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EXHIBIT 10.12(c)
AMENDMENT TO REVOLVING LINE OF CREDIT
LOAN AGREEMENT AND RELATED PROMISSORY NOTE
This Amendment to Revolving Line of Credit Loan Agreement and Related
Promissory Note (this "Amendment") is dated this 4th day of February, 1997 by
and between Newmark Homes, L.P. a Texas limited partnership, ("Newmark") and
First American Bank Texas, SSB ("FAB").
WITNESSETH
WHEREAS, Newmark and FAB entered into that certain Revolving Line of
Credit Loan Agreement (the "Loan Agreement") dated December 17, 1996, that
certain Master Deed of Trust, Security Agreement and Financing Statement dated
the same date therewith (the "Master Deed of Trust") and that certain Master
Revolving Line of Credit Promissory Note dated the same date therewith (the
"Master Note"). The Loan Agreement, Master Note, Master Deed of Trust and the
documents related thereto are referred to collectively herein as the "Loan
Documents";
WHEREAS. Newmark and FAB agreed the interest rate on each Loan
would be a floating rate calculated on a daily basis equal to the
Prime Rate plus One Half of One Percent (0.50%);
WHEREAS, Newmark and FAB now desire to amend the Loan Documents to
decrease the interest rate on each Loan to be a floating rate calculated on a
daily basis equal to the Prime Rate.
NOW THEREFORE, for and in consideration of the promises and other good
and valuable consideration described herein, the sufficiency of which is hereby
acknowledged, the parties agree to amend the Loan Documents as follows:
SECTION I
General Agreements of Parties
Any capitalized terms not defined herein shall have the meanings given
to such terms in the Loan Documents.
SECTION II
Amendment to Limit Agreement
The last sentence of Paragraph 2.9 under Article II of the Loan
Agreement dated December 17, 1996 shall he amended to read as follows:
2.9 The interest rate on each Loan shall be a floating rate calculated
on a daily basis equal to the Prime Rate.
SECTION III
Amendment to Master Note
The term "Applicable Rate" under Paragraph 3.3 under Article III of
the Master Note dated December 17, 1996 shall be amended to read as follows:
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3.3 Definitions. As used in this Note and the Loan Documents, the
following terms shall have the respective meanings indicated below:
"Applicable Rate" with respect to a particular Loan shall mean one of
the following rates of interest:
Loan for Speculative House - Prime Rate, per annum.
Loan for Build to Suit House - Prime Rate, per annum.
Loan for Model House - Prime Rate, per annum.
The Applicable Rate for each Loan shall be calculated, accrued, and
paid separately and independently. The Applicable Rate for each Loan
shall be adjusted daily to reflect any changes in the Prime Rate.
SECTION IV
Extension or Liens
All liens created by the above referenced Loan Documents are hereby
extended until said indebtedness and note as so amended has been fully paid,
and Newmark agrees that such amendment shall in no manner affect or impair said
note or the liens securing the same and that said liens shall not in any manner
be waived, the purpose of this instrument being simply to amend the Loan
Agreement as stated and to carry forward all liens securing the same, which are
acknowledged by Newmark to be valid and subsisting, and Newmark further agrees
that all Terms and provisions of said note and of the instrument or instruments
creating or fixing the liens securing the same shall be and remain in full
force and effect as therein written, except as otherwise provided herein.
SECTION V
Statute Of Frauds Notice
NEWMARK AND FAB AGREE THAT THIS AMENDMENT, AND THE LOAN DOCUMENTS,
REPRESENT THE FINAL AGREEMENTS BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES AND THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
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IN WITNESS WHEREOF, the parties herein have executed this Amendment to
Revolving Line of Credit Loan Agreement effective as of the date first written
above.
NEWMARK HOMES, L.P. , a Texas limited partnership
By: Newmark Home Corporation, a Nevada corporation
its general partner
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇ ▇▇▇▇▇
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Title: SVP
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FIRST AMERICAN BANK TEXAS, SSB
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
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▇▇▇▇▇ ▇▇▇▇▇▇, Vice President
STATE OF TEXAS )
)
COUNTY OF )
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This instrument was acknowledged before me on the ______________day of
1997 ___________________________ by _________________________________________,
of Newmark Home Corporation, a Nevada Corporation, as the general partner
of Newmark Homes, L.P., a Texas limited partnership, on behalf of said entity.
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Notary Public
STATE OF TEXAS )
)
COUNTY OF ▇▇▇▇▇▇ )
This instrument was acknowledged before me on the 4th day of February,
1997 by ▇▇▇▇▇ ▇▇▇▇▇▇, VICE PRESIDENT of First American Bank Texas, SSB, on
behalf of said bank.
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Notary Public, State of Texas
PREPARED IN THE LAW OFFICE OF:
WEST, WEBB, ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇, P.C.
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
(▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇)