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EXHIBIT 10.2
AMENDMENT TO CITIZENS EFFINGHAM PARTNERSHIP
THIS AMENDMENT, made this 31st day of October, 1997, to the CITIZENS
EFFINGHAM PARTNERSHIP formed on the 31st day of March 1997 (the "Partnership")
among the undersigned residents of Effingham County, Georgia (the "Partners").
W I T N E S E T H:
WHEREAS, the Partners are forming a bank under the laws of the State
of Georgia, known as "CITIZENS BANK OF EFFINGHAM" (the "Bank") and a Georgia
bank holding company which owns the Bank, known as CITIZENS EFFINGHAM
BANCSHARES, INC. (the "Holding Company"); and
WHEREAS, the Partners wish to amend the original Partnership Agreement
to allow the Partners to borrow additional monies to finance any organizational
and pre-opening expenses and capital expenditures necessary to open the Bank,
including approximately $1,900,000 for the acquisition and construction of
banking offices in Springfield and Rincon, Georgia, for which the funds in the
Organizers' Account (which will be created under the Escrow Agreement to be
signed at the time an offering of the stock of the Holding Company is made to
the public) may not be sufficient to provide; and
WHEREAS, the Partners have agreed to accomplish the foregoing by means
of, and upon the terms and conditions set forth in, this Amendment to the
Partnership Agreement;
NOW THEREFORE, in consideration of the mutual promises herein
contained, the Partners do hereby agree as follows:
1. To the extent the monies in the Organizers' Account are
insufficient to provide the funding for the capital expenditures herein
described, the Partners will borrow from The Savannah Bank, N.A., or such other
financial institution as the Partnership shall determine, such amounts,
estimated to be approximately $750,000, (the "Loan") as are necessary to pay
such organizational and pre-opening expenses and capital expenditures.
2. The Partners will use this money to construct the facilities
in Springfield and Rincon, to furnish the facilities, and to pay any other
capital expenditures or organizational or pre-opening expenses the Partners
deem necessary to open the Bank.
3. Each Partner shall guarantee the Loan jointly and severally,
but in no event shall the Lender be entitled to recover from any Partner more
than $78,125.00. No further loan guarantees or contributions to capital shall be
required of a Partner without his/her consent.
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IN WITNESS WHEREOF, the Partners have signed this Amendment to
Partnership Agreement as of the date first above written.
/s/ Xxxxxxx X. Xxxxxxx /s/ Xxxxxx X. Xxxxxxxxxx, Xx.
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/s/ Xxxxxx X. Xxxxxxxx, Xx. /s/ Xxxxxx X. Xxxxxx
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/s/ Xxx X. Xxxxx /s/ W. Xxxxxx Xxxxxxx
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/s/ Xxxxxxx X. Xxxxxxxx /s/ Xxxxxx X. Xxxxx
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/s/ C. Xxxxxx Xxxxx /s/ J. Xxxxxxx Xxxx
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/s/ H. Xxxxxxxx Xxxxxxx /s/ Xxxxx X. Xxxxxxxxx
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