Exhibit 10.6
This instrument prepared by
and upon recording return to:
Xxxxxxx X. XxXxxxx, Esq.
Walston, Wells, Xxxxxxxx & Bains, LLP
000 00xx Xxxxxx Xxxxx, Xxxxx 000
Xxxxxxxxxx, XX 00000
000-000-0000
STATE OF GEORGIA )
XXXXXX COUNTY )
THIRD AMENDMENT TO DEED TO SECURE DEBT,
SECURITY AGREEMENT AND ASSIGNMENT OF RENTS AND LEASES
This Third Amendment to Deed to Secure Debt, Security
Agreement and Assignment of Rents and Leases (this "Third Amendment") is
executed as of this 30th day of August, 2002, by and between XXXXXXX PROPERTIES
RESIDENTIAL, L.P., a Georgia limited partnership (the "Grantor"), and AMSOUTH
BANK, a state banking corporation (the "Bank").
Recitals
A. The Grantor executed in favor of the Bank that
certain Deed to Secure Debt, Security Agreement and Assignment of Rents and
Leases dated as of August 31, 2001, recorded in the Office of the Clerk of
Superior Court of Xxxxxx County, Georgia, in Deed Book 30956, at page 194, as
amended by that certain First Amendment dated as of December 21, 2001, recorded
in the Office of the Clerk of Superior Court of Xxxxxx County, Georgia in Deed
Book 31534, at Page 563, and as amended further by that certain Second Amendment
dated as of April 30, 2002, recorded in the Office of the Clerk of Superior
Court of Xxxxxx County, Georgia in Deed Book 32354, Page 322 (the "Agreement").
Unless otherwise defined herein, capitalized terms shall have the meaning
assigned to them in the Agreement.
B. The parties desire to extend the maturity date
described in the Agreement, and have agreed to execute this Third Amendment to
reflect such extension.
Agreement
NOW, THEREFORE, in consideration of the Recitals, the Grantor
and the Bank hereby amend the Agreement as follows:
1. Recital A is hereby deleted in its entirety and replaced with
the following:
A. The Grantor is justly indebted to the Bank in the
principal sum of $3,700,000, as evidenced by an increased, amended and restated
promissory note executed by the Grantor, which note is payable in full on May
30, 2003, and bears interest as provided therein (as amended from time to time,
the "Note").
2. The third paragraph of page 4 of the Agreement is hereby
amended by deleting the date "August 30, 2002", and replacing
it with the date "May 30, 2003".
Except as expressly amended hereby, the Agreement shall remain
in full force and effect in accordance with its terms.
The Grantor represents and warrants that the representations
and warranties set forth in the Agreement are as true and correct on the date
hereof as when initially made, except as such representation or warranty
expressly relates to another date.
The Grantor acknowledges and agrees that there are no offsets
or defenses to the obligations set forth in the Agreement, as hereby amended,
and represents that there are no Events of Default existing on the date hereof,
nor are there any facts or consequences which will or could lead to an Event of
Default under the Agreement.
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IN WITNESS WHEREOF, the Grantor and the Bank have caused this
Third Amendment to be executed by their duly authorized respective
representatives as of the date first set forth above.
Signed, sealed and XXXXXXX PROPERTIES RESIDENTIAL, delivered in the
L.P., a Georgia limited partnership
presence of:
By: RobertsRealty Investors, Inc., a Georgia
corporation, sole general partner
Xxxxxxx XxXxxxx
---------------------------
/s/ Xxxxxxx XxXxxxx
Unofficial Witness By: /s/ Xxxxxxx X. Xxxxxxx
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Its: Senior VP
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/s/ Xxxxxxx X. Xxxxxxxxxx (CORPORATE SEAL)
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Notary Public
AFFIX SEAL
My Commission expires: 6/17/05
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Signed, sealed AMSOUTH BANK, an Alabama banking
and delivered corporation
In the presence of:
/s/ Xxxx Xxxxxxxx By: /s/ Xxxxxxxx Xxxxx
--------------------------- ------------------------------------------------
Unofficial Witness Its Vice President
/s/ Xxxxxx Xxxxxxx
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Notary Public
AFFIX SEAL
My commission expires: 11/18/04
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