Document:

CONSULTING AGREEMENT

Exhibit 10.15

 

AMENDMENT TO CONSULTING AGREEMENT

 

 

THIS AMENDMENT TO CONSULTING AGREEMENT ("Agreement") is made and entered into this 28th day of January 2002, by and between ST. CHARLES COMMUNITY, LLC (the "Company") and Thomas J. Shafer (the "Consultant").

WHEREAS, the Company and the Consultant entered into the original Consulting Agreement ("Original Agreement) on the 1st day of January 1998.

WHEREAS, Section II entitled "Compensation" of said Original Agreement is hereby amended to provide as follows:

The Consultant will be paid $4,000 per month for these services, payable semi-monthly, effective January 1, 2002.

WHEREAS, all other terms and conditions shall remain as stated in the Original Agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first set forth above.

 

	
WITNESS
	 	
ST. CHARLES COMMUNITY, LLC

	 	 	 
	
/s/ Cynthia L. Hedrick
	 	
/s/ Edwin L. Kelly

	 	 	
Its:  Chairman

	 	 	
Date:  February 5, 2002

	 	 	 
	 	 	 
	
/s/ Cynthia L. Hedrick
	 	
/s/ Thomas J. Shafer

	 	 	
Thomas J. Shafer

	 	 	
Date:  February 5, 2002LAND DEVELOPMENT ASSOCIATES, S

Exhibit 10.20

 

LAND DEVELOPMENT ASSOCIATES, S.E.

Doral Building, 7th Floor

650 Munoz Rivera Avenue

Hato Rey, Puerto Rico  00918-4149

July 13, 2001

Mrs. Carmen Rocafort

Vice President

FirstBank Puerto Rico

Santurce, Puerto Rico

Re:  KEMBT Corporation

Dear Mrs. Rocafort:

Reference is made to that certain Loan Agreement between Land Development Associates, S.E. ("LDA") and FirstBank Puerto Rico ("you"), dated August 3, 1995, as amended, (the "LDA Loan Agreement") and that certain Non-Revolving Credit Agreement between KEMBT Corporation ("KEMBT") and you, dated the date hereof (the "Credit Agreement").

Pursuant to the LDA Loan Agreement, LDA is required to deliver to you as repayment of its obligations under the LDA Loan Agreement an amount equal to seventy percent (70%) of the sales price of the portions of the real estate forming part of the Parque Escorial Office Park and of the real estate identified as the Parque Escorial Development and from the assigned distributions made to Borrower by Eli, S.E. (the "LDA Payment").

In order to repay certain obligations to KEMBT arising from a certain Cash Flow Note dated August 15, 2000, LDA requests your consent for the application by you of an amount equal to 40% of the LDA Payment, to KEMBT's obligations under the Credit Agreement, without such bifurcation of the LDA Payment constituting a release or waiver of any covenant or condition (whether of payment or otherwise) under the LDA Agreement.

Furthermore, as a condition of you entering into the Credit Agreement and extending credit thereunder, LDA agrees to modify and hereby modifies, with your consent, the LDA Loan Agreement to the effect that the occurrence of an event of default under the Credit Agreement shall constitute an event of default under the LDA Agreement as if such was caused by LDA, giving you the right to foreclose on the collateral guaranteeing the LDA Loan Agreement.  Notwithstanding the said cross-default and cross-guarantee rights granted to you herein, LDA shall retain the right to cure any such default as such may be cured by KEMBT pursuant to the terms of the Credit Agreement.

Sincerely,

Land Development Associates, S.E.

By:Interstate General Properties Limited

Partnership, S.E., its Managing Partner

By:IGP Group Corp., its General Partner

By:/s/ Carlos R. Rodriguez

Carlos R. Rodriguez

President

Agreed and Acknowledged:

I.G.P. Group Corp (Guarantor)

By:/s/ Carlos R. Rodriguez

Carlos R. Rodriguez

Chief Executive Office

American Community Properties Trust (Guarantor)

By:/s/ Carlos R. Rodriguez

Carlos R. Rodriguez

Authorized Officer

American Land Development U.S., Inc. (Guarantor)

By:/s/ Carlos R. Rodriguez

Carlos R. Rodriguez

Authorized Officer

 

Interstate General Properties Limited Partnership, S.E. (Guarantor)

By:I.G.P. Group Corp., its General Partner

By:/s/ Carlos R. Rodriguez

Carlos R. Rodriguez

Chief Executive Officer

 

FirstBank Puerto Rico (Lender)

By:/s/ Carmen Rocafort

Carmen Rocafort

Vice PresidentExhibit 10

Exhibit 10.21

 

April 15, 2002

 

 

(VIA FACSIMILE AND

FIRST CLASS MAIL)

FIRSTBANK PUERTO RICO

Commercial Credit Department

1519 Ponce de Leon Avenue

Santurce, Puerto Rico

Attention:  Nelson Gonzalez

Ladies/Gentlemen:

Reference is made to that certain letter of even date (the "Letter Agreement") addressed to you by us, wherein we have agreed to partially rescind and modify, ab initio, that certain letter agreement between ourselves, amongst others, dated July 13, 2001 (the "Letter").  A copy of the referenced Letter Agreement is attached hereto.

This will confirm in writing that as additional consideration for the Bank's agreement to partially rescind, ab initio, the Letter pursuant to the Letter Agreement, we will redeem the outstanding balance of the LDA Note and fully repay FirstBank Puerto Rico the outstanding balance of Kembt's obligations under the Non-Revolving Credit Agreement dated July 13, 2001, with the proceeds of additional credit facilities under the LDA Loan Agreement, which, if approved, under acceptable terms and conditions with respect to tenor, interest rate, collateral and other similar and customary considerations, we bind ourselves to close within the 30 days following your notice to us of approval of such additional financing.

Notwithstanding the above, the acceptance hereof by the Bank shall not be construed as a commitment of the Bank to grant the abovementioned credit facilities.

Very truly yours,

LAND DEVELOPMENT ASSOCIATES, S.E.

a Puerto Rico Special Partnership

By:INTERSTATE GENERAL PROPERTIES

LIMITED PARTNERSHIP, a Maryland

Limited partnership, its managing partner

By:IGP GROUP CORP., a

Puerto Rico Corporation, its

general partner

By:/s/ Edwin L. Kelly

Name:Edwin L. Kelly

Title:Senior Vice President

AGREED AND ACKNOWLEDGED:

FIRSTBANK PUERTO RICO (Lender)

By:  /s/ Carmen E. RocafortApril 15

Exhibit 10.22

 

 

April 15, 2002

(VIA FACSIMILE AND

FIRST CLASS MAIL)

FIRSTBANK PUERTO RICO

Commercial Credit Department

1519 Ponce de Leon Avenue

Santurce, Puerto Rico

Attention:  Nelson Gonzalez

Ladies/Gentlemen:

Reference is made to that certain letter dated July 13, 2001, addressed to FirstBank Puerto Rico (the "Bank") by Land Development Associates, S.E. ("LDA"), signed by Carlos R. Rodríguez Batilla on behalf of LDA (the "Letter"), a copy of which is attached hereto.

This will confirm in writing that the Bank has agreed to amend the Letter by rescinding therefrom, ab initio, the following paragraph:

"Furthermore, as a condition of you entering into the Credit Agreement and extending credit thereunder, LDA agrees to modify and hereby modifies, with your consent, the LDA Loan Agreement to the effect that the occurrence of an event of default under the Credit Agreement shall constitute an event of default under the LDA Agreement as if such was caused by LDA, giving you the right to foreclose on the collateral guaranteeing the LDA Loan Agreement.  Notwithstanding the said cross-default and cross-guarantee rights granted to you herein, LDA shall retain the right to cure any such default as such may be cured by KEMBT pursuant to the terms of the Credit Agreement"

and in lieu thereof, inserting, ab initio, the following paragraph:

"Furthermore, as a condition of you entering into the Credit Agreement and extending credit thereunder, LDA agrees that the LDA Note is secured by the collateral guaranteeing the LDA Loan Agreement and, furthermore, that an event of default arising under the terms of the LDA Note shall constitute an event of default under the LDA Loan Agreement.  LDA also agrees that upon the prepayment of all or part of the obligations under the LDA Loan Agreement, it shall prepay to the holder a proportionate amount of the outstanding balance of the LDA Note."

The Letter, as partially rescinded and amended hereby, ab initio, as well as that certain other letter of LDA to the Bank, also dated July 13, 2001, but referenced "LDA Cash Flow Note" (the "Second Letter"), and the terms and conditions in the Letter and the Second Letter, are hereby ratified and confirmed.

The undertaking of LDA under the Letter, as partially rescinded and amended hereby, and the Second Letter, have been authorized and approved by the trustees of American Community Properties Trust, a Maryland business trust, the sole stockholder of IGP Corp, the General Partner of Interstate General Properties L.P., the Managing Partner of Land Development Associates, S.E., including a majority of its independent trustees at a special meeting held April [_12_], 2002, as set forth in the enclosed certificate.

Very truly yours,

LAND DEVELOPMENT ASSOCIATES, S.E.

a Puerto Rico Special Partnership

By:INTERSTATE GENERAL PROPERTIES

LIMITED PARTNERSHIP, a Maryland

limited partnership, its managing partner

By:IGP Group Corp., a Puerto Rico Corporation,

            its general partner

By:/s/ Edwin L. Kelly

Name:Edwin L. Kelly

Title:Senior Vice President

Agreed and Acknowledged:

I.G.P. GROUP CORP (Guarantor)

By:/s/ Edwin L. Kelly

Name:Edwin L. Kelly

Title:Senior Vice President

AMERICAN COMMUNITY PROPERTIES TRUST (Guarantor)

By:/s/ Edwin L. Kelly

Name:Edwin L. Kelly

Title:President

AMERICAN LAND DEVELOPMENT U.S., INC. (Guarantor)

By:/s/ Edwin L. Kelly

Name:Edwin L. Kelly

Title:Vice President

 

INTERSTATE GENERAL PROPERTIES LIMITED PARTNERSHIP, S.E. (Guarantor)

By:/s/ Edwin L. Kelly

Name:Edwin L. Kelly

Title:Senior Vice President

 

FirstBank Puerto Rico (Lender)

By:/s/ Carmen E. Rocafort

Carmen E. Rocafort

Senior Vice PresidentExhibit 10

Exhibit 10.23

 

GUARANTEE

The undersigned, Interstate Business Corporation, a Delaware corporation ("Guarantor"), hereby guarantees to pay upon demand the obligations of Equus Gaming Company L.P., a Delaware limited partnership, Equus Entertainment Corporation, a Puerto Rico corporation, Housing Development Associates S.E., and Equus Management Company, a Delaware corporation (collectively "Equus") to American Community Properties Trust, a Maryland business trust ("ACPT"), including a receivable of Equus due to ACPT in the amount of $153,837 at December 31, 2001.

This is a continuing guarantee and shall not be amended nor terminated except by written statement signed by ACPT, authorized by a majority of the independent trustees of ACPT.

The undersigned acknowledges that it together with its affiliates own a majority of the outstanding equity securities of Equus and ACPT, and that ACPT would not have extended credit to Equus in the past, nor will it extend credit to Equus in the future, without this guarantee.

Guarantor waives notice of acceptance of this guarantee and of any extensions thereof and protest and notice of dishonor or default.

This is a guarantee of payment and not of collection, and Guarantor waives any right to require that any action be brought against Equus or any other person or that resort be had to any security or credit on the books of ACPT in favor of any other person.

No delay on the part of ACPT in exercising any rights hereunder or failure to exercise of the same shall operate as a waiver of such rights against the undersigned.

This guarantee shall be deemed to be a contract entered into in and pursuant to the laws of the State of Maryland and shall in all respects be governed, construed, applied and enforced in accordance with the laws of the State of Maryland.  The undersigned agrees to submit to personal jurisdiction in the State of Maryland in any action arising out of this guarantee, and in any such action or proceeding service may be served upon the undersigned by registered mail to or by personal service at the last known address of the undersigned whether within or without the jurisdiction of any such court.

IN WITNESS WHEREOF, the undersigned has executed this guarantee as of this 25th day of March 2002.

	 	
INTERSTATE BUSINESS CORPORATION

	 	 
	 	 	 
	 	
By:
	
/s/ J. Michael Wilson

	 	 	
Its President

	 	 	 
	
WITNESS:
	 	 
	 	 	 
	
/s/ Martha Colson

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