{"id":41336,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/subordination-of-lien-rights-19th-avenue-buchanan-lp-bank-one4.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"subordination-of-lien-rights-19th-avenue-buchanan-lp-bank-one4","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/finance\/subordination-of-lien-rights-19th-avenue-buchanan-lp-bank-one4.html","title":{"rendered":"Subordination of Lien Rights &#8211; 19th Avenue\/Buchanan LP, Bank One Arizona NA, and Schuff Steel Co."},"content":{"rendered":"<pre>\nWhen Recorded return to:\n\nBANK ONE, ARIZONA, NA\nCOMMERCIAL BANKING GROUP\nP.O. BOX 71, DEPT. AZ1-1179\nPHOENIX, AZ   85001\nAttention: IMELDA CERVANTES\n\n                          SUBORDINATION OF LIEN RIGHTS\n\n         This Agreement is executed as of the 8th day of July, 1997, by the\nundersigned, 19th AVENUE\/BUCHANAN LIMITED PARTNERSHIP, whose address is 420\nSOUTH 19th AVENUE, PHOENIX, AZ 85009-5957.\n\nBank:             BANK ONE, ARIZONA, NA, a national banking association\n\nBorrower:         SCHUFF STEEL COMPANY, A DELAWARE CORPORATION\n\nTenant:           B &amp; K STEEL FABRICATIONS, INC., AN ARIZONA CORPORATION\n                  (A WHOLLY-OWNED SUBSIDIARY OF BORROWER)\n\nReal Property (located at): 619 NORTH COOPER ROAD, GILBERT, AZ 85233 \nand more particularly described as:\n\n        EXHIBIT 'A' ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE\n\nCollateral: ALL INVENTORY, RAW MATERIALS, WORK IN PROCESS, OR MATERIALS USED OR\nCONSUMED IN DEBTOR'S BUSINESS, WHETHER NOW OWNED OR HEREAFTER ACQUIRED, AND ALL\nPRODUCTS THEREOF, WHETHER IN THE POSSESSION OF THE DEBTOR, WAREHOUSEMAN, BAILEE,\nOR ANY OTHER PERSON. ALL EQUIPMENT OF DEBTOR, WHEREVER LOCATED, NOW OWNED OR\nHEREAFTER ACQUIRED, AND THE ACCESSIONS, ACCESSORIES, RELATED EQUIPMENT,\nADDITIONS, SUBSTITUTIONS, INCREASES, PRODUCTS AND PROCEEDS THEREFROM, ALL AS\nMORE PARTICULARLY DESCRIBED IN CERTAIN SECURITY AGREEMENT(S) BETWEEN BANK AND\nBORROWER.\n\n         In consideration of Bank extending credit and\/or other financial\nbenefits to Borrower in the amount of $20,000,000.00, by the terms of which bank\nhas been or will be granted continuing security interests in the Collateral, the\nundersigned acknowledges and agrees as follows:\n\n         1. The undersigned is the owner of or otherwise has or claims an\ninterest in or lien upon the Real Property.\n\n         2. The undersigned hereby subordinates to Bank's security interests in\nthe Collateral all the undersigned's claims and demands of every kind against\nthe Collateral and all priority rights accruing to the undersigned by virtue of\nany liens of the undersigned on the Real Property and agrees that the rights of\nthe Bank in the Collateral shall be as though the Bank's security interests\nattached and were perfected prior to the execution, attaching, perfection or\nrecording of the liens and priority rights of the undersigned without otherwise\naffecting the status of the undersigned's liens and priority rights.\n\n\n                                       2\n\n\n\n\n\n         3. The undersigned agrees that the Collateral shall at all times be\npersonal property, shall not constitute fixtures or otherwise be part of the\nReal Property and shall not be subject to any rights of the undersigned to levy\nor distrain thereon for rent or to assert title thereto or right of possession\nthereof or any other claim of the undersigned which shall impair or interfere\nwith the security interests of Bank.\n\n         4. The undersigned hereby grants to Bank the right at any time to enter\nupon the Real Property to inspect the Collateral or to remove the Collateral,\nPROVIDED, HOWEVER, THAT, Bank shall promptly reimburse the undersigned for the\ncost of repair of any physical injury caused to the Real Property by such\nremoval.\n\n         5. Bank may extend and modify the time of payment of indebtedness of\nBorrower to Bank or the performance of any of the terms and conditions related\nthereto without the consent of or notice to the undersigned and this Agreement\nshall remain in full force and effect so long as such indebtedness remains owing\nby Borrower to Bank.\n\n         6. The agreements herein contained shall be deemed to be covenants\nrunning with the land and shall inure to the benefit of and be binding upon the\nsuccessors and assigns of Bank and the heirs, executors, personal\nrepresentatives, successors, assigns and transferees of the undersigned.\n\n         IN WITNESS WHEREOF, the undersigned has executed this Agreement as of\nthe day and year first written on the preceding page.\n\n                                               'Undersigned'\n\n                                 19TH AVENUE\/BUCHANAN LIMITED PARTNERSHIP\n                                              Name of Landlord\n\n                                 By: \/s\/ David A. Schuff\n                                    --------------------------------------------\n                                                   Signature\n                                 David A. Schuff                 General Partner\n                                 -----------------------------------------------\n                                 Printed Name                         Title\n\n\n\n                                   PARTNERSHIP\nState of Arizona   )\n                   ) ss.\nCounty of Maricopa )\n\nThis instrument was acknowledged before me this 8th day of July, 1997, by David\nA. Schuff, a general partner in 19TH AVENUE\/BUCHANAN LIMITED PARTNERSHIP, an\nArizona limited partnership, on behalf of the partnership. \n         In witness whereof I hereunto set my hand and official seal.\n\nMy commission expires:\n\nJuly 14, 2000                                            \/s\/ Evelin R. Lackey\n----------------------                             -----------------------------\n                                                            Notary Public\n\n\n[SEAL]\n\n\n                                        3\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6850,8773],"corporate_contracts_industries":[9415,9481],"corporate_contracts_types":[9560,9567],"class_list":["post-41336","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-bank-one-corp","corporate_contracts_companies-schuff-international-inc","corporate_contracts_industries-financial__banks","corporate_contracts_industries-construction__specialty","corporate_contracts_types-finance","corporate_contracts_types-finance__loan"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/41336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=41336"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=41336"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=41336"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=41336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}