THIRD AMENDMENT TO
REAL ESTATE MORTGAGE NOTE
THIS THIRD AMENDMENT is made as of the this 28 day of October, 1997, by
and between AUSTINS STEAKS AND SALOON, INC., a Delaware corporation
(hereinafter "Maker"), and AMREP SOUTHWEST, INC. a New Mexico corporation
(hereinafter "Holder").
WHEREAS, Maker executed a Real Estate Mortgage Note (hereinafter the
"Note") in favor of Maker dated October 30, 1995 in the original principal
amount of $400,049.20 which was amended by a First Amendment dated August 27,
1996, and a Second Amendment dated January 31, 1997; and
WHEREAS, the Note is due and payable in full on October 31, 1997; and
WHEREAS, Maker desires to extend the term of the Note and Holder is
willing to do so.
NOW, THEREFORE, in consideration of the mutual covenants hereinbelow,
Maker and Holder agree and covenant as follows:
1. The principal balance of the Note currently outstanding is
$94,140.80 The Note is current through July 31, 1997.
2. Holder agrees to extend the Note until January 31, 1998 at which
time the remaining principal balance plus any and all accrued interest on the
Note shall be due and payable in full.
3. Maker agrees to make a principal payment to Holder in the amount of
$50,000.00 and a payment of $2,610.15 towards accrued interest on October 31,
1997.
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In addition to such principal and interst payment, Maker agrees to pay to
Holder interst only payments in the amount of $412.38 each on November 30,
1997, and December 31, 1997.
4. Except as specifically modified herein, the remining terms and
provisions of the Note shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Third Amendment on
the date and year first above written.
AUSTINS STEAKS AND SALOON, INC.
By: /s/ Xxxx X. Xxxxxx, III
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Xxxx X. Xxxxxx, III
Chairman of the Board of Directors
AMREP SOUTHWEST, INC.
By: /s/ Xxxxx Xxxx
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Xxxxx Xxxx, President
STATE OF NEBRASKA )
) ss.
COUNTY OF LANCASTER )
This instrument was ackowledged before me on October 29, 1997 by Xxxx X.
Xxxxxx, III, Chairman of the Board of Directors of AUSTINS STEAKS AND SALOON,
a Delaware corporation, on behalf of said corporation.
[stamp] /s/ Xxxxxxxx X. Xxxxxx
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Notary Public
My Commission Expires
7-22-2000
------------------
00
XXXXX XX XXX XXXXXX )
) ss.
COUNTY OF XXXXXXXX )
This instrument was acknowledged before me on November 6, 1997 by Xxxxx
Xxxx, President of AMREP SOUTHWEST, INC., a New Mexico corporation, on behalf
of said corporation.
/s/ Xxxxxxx X. XxxXxxxxx
----------------------------------------
Notary Public
My Commission Expires:
11-19-98
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