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FIRST MODIFICATION TO REVOLVING LINE OF CREDIT AGREEMENT
THIS FIRST MODIFICATION TO REVOLVING LINE OF CREDIT AGREEMENT (this
"Modification Agreement") is made and entered into as of the 30th day of April,
1995, by and between Wachovia Bank of Georgia, N.A., a national banking
association ("Lender"), RRC GA One, Inc., a Georgia corporation ("Borrower").
ARTICLE I - BACKGROUND AND CONSIDERATION
Section 1.01 Background. Lender and Borrower did enter into that
certain Revolving Line Of Credit Agreement dated May 31, 1994 (the "Line Of
Credit Agreement"). Borrower has requested that Lender extend the term of the
Line Of Credit Agreement and modify the purpose for which proceeds from Loans
(as defined in the Line Of Credit Agreement) may be used by 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 Line Of Credit Term. The first sentence of
Article 2, Paragraph 2.1 of the Line Of Credit Agreement shall be deleted in its
entirety and the following sentence shall be inserted:
Subject to the terms thereof, Lender extends to Borrower a revolving
line of credit in the maximum amount of $5,000,000 inclusive of all
outstanding principal and interest (the "Line of Credit"), available
from the date hereof until April 30, 1996, unless terminated earlier in
accordance with the terms of this Agreement.
Section 2.02 Modified Line Of Credit Purpose. Paragraph 2.3 of Article 2 of
the Line Of Credit
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Agreement shall be modified by adding the following:
Notwithstanding that this Agreement requires that the Project be leased
in its entirety to Eckerd, Lender will permit financing on Projects to
be lease to Big B, Inc., Revco Discount Drugs, Inc., or similar
national tenants approved by Lender in its discretion.
Section 2.03 No Further Modification. Except as is expressly set forth
above, the terms and provisions of the Lien Of Credit Agreement shall remain in
full force and effect without further modification.
ARTICLE III - GENERAL CONDITIONS
Section 3.01 Successor and Assigns. Subject to Paragraph 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 the 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. Xxxxxxx
Vice President
BORROWER:
RRC GA ONE, INC.,
a Georgia Corporation
By:_______________________
Its: