EXHIBIT 10.2
[Salomon Brothers Realty Corp. Letterhead]
August 12, 1998
New Century Mortgage Corporation
00000 Xxx Xxxxxx, Xxxxx 0000
Xxxxxx, Xxxxxxxxxx 00000
Attention: Xxxx Xxxxxxx
Chief Executive Officer
Re: Refinance Line between Salomon Brothers Realty Corp. and New
Century Mortgage Corporation
Ladies and Gentlemen:
Reference is hereby made to that certain Letter Agreement (the "Letter
Agreement"), dated November 18, 1997, between Salomon Brothers Realty Corp.
("Salomon Brothers") and New Century Mortgage Corporation ("New Century") and
that certain Purchase and Sale Agreement (the "Purchase Agreement", collectively
with the Letter Agreement, the "Agreements"), dated as of November 1, 1997,
between Salomon Brothers and New Century.
Pursuant to Section 3(d) of the Letter Agreement and Section 18 of the
Purchase Agreement, Salomon Brothers and New Century hereby mutually agree that
the Agreements are hereby amended as of the date hereof to provide that Salomon
Brothers and New Century may terminate the Agreements upon mutual consent.
Pursuant to the foregoing Salomon Brothers and New Century hereby terminate
the Agreements effective as of the date hereof.
Page 2.
Kindly acknowledge your agreement and acceptance of the foregoing by signing
and returning this letter to the undersigned. This letter shall become
effective upon receipt by Xxxxxxx Xxxxxxxx of your signed acknowledgment of the
terms of this letter.
Very truly yours,
SALOMON BROTHERS REALTY CORP.
By: /s/ Xxxxxxx X. Xxxxx
--------------------
Name: Xxxxxxx X. Xxxxx
--------------------
Title: Authorized Agent
--------------------
Accepted and Agreed:
NEW CENTURY MORTGAGE CORPORATION
By: /s/ Xxxx X. Xxxxxxx
-------------------
Name: Xxxx X. Xxxxxxx
-------------------
Title: CEO
-------------------
