FOURTH MODIFICATION
OF
CREDIT AGREEMENT
This Fourth Modification of Credit Agreement ("Agreement") is made
this ____ day of June, 1997, among THE ROTTLUND COMPANY, INC., a Minnesota
corporation ("Borrower"), THE FIRST NATIONAL BANK OF BOSTON, a national
banking association having its principal place of business at 000 Xxxxxxx
Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000, ("FNBB") and THE FIRST NATIONAL BANK
OF BOSTON, as Agent (the "Agent") for itself and the other lending
institutions which are or may become parties to the Credit Agreement (as
hereinafter defined).
W I T N E S S E T H:
IN CONSIDERATION OF TEN AND NO/100 DOLLARS ($10.00) and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the undersigned Borrower and FNBB hereby covenant and agree
as follows:
. RECITALS. The following Recitals are true and correct as of the
date of this Agreement:
() The Borrower, FNBB and the Agent entered into that certain
Credit Agreement dated as of October 23, 1996, and that certain First
Modification of Credit Agreement dated November 19 1996, Second
Modification of Credit Agreement dated December 24, 1996 and Third
Modification of Credit Agreement dated January __, 1997 (the foregoing
Credit Agreement, as modified, is referred to herein as "Credit
Agreement").
() The parties to the Credit Agreement wish to further amend
and modify the Credit Agreement.
() All terms not otherwise defined herein shall have the same
meaning as in the Credit Agreement.
. The Credit Agreement is hereby modified as follows:
by substituting "$23,850,000" for "$24,800,000" in Section 10.1.
. The Effective Date of this Fourth Modification shall be as of
March 31, 1997 so that, without limitation, compliance with all covenants
contained in the Credit Agreement shall be determined from modifications
contained herein.
. Except as modified hereby, the
terms and conditions of the Credit Agreement shall remain in full force
and effect and the Borrower hereby ratifies the terms and conditions
thereof.
. This Agreement may be executed in any number of counterparts each
of which shall be deemed an original.
IN WITNESS WHEREOF, the undersigned Borrower and Agent have hereunto
caused this instrument to be executed by their duly authorized corporate
officers and their seal to be affixed hereto as of the day and year first
above written.
THE ROTTLUND COMPANY, INC., a Minnesota
corporation
By:________________________________
Title:_____________________________
THE FIRST
NATIONAL BANK OF BOSTON, a national
banking association
By:________________________________
XXXXX X. XXXX, Director
The undersigned guarantors hereby agree to all modifications of the
Credit Agreement and hereby ratify and reaffirm their respective Subsidiary
Guaranty dated as of the day and year first above written.
NORTHCOAST MORTGAGE, INC.
By:_______________________________
Its:______________________________
ROTTLUND HOMES OF FLORIDA, INC.
By:_______________________________
Its:______________________________
ROTTLUND HOMES OF INDIANA, INC.
By:_______________________________
Its:______________________________
ROTTLUND
HOMES OF INDIANA LIMITED PARTNERSHIP
By:_______________________________
Its:______________________________
ROTTLUND HOMES OF IOWA, INC.
By:_______________________________
Its:______________________________
ROTTLUND HOMES OF NEW JERSEY
By:_______________________________
Its:______________________________
