EXTENSION AGREEMENT
THIS MODIFICATION AGREEMENT is dated as of the 26th day of June, 1997 by
and among MERRY LAND & INVESTMENT COMPANY, INC., a Georgia corporation (the
"Borrower"), the Lenders who are or may become a party to the Agreement (as
hereinafter defined) and FIRST UNION NATIONAL BANK, in its capacity as Agent
for the Lenders (for itself as a Lender and as Agent, collectively "First
Union").
Statement of Purpose
The Borrower and First Union entered into a certain Credit Agreement
dated June 28, 1996, as modified by Modification Agreement dated December 19,
1996 (as modified, the "Credit Agreement") and Borrower has requested that
First Union extend the "Termination Date" as defined in Section 1.1 of the
Credit Agreement.
All capitalized terms used herein and not defined herein shall have the
meaning as used in the Credit Agreement.
Now, therefore, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto, the
parties hereto agree as follows:
1. The definition of "Termination Date" in Section 1.1 of the Credit
Agreement shall be deleted, and simultaneously substituted in lieu of the
language deleted from Section 1.1 shall be the following:
" Termination Date' means September 30, 1997 or such
date as may be provided in Section 2.5 hereof."
2. This Extension Agreement may be executed in any number of
counterparts, each of which shall be an original, but such counterparts
together shall constitute one and the same instrument.
Except as modified hereby, the Credit Agreement shall be unchanged and
is hereby ratified and confirmed.
IN WITNESS WHEREOF, the parties hereto have executed this Extension
Agreement as of the day and year first above written.
MERRY LAND & INVESTMENT
COMPANY, INC., a Georgia corporation
By: Xxxxxx X. Xxxxx /s/
Name: Xxxxxx X. Xxxxx
Title: Vice President
FIRST UNION NATIONAL BANK
By: Xxxxx X. Xxxxxx /s/
Name: Xxxxx X. Xxxxxx
Title: Senior Vice President
