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<br />i.,os,e. 002,'.41 1570203 "',00
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<br />GENERAl. WARRANTY DEED WITII VENDOR I S LIEN
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<br />048-73-0553
<br />
<br />THE STATE OF TEXAS S
<br />5
<br />COUNTY OF HARRIS 5
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<br />KNOW ALL MEN BY THESE PRESENTS:
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<br />TIIAT OUAKER OATS CHEMICALS, INC., a corpara tion '
<br />existing under and by virtu~ of the laws of the State of
<br />~elaware '"Grantor"), acting herein by and through its duly
<br />authorized Officers, for and in consideration of the sum of
<br />TEN AND NO/IOO DOLLARS ISI0;00) and other good and valuable
<br />consideration in hand paid to Grantor by SOUTHERN IONICS,
<br />INC., an Alabama corporation '''Grantee''), the receipt and
<br />sufficiency of which arc hereby acknowledged and confessed,
<br />and the further consideration of 'I) the execution and de-
<br />livery by Grantee of two promissory notes of even date here-
<br />with payable to the order of Texas Commerce Bank National
<br />Association I"TeB"1 and to the order of National Bank of
<br />Commerce, Memphis Tennessee ("NBC"I, each in an aggregate
<br />amount not to exceed Seven lIundred Fif.:y Thousand and NO/lOO/
<br />Dollars ($730,000.001 as thr.rein provided (the "Bank Notes"l
<br />(TeB and NBC being referred to herein as the "Banks"), and
<br />being secured by a vendor's lien and superior title herein
<br />retained and reserved upon the real rroperty hereinafter
<br />described and conveyed, and by a Deed of Trust thereon of
<br />even date herew:th to Lloyd L. Bolton, Trustee, and (2) the
<br />execution and delivery by Grantee of that certain Promissory
<br />Note of ~ven date herewith in the principal sum of One
<br />Million Four Hundred Fifty Thousand and NO/lOO Dollars
<br />IS1,450,000.001, payable to the order of Grantor as therein
<br />provided Ithe "SI,450,000 Note"~, and being secured by the
<br />vendor's lien and superior title herein retained and reserved
<br />upon the real property hereinafter described and conveyed,
<br />and by that certain Deed of Trllst and Security Agreement of
<br />even date her~with to Clark G. Thompson, Jr., Trustee, has
<br />GRANTED, SOLD and CONVEYED, and by these presents does GRANT,
<br />SELL and CONVEY unto Grantee, all of that certain real prop-
<br />erty described in Exhibit A attached hereto and incorporated
<br />herein, together ~ith all improvemen~s thereon and all of
<br />Grantor's right, title and interest in and to dny adjacent
<br />land, street, casement and right-of-~ey (all of such"real
<br />property and right~ beinq h~rein called the ~'roperty"l.
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<br />This conveyance is made and the warranties herein
<br />are given by GrantoE' and 'accepted by Grantee subject to all
<br />encu~rances, covenants, conditions and restrictions .of
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<br />01 9CGTI/054AO~,
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<br />RETURN TO:
<br />DIANN M" BRUCE
<br />2200 WRst Loop South
<br />Houston, Texas 77027
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