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EXHIBIT 10.16
FIRST AMENDMENT TO LOAN AGREEMENT
THIS FIRST AMENDMENT TO LOAN AGREEMENT ("First Amendment") is entered
into as of May 30, 1997, between LEGEND PROPERTIES, INC. ("Legend"), as
Borrower, and RGI Holdings, Inc.
("Holdings"), as Lender.
RECITALS
A. Legend and Holdings entered into that certain Loan Agreement dated as
of March 31, 1997 (the "Loan Agreement"), pursuant to which Holdings agreed to
make loans to Legend during the period beginning March 31, 1997 and ending
December 31, 1997, in the aggregate principal sum of $8,500,000.00 (the
"Commitment").
B. Legend and Holdings desire to increase the Commitment to
$17,000,000.00.
NOW, THEREFORE, Legend and Holdings hereby agree as follows:
1. Section 1.1 of the Loan Agreement is hereby amended by replacing
"$8,500,000" with "$17,000,000." As a condition precedent to the increase in the
Commitment, Borrower shall execute and deliver to Lender the following
documents:
a. This First Amendment;
b. A replacement promissory note in the form attached hereto, which
shall replace Exhibit A to the Loan Agreement;
c. Amendments to the Guaranty and Deeds of Trust in form and
substance satisfactory to Lender;
d. Evidence of the Borrower's corporate authority to enter into this
First Amendment; and
e. Evidence reasonably satisfactory to Lender concerning the
perfection and priority of its Lien on the Mortgaged Property, as
security for the increased amount of the Loan Commitment.
2. Except as amended by this First Amendment, all other terms of the
Loan Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have caused this First Amendment to be
executed by their respective officers or agents thereunto duly authorized as of
the date first above written.
BORROWER: LENDER:
LEGEND PROPERTIES, INC. RGI HOLDINGS, INC.
By /s/ XXXXXXX X. XXXXXX By /s/ XXXXXXX X. XXXXXX
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Xxxxxxx X. Xxxxxx Xxxxxxx X. Xxxxxx
Its Treasurer Its President
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