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EXHIBIT 10(K)(5)(A)(III)
AMENDMENT TO ENVIRONMENTAL INDEMNIFICATION AGREEMENT
FROM
▇▇▇▇▇ EQUITY, INC.
TO
FIRST UNION NATIONAL BANK, AS AGENT
DATED AS OF DECEMBER 30, 1998
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AMENDMENT TO ENVIRONMENTAL INDEMNIFICATION AGREEMENT
THIS AMENDMENT TO ENVIRONMENTAL INDEMNIFICATION AGREEMENT (this
"Amendment") is made and executed this 30th day of December, 1998, by
▇▇▇▇▇ EQUITY, INC., a Florida corporation ("Borrower") whose address is ▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇.▇. ▇▇▇▇▇▇,
President,
to and in favor of
FIRST UNION NATIONAL BANK, a national association, as Agent ("Agent"), for the
Lenders under and as defined in that certain Second Amended and Restated
Revolving Credit Loan Agreement dated of even date herewith, as amended from
time to time, between Borrower and Agent (the "Loan Agreement").
RECITALS
1. Borrower and Agent, ▇▇▇▇▇▇ Guaranty Trust Company of New York, a New
York banking corporation, AmSouth Bank, a state banking corporation, and
Guaranty Federal Bank F.S.B., a federal savings bank (collectively, the
"Original Lenders") entered into that certain Amended and Restated Revolving
Credit Loan Agreement dated as of December 29, 1997 (the "Prior Loan Agreement")
pursuant to which the Original Lenders agreed to extend certain credit to
Borrower from time to time up to a maximum principal amount of $100,000,000 (the
"Loan").
2. As partial security for the Loan, Borrower provided the Original
Lenders with that certain Amended and Restated Deed of Trust and Security
Agreement dated as of December 29, 1997, and recorded in Book 4630, page 099, of
the public records of Guilford County, North Carolina, and that certain Deed of
Trust and Security Agreement dated as of December 29, 1997, and recorded in Book
9430, Page 207, of the public records of Mecklenburg County, North Carolina
(collectively, the "Deed of Trust"), wherein Borrower granted to the Original
Lenders a security interest in certain real property described therein (the
"Property") as security for the Loan.
3. As a condition precedent to and as a material inducement for the
Original Lenders' agreement to provide the Loan to Borrower, the Original
Lenders required
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Borrower to execute and deliver that certain Environmental Indemnification
Agreement dated as of December 29, 1997 covering the Property (the
"Environmental Agreement"), which Environmental Agreement was assigned to Agent
pursuant to that certain Assignment of Deed of Trust and Related Loan Documents
of even date herewith.
4. Borrower has applied to the Agent to increase the amount of the Loan
to $150,000,000 and to resyndicate the Loan to additional lenders in order to
finance such increase, and to modify certain other provisions of the Deed of
Trust. The Agent and the other Original Lenders have agreed to such
modifications, provided, among other things, that the Environmental Agreement is
modified in accordance with the terms and conditions hereinafter set forth.
ACCORDINGLY, in consideration of the mutual covenants, promises and
agreements hereinafter contained, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows:
1. Recitals. The recitals hereinabove are true and correct and are
incorporated herein by reference.
2. Additional Lenders. All references to the term "Lender" or "Lenders"
as utilized in the Environmental Agreement shall hereinafter be deemed to refer
to First Union National Bank, as Agent for the Lenders under and as defined in
the Loan Agreement.
3. Additional Promissory Notes. All references to the term "Notes" as
utilized in the Environmental Agreement shall hereinafter be deemed to refer
collectively to those certain Substitution Revolving Promissory Notes and
Revolving Promissory Notes all of even date herewith from Borrower to each of
the Lenders, as applicable.
4. Amendment to Loan Agreement. All references to the term "Loan
Agreement" as utilized in the Environmental Agreement shall hereinafter be
deemed to refer to that certain Second Amended and Restated Revolving Credit
Loan Agreement dated of even date herewith between Borrower and First Union
National Bank, as Agent for the Lenders. All references to the term "Loan" as
utilized in the Environmental Agreement shall hereinafter be deemed to refer to
the Loan evidenced by the Second Amended and Restated Loan Agreement.
5. Amended and Restated Deed of Trust. All references to the term "Deed
of Trust" as utilized in the Environmental Agreement shall hereinafter be deemed
to refer collectively to that certain Second Amended and Restated Deed of Trust
and Security Agreement from Borrower to Agent of even date herewith, and to be
recorded in the public records of Guilford County, North Carolina, and that
certain Amended and Restated Deed
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of Trust and Security Agreement from Borrower to Agent of even date herewith,
and to be recorded in the public records of Mecklenburg County, North Carolina.
6. Ratification. Except as herein expressly amended, the Environmental
Agreement is hereby ratified and confirmed and shall otherwise remain unchanged
and in full force and effect.
7. Capitalized Terms. All initial capitalized defined terms not defined
herein shall have the meanings assigned to them in the Environmental Agreement.
8. Counterparts. This Amendment may be executed in separate counterpart
signature pages, and all such counterparts taken together shall constitute but
one and the same instrument.
IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed by their authorized officers as of the day and year first above
written.
BORROWER:
▇▇▇▇▇ EQUITY, INC., a Florida
Attest: corporation
By: /s/ W. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ By: /s/ G. ▇▇▇▇▇ ▇▇▇▇▇▇▇
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Name: W. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: G. ▇▇▇▇▇ ▇▇▇▇▇▇▇
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Its: Secretary Title: Treasurer
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[CORPORATE SEAL]
LENDER:
FIRST UNION NATIONAL BANK, a
Attest: national association, as Agent
By: /s/ ▇▇▇▇ ▇. Vermilva By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇ ▇. Vermilva Name: J. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
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Its: Vice President Title: Vice President
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[CORPORATE SEAL]
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