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If this Letter of Agreement is to become effective, you
must sign the enclosed copy hereof and return the same
to me at the Home Office, so that the same is received
by me prior to December 31, 1980.
Attached to the Letter Agreement were the minutes from a December
23, 1980, meeting of John Hancock's Agricultural Investment
Committee stating that the committee voted to accept the
following modification of the 1980 credit arrangement:
To capitalize $793,655.23 of the $1,587,310.46 interest
due January 1, 1981 and to defer the $7,707.50
principal installment due January 1, 1981 until January
1, 2001, the final maturity under FML [Farm Mortgage
Loan] #161177, White Tail Farm, 19,344 acres secured by
a First Mortgage loan in North Carolina and Illinois in
consideration of White Tail Farm providing John Hancock
Participation as follows:
Between July 1, 1981 and January 1, 1991[,] 22% of
Net Farm Income and 22% of the Net Profit From Land
Sales[;]
and
Between January 2, 1991 and January 1, 2001[,] 25%
of Net Farm Income and 25% of the Net Profit From Land
Sales over Value Assigned To Land;
rather than 20% of Net Farm Income and 20% of the Net
Profit From Land [Sales] as originally provided.
Mr. Esposito signed the Letter Agreement on behalf of White Tail.
On December 30, 1980, John Hancock made a wire transfer of
$1,587,310.46 to White Tail's account at the American National
Bank and Trust Co. of Chicago (American National). This transfer
increased the amount White Tail owed to John Hancock by
$1,587,310.46. This amount is reflected as a deposit into the
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