Exhibit 10.79
[LOGO OF XXXXX FARGO]
Real Estate Group
Orange County
0000 Xxxx Xxxxxx, Xxxxx 000
Xxxxxx, XX 00000
949 25l-4300
September 23, 2002
Xx. Xxxxxxx Xxxxxx
ACF Investment Corp.,
000 Xxxxxx Xxxxxx, Xxxxx 0000
Xxxx Xxxxx, Xxxxx, 00000
RE: ACF Investment Corp., a Delaware corporation
0000 Xxxxxxxxxxx, Xxxxxxxxx, XX 00000 ("Property")
Xxxxx Fargo Bank Texas, Loan No. #27840E
Dear Xx. Xxxxxx:
This Sixth Letter Modification Agreement dated September 23, 2002 ("Agreement")
is entered into by and between Xxxxx Fargo Bank Texas, National Association
("Lender") and ACF Investment Corp., a Delaware corporation ("Borrower").
Pursuant to the terms of a construction loan agreement between Borrower and
Xxxxx Fargo Bank, National Association ("Original Lender") dated June 29, 2001
("Loan Agreement"), Original Lender made a loan to Borrower in the principal
amount of Twenty Four Million Seven Hundred Eighty Thousand and 00/100ths
Dollars ($24,780,000.00) ("Loan"). Said Loan is secured by, among other things,
a Construction Deed of Trust with Absolute Assignment of Leases and Rents,
Security Agreement and Fixture Filing ("Deed of Trust") dated June 29, 2001,
executed by Xxxxxxxx as "Grantor" for the benefit of Original Lender as
"Beneficiary" and recorded on July 30, 2001, as Instrument No. D201180713, in
the official records of Tarrant County, Texas encumbering real property
described more particularly therein; and evidenced by a Promissory Note dated
June 29, 2001 ("Note") and other documentation necessary to perfect the Loan and
any amendments or modifications thereto (individually and collectively, the
"Loan Documents"). Original Lender assigned its rights to Xxxxx Fargo Bank
Texas, National Association ("Lender") by that certain Assignment of Promissory
Note and Deed of Trust dated September 24, 2001 and recorded September 26, 2001
as Instrument No. D201235560, in the official records of Tarrant County, Texas.
Said Loan was modified by that certain First Modification Agreement dated August
31, 2001 and recorded October 3, 2001 as Instrument No. D201241021 ("First
Modification Agreement"), Second Letter Modification dated November 7, 2001
("Second Letter Modification Agreement"), Third Letter Modification dated
February 8, 2002 ("Third Letter Modification Agreement"), Fourth Letter
Modification Agreement dated March 19, 2002 ("Fourth Letter Modification
Agreement"), and Fifth Letter Modification dated May 22, 2002 ("Fifth Letter
Modification Agreement").
Xxxxxxxx has requested, and Xxxxxx has agreed to modify and amend certain terms
and provisions of the Note, Loan Agreement and Loan Documents.
MODIFICATION OF LOAN DOCUMENTS. The Loan Documents are hereby supplemented and
modified to incorporate the following, which shall supersede and prevail over
any conflicting provisions of the Loan Documents.
Amendment to Maturity Date: The Maturity Date as recited in the Note, Loan
Agreement and Loan Documents: is hereby modified from September 30, 2002
to December 15, 2002.
Amendment to Principal Repayment Schedule: Provided the Maturity Date of
the Loan has been extended to the First Extended Maturity Date, commencing
January 1, 2003, Borrower shall make monthly principal payments to Lender
in the amount of Eighty Two Thousand Six Hundred and 00/100ths Dollars
($82,600.00) plus accrued interest. Principal payments shall be on the
first day of each and every month. Principal payments are based on a
straight line twenty-five (25) year monthly payment amortization schedule.
Xxxxxx's willingness to modify the Loan Documents is subject to the satisfaction
of the following conditions precedent:
1. Xxxxxxxx shall deliver to Lender an unmodified, executed original of
this Agreement;
2. The payment to Lender of a modification fee in the amount of $250.00;
and
3. All payments due and owing to Lender under the Loan Documents have
been paid current.
Except as amended herein, all other terms and conditions under each of the Loan
Documents shall remain unmodified and of full force and effect. Upon
satisfaction of the execution of this Agreement, the modification of the Loan
Documents shall be in effect.
IN WITNESS WHEREOF, Xxxxxxxx and Xxxxxx have caused this Agreement to be duly
executed as of the date first above written.
"LENDER" "BORROWER"
XXXXX FARGO BANK TEXAS, ACF INVESTMENT CORP.,
NATIONAL ASSOCIATION a Delaware corporation
By /s/ Xxxxxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxxxx
----------------------------------- -----------------------------
Xxxxxxx X. Xxxxxx, Vice President Xxxxxxx X. Xxxxxx, EVP and
Treasurer
