(PAGE)
July 18, 1997
Supra & Company, S.E.
Banco Bilbao Xxxxxxx Xxxxxxxx
0xx xxxxx
Xxxxxxxxx Xxxxxx
Xxxxxxx, XX 00000
Attn: Xxxxx Xxxxx Lebron, President
Dear Xxxxx:
Re: Purchase of Supra's Interest in HDA and Related Matters
Reference is made to the May 13, 1997 letter agreement ("Letter
Agreement") by and between Housing Development Associates S.E.
("HDA"), Equus Gaming Company L.P. ("Equus"), Supra & Company
S.E.("Supra") and Xxxxx Xxxxx Lebron and his wife Xxxxxx
Xxxxxxxxxxx Xxxxx ("Xxxxx"). Paragraph 1.a.(ii) of the Letter
Agreement provides that "HDA or Equus shall execute and deliver
to Supra and Xxxxx a Promissory Note in the form attached as
Exhibit 1A4 hereto (the "Supra Note") in the principal amount of
$600,000."
Certain of the transactions set forth in the Letter Agreement
require the prior written consent of the holders of a majority in
principal amount of the First Mortgage Notes due 2003, issued by
El Comandante Capital Corp. and unconditionally guaranteed by HDA
(the "Noteholder Consent"). The costs of obtaining the
Noteholder Consent are going to be substantially higher than we
anticipated at the time of executing the Letter Agreement. As
discussed with you, we propose that Supra and Xxxxx bear $150,000
of the additional costs by reducing the Promissory Note (Exhibit
1A4 to the Letter Agreement) to $450,000 (the "Revised Note").
Principal and interest on the Revised Note would be payable in
seven quarterly installaments of $69,864.85; the form of the
Revised Note is attached hereto.
Upon your acceptance, this letter will modify the Letter
Agreement as set forth herein.
Very truly yours,
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Supra & Company, S.E.
July 18, 1997
Page 2
HOUSING DEVELOPMENT ASSOCIATES S.E.
By: Equus Gaming Company L.P.,
its managing partner
By: Equus Management Company,
its managing general partner
By: /s/ Xxxxxx X. Xxxxxxxx
-------------------------
Xxxxxx X. Xxxxxxxx
President
EQUUS GAMING COMPANY L.P.
By: Equus Management Company,
its managing general partner
By: /s/ Xxxxxx X. Xxxxxxxx
-------------------------
Xxxxxx X. Xxxxxxxx
President
AGREED TO:
SUPRA & COMPANY, S.E. /s/ Xxxxx Xxxxx Lebron
-----------------------
Xxxxx Xxxxx Lebron
By: Supra Development Corp.,
its managing general partner
By: /s/ Xxxxx Xxxxx Lebron /s/ Xxxxxx Xxxxxxxxxxx Xxxxx
------------------------ ----------------------------
Xxxxx Xxxxx Lebron, Xxxxxx Xxxxxxxxxxx Xxxxx
President
