1
EXHIBIT 10.21
FIRST MODIFICATION
OF REAL ESTATE LIEN NOTE
This First Modification of Real Estate Lien Note (this
"MODIFICATION") is made as of August 1st, 2001 by and between Xxxxxx X. XxXxxxxx
("MAKER") and Xxxx Delaware, Inc., a Delaware corporation ("PAYEE") under the
following circumstances:
RECITALS:
A. Maker has executed and delivered to Payee its Real Estate
Lien Note dated April 6, 2001 in the face amount of $2,149,000.00 (the "ORIGINAL
NOTE") evidencing a certain loan (the "LOAN") from Payee to Maker in the
original principal amount of $2,149,000.00.
B. The Original Note is, and as modified by this modification,
remains and shall remain secured by that certain deed of trust, from Maker and
Xxxxxx X. XxXxxxxx to Xxxxxx x. Xxxxxxx, as trustee for the benefit of Payee,
dated as of April 6, 2001 and recorded in Volume 2001068, Page 06127, Dallas
County, Texas Records (the "DEED OF TRUST"), which Deed of Trust encumbers
certain real property of Maker and Xxxxxx X. XxXxxxxx located in Dallas County,
Texas and commonly known as 0000 Xxxxx Xxxxxxx Xxxxx, Xxxxxx, Xxxxx, all as more
particularly described in the Deed of Trust.
C. Payee and Maker (the "PARTIES") desire to supplement and
amend the terms of the Original Note by the terms and provisions of this
Modification.
AGREEMENTS:
NOW, THEREFORE, in consideration of the premises and for other
good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged by each of the Parties hereto, the Parties hereby agree as follows:
1. Original Note. As used in the Original Note and in this Modification, the
term "NOTE" means and refers to the Original Note as amended and supplemented by
this Modification, and as hereafter further amended, supplemented, modified,
restated and replaced from time to time. Capitalized terms used but not defined
herein have the meanings provided in the Original Note. The Original Note as
amended hereby shall incorporate by reference the definitions contained in the
Recitals to this Modification, all of which Recitals are hereby acknowledged by
Maker to be true and correct in all respects.
2. Terms of Payment. That Section entitled "Terms of Payment" contained on page
2 of the Original Note is hereby modified, amended and restated in its entirety
as follows:
"Payments of interest only shall be due and payable monthly on
the 6th day of each month, commencing on May 6, 2001 and
continuing on the 6th day of each month thereafter through and
including the 6th day of July, 2006. The entire outstanding
principle balance and all accrued and unpaid interest shall be
due and payable in full on August 1, 2006 (the "MATURITY
DATE").
FIRST MODIFICATION OF
REAL ESTATE LIEN NOTE
2
Maker acknowledges and agrees with Payee that a "balloon
payment" will be required on the Maturity Date. A payment
schedule is attached hereto as Schedule 1.
3. Schedule 1 attached to the Original Note is hereby deleted in its entirety,
and Schedule 1 attached hereto and incorporated herein by this reference is
hereby substituted in lieu thereof.
IN WITNESS WHEREOF, Maker and Payee, intending to be legally
bound, have each executed and delivered this Modification under seal as of the
day and year first above written.
WITNESS: MAKER:
/s/ XXXXXXX X. XXXXXXXXXX /s/ XXXXXX X. XXXXXXXX (SEAL)
---------------------------------- -----------------------------------
Name: XXXXXXX X. XXXXXXXXXX Name: Xxxxxx X. XxXxxxxx
[Signatures continued on next page]
-2-
3
[Signatures continued from previous page]
PAYEE:
ATTEST: XXXX DELAWARE, INC., a Delaware
corporation
/s/ XXXXXXX X. XXXXXXXXXX By: /s/ XXX X. XXXX
---------------------------------- -----------------------------------------
XXXXXXX X. XXXXXXXXXX Name: XXX X. XXXX
Title: EXECUTIVE VICE PRESIDENT
[Corporate Seal]
-3-
4
SCHEDULE 1
MAKER: XXXXXX X. XXXXXXXX
LOAN AMOUNT $ 2,149,000.00
INTEREST RATE 7.25%
CLOSING DATE 06-APR-01
Payments Calculated on 30/360 day basis
DUE DATE INTEREST PRINCIPAL TOTAL
-------- -------- --------- -----
06-May-01 $ 12,983.54 $ - $ 12,983.54
06-Jun-01 $ 12,983.54 $ - $ 12,983.54
06-Jul-01 $ 12,983.54 $ - $ 12,983.54
06-Aug-01 $ 12,983.54 $ - $ 12,983.54
06-Sep-01 $ 12,983.54 $ - $ 12,983.54
06-Oct-01 $ 12,983.54 $ - $ 12,983.54
06-Nov-01 $ 12,983.54 $ - $ 12,983.54
06-Dec-01 $ 12,983.54 $ - $ 12,983.54
06-Jan-02 $ 12,983.54 $ - $ 12,983.54
06-Feb-02 $ 12,983.54 $ - $ 12,983.54
06-Mar-02 $ 12,983.54 $ - $ 12,983.54
06-Apr-02 $ 12,983.54 $ - $ 12,983.54
06-May-02 $ 12,983.54 $ - $ 12,983.54
06-Jun-02 $ 12,983.54 $ - $ 12,983.54
06-Jul-02 $ 12,983.54 $ - $ 12,983.54
06-Aug-02 $ 12,983.54 $ - $ 12,983.54
06-Sep-02 $ 12,983.54 $ - $ 12,983.54
06-Oct-02 $ 12,983.54 $ - $ 12,983.54
06-Nov-02 $ 12,983.54 $ - $ 12,983.54
06-Dec-02 $ 12,983.54 $ - $ 12,983.54
06-Jan-03 $ 12,983.54 $ - $ 12,983.54
06-Feb-03 $ 12,983.54 $ - $ 12,983.54
06-Mar-03 $ 12,983.54 $ - $ 12,983.54
06-Apr-03 $ 12,983.54 $ - $ 12,983.54
06-May-03 $ 12,983.54 $ - $ 12,983.54
06-Jun-03 $ 12,983.54 $ - $ 12,983.54
06-Jul-03 $ 12,983.54 $ - $ 12,983.54
06-Aug-03 $ 12,983.54 $ - $ 12,983.54
06-Sep-03 $ 12,983.54 $ - $ 12,983.54
06-Oct-03 $ 12,983.54 $ - $ 12,983.54
06-Nov-03 $ 12,983.54 $ - $ 12,983.54
06-Dec-03 $ 12,983.54 $ - $ 12,983.54
5
DUE DATE INTEREST PRINCIPAL TOTAL
-------- -------- --------- -----
06-Jan-04 $ 12,983.54 $ - $ 12,983.54
06-Feb-04 $ 12,983.54 $ - $ 12,983.54
06-Mar-04 $ 12,983.54 $ - $ 12,983.54
06-Apr-04 $ 12,983.54 $ - $ 12,983.54
06-May-04 $ 12,983.54 $ - $ 12,983.54
06-Jun-04 $ 12,983.54 $ - $ 12,983.54
06-Jul-04 $ 12,983.54 $ - $ 12,983.54
06-Aug-04 $ 12,983.54 $ - $ 12,983.54
06-Sep-04 $ 12,983.54 $ - $ 12,983.54
06-Oct-04 $ 12,983.54 $ - $ 12,983.54
06-Nov-04 $ 12,983.54 $ - $ 12,983.54
06-Dec-04 $ 12,983.54 $ - $ 12,983.54
06-Jan-05 $ 12,983.54 $ - $ 12,983.54
06-Feb-05 $ 12,983.54 $ - $ 12,983.54
06-Mar-05 $ 12,983.54 $ - $ 12,983.54
06-Apr-05 $ 12,983.54 $ - $ 12,983.54
06-May-05 $ 12,983.54 $ - $ 12,983.54
06-Jun-05 $ 12,983.54 $ - $ 12,983.54
06-Jul-05 $ 12,983.54 $ - $ 12,983.54
06-Aug-05 $ 12,983.54 $ - $ 12,983.54
06-Sep-05 $ 12,983.54 $ - $ 12,983.54
06-Oct-05 $ 12,983.54 $ - $ 12,983.54
06-Nov-05 $ 12,983.54 $ - $ 12,983.54
06-Dec-05 $ 12,983.54 $ - $ 12,983.54
06-Jan-06 $ 12,983.54 $ - $ 12,983.54
06-Feb-06 $ 12,983.54 $ - $ 12,983.54
06-Mar-06 $ 12,983.54 $ - $ 12,983.54
06-Apr-06 $ 12,983.54 $ - $ 12,983.54
06-May-06 $ 12,983.54 $ - $ 12,983.54
06-Jun-06 $ 12,983.54 $ - $ 12,983.54
06-Jul-06 $ 12,983.54 $ - $ 12,983.54
01-Aug-06 $ 11,252.40 $2,149,000.00 $2,160,252.40
