FORBEARANCE AGREEMENTForbearance Agreement • September 2nd, 2009 • NTS Mortgage Income Fund • Real estate investment trusts • Delaware
This Forbearance Agreement (the “Agreement”) is made and entered into as of the 18th day of August, 2009, by and among: (i) (a) NTS/VIRGINIA DEVELOPMENT COMPANY, a Virginia corporation (“NTS/VA”), and (b) NTS/LAKE FOREST II RESIDENTIAL CORPORATION, a Kentucky corporation (“LFII”) (NTS/VA and LFII are sometimes referred to herein collectively as the “Borrowers”); (ii) ORLANDO LAKE FOREST JOINT VENTURE, a Florida general partnership (“OLFJV”); and (iii) (a) NTS MORTGAGE INCOME FUND, a Delaware Corporation (“MIF”), (b) NTS GUARANTY CORPORATION, a Kentucky corporation (“Guaranty Corp”), and (c) J.D. NICHOLS, an individual resident of Jefferson County, Kentucky (“JDN”) (MIF, Guaranty Corp, and JDN are sometimes referred to herein collectively as the “Guarantors”).
