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<br />101058
<br />Amendment to Construction Loan Agreement, Fifth Guarantee, Fourth
<br />Amendment to Construction Loan Agreement, Supplemental Assign -
<br />ment, Sixth Guarantee, Third Promissory Note, and Fifth Amendment
<br />to Construction Loan Agreement.
<br />2. Le ail Description, The Borrower warrants and represents
<br />.that it is the owner or only the The Yancey condominium, units
<br />defined in Exhibit "A" which is attached hereto and incorporated.
<br />herein by th s re erence.
<br />3. Second Promissory Note. The Second Promissicgri. =Mote,
<br />amended ie a valid subsisting obligation of the sera e's� with erg• _
<br />:, :`: ° _ ; :
<br />unpaid principal balance of $513,741.78 and acc-i3; interest of
<br />$4,168.89 as of this date for a total outstanci=9 k#p btedness
<br />i...
<br />of $517,910.67 as of this even date.
<br />Modification of Interest'. Rate in the Second Pomiss..
<br />Note Lender:.: .a3?� - Borrower hereby.. =. di y the Second .F.romis mtt�-
<br />t ;
<br />i Seedrwd
<br />Note, as a�nexw��d-,�:b�, decreasing twe� :irater:est rate of`�: '
<br />, a - �- .�•::;, :
<br />Promissory -,AWE e';. As.' amended from Leiiderr I s Base Rate. ;.plus. ' two
<br />percent down to Rase Rate 'plus one -half percent as of, this wzon
<br />date,
<br />5. Third Promissory. Note. Borrower reaffirms ..to Lender
<br />=.
<br />that the Third Promissory Note is a valid obligation.'of Borrower.
<br />qtr.. Defenses. Arter has no defenses or offsets against ' the
<br />payment o�ipal or interest of the: unpaid balance as set
<br />forth in Paragraph!3 above.
<br />7. Maturity mate. The maturity date of the Second Prca s-
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<br />sory Note, as amended, is extended until September 30, 1989 with
<br />rate and payment of interest on the extended balance computed
<br />according to the terms and conditions of the Second Promissory
<br />Note, as amended.
<br />86. . Reaffirmation. Arter reaffirm, represent and warrant
<br />(which•rea l -r-mat on, representation and warranties shall survive
<br />the term:i ation of the Loan Documents, as amended and defined
<br />hereLav and the repayment of any loans made pursuant thereto:R
<br />the Varranties, representations, covenants, terms and conditLa s
<br />as contained in the Second Promissory Note, as amended, Third
<br />Promissory Nute, as amended, Sixth Guarantee, as amendedr'and the
<br />other Loan' Documents, as modified and defined hereln'..' Sgch
<br />reaffirmation, representation and warranties shall not: be
<br />construed to - be a waiver by Lender of any possible defaults or
<br />breaches blr Borrower under the Loan Documents, as amended and
<br />defined herein. Borrower's request for disbursements and
<br />f� {.
<br />advancements under the Second Promissory Note or any ether Note
<br />shall'.be a reaffirmation of the warranties, covenants, terms and .
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<br />conditions as contained in the Loan Documents, as amended and
<br />defined herein:
<br />9. Financial Statements. All previously submitted finan-
<br />cia statements to the Len er are true, complete and accurate. as
<br />of 'tae date they are signed and Borrower agrees that if any
<br />,
<br />change occurs that materially reduces the Borrower's means and
<br />abilities to pay all claims or demands against that particular
<br />Borrower, that Borrower will immediately notify the Lender in
<br />writing; and unless so notified, Lender may continue to rely upon
<br />the financial statements as a true, complete and accurate state -
<br />meat of the Borrower's financial condition.
<br />(,
<br />10. Continued Liability. Arter and all other parties who
<br />are or herea .ter may bec ome primarily or secondarily liable for
<br />the payment of the obligation evidenced by the Loan Documents, as
<br />;
<br />amended and redefined herein, and any further extensions,
<br />modifi-cations,
<br />substitutions, or renewals thereof, do hereby agree to
<br />L.
<br />remain liable to the Lender, its successors and assigns, in the
<br />event that any readvancement, extension of the time for repayment
<br />or modification of the maturity date under Second promissory
<br />Note, as amended, and /or Third Promissory Note, as amended, is
<br />given to the Borrower or its successors or assigns in interest.
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