Exhibit 10.1
AMENDMENT TO SECURED PROMISSORY NOTE
Amendment, dated as of July 31, 1999, between Homestead Village
Incorporated, a Maryland corporation ("Homestead"), and Xxxxx X. Xxxxxxxx, Xx.
("Xxxxxxxx").
WHEREAS, Xxxxxxxx executed a Secured Promissory Note, dated October 15,
1996 (the "Note") under which Xxxxxxxx borrowed $250,000 from Homestead to
purchase 25,000 shares of Homestead Common Stock at $10.00 per share (the
"Shares"), which Shares are pledged to Homestead as collateral for the Note; and
WHEREAS, the principal and interest on the Note is $260,077.05 as of
July 8, 1999; and
WHEREAS, the fair market value of the Shares as of July 8, 1999 is
$2.1875 per Share, or a total of $54,687.50; and
WHEREAS, Homestead and Xxxxxxxx wish to adjust the Note:
NOW THEREFORE, in consideration of the premises and mutual covenants
set forth herein, the parties agree as follows:
1. The principal and interest on the Note as of July 8, 1999, shall be
reduced to $54,687.50. It is intended that this loan adjustment qualify under
Section 108(e)(5) of the Internal Revenue Code.
2. Except as amended hereby, the Secured Promissory Note shall remain
in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment as of July
31, 1999.
HOMESTEAD VILLAGE INCORPORATED
By: /S/C. XXXXXX XXXXXXXXXXX
________________________
Title: Interim Chairman and
Chief Executive Officer
________________________
/S/ XXXXX X. XXXXXXXX, XX.
________________________
Xxxxx X. Xxxxxxxx, Xx.
