Document:

ex10-11.htm

    Exhibit
10.11

    

    

    EXTENSION
AND/OR MODIFICATION AGREEMENT

    COMMERCIAL
INDEBTEDNESS

    

    Date:  January
17, 2008

    

    Account
No.  1010193724

    

    Borrower:               South
Padre Island Development, LLC and South Padre Island

    Development, L.P. (whether one or
more)

    

    Interest
Paid:  $_______________________

    Outstanding
Principal Balance of $4,536,848.94**

    is
payable on demand, if no demand, then due:

    17
payments of interest only beginning February 24, 2008 and continuing at monthly
intervals thereafter and a final payment of the unpaid principal balance plus
accrued interest due and payable on July 24, 2009.

    

    **
LOC  l/a/o $8,000,000.00

    (Consolidation
of two master notes l/a/o $5MM & $3MM)

    

    together
with any and all accrued and unpaid interest and/or late charges.

    

    The
starting rate of interest will be (NYP+1.00%) 8.25% per annum beginning on
January 24, 2008.

    

    Final
Maturity Date:  July 24, 2009

    

    Borrower
promises to pay to the order of International Bank of Commerce the Outstanding
Principal Balance on the Note according to the terms hereof together with
interest as it accrues on the outstanding unpaid principal balance until
paid.  In no event shall the rate of interest to be paid on the unpaid
principal balance be less than six percent (6.0%) per annum, nor more than the
maximum legal rate allowed by applicable law.

    

    To the
extent allowed by law, as the late payment charge under the Note to this
Agreement, Lender may in its sole discretion (i) increase the interest on the
principal portion of any payment amount that is not received by the payment due
date until paid to the maximum rate allowed by law, computed on a full calendar
year basis from the payment due date until paid, or (ii) should any payment be
more than ten (10) days late, Borrower shall pay a one-time “Late charge” per
late payment equal to five percent (5%) of the amount of the past due principal
and interest of such payment, with a minimum of $10.00 and a maximum of
$1,500.00 per late payment

     

    
      The “late
charge” may be accrued without notice and shall be immediately due and
payable.

      

      Each
payment shall be applied as of its scheduled due date and in the order of
application as the Lender in its sole discretion may from time to time
elect.

      

      The
failure of Borrower to pay any of the payment(s) of principal or any interest
thereon or accrued late charges, when the same is due and payable shall permit
Lender, at its option, to accelerate the maturity, without notice to Borrower,
of all, or any portion, of the outstanding unpaid principal balance and all
accrued and unpaid interest, and all accrued and unpaid late charge under the
Note/this Agreement, whereupon the same shall be due and payable
immediately.

      

      Any
outstanding and unpaid principal, accrued and unpaid interest and all fees, late
charges and/or other charges incurred in this transaction by, or for the benefit
of, Borrower, if any, which remain due and owing on the Final Maturity Date are
due and payable on such date.

      

      Borrower
renews and extends the Note, and any and all Security Agreements, security
interests, Deeds of Trust, and/or other liens created by Borrower in favor of
International Bank of Commerce.  Except as provided herein, all other
terms and conditons of the Note, and all Security Agreements, security
interests, Deeds of Trust, and/or other liens created by Deeds of Trusts and/or
other Loan Documents, if any, continue as written, and remain in full force and
effect.

      
 

    

    
      
         

      

      
        1

         

      

      
         

      

    

    

    TO THE
EXTENT ALLOWED BY LAW, ALL MATURED UNPAID AMOUNTS WILL BEAR INTEREST AT THE
MAXIMUM LEGAL INTEREST RATE ALLOWED BY APPLICABLE LAW.  If applicable
law does not set a maximum rate of interest for matured unpaid amounts, the
Borrower agrees that the maximum rate for such amounts shall be eighteeen
percent (18%) per annum.

    

    NO ORAL
AGREEMENTS

    

    THIS
WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS
BETWEEN THE PARTIES.

    

    Borrower:

    

    South
Padre Island Development, LLC and

    South
Padre Island Development, L.P.

    

    

    By:  SPID,
Inc., General Partner

    

    

    /s/ MARK A.
KERNEY                                                                                     

    By:           Mark
A. Kerney, Mangaer and Vice President

    

    Address:                P.O.
Box 1880

    Upper Marlboro,
MD  20773

    

    

    “Lender” International Bank of
Commerce

    

    By:           /s/ Wallace Lee
Reed                                                                           

    Name:      Wallace
Lee Reed

    Title:         Executive
Vice President

     

     

     

    2ex10-12.htm

    Exhibit
10.12

    

    EVIDENCE OF
INDEBTEDNESS

    

    

    This Evidence of Indebtedness (the
“Note”) is made effective as of October 1, 2004 to evidence indebtedness of
South Padre Island Development, L.P., a Delaware limited partnership (now South
Padre Island Development, LLC, a Delaware limited liability company) (“Maker”)
to Barton Theatre Company, an Oklahoma corporation (“Original Payee”) as of
October 1, 2004.  On October 1, 2004, Maker became a wholly-owned
subsidiary of Landmark Land Company, Inc., a Delaware corporation and on such
date Maker assumed an obligation to Original Payee in the principal amount of
Five Hundred Fifty-eight Thousand, Four Hundred Seventy-five and 32/100 Dollars
($558,475.32), together with accrued interest in the amount of One Hundred
Forty-five Thousand, Four Hundred Seventeen and 80/100 Dollar
($145,417.80).  Maker further acknowledges that the Original Payee
assigned the Note to Newco XXV, Inc. (the “New Payee”) on November 30,
2004.

    

    As used in this Note, the following
terms shall have the respective meanings indicated below:

    

    
      	
               
      

            	
              “Loan
      Interest Rate” means 12% per annum.

            

    

    

    
      	
               
      

            	
              “Maturity
      Date” is on demand.

            

    

    

    The principal hereof shall bear
interest at a rate per annum which shall be equal to the Loan Interest
Rate.

    

    All
principal and accrued interest and other amounts due hereunder shall be paid in
full on or prior to the Maturity Date.  The Note may be prepaid in
whole or in part, without penalty.

    

    An Event of Default shall be a default
in the payment of any payment of principal or interest when due
hereunder.

    

    This Note shall be binding upon Maker,
any surety and/or guarantor hereunder, and their heirs, legal representatives,
successors and assigns respectively and the terms hereof shall inure to the
benefit of the holder, its heirs, legal representatives, successors and assigns.
This Note may not be amended, modified or supplemented except by an instrument
in writing signed by Maker and the then holder.  The New Payee may at
any time and from time to time, without the consent of Maker, assign all or any
portion of its rights under this Note to one or more persons.

    

    MAKER:

    

    SOUTH
PADRE ISLAND DEVELOPMENT, L.P.,

    a
Delaware corporation (now South Padre Island

    Development,
LLC)

    \

    

    By:                      /s/ JOE
OLREE                                                                           

    Name:                Joe
Olree

    Title:                   ice
Presidentex10-13.htm

    Exhibit
10.13

    

    EVIDENCE OF
INDEBTEDNESS

    

    

    This Evidence of Indebtedness (the
“Note”) is made effective as of August 31, 2003 to evidence indebtedness of
Delos Partners, Inc., an Ohio Corporation (“DPI”), a wholly-owned subsidiary of
DPMG, Inc., a Delaware corporation (“”DPMG”) to Barton Theatre Company, an
Oklahoma corporation (“Original Payee”) as of August 31, 2003.  On
August 31, 2003, DPMG and DPI became wholly-owned subsidiaries of Landmark Land
Company, Inc., a Delaware corporation and at such date, DPI owed Original Payee
principal in the amount of Three Hundred Thirty-three Thousand, Five Hundred
Ninety-nine and 47/100 Dollars ($333,599.47), together with accrued interest in
the amount of Three Hundred Ninety-three Thousand, Forty-three and 09/100 Dollar
($393,043.09).  On April 2, 2004, DPI merged into DPMG and DPMG
assumed all of DPI’s obligations, including those evidenced by this
Note.  DPMG further acknowledges that the Original Payee assigned the
Note to Newco XXV, Inc. (the “New Payee”) on November 30, 2004.

    

    As used in this Note, the following
terms shall have the respective meanings indicated below:

    

    
      	
               
      

            	
              “Loan
      Interest Rate” means 15% per annum.

            

    

    

    
      	
               
      

            	
              “Maturity
      Date” is on demand.

            

    

    

    The principal hereof shall bear
interest at a rate per annum which shall be equal to the Loan Interest
Rate.

    

    All
principal and accrued interest and other amounts due hereunder shall be paid in
full on or prior to the Maturity Date.  The Note may be prepaid in
whole or in part, without penalty.

    

    An Event of Default shall be a default
in the payment of any payment of principal or interest when due
hereunder.

    

    This Note shall be binding upon DPMG,
any surety and/or guarantor hereunder, and their heirs, legal representatives,
successors and assigns respectively and the terms hereof shall inure to the
benefit of the holder, its heirs, legal representatives, successors and assigns.
This Note may not be amended, modified or supplemented except by an instrument
in writing signed by DPMG and the then holder.  The New Payee may at
any time and from time to time, without the consent of DPMG, assign all or any
portion of its rights under this Note to one or more persons.

    

    DPMG
INC., a Delaware corporation (successor

    to Delos
Partners, Inc.)

    

    

    By:                 /s/ JOE
OLREE                                                

    Name:            Joe
Olree

    Title:              Vice
President

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