Green Brick Partners, Inc. 8-K


 


Exhibit 10.3


 


FIRST MODIFICATION OF PROMISSORY NOTE


 


Effective Date of Modification:                    May 3, 2016


 


Original Promissory Note:


 


		Effective Date:	July 30, 2015



 


		Borrower:	Green Brick Partners, Inc.

2805 N. Dallas Pkwy.

Suite 400

Plano, TX 75093



 


		Lender:	Inwood National Bank

7621 Inwood Road

Dallas, Texas 75209



 


		Guarantors:	JBGL Mustang, LLC, a Texas limited liability company

JBGL Exchange, LLC, a Texas limited liability company

JBGL Chateau, LLC, a Texas limited liability company

JBGL Builder Finance, LLC, a Texas limited liability company 

Johns Creek 206, LLC, a Georgia limited liability company

GRBK Frisco LLC, a Texas limited liability company



 


		Stated Principal Amount:	$50,000,000.00



 


		Maturity Date:	July 30, 2017



 


Collateral
Documents:


 


		a.	Terms, Conditions, Provisions, Security Agreements, and other collateral described and contained
in that certain Loan Agreement dated effective as of July 30, 2015 (“Loan Agreement”), executed
and delivered by Borrower and Guarantors and Lender, which Loan Agreement is incorporated herein by reference for all purposes



 


Modification to Original Promissory Note:


 


1.          Extension
of Maturity Date. The definition of “Maturity Date” on page one of the Note is hereby deleted
and substituted with “May 1, 2019”.


 



    	 



    	 



    

 


2.            Monthly
Payment Installment. The monthly payment installment paragraph beginning on page one of the Note, is hereby deleted
and substituted with the following:


 


“Beginning on August 30, 2015,
and continuing on the thirtieth (30th) day of each consecutive month thereafter (or the last day of February, as applicable) until
the Maturity Date, when the entire unpaid principal balance and accrued but unpaid interest shall be due and payable in full, interest
on the unpaid principal amount shall be due and payable.”


 


Borrower hereby ratifies all previous
advances, draws, and draw requests made under the terms of the Original Promissory Note and, further, Borrower hereby reaffirms
all terms, conditions, and obligations of Borrower contained in the Original Promissory Note and the Collateral Documents, and
all ancillary documents thereto, except as modified herein. Borrower agrees that such modification shall in no manner alter,
effect, impair, or abrogate the Original Promissory Note or the Collateral Documents describing the liens and security interests
and collateral interests securing the payment of same, and that said liens, security interests, and collateral interests shall
not in any manner be waived; the purpose of this instrument being simply to modify the terms of the Original Promissory Note and
the Loan Agreement as set forth above. Except as modified above, all terms and provisions of the Original Promissory Note,
the Collateral Documents, and of the instrument or instruments creating or fixing the liens, security interests, and collateral
interests securing the payment of same are and such shall be, and remain, in full force and effect as therein written.


 


To the extent a conflict exists between
the terms and conditions contained in this First Modification and the Collateral documents, this First Modification shall control.


 


THE REMAINDER OF THIS PAGE IS BLANK


SIGNATURE PAGES FOLLOW


 



    	 



    	 



    

 


Executed effective as of (but not
necessarily on) the date first written above.


 


BORROWER: 


	 	 	 
	Green Brick Partners, Inc., 

a Delaware corporation
	 	 	 
	By:	/s/ James R. Brickman	 
	 	James R. Brickman	 
	 	Chief Executive Officer	 
	 	 	 
	GUARANTOR:
	 	 	 
	JBGL Mustang, LLC, 

a Texas limited liability company
	 	 	 
	By:	/s/ James R. Brickman	 
	 	James R. Brickman	 
	 	Manager	 
	 	 	 
	JBGL Chateau, LLC, 

a Texas limited liability company
	 	 	 
	By:	/s/ James R. Brickman	 
	 	James R. Brickman	 
	 	Manager	 
	 	 	 
	JBGL Exchange, LLC, 

a Texas limited liability company
	 	 	 
	By:	/s/ James R. Brickman	 
	 	James R. Brickman	 
	 	Manager	 
	 	 	 
	JBGL Builder Finance, LLC 

a Texas limited liability company,
	 	 	 
	By:	/s/ James R. Brickman	 
	 	James R. Brickman	 
	 	Manager	 


 



    	 



    	 



    

 


	 	 	 
	Johns Creek 206, LLC, 

a Georgia limited liability company
	 	 	 
	By:	/s/ James R. Brickman	 
	 	James R. Brickman	 
	 	Manager	 
	 	 	 
	GRBK Frisco LLC 

a Texas limited liability company
	 	 	 
	By:	/s/ James R. Brickman	 
	 	James R. Brickman	 
	 	Manager	 


 


Lender:


 


INWOOD NATIONAL BANK


 


	By:	 	/s/ Keil Strickland	 





	Printed Name:	 	Keil Strickland	 





	Title:	 	SVP