Extension Letter Agreement for Promissory Note between Wachovia Bank, N.A. and Roberts Properties Residential

Summary

Wachovia Bank, N.A. has agreed to extend the maturity date of an $8,175,000 promissory note issued by Roberts Properties Residential. The new maturity date is July 31, 2009, and all other terms and conditions of the original note remain unchanged. During the extension period, all required periodic payments must continue to be made. No other modifications to the loan documents are included in this agreement.

EX-10.1 2 c84458exv10w1.htm EXHIBIT 10.1 Exhibit 10.1

Exhibit 10.1

Wachovia Bank, N.A.
171 17th Street, Northwest, 6th Floor
Atlanta, GA 30363

April 27, 2009

Wachovia

Mr. Charles Roberts
450 Northridge Parkway, Suite 300
Atlanta, GA 30350


RE:		Promissory Note from Roberts Properties Residential (“Borrower”) to Wachovia Bank, National Association (“Wachovia”) in the original principal amount of $8,175,000.00 dated March 31, 2008, including any amendments (the “Note”). Obligor # 7463771493 Obligation # 2021178

Dear Mr. Roberts:

Wachovia has agreed to extend the term of the Note, which will mature or has matured on April 30, 2009. Accordingly, this letter shall constitute Wachovia’s agreement and formal notice to you, as follows:

Extension. Wachovia hereby extends, on the same terms and conditions as presently in effect, the maturity of the Note to July 31, 2009, at which time the outstanding principal balance, accrued interest and all other amounts due under the Note shall become due and payable. All periodic payments required under the Note shall be made during this extension period.

No Other Changes. Extension on the maturity date as stated herein is the only change to the Note. Except as extended by this letter, the Note and all other Loan Documents (as defined in the Note) shall continue in full force and effect. Should you have any questions, do not hesitate to call.


	Very truly yours, Wachovia Bank, National Association
	By:	/s/ Mary Lucy Lester
		Mary Lucy Lester