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In 1979, White Tail realized $248,198 in gross revenues from
farming operations and incurred $868,684 in operating expenses,
exclusive of interest expense. In 1980, White Tail realized
$2,098,717 in gross revenues from farming operations and incurred
$2,784,169 in operating expenses, exclusive of interest expense.
White Tail's Credit Arrangements With John Hancock
On December 21, 1978, the John Hancock Mutual Life Insurance
Co. (John Hancock) issued to Messrs. Davison, Esposito, and
Vitale a commitment to make a first mortgage loan on the White
Tail property in an amount up to $9 million.1 By a promissory
note dated March 16, 1979, White Tail and John Hancock
established the credit arrangement contemplated by this $9
million mortgage loan commitment.2 Subsequently, on January 28,
1980, John Hancock issued to White Tail a First Mortgage Loan
Commitment pursuant to which John Hancock agreed to advance White
Tail a maximum amount of $29 million. The First Mortgage Loan
1This commitment preceded the actual formation of White Tail
and its acquisition of property.
2In connection therewith, White Tail executed a Deed of
Trust and Security Agreement. Messrs. Davison, Esposito, and
Vitale also executed a Guaranty of Note, Deed of Trust and
Mortgage in the amount of $1 million, with the maximum individual
liability of each guarantor limited to one-third of this amount.
In addition, Brad Hill Farms (Brad Hill), another partnership of
Messrs. Davison, Esposito, and Vitale, executed a mortgage of
certain Illinois real property as further security for the $9
million promissory note. White Tail and John Hancock modified
their agreement with a Modification of Promissory Note and Deed
of Trust and Security Agreement, dated Dec. 4, 1979.
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