Document:

exhibit10-2.htm

FIRST AMENDMENT TO

 

PURCHASE AGREEMENT AND DEPOSIT RECEIPT

 

THIS FIRST AMENDMENT TO PURCHASE AGREEMENT AND DEPOSIT RECEIPT, dated November 1st, 2012 (this “Amendment”), made by and between MI-1900 Treasures Investor LLC, a Delaware limited liability company (“Buyer”) and TOTB Miami, LLC, a Florida limited liability company (“Seller”), provides:

 

WHEREAS, Seller entered into that certain Purchase Agreement and Deposit Receipt with Buyer dated as of September 21, 2012 (the “Agreement”) regarding that certain property located in North Bay Village, Miami-Dade County, Florida known as Treasures on the Bay, as more particularly described therein;

 

WHEREAS, Seller and Buyer wish to amend the Agreement in order to extend the Inspection Period and move the Closing Date, and for such amendment to be deemed incorporated into the Agreement.

 

NOW, THEREFORE, for and in consideration of the mutual promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1. Inspection Period. The first sentence of Section 6 of the Agreement is hereby deleted and replaced with the following sentence:

 

“Commencing on the date of this Agreement, Buyer shall have until November 27, 2012 (“Inspection Period”) to conduct such independent investigations, studies and tests as Buyer deems to be necessary or appropriate concerning Buyer’s proposed ownership, operation, use, development and/or suitability of the property for Buyer’s intended purposes.”

 

2. Closing Date. Section 12 of the Agreement is hereby deleted and replaced with the following:

 

“12.           CLOSING. Subject to other provisions of this Agreement for extension, Closing shall be held at the offices of Greenberg Traurig, P.A., located at 333 SE 2nd Ave., Miami, Florida 33131, or at such other location as Buyer and Seller shall agree to, on December 7, 2012 (“Closing Date”), unless otherwise extended in accordance with this Agreement, subject to the fulfillment of all conditions to Closing contained herein.”

 

3. Incorporation of Recitals. The recitals set forth at the beginning of this Amendment are hereby incorporated into this Amendment as if fully set forth herein. All capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.

 

  

  

  

 

4. Enforceability. This Amendment shall be binding on all parties hereto and their successors and assigns. Except as modified hereby, the Agreement shall continue in full force and effect in accordance with its terms.

 

5. Conflict. In the event of a conflict between the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall prevail, and any provisions in the Agreement contrary to the provisions in this Amendment shall be deemed null and void.

 

6. Ratification, etc. The parties hereby acknowledge that the Agreement, as amended, is ratified and affirmed, and shall remain in full force and effect. This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument. This Amendment shall be governed by and construed in accordance with the laws of the State of Florida.

 

 

SIGNATURES APPEAR ON FOLLOWING PAGE

 

  

  

  

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

 

 

SELLER:

 

TOTB MIAMI, LLC

 

By:           Owens Financial Group, Inc.

 

Its:           Managing Member

 

 

By:           /s/ William C. Owens

Name:      William C. Owens

Its:           President

 

 

BUYER:

 

MI-1900 TREASURES INVESTOR LLC

 

 

By:           /s/ Camilo Miguel , Jr.

Name:      Camilo Miguel, Jr.

Its:           Authorized Representative

 

 

 

TOTB - Signature Page to First Amendment to Purchase Agreement and Deposit Receiptfirstmodificationamendprom.htm

 

Exhibit 10.1

 

 

FIRST MODIFICATION

TO

AMENDED AND RESTATED PROMISSORY NOTE

 

 

THIS FIRST MODIFICATION TO AMENDED AND RESTATED PROMISSORY NOTE (this "Modification") is made and entered into as of the 24th day of October, 2012, to be effective as of September 29, 2012, by and among SAVB HOLDINGS, LLC, a Georgia limited liability company ("Maker"), and LEWIS BROADCASTING CORPORATION, a Georgia corporation ("Holder"), and amends in certain respects the Amended and Restated Promissory Note (the "Note") dated as of June 13, 2012, made by Maker in favor of Holder.

 

WHEREAS, the Note sets forth the rights and obligations of the parties thereto with respect to the transactions described therein;

 

WHEREAS, Maker and Holder entered into that certain Waiver and Agreement dated August 7, 2012 (the “Waiver”), pursuant to which the parties acknowledged certain covenant defaults by Maker under the Note and agreed to waive such covenant defaults and to modify the Note in certain respects;

 

WHEREAS, the parties to the Agreement have determined that it is in the best interest of the parties to modify the Note to reflect the changes mandated by the Waiver; and

 

WHEREAS, in order to effect the proposed revisions to the Note described above, the Note must be modified and amended in certain respects; and

 

WHEREAS, the Holder has agreed to waive any covenant defaults by Maker or any Guarantor  for the quarter ended September 30, 2012;

 

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements contained herein and in the Note, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

1.           Defined Terms.  Terms defined in the Note not otherwise defined herein shall have the meanings ascribed to them in the Note.

 

2.           Modifications to the Note.

 

(a)           Modification to Section 1.  Section 1 of the Note is hereby amended by deleting the reference to "September 29, 2012" and inserting "September 29, 2013" in lieu therefor.

 

  

  

  

 

(b)           Modification to Section 2(a).  Section 2(a) of the Note is hereby amended by deleting the second sentence thereof and inserting the following in lieu therefor:

 

Each monthly interest payment shall be due on or before the fifth (5th) day of each calendar month; provided, however, that all accrued and unpaid interest as of December 31, 2012 shall be due and payable on December 31, 2012.

 

(c)           Modification to Section 3.  Section 3 of the Note is hereby amended by deleting the reference to " September 29, 2012" and inserting " September 29, 2013" in lieu therefor.

 

(d)           Modification to Section 6(f).  Section 6(f) of the Note is hereby amended by inserting the following immediately prior to the “.”

 

; provided, however, that neither the execution and delivery of that certain Agreement and Plan of Merger, dated as of August 7, 2012, by and between The Savannah Bancorp, Inc. and SCBT Financial Corporation nor the consummation of the transactions contemplated thereby shall be deemed to be a “change of control” hereunder

 

3.           Default Waiver.   The Holder hereby waives any and all covenant defaults by Maker or any Guarantor under the Note for the quarter ended September 30, 2012.

 

4.           Effect on the Note.

 

(a)           On and after the date hereof, each reference in the Note to "this Note," "hereunder," "herein" or words of like import shall mean and be a reference to the Note as amended hereby.

 

(b)           Nothing contained herein invalidates or shall release or impair any covenant, condition, agreement or stipulation in the Note, and the Note, except as herein supplemented, consolidated and modified, shall continue in full force and effect.

 

(c)           The execution, delivery and effectiveness of this Modification shall not operate as a waiver of any right, power or remedy of either party for any default under the Note, or constitute a waiver of any provision of the Note.

 

5.           Governing Law.  This Modification shall be governed by and construed and enforced in accordance with the laws of the State of Georgia.

 

2  

  

  

 

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Modification as of the 24th day of October, 2012.

 

 

SAVB HOLDINGS, LLC

By: /s/ John C. Helmken, II

       John C. Helmken II

       as Manager

By: /s/ R. Steven Stramm

                      R. Steven Stramm

                      as Manager

LEWIS BROADCASTING CORPORATION

 

By: /s/ Charles E. Izlar

                                                                                                  Charles E. Izlar

                                                                                                   Title:  CFO/Secretarysavbamendtocicburnsed.htm

Exhibit 10.2

AMENDMENT TO CHANGE IN CONTROL AGREEMENT

THIS AMENDMENT TO CHANGE IN CONTROL AGREEMENT is made and entered into as of August 8, 2012 by and between The Savannah Bancorp, Inc. (the “Company”) and E. James Burnsed (“Employee”).

W I T N E S S E T H:

WHEREAS, the Company and Employee are parties to a Change in Control Agreement dated as of May 22, 1996 (the “CIC Agreement”);

WHEREAS, the parties now desire to amend the CIC Agreement as set forth herein;

NOW, THEREFORE, the Company and Employee hereby agree as follows:

 

	 1.	 The following new Section 6 shall be added to the CIC Agreement:
	 	 	 	 
	 	    9.	 	 Code Section 409A.

 

(a)           This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the Internal Revenue Code (the “Code”) and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder (and any applicable transition relief under Section 409A of the Code). Nevertheless, the tax treatment of the benefits provided under the Agreement is not warranted or guaranteed.  Neither the Company nor its directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by Employee as a result of the application of Section 409A of the Code.

(b)           Notwithstanding anything in this Agreement to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred Compensation”) would otherwise be payable or distributable hereunder by reason of Employee’s termination of employment, such Non-Exempt Deferred Compensation will not be payable or distributable to Employee by reason of such circumstance unless the circumstances giving rise to such termination of employment meet any description or definition of “separation from service” in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition).  This provision does not prohibit the vesting of any Non-Exempt Deferred Compensation upon a termination of employment, however defined.  If this provision prevents the payment or distribution of any Non-Exempt Deferred Compensation, such payment or distribution shall be made on the date, if any, on which an event occurs that constitutes a Section 409A-compliant “separation from service,” or such later date as may be required by subsection (d) below.

(c)           Each payment of termination benefits under this Agreement, including, without limitation, each installment payment, shall be considered a separate payment, as described in Treas. Reg. Section 1.409A-2(b)(2), for purposes of Section 409A of the Code.

(d)           Notwithstanding anything in this Agreement to the contrary, if any amount or benefit that would constitute Non-Exempt Deferred Compensation would otherwise be payable or distributable under this Agreement by reason of Employee’s separation from service during a period in which he is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Company under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): (i) the amount of such Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period immediately following Employee’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following Employee’s separation from service (or, if Employee dies during such period, within 30 days after Employee’s death) (in either case, the “Required Delay Period”); and (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period.  For purposes of this Agreement, the term “Specified Employee” has the meaning given such term in Code Section 409A and the final regulations thereunder.

	
2.  

	
Other than as set forth above, all of the terms and provisions of the CIC Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Amendment to CIC Agreement as of the date first above written.

THE SAVANNAH BANCORP, INC.

By: /s/John C. Helmken II

John C. Helmken II

President and Chief Executive Officer

EMPLOYEE

 

/s/ E. James Burnsed                                                                                     

E. James Burnsed

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