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Exhibit 10.49 

 
 

MODIFICATION AGREEMENT
  (3rd)    
  

        This Modification Agreement ("Modification Agreement") is made as of January 8, 2002 by PERMA-BILT, a Nevada
corporation ("Borrower") and Bank of America, N.A. ("Bank"). 

 
 

Factual Background

        A.    Under
a Master Revolving Line of Credit Construction Loan Agreement dated as of April 18, 2001 (the "Loan Agreement"),
Bank entered with Borrower into a Construction Revolving Line of Credit Loan in the maximum principal amount of Fifty Million and no/100 Dollars ($50,000,000) (the
"RLC" or the "RLC Loan"). The RLC Loan is evidenced by a Promissory Note dated as of April 18, 2001
payable by Borrower to Bank, in the amount of $50,000,000 (the "RLC Note"). 

        B.    The
RLC Loan is secured by, among other things, a Construction Deed of Trust with Assignment of Rents, Security Agreement and Fixture Filing recorded May 10, 2001 in Book
20010510 as Document No. 01209 of the Official Records of the Clark County Recorder (the "Deed of Trust") covering the land and improvements and certain
other property identified in the Deed of Trust (the "Property"). In addition, Borrower has executed that certain Secured Indemnity Agreement dated as of
April 18, 2001 in favor of Bank with respect to the Property (the "Indemnity Agreement"). 

        C.    Pursuant
to the terms of this Modification Agreement, Bank and Borrower have agreed to modify certain covenants and requirements of the Loan Documents. 

        D.    As
used herein, the term "Loan Documents" shall mean the Loan Agreement, the RLC Note, the Deed of Trust, the Indemnity
Agreement, this Modification Agreement, the modification agreement between Bank and Borrower dated July 18, 2001 ("Modification 1"), the modification agreement between Bank and Borrower dated August
13, 2001 ("Modification 2"), any other documents executed in connection with the RLC Loan or this Modification Agreement, as any or all of them may have been amended to date. 

        E.    Borrower
and Bank now wish to modify the RLC Loan and Loan Documents as set forth herein. 

1

 
 
 

Agreement

        Therefore,
Borrower and Bank agree as follows: 

        1.    Recitals.    The recitals set forth above in the Factual Background are true, accurate and correct. 

        2.    Reaffirmation of Loans.    Borrower reaffirms all of its obligations under the Loan Documents, and Borrower
acknowledges that it has no claims, offsets or defenses with respect to the payment of any sums due under the Loan Documents. 

        3.    Modification of Loan Documents.    The Loan Documents are modified and amended as follows: 

	(i)
	All Loan Documents. The defined term "Zenith" in all Loan Documents is revised to mean both Zenith
Insurance Company ("ZIC") and Zenith National Insurance Corp. ("ZNIC").

	(ii)
	Deed of Trust. Section 6.1(a) of the Deed of Trust is modified by deleting same and replacing it with
the following: 

"(a)
"Accelerating Transfer" means any sale, contract to sell, conveyance, encumbrance, lease, alienation or further encumbrance not expressly permitted
under the Loan Agreement, or other transfer of all or any material part of the Property, Borrower (if Borrower is other than an individual), or any interest in the Property or Borrower, whether
voluntary, involuntary, by operation of law or otherwise, unless
Beneficiary and Lending Bank have given their prior express written consent to such "Accelerating Transfer" which consent shall be made by Beneficiary
and Lending Bank in their sole and unbridled discretion. "Accelerating Transfer" also means any transfer or transfers of shares possessing, in the
aggregate, more than forty-nine percent (49%) interest of voting power in Trustor. "Accelerating Transfer" also means: (i) the sale or transfer of stock
of Borrower by ZIC such that ZIC does not maintain ownership of one hundred percent (100%)of the outstanding voting stock of Borrower; or (ii) the sale or transfer of stock of ZIC by ZNIC, such that
ZNIC does not maintain ownership of at least seventy-five (75%) of the outstanding voting stock of ZIC." 

	(iii)
	Loan Agreement.

	(A)
	Recital
G of the Loan Agreement is modified by deleting same and replacing it with the following: 

"G.
"One hundred percent (100%) of Borrower's outstanding capital stock is, and shall continue to be, owned by Zenith Insurance Company ("ZIC") and at least seventy five percent (75%) of the
outstanding voting stock of ZIC is, and shall continue to be, owned by Zenith National Insurance Corp. ("ZNIC")." 

	(B)
	Sections
2.14 (d) and 2.14 (e) of the Loan Agreement are modified by deleting same and replacing them with the following: 

"(d)
within one hundred twenty (120) days after the end of each of ZNIC's fiscal years, Borrower shall deliver audited, unqualified financial statements to Bank together with a statement showing all
changes in the financial condition of ZNIC which occurred during the preceding fiscal year; 

(e)
within thirty (30) days of filing, a copy of ZNIC's 10Q;" 

2

 

	(C)
	Section
2.26 of the Loan Agreement is modified by deleting same and replacing it with the following: 

"2.26    Zenith Minimum Ownership: Borrower covenants that ZIC shall at all times own one hundred percent (100%) of Borrower's outstanding
capital stock, and ZNIC shall at all times own at least seventy five percent (75%) of the outstanding voting stock of ZIC." 

	(D)
	Exhibit
D of the Loan Agreement is replaced with the attached Exhibit D and Exhibit I of the Loan Agreement is replaced with the attached Exhibit I. 

        4.    Conditions Precedent.    Before this Modification Agreement becomes effective and any party becomes obligated
under it, all of the following conditions shall have been satisfied at Borrower's sole cost and expense in a manner acceptable to Bank in the exercise of Bank's sole judgment: 

        (a)
Bank shall have received such assurance as Bank may require that the validity and priority of the Deed of Trust has not been and will not be impaired by this Modification Agreement
or the transactions contemplated by it, including the issuance of such endorsements as required by Bank to Bank's existing ALTA Lender's Policy of Title Insurance (or the issuance of a new policy),
insuring that the Deed of Trust is a first lien on the Property. 

        (b)
Bank shall have received fully executed and, where appropriate, acknowledged originals of: 

	(i)
	this
Modification Agreement, and

	(ii)
	any
other documents which Bank may require or request in accordance with this Modification Agreement or any other loan documents. 

        (c)
Bank shall have received reimbursement, in immediately available funds, of all costs and expenses incurred by Bank in connection with this Modification Agreement, including charges
for title insurance endorsements, recording, filing and escrow charges, fees for appraisal, architectural and engineering review, environmental services, mortgage taxes, and legal fees and expenses of
Bank's counsel. Such costs and expenses may include the allocated costs for services for Bank's in-house staffs, such as legal, appraisal, and environmental services. 

        5.    Borrower's Representation and Warranties.    Borrower represents and warrants to Bank as follows: 

        (a)    Loan Documents.    All representations and warranties made and given by Borrower in the Loan Documents are
true, accurate and correct as of the date hereof. 

        (b)    No Default.    No Event of Default (as defined in the Loan Documents) has occurred and is continuing, and no
event has occurred and is continuing which, with notice or the passage of time or both, would be an Event of Default. 

        (c)    Borrowing Entity.    Borrower is a corporation which is duly organized and validly existing under the laws of
the State of Nevada. There have been no changes in the organization, composition, ownership structure or formation documents of Borrower since April 18, 2001, other than the changes in stock ownership
of Borrower as referenced herein. 

        6.    Incorporation.    This Modification Agreement shall form a part of each of the Loan Documents, and all
references to the Loan Documents shall mean such documents as hereby modified. 

        7.    No Prejudice; Reservation of Rights.    This Modification Agreement shall not prejudice any rights or remedies
of Bank under any Loan Documents. 

        8.    No Impairment.    Except as specifically hereby amended, the Loan Documents shall remain unaffected by this
Modification Agreement and all such documents shall remain in full force and effect. 

3

 

Nothing in this Modification Agreement shall impair the lien of the Deed of Trust, which as hereby amended shall remain one deed of trust with one power of sale, creating a first lien encumbering the
Property. 

        9.    Purpose and Effect of Bank's Approval.    Bank's approval of any matter in connection with the RLC Loan shall be
for the sole purpose of protecting Bank's security and rights. No such approval shall result in a waiver of any default of Borrower. In no event shall Bank's approval be a representation of any kind
with regard to the matter being approved. 

        10.    Integration.    The Loan Documents, including this Modification Agreement: (a) constitute integrated loan
documents; (b) supersede all oral negotiations and prior and other writings with respect to their subject matter; and (c) are intended by the parties as the final expression of the agreements with
respect to the terms and conditions set forth in those documents and as the complete and exclusive statement of the terms agreed to by the parties. If there is any conflict between the terms,
conditions and provisions of this Modification Agreement and those of any other agreement or instrument, including any other loan documents, the terms, conditions and provisions of this Modification
Agreement shall prevail. 

        11.    Miscellaneous.    This Modification Agreement and any attached consents or exhibits requiring signatures may be
executed in counterparts, and all counterparts shall constitute but one and the same
document. If any court of competent jurisdiction determines any provision of this Modification Agreement or any other loan documents to be invalid, illegal or unenforceable, that portion shall be
deemed severed from the rest, which shall remain in full force and effect as though the invalid, illegal or unenforceable portion had never been a part of such loan documents. This Modification
Agreement shall be governed by the laws of the State of Nevada, without regard to the choice of law rules of that State. As used here, the word "include(s)" means "include(s), without limitation", and
the word "including" means "including, but not limited to". 

        IN
WITNESS WHEREOF, the parties have executed this Modification Agreement on the date first written above. 

	PERMA-BILT,

a Nevada corporation	 	BANK OF AMERICA, N.A.
	

By:	
 	

/s/ Daniel Schwartz
 Daniel Schwartz, President	
 	

By:	
 	

/s/ Gary Persichino
 Gary Persichino, Vice President

4

 
 
 

EXHIBIT D
  Zenith Letter
  
  
             , 2001    
  

Bank
of America, N.A.

NV1-119-04-01

REBG, Home Builder Division 08957

300 S. Fourth St., 4th Floor

Las Vegas, Nevada 89101 

Gentlemen:

        It
is our understanding that you have provided a loan under that certain Master Revolving Line of Credit Construction Loan Agreement, as amended (the "Revolving Line") dated as of
                  to our affiliate Perma-Bilt, a Nevada corporation ("Perma-Bilt" or "Borrower"). This confirms that the Revolving Line has been extended at our
special request and that we have full
knowledge of and agree with the obligations being undertaken by Perma-Bilt in connection with such Revolving Line. 

        This
will confirm that 100% of Borrower's outstanding capital stock is, and shall continue to be, owned by Zenith Insurance Company ("ZIC") and at least 75% of the outstanding voting
stock of ZIC is, and shall continue to be, owned by Zenith National Insurance Corp. ("ZNIC")" and that as a result of this ownership structure, we
derive a benefit from your extension of the Revolving Line. ZIC and ZNIC are referred to collectively in this letter as "Zenith" 

        We
promise to take any necessary action to ensure that Perma-Bilt honors the following obligations to your bank: 

        (1)  Perma-Bilt
provides you within 120 days after the end of the fiscal year with ZNIC's CPA audited balance sheets and income statements, and within 30 days after filing,
ZNIC's June 30, 10Q filing; and 

        (2)  Perma-Bilt
maintains a leverage ratio as follows: (A) Total Adjusted Liabilities to (B) Total Adjusted Net Worth shall not exceed 3.0 to 1. Total Adjusted Liabilities
shall mean total liabilities less debt of the Borrower owed to Zenith which debt has been subordinated to this Revolving Line by an instrument in writing acceptable to the Bank (herein "Zenith
Subordinated Debt"). Total Adjusted Net Worth shall mean the Borrower's net worth plus Zenith Subordinated Debt. "Net worth" means the gross book value of the Borrower's assets (excluding goodwill,
patents, trademarks, trade names, organization expense, unamortized debt discount and expense, capitalized or deferred research and development costs, deferred marketing expenses, deferred
receivables, and other like intangibles), less total liabilities, including but not limited to accrued and deferred income taxes, and any reserves against assets. In the event this ratio is not
satisfied, Zenith shall, within fifteen (15) days, subordinate additional debt owed to it by Borrower such that this ratio is satisfied. 

        (3)  Any
rights of Zenith, whether now existing or later arising, to receive payment on account of any indebtedness (including interest) owed to Zenith by Perma-Bilt, shall
at all times be subordinate, as to lien and time of payment and in all other respects, to the full and prior repayment to Bank of the credit it has extended to Perma-Bilt, to the extent necessary to
allow Perma-Bilt to satisfy the requirements of the foregoing paragraph (2). Zenith shall not be entitled to enforce or receive payment of any sums so subordinated or which should be subordinated
until such credit (and any other credit provided by Bank of America NA or its predecessors-in-interest, Bank of America NT&SA or Bank of America, a Nevada corporation, to Perma-Bilt for which we have
provided a similar letter) has been paid and performed in full, and any such sums received in violation hereof shall be received by Zenith in trust for Bank. The foregoing notwithstanding Zenith is
not prohibited from receiving payment on 

5

 

account of any indebtedness (including interest) owed to it by Perma-Bilt as long as the credit facility extended by Bank is not in default as defined by the executed loan documents. 

	Sincerely,

ZENITH NATIONAL INSURANCE CORP.	 	ZENITH INSURANCE COMPANY
	

By:	
 	

 	
 	

By:	
 	

 
	 	 	
 Stanley R. Zax,

President and Chairman of the Board	 	 	 	
 Print name and title

6

 
 
 

EXHIBIT I
  Perma-Bilt
  Covenant Compliance Certificate
  For Quarter Ending                 
  (Two Certificates)    

Bank
of America, NA

REBG — Home Builder Division

300 South 4th Street, 4th Floor

Las Vegas, NV 89101 

Dear
Ladies and Gentlemen: 

        This
Covenant Compliance Certificate refers to the Master Revolving Line of Credit Loan Agreement dated as of April 28, 2001 (as it may
hereafter be amended, modified, extended, or restated from time to time, the "Loan Agreement"), between Perma-Bilt Corporation ("Borrower") and Bank of America, NA. ("Bank") Capitalized terms used and
not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement. 

        Pursuant
to the Loan Agreement, the undersigned, the chief financial officer of the Borrower, hereby certifies that: 

        1)    Enclosed
are the quarter ending financial statements for the Borrower as required under Section 2.14(b) of the Loan
Agreement, which, to the undersigned's knowledge, after due inquiry, fairly present in all material respects the financial position of the Borrower and the results of its operations at dates and for
the periods indicated, and have been prepared substantially in accordance with GAAP. 

        2)    To
the best of the undersigned's knowledge, no "Event of Default" has occurred (or if so, specifying the nature and extent thereof and any corrective actions taken or to
be taken). 

        3)    As
of the last day of the Reporting Quarter, the computations to the attached "Calculation Sheet" were true and correct. 

	Perma-Bilt Corporation
	

By:	
 	

 
	 	 	

	Craig A. Hardy, Vice President — Finance

7

 

Bank
of America, NA

REBG — Home Builder Division

300 South 4th Street, 4th Floor

Las Vegas, NV 89101 

Dear
Ladies and Gentlemen: 

        This
Covenant Compliance Certificate refers to the Master Revolving Line of Credit Loan Agreement dated as of April 28, 2001 (as it may
hereafter be amended, modified, extended, or restated from time to time, the "Loan Agreement"), between Perma-Bilt Corporation ("Borrower") and Bank of America, NA. ("Bank") Capitalized terms used and
not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement. 

        Pursuant
to Loan Agreement, the undersigned, the authorized representatives of Zenith National Insurance Corp. ("ZNIC") and Zenith Insurance Company("ZIC") (ZNIC and ZIC collectively,
("Zenith"), hereby certify that: 

        1)    As
of the last day of the Reporting Quarter, ZIC owns 100% of Borrower's outstanding capital stock and ZNIC owns at least 75% of the outstanding voting stock of ZIC. As
agreed to in that certain letter (the "Zenith Letter") in the form attached as Exhibit D to the Loan Agreement from Zenith to the Bank dated                  ,
ZIC has agreed and hereby confirms such
agreement to maintain ownership of 100% of Borrower's outstanding capital stock, and ZNIC has agreed and hereby confirms such agreement to maintain ownership of at least 75% of the outstanding voting
stock of ZIC. 

        2)    As
set forth in the Zenith Letter, Zenith has subordinated, and hereby confirms the subordination of, any rights of Zenith to receive payment on account of any
indebtedness (including interest) owed to Zenith by Perma-Bilt, and Zenith hereby confirms that the amount of such subordinated debt is not less than $        ; more specifically ZNIC hereby
confirms that the amount of such subordinated debt is not less than $        and ZIC hereby confirms that the amount of such subordinated debt is not less than $        .

	ZENITH NATIONAL INSURANCE CORP.	 	ZENITH INSURANCE COMPANY
	

By:	
 	

 	
 	

By:	
 	

 
	 	 	
 Stanley R. Zax,

President and Chairman of the Board	 	 	 	
    
 Print name and title

8

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MODIFICATION AGREEMENT (3rd)

Factual Background

Agreement

EXHIBIT D Zenith Letter , 2001

EXHIBIT I Perma-Bilt Covenant Compliance Certificate For Quarter Ending (Two Certificates)QuickLinks
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Exhibit 10.50 

APN:  

Recording requested by and

when recorded, return to:

Bank of America, N.A.

REBG

Home Builder Division 08957

NV1-119-04-01

300 South Fourth Street

Fourth Floor

Las Vegas, Nevada 89101  

	Borrower:	 	PERMA-BILT, a Nevada corporation
	Loan No.:	 	 

 
 

MODIFICATION AGREEMENT
  (4th)    

        This
Modification Agreement ("Modification Agreement") is made as of January 24, 2002 by PERMA-BILT, a Nevada corporation
("Borrower") and Bank of America, N.A. ("Bank"). 

 
 

Factual Background

        A.    Under
a Master Revolving Line of Credit Construction Loan Agreement dated as of April 18, 2001 (the "Loan Agreement"),
Bank entered with Borrower a construction revolving line of credit loan in the maximum principal amount of Fifty Million and no/100 Dollars ($50,000,000) (the
"RLC" or the "RLC Loan"). The RLC Loan is evidenced by a promissory note dated as of April 18, 2001
payable by Borrower to Bank, in the amount of $50,000,000 (the "RLC Note"). 

        B.    The
RLC Loan is secured by, among other things, a Construction Deed of Trust with Assignment of Rents, Security Agreement and Fixture Filing recorded May 10, 2001 in Book
20010510 as Document No. 01209 of the Official Records of the Clark County Recorder (the "Deed of Trust") covering the land and improvements and certain
other property identified in the Deed of Trust (the "Property"). In addition, Borrower has executed that certain Secured Indemnity Agreement dated as of
April 18, 2001 in favor of Bank with respect to the Property (the "Indemnity Agreement"). 

        C.    Pursuant
to the terms of this Modification Agreement, Bank has agreed to add and incorporate into the Deed of Trust and the other Loan Documents, additional property, as
described in Exhibit 1 attached hereto (the "Additional Property") for the purpose of additionally securing the RLC Loan and to make the RLC (as
modified hereby) available (subject to the terms of the Loan Agreement) for construction on the Additional Property. 

        D.    As
used herein, the term "Loan Documents" shall mean the Loan Agreement, the RLC Note, the Deed of Trust, the Indemnity
Agreement, this Modification Agreement, a modification agreement between Bank and Borrower dated July 18, 2001, a modification agreement between Bank and Borrower dated August 13, 2001,
a modification agreement between Bank and Borrower dated January 8, 2002, and any other documents executed in connection with the RLC Loan or this Modification Agreement, as any or all of them
may have been amended to date. 

        E.    Borrower
and Bank now wish to modify the RLC Loan and Loan Documents as set forth herein. 

1

 
 
 

Agreement

        Therefore,
Borrower and Bank agree as follows: 

        1.    Recitals.    The recitals set forth above in the Factual Background are true, accurate and correct. 

        2.    Reaffirmation of Loans.    Borrower reaffirms all of its obligations under the Loan Documents, and Borrower
acknowledges that it has no claims, offsets or defenses with respect to the payment of any sums due under the Loan Documents. 

        3.    Modification of Loan Documents.    The Loan Documents are modified and amended as follows: 

        (a)    Deed of Trust.    The Deed of Trust is modified by adding thereto (as an addition, and not as a substitution),
and incorporating into Exhibit A of the Deed of Trust, as part of the "Land" and "Property" (as such terms are defined in the Deed of Trust), the Additional Property. 

        (b)    Indemnity Agreement.    All references in the Indemnity Agreement to
"Property" shall now include (as an addition, and not as a substitution) the Additional Property. 

        (c)    Loan Agreement.    All references in the Loan Agreement to
"Property" shall now include (as an addition, and not as a substitution) the Additional Property. 

        4.    Conditions Precedent.    Before this Modification Agreement becomes effective and any party becomes obligated
under it, all of the following conditions shall have been satisfied at Borrower's sole cost and expense in a manner acceptable to Bank in the exercise of Bank's sole judgment: 

        (a)
Bank shall have received such assurance as Bank may require that the validity and priority of the Deed of Trust has not been and will not be impaired by this Modification Agreement
or the transactions contemplated by it, including the issuance of such endorsements as required by Bank to
Bank's existing ALTA Lender's Policy of Title Insurance (or the issuance of a new policy), insuring that the Deed of Trust is a first lien on the Property (including the Additional Property). 

        (b)
Bank shall have received fully executed and, where appropriate, acknowledged originals of: 

	(i)
	this
Modification Agreement, and

	(ii)
	any
other documents which Bank may require or request in accordance with this Modification Agreement or any other loan documents. 

        (c)
Bank shall have received reimbursement, in immediately available funds, of all costs and expenses incurred by Bank in connection with this Modification Agreement, including charges
for title insurance endorsements, recording, filing and escrow charges, fees for appraisal, architectural and engineering review, environmental services, mortgage taxes, and legal fees and expenses of
Bank's counsel. Such costs and expenses may include the allocated costs for services for Bank's in-house staffs, such as legal, appraisal, and environmental services. 

        5.    Borrower's Representation and Warranties.    Borrower represents and warrants to Bank as follows: 

        (a)    Loan Documents.    All representations and warranties made and given by Borrower in the Loan Documents are
true, accurate and correct as of the date hereof. 

        (b)    No Default.    No Event of Default (as defined in the Loan Documents) has occurred and is continuing, and no
event has occurred and is continuing which, with notice or the passage of time or both, would be an Event of Default. 

2

 

        (c)    Borrowing Entity.    Borrower is a corporation which is duly organized and validly existing under the laws of
the State of Nevada. There have been no changes in the organization, composition, ownership structure or formation documents of Borrower since April 18, 2001. 

        6.    Incorporation.    This Modification Agreement shall form a part of each of the Loan Documents, and all
references to the Loan Documents shall mean such documents as hereby modified. 

        7.    No Prejudice; Reservation of Rights.    This Modification Agreement shall not prejudice any rights or remedies
of Bank under any Loan Documents. 

        8.    No Impairment.    Except as specifically hereby amended, the Loan Documents shall remain unaffected by this
Modification Agreement and all such documents shall remain in full force and effect. Nothing in this Modification Agreement shall impair the lien of the Deed of Trust, which as hereby amended shall
remain one deed of trust with one power of sale, creating a first lien encumbering the Property. 

        9.    Purpose and Effect of Bank's Approval.    Bank's approval of any matter in connection with the RLC Loan shall be
for the sole purpose of protecting Bank's security and rights. No such approval shall result in a waiver of any default of Borrower. In no event shall Bank's approval be a representation of any kind
with regard to the matter being approved. 

        10.    Integration.    The Loan Documents, including this Modification Agreement: (a) constitute integrated loan
documents; (b) supersede all oral negotiations and prior and other writings with respect to their subject matter; and (c) are intended by the parties as the final expression of the agreements with
respect to the terms and conditions set forth in those documents and as the complete and exclusive statement of the terms agreed to by the parties. If there is any conflict between the terms,
conditions and provisions of this Modification Agreement and those of any other agreement or instrument, including any other loan documents, the terms, conditions and provisions of this Modification
Agreement shall prevail. 

        11.    Miscellaneous.    This Modification Agreement and any attached consents or exhibits requiring signatures may be
executed in counterparts, and all counterparts shall constitute but one and the same document. If any court of competent jurisdiction determines any provision of this Modification Agreement or any
other loan documents to be invalid, illegal or unenforceable, that portion shall be deemed severed from the rest, which shall remain in full force and effect as though the invalid, illegal or
unenforceable portion had never been a part of such loan documents. This Modification Agreement shall be governed by the laws of the State of Nevada, without regard to the choice of law rules of that
State. As used here, the word "include(s)" means "include(s), without limitation", and the word "including" means "including, but not limited to". 

3

 

        IN
WITNESS WHEREOF, the parties have executed this Modification Agreement on the date first written above. 

	PERMA-BILT,

a Nevada corporation	 	BANK OF AMERICA, N.A.
	

By:	
 	

/s/ Daniel Schwartz
 Daniel Schwartz, President	
 	

By:	
 	

/s/ Gary Persichino
 Gary Persichino, Vice President
	

Address:

7150 Pollock Drive, Suite 104

Las Vegas, Nevada 89119	
 	

Address:

REBG #8957

Home Builder Division

NV1-119-04-01

300 S. Fourth St., 4th Floor

Las Vegas, Nevada 89101

STATE
OF NEVADA 

COUNTY
OF CLARK 

        This
instrument was acknowledged before me on 1-25-02 by Daniel Schwartz as President of Perma-Bilt, a Nevada corporation. 

	

Notary Public State of Nevada

COUNTY OF CLARK

RENA C. WINTERS

My Appointment Expires

September 19, 2004

No. 00-63572-1	
 	

/s/ Rena C. Winters
 Notary Public

My commission expires: 9-19-04

	

 	
 	

 	
 	

 
	STATE OF NEVADA	 	)	 	 
	 	 	)	 	ss.
	COUNTY OF CLARK	 	)	 	 

        This
instrument was acknowledged before me on 1/28/02 by Gary Persichino as Vice President of Bank of America, N.A. 

	

SHERRY LIRA

Notary Public — Nevada

CLARK COUNTY

My Commission Expires

April 7, 2005

No. 97-1933-1	
 	

/s/ Sherry Lira
 Notary Public

My commission expires: 4/7/05

4

 
EXHIBIT
1, Additional Property, legal description

identifying Parcel XX

not attached hereto 

5

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MODIFICATION AGREEMENT (4th)

Factual Background

Agreement

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