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EXHIBIT 10.12(d)
AMENDMENT TO REVOLVING LINE OF CREDIT
LOAN AGREEMENT AND RELATED PROMISSORY NOTE
This Amendment to Revolving Line of Credit Loan Agreement and Related
Promissory Note (this "Amendment") is effective this 30th day of April, 1997 by
and between Newmark Homes, L.P. a Texas limited partnership, ("Newmark") and
First American Bank Texas, SSB ("FAB").
WITNESSETH
WHEREAS, Newmark and FAB entered into that certain Revolving Line of
Credit Loan Agreement dated December 17, 1996, (the "Loan Agreement") that
certain Master Deed of Trust, Security Agreement and Financing Statement dated
the same date therewith (the "Master Deed of Trust") and that certain Master
Revolving Line of Credit Promissory Note dated the same date therewith (the
"Master Note"). The Loan Agreement, Master Note, Master Deed of Trust and the
documents related thereto are referred to collectively herein as the "Original
Loan Documents".
WHEREAS, the Loan Agreement and Master Note were amended pursuant to
that Amendment to Revolving Line of Credit Loan Agreement and Related
Promissory Note dated February 4, 1997 between Newmark and FAB (referred to
herein as the "First Amended Loan Documents");
WHEREAS, the Original Loan Documents and First Amended Loan Documents
are referred to collectively herein as the "Loan Documents";
WHEREAS, Newmark and FAB desire to extend the maturity date of the line to May
30, 1998.
NOW THEREFORE, for and in consideration of the promises and other good
and valuable consideration described herein, the sufficiency of which is hereby
acknowledged, the parties agree to amend the Loan Documents as follows:
SECTION I
General Agreements of Parties
Any capitalized (all listed) terms not defined herein shall have the
meanings given to such terms in the Loan Documents.
SECTION II
Amendment to Loan Agreement
1. The first sentence of Paragraph 2.3 under Article II of Loan Agreement
dated December 17, 1997 shall be amended to read as follows:
2.3 Term of the Line. Lender's obligation to accept requests for
Loans, or process Loans for approval shall terminate on May
30, 1998.
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2. Paragraph 2.16 under Article II of Loan Agreement dated December 17,
1997 shall be amended to read as follows:
2.16 Model and Speculative Houses. Notwithstanding the number of
Subdivisions in which Borrower is constructing Houses, Borrower shall
not have more than twelve (12) Loans outstanding at any time for the
construction of Model Houses. Further, the total outstanding committed
balance of the Loans outstanding under the Line on Speculative and
Model Houses shall not exceed Ten Million and No/100 Dollars
($10,000,000.00) at any time.
SECTION III
Amendment to Master Note
The first sentence of Paragraph 1.3 under Section I of the Master Note
dated December 17, 1996 shall be amended to read as follows
1.3 Term of the Line. Payees's obligation to accept requests for
Loans, or process Loans for approval shall terminate on May
30, 1998.
SECTION IV
Extension of Liens
All liens created by the above referenced Loan Documents are hereby
extended until said indebtedness and note as so amended has been fully paid,
and agrees that such amendment shall in no manner affect or impair said note or
the liens securing the same and that said I lines shall nor in any manner be
waived, the purpose of this instrument being simply to amend the Loan Documents
as stated and to carry forward all liens securing the same, which are
acknowledged by Newmark to be valid and subsisting, and Newmark further agrees
that all terms and provisions of said note and of the instrument or instruments
creating or fixing the liens securing die same shall be and remain in full
force and effect as therein written. except as otherwise provided herein.
SECTION V
Statute of Frauds Notice
NEWMARK AND FAB AGREE THAT THIS AMENDMENT AND THE LOAN DOCUMENTS,
REPRESENT THE FINAL AGREEMENTS BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES, AND THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
Revolving Line of Credit Loan Agreement effective as of the date first written
above.
Newmark Homes, L.P.
a Texas limited partnership
By: Newmark Home Corporation
a Nevada corporation
its general partner
By: /s/ XXXXX XXXXX
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Name: Xxxxx Xxxxx
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Title: SVP
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FIRST AMERICAN BANK TEXAS, SSB
By: /s/ XXXXX XXXXXX
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Xxxxx Xxxxxx
Vice President
STATE OF TEXAS )
)
COUNTY OF FORT BEND )
This instrument was acknowledged before me on the 16th day of May,
1997 by Xxxxx Xxxxx, Sr. Vice President of Newmark Home Corporation, a Nevada
Corporation, as the general partner of Newmark Homes, L.P., a Texas limited
partnership, on behalf of said entity.
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Notary Public
STATE OF TEXAS )
)
COUNTY OF )
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This instrument was acknowledged before me on the _____ day of
________________________________, 1997 XXXXX XXXXXX, VICE PRESIDENT of First
American Bank Texas, SSB, on behalf of said bank.
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Notary Public
PREPARED IN THE LAW OFFICE OF:
WEST, WEBB, XXXXXXXXXX & XXXXXX, P.C.
0000 Xxxxxxxxxx Xxxxx, Xxxxx Xxxxx
Xxxxx, Xxxxx 00000
