SECOND MODIFICATION TO REVOLVING LINE OF CREDIT AGREEMENT
THIS SECOND MODIFICATION TO REVOLVING LINE OF CREDIT AGREEMENT
(this "Modification Agreement") is made and entered into as of the
____ day of December, 1995, by and among Wachovia Bank of Georgia,
N.A., a national banking association ("Lender"), RRC GA One, Inc.,
a Georgia corporation ("Original Borrower"), Regency Realty Group,
Inc., a Florida corporation ("New Borrower") and Regency Realty
Corporation, a Florida corporation ("Guarantor").
ARTICLE I - BACKGROUND AND CONSIDERATION
Section 1.01 Background. Lender and Original Borrower did
enter into that certain Revolving Line Of Credit Agreement dated
May 31, 1994, as amended by that certain First Modification To
Revolving Line Of Credit Agreement dated April 30, 1995 (as
amended, the "Line Of Credit Agreement"). Original Borrower has
requested that Lender increase the principal amount of the Line of
Credit and extend future Loans (as defined in the Line Of Credit
Agreement) to New Borrower. Terms not otherwise defined herein
shall have the meanings as set forth in the Line Of Credit
Agreement.
Section 1.02 Consideration. For and in consideration of the
sum of $10.00 and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Lender,
Original Borrower, New Borrower and Guarantor do hereby agree as
follows.
ARTICLE II - MODIFICATION
Section 2.01 Modified Borrower. From and after the date
hereof, the "Borrower" under the Line Of Credit Agreement shall be
the New Borrower.
Section 2.02 Modified Principal Amount Of Line Of Credit.
The first two sentences of Article 2, Subsection 2.1 of the Line Of
Credit Agreement shall be deleted in their entirety and the
following sentences shall be inserted:
Subject to the terms hereof, Lender extends to Borrower a
revolving line of credit in the maximum amount of $7,000,000
inclusive of all outstanding principal and interest (the "Line
of Credit"), available from the date hereof until April 30,
1996, unless terminated earlier in accordance with the terms
of this Agreement. The aggregate amount of principal and
interest due with respect to all loans made hereunder
(individually called a "Loan" and collectively called "Loans")
shall never exceed the sum of $7,000,000.
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Section 2.03 Modified Amount Of Unsecured Funds Disbursed.
The first sentence of Article 2, Subsection 2.2.3 of the Line Of
Credit Agreement shall be deleted in its entirety and the following
sentence shall be inserted:
Notwithstanding Subsections 2.2.1 and 2.2.2 above,
Borrower may request that Lender disburse up to $1,000,000
under the Line of Credit on a temporarily unsecured basis
provided said funds are either: (a) secured by an approved
Project within 45 days of the applicable advance or (b) repaid
in their entirety with interest thereon as provided hereunder
on or before the 45th day after said advance.
Section 2.04 No Further Modification. Except as is
expressly set forth above, the terms and provisions of the Line Of
Credit Agreement shall remain in full force and effect without
further modification. Original Borrower and Guarantor shall
continue to be liable for any and all Loans currently outstanding
under the Line Of Credit Agreement, and New Borrower and Guarantor
shall be liable for any and all future Loans extended under the
Line Of Credit Agreement.
ARTICLE III - GENERAL CONDITIONS
Section 3.01 Successors and Assigns. Subject to Subsection
3.4 of Article 3 of the Line Of Credit Agreement, this Modification
Agreement shall be binding upon and shall inure to the benefit of
the parties hereto, their respective successors-in-title and
assigns.
Section 3.02 Miscellaneous. All personal pronouns used
herein whether used in the masculine, feminine or neuter gender,
shall include all other genders; the singular shall include the
plural, and vice versa. Titles of Articles and Sections as set
forth herein are for convenience only and in no way define, limit,
amplify or describe the scope or intent of any provision hereof.
Lender, Original Borrower, New Borrower and Guarantor acknowledge
and agree that they have been represented by counsel and that each
has participated in the drafting of this Modification Agreement.
Accordingly, it is the intention and agreement of Lender, Original
Borrower, New Borrower and Guarantor that the language, terms and
conditions of this Modification Agreement are not to be construed
in any way against or in favor of either Lender, Original Borrower,
New Borrower or Guarantor by reason of their responsibilities in
connection with the preparation of this Modification Agreement.
IN WITNESS WHEREOF, Lender, Original Borrower, New Borrower
and Guarantor have hereunto set their hands and affixed their seals
as of the date and year first above written.
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LENDER:
WACHOVIA BANK OF GEORGIA, N.A.
By:________________________________
Xxxxx X. Xxxxx, III
Vice President
ORIGINAL BORROWER:
RRC GA ONE, INC., a Georgia
corporation
By:________________________________
Its:
NEW BORROWER:
REGENCY REALTY GROUP, INC.,
a Florida corporation
By:______________________
Its:
GUARANTOR:
REGENCY REALTY CORPORATION,
a Florida corporation
By:_______________________
Its:
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