December 19, 1997 First American Railways, Inc. 3700 North 29th Avenue Suite 202 Hollywood, Florida 33020 Re: Loan Agreement dated March 10, 1997 (the "Loan") between First American Railways, Inc. (The "Borrower" and Pointe Bank (the "Bank")...First American Railways Inc • December 29th, 1997 • Railroads, line-haul operating
With regard to the Bank's letter of December 10, 1997 (the "Letter"), and for the consideration described below, the Bank hereby waives any specific default identified therein. This waiver is not intended to inure to the benefit of any third party and is not intended to waive any claims or rights that the Bank may have against anyone other than the Borrower. This waiver is being provided in consideration for (i) Borrower's consent to the Bank's application of all of the current balance (approximately $109,000.00) in Borrower's Account No. 20502449 to the balance due on the Loan, (ii) Borrower's agreeing to grant to the Bank a "blanket" second lien on all of the assets of Borrower (Borrower does not represent there is any value beyond that securing the senior existing indebtedness thereon) to the extent permitted pursuant to outstanding commitments with existing lenders of Borrower, and (iii) Borrower's representation that it will pay to the Bank on the Loan, 10% of the gross proceeds o
