Title Documents submission

8K5715P60200 * recording thereof in the Essex County Register’s Office or such other appropriate county recording office as may exist from time to time, inure to and be binding upon all parties having any rights or obligations hereunder or any interest in Llewellyn Park or the Benefitted Lands without any need for a further court order, provided, however, that no amendment so adopted shall operate to materially adversely affect the rights under or security of any institutional mortgagee of any mortgage that is a recorded lien upon Llewellyn Park or any Benefitted Lands prior to the date of the adoption of such amendment, or to materially adversely affect the value of any security so mortgaged without the express written consent of any such institutional mortgagee, but shall be binding upon all non-institutional mortgagees regardless of the date of such non- institutional mortgagees' mortgage liens and upon all institutional mortgagees thereafter acquiring mortgage liens upon Liewellyn Park or any Benefitted Lands. For purposes of this Paragraph Eighteenth bona fide purchase money mortgagees who are sellers of Benefitted Lands and hold such bona fide purchase money mortgages as a result of a bona fide sale of Benefitted Lands to an unrelated third party at fair market value where the aggregate of such purchase money mortgage and all mortgages prior to it do not exceed 80% of the fair market value of the Benefitted Lands encumbered by such purchase money mortgage shall be considered and treated as institutional mortgagees. The Proprietors, by motion, duly made at any annual meeting, shall have the right to expand the class of mortgagees so protected from time to time in their discretion. In the event that the Board of Managers desire to recommend any amendment or modification to this Deed of Trust to the Proprietors, the Board of Managers shall mail a copy of such proposed amendment or modification to each Proprietor at the address to which invoices for Taxes are mailed. The Board of Managers shall schedule one or more meetings at which Proprietors may discuss the proposed amendment and modification, which 23