Consent to Subordinate Lien Agreement between Toll Road Texas Land Company, L.P. and Dallas S&W, L.P.
Toll Road Texas Land Company, L.P. (Seller) agrees to allow Dallas S&W, L.P. (Purchaser) to place a second lien on certain real property, provided that this new lien remains secondary to the Seller's existing liens. The Seller also agrees to sign any necessary documents to help the Purchaser secure this second lien. This agreement is related to a previous contract for the sale of the property between the two parties.
Exhibit 10.55
Consent to Subordinate Lien
This Consent to Subordinate Lien (“Consent”) is given by TOLL ROAD TEXAS LAND COMPANY, L.P., a Texas limited partnership (“Seller”), in favor of DALLAS S&W, L.P., a Texas limited partnership (“Purchaser”).
Purchaser and Seller have entered into that certain Contract of Sale, dated on or about July 19, 2002 (the “Contract”) by which Purchaser agreed to purchase certain improved real property from Seller. Pursuant to the Contract, Purchaser has delivered that certain Deed of Trust to Seller. Purchaser has requested that Seller consent to Purchaser’s encumbrance of the real property described in the Deed of Trust with a second lien.
Seller consents to Purchaser placing a second lien against the property described in the Deed of Trust so long as such lien is secondary and inferior to Seller’s liens, including the lien in the Deed of Trust and the vendor’s lien in the Special Warranty Deed from Seller to Purchaser. Seller agrees to execute such documents as are reasonably necessary in connection with Purchaser securing such second lien.
EXECUTED on this the fourth day of October, 2002.
|
| SELLER: | ||||
|
|
| ||||
|
| TOLL ROAD TEXAS LAND COMPANY, L.P., a | ||||
|
|
| ||||
|
| By: Tollway Land Company, L.L.C., a Washington | ||||
|
|
| ||||
|
| By: | /s/ Calvin C. Chandler |
| ||
|
| Name: | Calvin C. Chandler |
| ||
|
| Its: | Manager |
| ||
1
