Amendment to Letter Agreement between First Tennessee Bank and Vineyard National Bancorp

Contract Categories: Business Finance › Modification Agreements
Summary

This amendment, dated March 31, 2009, modifies a previous letter agreement between First Tennessee Bank National Association and Vineyard National Bancorp (and its affiliate Vineyard Bancshares, Inc.). The amendment changes a specific sentence regarding the lender's acceptance of a total payoff as full satisfaction of loan liabilities, provided the initial payoff is received by May 22, 2009. All other terms of the original agreement remain unchanged.

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EX-10.2 5 exhibit10-2.htm EXHIBIT 10.2 AMENDMENT TO LETTER AGREEMENT exhibit10-2.htm
Exhibit 10.2

March 31, 2009


Glen C. Terry
President and CEO
Vineyard National Bancorp
1260 Corona Pointe Court
Corona, CA 92879


Dear Mr. Terry:

This letter agreement will memorialize the agreement of the undersigned to amend the Letter Agreement by deleting the sixth sentence of the second paragraph thereof in its entirety and substituting the following sentence in lieu thereof:
 
 “Lender agrees that receipt of the Total Payoff shall be satisfaction in full for all Loan Liabilities, subject to the express condition that Lender receives the Initial Payoff no later than May 22, 2009.”
 
Except as expressly amended herein, the terms and provisions of the Letter Agreement shall remain in full force and effect in accordance with its original terms and conditions.
 
     Sincerely,
 
                                     FIRST TENNESSEE BANK NATIONAL ASSOCIATION



/s/ David S. Work                                                              
Name: David S. Work
Title: Executive Vice President


 
 
 
 

Acknowledge and agreed:

VINEYARD NATIONAL BANCORP


By:  /s/ Glen C. Terry                                                           
Name: Glen C. Terry
Title: President and CEO
Date: April 1, 2009


VINEYARD BANCSHARES:

VINEYARD BANCSHARES, INC.


By:  /s/ Douglas M. Kratz                                                           
Name: Douglas M. Kratz
Title: Chairman
Date: March 31, 2009


cc:           Rick Smalley – Bank MidWest
Dave Dawson – First Tennessee