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• ~ <br /> 3. LESSEE desires to assign the leasehold interest contained in <br /> the novation of lease, by deed of Trust, hereinafter referred to <br /> as "trust deed," to secure a loan from First National Bank of Orange <br /> County (hereinafter "Encumbrancer"). (The address of said <br /> Encumbrancer is 101 East Chapman Avenue, Orange, California). <br /> Said loan is for the purpose of leasehold improvement, consolidation <br /> of existing loans and to ease a cash flow problem. <br /> 4. LESSOR desires to assist LESSEE in receiving said First National <br /> Bank loan and to agree to the assignment by trust deed to Encumbrancer. <br /> 5. In the event said LESSEE should default or Encumbrancer is <br /> required to foreclose on said aforementioned trust deed and Encum- <br /> brancer should offer said foreclosed novation of lease interest <br /> for sale, LESSOR desires to have certain options available. <br /> 6. By modifying said novation of lease, LESSOR will provide for <br /> said options in the event of default or foreclosure. <br /> IN CONSIDERATION of the mutual promises, covenants and conditions <br /> contained herein, the parties hereto mutually agree as follows: <br /> 1. Paragraph 14 of Page 11 of the Novation of Lease Agreement <br /> dated March 11, 1974, is amended to read as follows: <br /> 14. Foreclosure: It is agreed, however, that in the event <br /> the rights under this lease are used as security for any loan or <br /> the repayment or replacement of any loan, the proceeds of which <br /> <br /> were used to develop and improve the property let hereby for the <br /> limited purposes set forth in this lease, and said encumbrance <br /> 2 <br /> <br />