EXHIBIT 10.16
[LETTERHEAD OF CANADIAN WESTERN TRUST]
May 26, 1999
Soho Enterprises Ltd.
000, 0000 Xxxxxxxx Xxxxxx
Xxxxxxxxx, X.X.
V6B 2S2
Attention: Xx. Xxxxxx Xxxxx
---------------------------
Dear Sirs:
RE: Loan Reference 100 0000
000 Xxxx Xxxxxx Xxxxxx, Xxxxxxxxx, X.X.
----------------------------------------------
Further to your discussions with Xxxxx Xxxxxx, we are pleased to advise that a
renewal of your mortgage loan agreement has been approved. Our credit committee
has approved a renewal for a further term of two (2) years, under the following
terms and conditions:
Principal amount to be renewed: $933,839.15
New interest adjustment date: May 1, 1999
New first payment date: June 1, 1999
New maturity date: May 1, 2001
New interest rate: 7.200% per annum
Amortization period: 17 years
New monthly payment: $7,892.00
(Principal & Interest)
and subject to our receiving:
1. Your cheque in the amount of $1,868.00 in payment of our renewal fee.
All other provisions of your mortgage loan agreement are continued during the
renewal term and remain unchanged. There is no privilege for repayment in full
during the renewal term.
[Letterhead of Canadian Western Trust]
Page 2
May 26, 1999
The date of the making of this mortgage for all purposes is deemed to be May 1,
1999.
We have adjusted the amount of your pre-authorized account withdrawal and
commencing June 1, 1999 we will be automatically withdrawing the amount of your
new monthly payment from your bank account on the first business day of each
month.
Attached is an amortization schedule which reflects these renewal terms.
We reserve the right to draw an extension and/or modification document for your
acknowledgement and to have it filed in the appropriate Land Title Office at
your expense, should it ever in the future be deemed necessary.
Would you please signify your acceptance of these terms and conditions by
signing and returning the COPY of this letter enclosed for this purpose,
----
together with the above noted items by June 4, 1999, failing which these terms
may be subject to change.
Yours truly,
/s/ X. Xxxxxx
X. Xxxxxx
Manager, Mortgage Administration
E. & O. E.
We accept the terms and conditions of extension as offered above, dated this
day of , 1999.
/s/ Xxxxxxx Xxxxxxx Xxxxxxx Xxxxx
_____________________________________________
SOHO ENTERPRISES LTD. (as mortgagor)
/s/ Xxxxxx Xxxxx
_____________________________________________
THE VIDATRON GROUP INC. (as guarantor)
/s/ Xxxxxxx Xxx Xxxxxx
_____________________________________________
XXXXXXX XXX XXXXXX (as guarantor)
/s/ Xxxxxxx Xxxxxxx Xxxxxxx Xxxxx
_____________________________________________
XXXXXXX XXXXXXX XXXXXXX XXXXX (as guarantor)
[Letterhead for Canadian Western Trust]
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CANADIAN WESTERN TRUST - MORTGAGE ACCOUNTS SYSTEM
SAMPLE AMORTIZATION SCHEDULE
Mortgage Loan: 933,839.15
Amort. Period: 17 Years
Interest Rate: 7.200
Payment Freq: Monthly
Term: 2 Years
PAYMENT DUE DATE PAYMENT PRINCIPAL INTEREST BALANCE
------- -------- ------- --------- -------- -------
1 Jun 1/1999 7,892.00 2,371.21 5,520.79 931,467.94
2 Jul 1/1999 7,892.00 2,385.23 5,506.77 929,082.71
3 Aug 1/1999 7,892.00 2,399.33 5,492.67 926,683.38
4 Sep 1/1999 7,892.00 2,413.51 5,478.49 924,269.87
5 Oct 1/1999 7,892.00 2,427.78 5,464.22 921,842.09
6 Nov 1/1999 7,892.00 2,442.13 5,449.87 919,399.96
7 Dec 1/1999 7,892.00 2,456.57 5,435.43 916,943.39
8 Jan 1/2000 7,892.00 2,471.09 5,420.91 914,472.30
9 Feb 1/2000 7,892.00 2,485.70 5,406.30 911,986.60
10 Mar 1/2000 7,892.00 2,500.40 5,391.60 909,486.20
11 Apr 1/2000 7,892.00 2,515.18 5,376.82 906,971.02
12 May 1/2000 7,892.00 2,530.05 5,361.95 904,440.97
13 Jun 1/2000 7,892.00 2,545.01 5,346.99 901,895.96
14 Jul 1/2000 7,892.00 2,560.05 5,331.95 899,335.91
15 Aug 1/2000 7,892.00 2,575.19 5,316.81 896,760.72
16 Sep 1/2000 7,892.00 2,590.41 5,301.59 894,170.31
17 Oct 1/2000 7,892.00 2,605.73 5,286.27 891,564.58
18 Nov 1/2000 7,892.00 2,621.13 5,270.87 888,943.45
19 Dec 1/2000 7,892.00 2,636.63 5,255.37 886,306.82
20 Jan 1/2001 7,892.00 2,652.22 5,239.78 883,654.60
21 Feb 1/2001 7,892.00 2,667.90 5,224.10 880,986.70
22 Mar 1/2001 7,892.00 2,683.67 5,208.33 878,303.03
23 Apr 1/2001 7,892.00 2,699.53 5,192.47 875,603.50
24 May 1/2001 7.892.00 2,715.49 5,176.51 872,888.01
---------- --------- ---------- ----------
TOTAL 189,408.00 60,951.14 128,456.86 872,888.01
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