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EXHIBIT 10.16
MODIFICATION OF MORTGAGE
THIS MODIFICATION OF MORTGAGE IS DATED NOVEMBER 10, 1997, BETWEEN AMERICAN STONE
CORPORATION (REFERRED TO BELOW AS "GRANTOR"), WHOSE ADDRESS IS X.X. XXX 000,
XXXXXXX, XX 00000; AND FIRSTMERIT BANK, N.A. (REFERRED TO BELOW AS "LENDER"),
WHOSE ADDRESS IS 000 XXXX XXXXXXXX XXXXXX, XXXXXXXXX, XX 00000.
MORTGAGE. Grantor and Lender have entered into a mortgage dated September 13,
1996 (the "Mortgage") recorded in Erie County, State of Ohio as follows:
RECORDED BY U.S. TITLE IN VOLUME 298, PAGES 677 THROUGH 684 IN THE
ERIE COUNTY RECORDER'S OFFICE.
REAL PROPERTY DESCRIPTION. The Mortgage covers the following described real
property (the "Real Property") located in Erie County, State of Ohio:
SEE "EXHIBIT A" ATTACHED.
The Real Property or its address is commonly known as BIRMINGHAM QUARRY,
FLORENCE, OHIO. The Real Property tax identification number is 00-00000-000,
00-0000-000 and 00-00000-000.
MODIFICATION. Grantor and Lender hereby modify the Mortgage as follows:
INCREASE PRINCIPAL AMOUNT TO 1,250,000.00.
CONTINUING VALIDITY. Except as expressly modified above, the terms of the
original Mortgage shall remain unchanged and in full force and effect. Consent
by Lender to this Modification does not waive Lender's right to require strict
performance of the Mortgage as changed above nor obligate Lender to make any
future modifications. Nothing in this Modification shall constitute a
satisfaction of the promissory note or other credit agreement secured by the
Mortgage (the "Note"). It is the intention of Lender to retain as liable all
parties to the Mortgage and all parties, makers and endorsers to the Note,
including accommodation parties, unless a party is expressly released by Lender
in writing. Any maker or endorser, including accommodation makers, shall not be
released by virtue of this Modification. If any person who signed the original
Mortgage does not sign this Modification, then all persons signing below
acknowledge that this Modification is given conditionally, based on the
representation to Lender that the non-signing person consents to the changes and
provisions of this Modification or otherwise will not be released by it. This
waiver applies not only to any initial extension or modification, but also to
all such subsequent actions.
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EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MODIFICATION OF
MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS.
GRANTOR:
AMERICAN STONE CORPORATION
BY: /S/ XXXXX XXXXXXX
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XXXXX XXXXXXX, PRESIDENT
SIGNED, ACKNOWLEDGED AND DELIVERED IN THE PRESENCE OF:
X /S/ XXXXXXXX XXXXX
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WITNESS
X
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WITNESS
LENDER:
FIRSTMERIT BANK, N.A.
BY: /S/ XXXXXXXX XXXXX
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AUTHORIZED OFFICER
