- 6 - On December 4, 1992, REE received a commitment from SouthTrust Bank for permanent financing of the Dunn property. On December 21, 1992, REE and SouthTrust Bank executed a renewal mortgage note that provided for REE to make monthly interest and principal payments through the maturity date of October 23, 2002, with interest computed at a rate of 8.02 percent for the first 5 years and thereafter adjusted in accordance with the average yield of the 5-year Treasury note. The renewal mortgage note was made effective as of October 23, 1992. REE's closing costs of the renewal mortgage note included a loan commitment fee in the amount of $2,250. The parties also executed a mortgage modification agreement on December 21, 1992, which reflected REE's release from the original mortgage note by its execution of the renewal mortgage note. Eli also consented to have his personal guaranty extended to cover the renewal mortgage note. REE made all of the payments on its construction loan and its permanent loan from SouthTrust Bank. Eli was not called upon to pay any amount on his personal guaranties during 1991 and 1992. TNE During 1991 and 1992, Peter was the sole shareholder of TNE, which was incorporated on August 5, 1991, in the State of Florida. Like REE, TNE was organized to purchase and develop property and lease it to Blockbuster, which had entered into aPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011