable,educational,or other
tax-exempt organization
The organization
12.Partnership or multi-member LLC The partnership
13.A broker or registered nominee The broker or nominee
14.Account with the Department of
Agriculture in the name of a public
entity (such as a state or local
government,school district,or prison)
that receives agricultural program
payments
The public entity
15.Grantor trust filing under the Form
1041 Filing Method or the Optional
Form 1099 Filing Method 2 (see
Regulations section 1.671-4(b)(2)(i)(B))
The trust
1 List first and circle the name of the person whose number you furnish.If only
one person on a joint account has an SSN,that person's number must be
furnished.
2 Circle the minor's name and furnish the minor's SSN.
3 You must show your individual name and you may also enter your business or
DBA name on the "Business name/disregarded entity"name line.You may use
either your SSN or EIN (if you have one),but the IRS encourages you to use
your SSN.
4 List first and circle the name of the trust,estate,or pension trust.(Do not
furnish the TIN of the personal representative or trustee unless the legal entity
itself is not designated in the account title.)Also see Special rules forSpecialrulesfor
partnershipspartnerships,earlier.
*Note:*Note:The grantor also must provide a Form W-9 to trustee of trust.
Note:Note:If no name is circled when more than one name is listed,the number will
be considered to be that of the first name listed.
Secure Your Tax Records from Identity TheftSecureYourTaxRecordsfromIdentityTheft
Identity theft occurs when someone uses your personal information such as your
name,SSN,or other identifying information,without your permission,to commit
fraud or other crimes.An identity thief may use your SSN to get a job or may file
a tax return using your SSN to receive a refund.
To reduce your risk:
•Protect your SSN,
•Ensure your employer is protecting your SSN,and
•Be careful when choosing a tax preparer.
If your tax records are affected by identity theft and you receive a notice from
the IRS,respond right away to the name and phone number printed on the IRS
notice or letter.
If your tax records are not currently affected by identity theft but you think
you are at risk due to a lost or stolen purse or wallet,questionable credit card
activity or credit report,contact the IRS Identity Theft Hotline at
1-800-908-4490 or submit Form 14039.
For more information,see Pub.5027,Identity Theft Information for
Taxpayers.
Victims of identity theft who are experiencing economic harm or a systemic
problem,or are seeking help in resolving tax problems that have not been
resolved through normal channels,may be eligible for Taxpayer Advocate
Service (TAS)assistance.You can reach TAS by calling the TAS toll-free case
intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059.
Protect yourself from suspicious emails or phishing schemes.Protect yourself from suspicious emails or phishing schemes.Phishing is the
creation and use of email and websites designed to mimic legitimate business
emails and websites.The most common act is sending an email to a user falsely
claiming to be an established legitimate enterprise in an attempt to scam the user
into surrendering private information that will be used for identity theft.
The IRS does not initiate contacts with taxpayers via emails.Also,the IRS
does not request personal detailed information through email or ask taxpayers for
the PIN numbers,passwords or similar secret access information for their credit
card,bank,or other financial accounts.
Form W-9 (Rev.10-2018)Page 5
If you receive an unsolicited email claiming to be from the IRS,forward this
message to phishing@irs.gov.You may also report misuse of the IRS name,logo,or
other IRS property to the Treasury Inspector General for Tax Administration (TIGTA)
at 1-800-366-4484.You can forward suspicious emails to the Federal Trade
Commission at spam@uce.gov or report them at www.ftc.gov/complaint.You can
contact the FTC at www.ftc.gov/idtheft or 877-IDTHEFT (877-438-4338).If you
have been the victim of identity theft,see www.IdentityTheft.gov and Pub.5027.
Visit www.irs.gov/IdentityTheft to learn more about identity theft and how to
reduce your risk.
Privacy Act Notice
Section 6109 of the Internal Revenue Code requires you to provide your correct TIN
to persons (including federal agencies)who are required to file information returns
with the IRS to report interest,dividends,or certain other income paid to you;
mortgage interest you paid;the acquisition or abandonment of secured property;the
cancellation of debt;or contributions you made to an IRA,Archer MSA,or HSA.
The person collecting this form uses the information on the form to file information
returns with the IRS,reporting the above information.Routine uses of this
information include giving it to the Department of Justice for civil and criminal
litigation and to cities,states,the District of Columbia,and U.S.commonwealths
and possessions for use in administering their laws.The information also may be
disclosed to other countries under a treaty,to federal and state agencies to enforce
civil and criminal laws,or to federal law enforcement and intelligence agencies to
combat terrorism.You must provide your TIN whether or not you are required to
file a tax return.Under section 3406,payers must generally withhold a percentage
of taxable interest,dividend,and certain other payments to a payee who does not
give a TIN to the payer.Certain penalties may also apply for providing false or
fraudulent information.
Item No. 6.
EDC/CDC Agenda
Staff Report
Meeting Date: 1/4/2024
Staff Contact:
AGENDA ITEM:
Director's Report.
SUMMARY:
STAFF RECOMMENDATION:
ATTACHMENTS:
Item No. 6.a.
EDC/CDC Agenda
Staff Report
Meeting Date: 1/4/2024
Staff Contact:
AGENDA ITEM:
Sales tax update
SUMMARY:
STAFF RECOMMENDATION:
ATTACHMENTS:
Item No. 6.b.
EDC/CDC Agenda
Staff Report
Meeting Date: 1/4/2024
Staff Contact:
AGENDA ITEM:
ICSC Red River
SUMMARY:
STAFF RECOMMENDATION:
ATTACHMENTS:
Item No. 6.c.
EDC/CDC Agenda
Staff Report
Meeting Date: 1/4/2024
Staff Contact:
AGENDA ITEM:
February Meeting
SUMMARY:
STAFF RECOMMENDATION:
ATTACHMENTS:
Item No. 6.d.
EDC/CDC Agenda
Staff Report
Meeting Date: 1/4/2024
Staff Contact:
AGENDA ITEM:
Joey Grisham Departure
SUMMARY:
STAFF RECOMMENDATION:
ATTACHMENTS:
Item No. 7.
EDC/CDC Agenda
Staff Report
Meeting Date: 1/4/2024
Staff Contact:
AGENDA ITEM:
Closed Session.
SUMMARY:
STAFF RECOMMENDATION:
ATTACHMENTS:
Item No. 8.
EDC/CDC Agenda
Staff Report
Meeting Date: 1/4/2024
Staff Contact:
AGENDA ITEM:
Reconvene into open session and take any action on closed session items.
SUMMARY:
STAFF RECOMMENDATION:
ATTACHMENTS:
Item No. 10.
EDC/CDC Agenda
Staff Report
Meeting Date: 1/4/2024
Staff Contact:
AGENDA ITEM:
Adjourn.
SUMMARY:
STAFF RECOMMENDATION:
ATTACHMENTS: