EXHIBIT 10.250
AMENDMENT NO. 5
TO PROMISSORY NOTE
[BILOXI PROPERTY]
THIS AMENDMENT NO. 5 TO PROMISSORY NOTE [BILOXI PROPERTY] (this
"Amendment") entered into as of this ____ day of ______________, 2002, but is
effective as of March 1, 2002, between LEISURE HOMES CORPORATION, a Nevada
corporation, formerly known as Preferred Equities Corporation ("Maker"), and
FINOVA CAPITAL CORPORATION, a Delaware corporation ("Lender"), is made with
reference to the following:
R E C I T A L S
Maker previously executed and delivered to Lender a Promissory Note [Biloxi
Property], dated March 20, 1998, in the original principal amount of
$1,173,750.00, as amended by that certain Amendment No. 1 to Promissory Note
[Biloxi Property] dated March 31, 2000, as further amended by that certain
Amendment No. 2 to Promissory Note [Biloxi Property] dated December 29, 2000, as
further amended by that certain Amendment No. 3 to Promissory Note [Biloxi
Property] dated April 6, 2001 and as further amended by that certain Amendment
No. 4 to Promissory Note [Biloxi Property] dated January 3, 2002 (collectively
the "Note") to evidence the Biloxi Advance (as defined in the Loan Agreement
[hereinafter defined] made pursuant to the terms of that certain Second Amended
and Restated Loan and Security Agreement dated May 15,1997, between Maker and
Lender (the "Original Loan Agreement").
On even date herewith, the Maker and Lender have entered into a Tenth Amendment
to Forbearance Agreement and Amendment No. 15 to Second Amended and Restated and
Consolidated Loan and Security Agreement (the "Loan Amendment"). The Loan
Amendment provides, among other things, for an amendment to the maturity date of
the Note. The Original Loan Agreement, as amended by the Loan Amendment and all
other amendments executed prior to the date hereof, and as the same may, in the
future, be amended and restated, is called the "Loan Agreement". All capitalized
terms used in this Amendment, which are defined in the Loan Agreement, shall
have the same meaning and definition when used herein.
The Maker and Lender desire to amend the Note.
NOW, THEREFORE, in consideration of these Recitals, the covenants contained in
this Amendment, and for other good and valuable consideration, the receipt and
sufficiency of which consideration are hereby acknowledged, Lender and Maker
agree as follows:
1. All references in the Note to the term "Maturity Date" shall now mean and
refer to December 31, 2002. Maker shall have no right to further extend the
Maturity Date.
2. Maker hereby ratifies and confirms the Note, as amended hereby, in all
respects; and, as amended hereby, the terms thereof shall remain in full force
and effect. This Amendment may be attached to and shall form a part of the Note
for all purposes.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, this instrument is executed as of the date and year first
above written.
LEISURE HOMES CORPORATION, a Nevada corporation
By:________________________________________
Name:_________________________________
Title:_________________________________
"MAKER"
FINOVA CAPITAL CORPORATION, a Delaware corporation
By:________________________________________
Name:_________________________________
Title:_________________________________
"LENDER"
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State of Nevada )
)
County of Xxxxx )
This instrument was acknowledged before me on ______________ ___, 2002, by
_______________________________, as ______________________, of LEISURE HOMES
CORPORATION, a Nevada corporation, on behalf of the corporation.
___________________________________
Notary
(My commission expires: ________________)
State of Arizona )
)
County of Maricopa )
This instrument was acknowledged before me on __________________ ___, 2002,
by ____________________________________, as ______________________ of FINOVA
CAPITAL CORPORATION, a Delaware corporation, on behalf of the corporation.
___________________________________
Notary
(My commission expires: ________________)
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