First Amendment to Loan Agreement for Construction between Pineapple House of Brevard, Inc. and Branch Banking and Trust Company

Contract Categories: Business Finance Loan Agreements
Summary

This amendment updates a previous loan agreement between Pineapple House of Brevard, Inc. and Branch Banking and Trust Company. The main changes include setting the maximum principal balance of the loan at $881,000, confirming the current interest reserve, and making the loan non-revolving. All other terms of the original agreement remain unchanged. The amendment is also consented to by several guarantor companies.

EX-10.3 4 dex103.htm FIRST AMENDMENT TO LOAN AGREEMENT FOR CONSTRUCTION AND OTHER MATTERS First Amendment to Loan Agreement For Construction and Other Matters

Exhibit 10-3

FIRST AMENDMENT TO LOAN AGREEMENT

FOR CONSTRUCTION AND OTHER MATTERS

THIS FIRST AMENDMENT to Loan Agreement for Construction and other Matters is entered into this 18th day of May, 2010, by and between Pineapple House of Brevard, Inc., a Florida corporation (“Borrower”) and Branch Banking and Trust Company (“Lender”).

RECITALS

WHEREAS, Borrower and Lender previously entered into a Loan Agreement for Construction and other Matters dated November 18, 2005 (“Loan Agreement”); and,

WHEREAS, the parties desire to amend the Loan Agreement as provided herein;

NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:

1. The foregoing recitals are true and correct and incorporated herein by reference.

2. The Note as defined in the Loan Agreement has been modified on even date. The principal balance of the Note will hereafter and for all purposes not exceed $881,000.00. The interest reserve is currently $106,791.08. Finally, the Note is hereinafter non-revolving.

3. The Loan Agreement is hereinafter revised to reflect the modification of the Note as set forth in Paragraph 2, hereof.

4. All the other terms and conditions of the Loan Agreement remain in full force and effect.

IN WITNESS WHEREOF, the undersigned have executed this instrument the date stated above.

 

Lender:     Borrower:
Branch Bank and Trust Company     Pineapple House of Brevard, Inc.
By:  

    /s/ Debra Pavlakos

    By:  

    /s/ Stephen R. Wherry, Treasurer

  Debra Pavlakos, Senior Vice President       Stephen R. Wherry, Treasurer


CONSENT

The undersigned Guarantors hereby consent to the forgoing First Amendment.

IN WITNESS WHEREOF, the undersigned have executed this instrument the date stated above.

 

The Goldfield Corporation
By:  

  /s/ Stephen R. Wherry, S.V.P.

Stephen R. Wherry, Senior Vice President
Bayswater Development Corporation
By:  

  /s/ Stephen R. Wherry, Treasurer

Stephen R. Wherry, Treasurer
Oak Park of Brevard, Inc.
By:  

  /s/ Stephen R. Wherry, Treasurer

Stephen R. Wherry, Treasurer
Southeast Power Corporation
By:  

  /s/ Stephen R. Wherry, Treasurer

Stephen R. Wherry, Treasurer