Exhibit 10.27

PROMISSORY NOTE

$35,000,000.00

Birmingham, Alabama

 

December 20, 1999

                    FOR VALUE RECEIVED, Crescent Mortgage Services, Inc., a
Georgia corporation (the “Borrower”), hereby unconditionally promises to pay to
the order of COLONIAL BANK (together with any subsequent holder of this Note,
the “Lender”) the unpaid principal amount of each Advance made by the Lender to
the Borrower pursuant to the Loan Agreement referred to below on the Maturity
Date. The Borrower further promises to pay interest on the unpaid principal
amount of each Advance on the dates and at the rate or rates provided for in the
Loan Agreement. All such payments of principal and interest shall be made in
lawful money of the United States in immediately available funds at the office
of the Lender, located at 201 East Pine Street, Suite 730, Orlando, Florida
32801 or at such other office as the Lender may designate in writing from time
to time.

                    The Lender is hereby authorized to record the date and
amount of each Advance, the Type of each Advance, each payment and prepayment of
principal of any such Advance, each payment of interest on such Advance and
other information with respect thereto on the schedule annexed to and
constituting a part of this Note (or on continuation of such schedule attached
hereto and made a part hereof), or otherwise to record such information in the
Lender’s internal records, and any such recordation shall constitute, absent
manifest error, prime facie evidence of the accuracy of the information so
recorded; provided that the failure to make a notation or the inaccuracy of any
notation shall not limit or otherwise affect the Obligations.

                    This Note is the Note referred to in, and is entitled to all
the benefits of the Note referred to in the Mortgage Warehouse Loan and Security
Agreement dated as of December 20, 1999 between the Borrower and the Lender (as
modified, amended, supplemented or restated from time to time, the “Loan
Agreement”). Reference is hereby made to the Loan Agreement for rights and
obligations of payment and prepayment, collateral security.  Events of Default
and the rights of acceleration of the maturity hereof. Any capitalized terms not
otherwise defined herein are used with the meanings given such terms in the Loan
Agreement.

                    THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE STATE OF FLORIDA.

                    IN WITNESS WHEREOF, the Borrower has caused this Note to be
duly executed, sealed and delivered, in its corporate name by and through its
duly authorized officer as of the date and year first above written.

 

 

BORROWER:

 

 

 

ATTEST:

 

 

 

 

 

 

 

CRESCENT MORTGAGE SERVICES, INC.

 

 

 

 

 

 

By:

/s/ J. DONALD BOGGUS, JR.

 

By:

 

/s/ ROBERT C. KENKNIGHT

 

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Its:

Secretary

 

Name:

Robert C. KenKnight

 

 

Title:

President

 

 

 

 

[CORPORATE SEAL]

 

 

 

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Note (cont’d)

ADVANCES AND PAYMENTS OF PRINCIPAL

Date

 

Type of Advance

 

Amount
of Advance

 

Amount of
Principal Repaid

 

Notation
Made by

 

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2

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FIRST AMENDMENT TO PROMISSORY NOTE

                    This First Amendment to Promissory Note (this “Amendment”)
is entered into as of the 25th day of June, 2001, by and between CRESCENT
MORTGAGE SERVICES, INC., a Georgia corporation (herein called “Borrower”), and
Colonial Bank, an Alabama banking corporation (herein called “Lender”):

W I T N E S S E T H:

                    WHEREAS, Borrower and Lender are parties to that certain
Promissory Note in the original maximum principal amount of up to $35,000,000.00
dated December 20, 1999 (the “Note”); and

                    WHEREAS, Borrower and Lender desire to evidence a
$15,000,000.00 increase in the maximum principal amount of the Note by amending
the Note, as hereinafter provided.

                    NOW, THEREFORE, Borrower and Lender hereby agree as follows:

                    1.          The term “$35,000,000.00” is hereby deleted from
the upper lefthand corner on the first page of the Note and the term
“$50,000,000.00” is substituted in lieu thereof.

                    2.          Except as herein amended the Note shall remain
in full force and effect, and said Note, as hereby amended, is ratified and
affirmed in all respects.

                    3.          Upon execution of this Amendment, the Lender may
attach this Amendment to the original Note, whereupon it shall become a part
thereof.

                    IN WITNESS WHEREOF, the parties hereto have executed this
Amendment as of the date first above written.

 

BORROWER:

 

 

 

 

 

CRESCENT MORTGAGE SERVICES, INC.

 

 

 

[CORPORATE SEAL]

By:

/s/   ROBERT C. KENKNIGHT

 

 

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Robert C. KenKnight

ATTEST:

Its:

President

 

 

 

By:

/s/   J. DONALD BOGGUS, JR.

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

 

J. Donald Boggus, Jr.

 

 

 

Its:

Secretary

 

 

 

 

 

 

 

LENDER:

 

 

 

 

 

COLONIAL BANK

 

 

 

 

By:

/s/   AMY J. NUNNELEY

 

 

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Amy J. Nunneley

 

Its:

Senior Vice President

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SECOND AMENDMENT TO PROMISSORY NOTE

                    This Second Amendment to Promissory Note (this “Amendment”)
is entered into as of the 31 day of July, 2002, by and between CRESCENT MORTGAGE
SERVICES, INC., a Georgia corporation (herein called “Borrower”), and Colonial
Bank, an Alabama banking corporation (herein called “Lender”):

W I T N E S S E T H:

                    WHEREAS, Borrower and Lender are parties to that certain
Promissory Note in the original maximum principal amount of up to $35,000,000.00
dated December 20, 1999, as amended by that certain First Amendment to
Promissory Note dated as of June 25, 2001 which increased the maximum principal
amount to $50,000,000.00 (as heretofore amended, the “Note”); and

                    WHEREAS, Borrower and Lender desire to evidence a
$10,000,000.00 decrease in the maximum principal amount of the Note by amending
the Note, as hereinafter provided.

                    NOW, THEREFORE, Borrower and Lender hereby agree as follows:

                    1.          The term “$50,000,000.00” is hereby deleted from
the upper lefthand corner on the first page of the Note and the term
“$40,000,000.00” is substituted in lieu thereof.

                    2.          Except as herein amended the Note shall remain
in full force and effect, and said Note, as hereby amended, is ratified and
affirmed in all respects.

                    3.          Upon execution of this Amendment, the Lender may
attach this Amendment to the original Note, whereupon it shall become a part
thereof.

                    IN WITNESS WHEREOF, the parties hereto have executed this
Amendment as of the date first above written.

 

BORROWER:

 

 

 

 

 

CRESCENT MORTGAGE SERVICES, INC.

 

 

 

[CORPORATE SEAL]

By:

/s/ ROBERT C. KENKNIGHT

 

 

--------------------------------------------------------------------------------

 

 

Robert C. KenKnight

ATTEST:

Its:

President

 

 

 

By:

/s/ J. DONALD BOGGUS, JR.

 

 

 

 

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J. Donald Boggus, Jr.

 

 

 

Its:

Secretary

 

 

 

 

 

 

 

LENDER:

 

 

 

 

 

COLONIAL BANK

 

 

 

 

By:

/s/ AMY J. NUNNELEY

 

 

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Amy J. Nunneley

 

Its:

Senior Vice President