THIRD MODIFICATION TO REVOLVING LINE OF CREDIT AGREEMENT
THIS THIRD MODIFICATION TO REVOLVING LINE OF CREDIT AGREEMENT (this
"Modification Agreement") is made and entered into as of the 30th day of April,
1996, by and among Wachovia Bank of Georgia, N.A., a national banking
association ("Lender") and Regency Realty Group, Inc., a Florida corporation
("Borrower").
ARTICLE I - BACKGROUND AND CONSIDERATION
Section 1.01 Background. Lender and RRC GA One, Inc., a Georgia
corporation (predecessor of Borrower) did enter into that certain Revolving Line
Of Credit Agreement dated May 31, 1994, as amended by that certain First
Modification To Revolving Line Of Credit Agreement dated April 30, 1995, and
further amended by that certain Second Modification to Revolving Line of Credit
Agreement dated December, 1995 (as amended, the "Line Of Credit Agreement").
Borrower has requested that Lender increase the principal amount of the Line of
Credit and extend future Loans (as defined in the Line Of Credit Agreement) to
Borrower. Terms not otherwise defined herein shall have the meanings as set
forth in the Line Of Credit Agreement.
Section 1.02 Consideration. For and in consideration of the sum of
$10.00 and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Lender and Borrower do hereby agree as follows.
ARTICLE II - MODIFICATION
Section 2.01 Modified Principal Amount Of Line Of Credit. The first two
sentences of Article 2, Subsection 2.1 of the Line Of Credit Agreement shall be
deleted in their entirety and the following sentences shall be inserted:
Subject to the terms hereof, Lender extends to Borrower a revolving
line of credit in the maximum amount of $10,000,000 inclusive of all
outstanding principal and interest (the "Line of Credit"), available
from the date hereof until April 30, 1997, unless terminated earlier in
accordance with the terms of this Agreement. The aggregate amount of
principal and interest due with respect to all loans made hereunder
(individually called a "Loan" and collectively called "Loans") shall
never exceed the sum of $10,000,000.
Section 2.02 No Further Modification. Except as is expressly set forth
above, the terms and provisions of the Line Of Credit Agreement shall remain in
full force and effect without further modification. Borrower shall be liable for
any and all Loans extended under the Line Of Credit Agreement.
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ARTICLE III - GENERAL CONDITIONS
Section 3.01 Successors and Assigns. Subject to Subsection 3.4 of
Article 3 of the Line Of Credit Agreement, this Modification Agreement shall be
binding upon and shall inure to the benefit of the parties hereto, their
respective successors-in-title and assigns.
Section 3.02 Miscellaneous. All personal pronouns used herein whether
used in the masculine, feminine or neuter gender, shall include all other
genders; the singular shall include the plural, and vice versa. Titles of
Articles and Sections as set forth herein are for convenience only and in no way
define, limit, amplify or describe the scope or intent of any provision hereof.
Lender and Borrower acknowledge and agree that they have been represented by
counsel and that each has participated in the drafting of this Modification
Agreement. Accordingly, it is the intention and agreement of Lender and Borrower
that the language, terms and conditions of this Modification Agreement are not
to be construed in any way against or in favor of either Lender or Borrower by
reason of their responsibilities in connection with the preparation of this
Modification Agreement.
IN WITNESS WHEREOF, Lender and Borrower have hereunto set their hands
and affixed their seals as of the date and year first above written.
LENDER:
WACHOVIA BANK OF GEORGIA, N.A.
By:_____________________________
Xxxxx X. Xxxxx, III
Vice President
BORROWER:
REGENCY REALTY GROUP, INC.,
a Florida corporation
By:_______________________
Its:
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