Document:

ex10_2.htm

10172 Linn Station Road

Louisville, KY 40223

September 15, 2010

To the Audit Committee of the Board of Directors of NTS Mortgage Income Fund (the “Audit Committee”):

 

NTS Development Company and Residential Management Company (collectively referred to herein as “NTS”) agree to defer amounts owed to them by the NTS Mortgage Income Fund or its subsidiaries (the “Fund”) as of September 15, 2010, and to permit any such amounts to accrue from the date of this agreement through December 31, 2010, other than as permitted by cash flows of the Fund.  As of September 15, , 2010, the Fund owed $5,583,439.24 to NTS and their affiliates.

 

NTS further agrees to advance to the Fund such monies as are reasonably necessary to cover any shortfalls for expenses incurred between September 15, 2010 and December 31, 2010, and for those expenses provided for in the Fund’s 2010 Budget as approved by the Fund’s Board of Directors through December 31, 2010.  Unless NTS otherwise agrees, any such advances shall exclude any principal repayments on the mortgage note owed by the Fund to PNC Bank, National Association.

 

The terms of any deferrals or advances from NTS will be presented to the Audit Committee for prior approval and may be documented through a promissory note or notes from the Fund to NTS or their affiliates which shall mature on December31, 2010.  Any amounts so deferred or advanced by NTS shall accrue interest at the same rate as the NTS cost of funds rate which is currently 5.34%.

 

NTS has the financial ability to allow such deferrals and advances and will provide evidence of such upon reasonable request of the Audit Committee.

 

 

 

	 	
/s/ J.D. Nichols            

J.D. Nichols

Chairman of NTS Development Company

and Residential Management Company

	 	 
	 	
 /s/ Brian F. Lavin           

Brian F. Lavin

President of NTS Development Company

and Residential Management Company10_3.htm

FIRST AMENDMENT TO CONSOLIDATED AND AMENDED AND RESTATED

PROMISSORY NOTE

 

THIS FIRST AMENDMENT TO CONSOLIDATED AND AMENDED AND RESTATED PROMISSORY NOTE (the “Amendment”) is made and entered into as of September 15, 2010 by and between [i] NTS MORTGAGE INCOME FUND, a Delaware corporation, having an address of 10172 Linn Station Road, Louisville, Kentucky 40223 (“Borrower”), and [ii] NTS DEVELOPMENT COMPANY, a Kentucky corporation, having an address of 10172 Linn Station Road, Louisville, Kentucky 40223 (“Lender”).

 

RECITALS:

 

A.  Borrower and Lender are parties to that certain Consolidated and Amended and Restated Promissory Note dated as of June 10, 2010, evidencing amounts due from Borrower to Lender on or before June 10, 2010 in the face principal amount of Six Hundred Three Thousand Seven Hundred Twelve Dollars and Thirty One Cents ($603,712.31) (the “Note”).  Certain terms defined in the Note when used and initially capitalized herein shall have the meanings ascribed to them in the Note unless expressly otherwise defined herein.

 

B.  Borrower has requested an extension of the maturity date of the Note from September 30, 2010 to December 31, 2010, and Lender has agreed to such modification.

 

NOW THEREFORE, by mutual agreement of the parties and in mutual consideration of the agreements contained herein and for other good and valuable considerations, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree that the Note is hereby modified as set forth in this Amendment.

 

1.  Accuracy of Recitals.  Borrower acknowledges the accuracy of the Recitals stated above.

 

2.  Amendment of Note.  The Note is amended as follows:

 

         The “Maturity Date” of the Note is hereby extended from September 30, 2010 until December 31, 2010, which date shall hereafter be the new “Maturity Date.”

 

3.  Ratification of Note.  Except as expressly modified by this Amendment, all terms and conditions of the Note shall remain in full force and effect as they were before the execution and delivery of this Amendment, and those terms and conditions as modified are hereby incorporated by reference in this Amendment and shall govern this Amendment in all respects.  The Note is hereby ratified and reaffirmed by Borrower and shall remain in full force and effect as previously modified and assumed, and as modified by this Amendment.

 

4.  Counterpart Execution.  This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same document.  Signature pages may be detached from the counterparts and attached to a single copy of this Amendment to physically form one document.

 

  

 

  

5.  No Novation.  This Amendment is a modification only and not a novation.  Except for the modifications contained herein, the Note shall be and remain in full force and effect with the changes in this Amendment deemed to be incorporated therein.  This Amendment is to be considered attached to the Note and made a part of the Note.  This Amendment shall not release or affect the liability of any guarantor, surety or endorser of the Note or release any owner of any collateral securing the Note.  The validity, priority and enforceability of the Note shall not be impaired by this Amendment.

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and to become effective as of the day and year first above written.

 

	
LENDER:

 

NTS DEVELOPMENT COMPANY,

a Kentucky corporation

 

 

By:         /s/ Brian F. Lavin      

Brian F. Lavin, President

 

	
BORROWER:

 

NTS MORTGAGE INCOME FUND, 

a Delaware corporation

 

 

By:         /s/ Gregory A. Wells      

       Gregory A. Wells,

Secretary/Treasurer/Chief Financial Officer

 

 

 

210_4.htm

FIRST AMENDMENT TO CONSOLIDATED AND AMENDED AND RESTATED

PROMISSORY NOTE

 

THIS FIRST AMENDMENT TO CONSOLIDATED AND AMENDED AND RESTATED PROMISSORY NOTE (the “Amendment”) is made and entered into as of September 15, 2010 by and between [i] NTS MORTGAGE INCOME FUND, a Delaware corporation, having an address of 10172 Linn Station Road, Louisville, Kentucky 40223 (“Borrower”), and [ii] RESIDENTIAL MANAGEMENT COMPANY, a Kentucky corporation, having an address of 10172 Linn Station Road, Louisville, Kentucky 40223 (“Lender”).

 

RECITALS:

 

A.  Borrower and Lender are parties to that certain Consolidated and Amended and Restated Promissory Note dated as of June 10, 2010, evidencing amounts due from Borrower to Lender on or before June 10, 2010 in the face principal amount of One Thousand Six Hundred Sixty Two Dollars and No Cents ($1,662.00) (the “Note”).  Certain terms defined in the Note when used and initially capitalized herein shall have the meanings ascribed to them in the Note unless expressly otherwise defined herein.

 

B.  Borrower has requested an extension of the maturity date of the Note from September 30, 2010 to December 31, 2010, and Lender has agreed to such modification.

 

NOW THEREFORE, by mutual agreement of the parties and in mutual consideration of the agreements contained herein and for other good and valuable considerations, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree that the Note is hereby modified as set forth in this Amendment.

 

1.  Accuracy of Recitals.  Borrower acknowledges the accuracy of the Recitals stated above.

 

2.  Amendment of Note.  The Note is amended as follows:

 

        The “Maturity Date” of the Note is hereby extended from September 30, 2010 until December 31, 2010, which date shall hereafter be the new “Maturity Date.”

 

3.  Ratification of Note.  Except as expressly modified by this Amendment, all terms and conditions of the Note shall remain in full force and effect as they were before the execution and delivery of this Amendment, and those terms and conditions as modified are hereby incorporated by reference in this Amendment and shall govern this Amendment in all respects.  The Note is hereby ratified and reaffirmed by Borrower and shall remain in full force and effect as previously modified and assumed, and as modified by this Amendment.

 

4.  Counterpart Execution.  This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same document.  Signature pages may be detached from the counterparts and attached to a single copy of this Amendment to physically form one document.

 

  

  

  

5.  No Novation.  This Amendment is a modification only and not a novation.  Except for the modifications contained herein, the Note shall be and remain in full force and effect with the changes in this Amendment deemed to be incorporated therein.  This Amendment is to be considered attached to the Note and made a part of the Note.  This Amendment shall not release or affect the liability of any guarantor, surety or endorser of the Note or release any owner of any collateral securing the Note.  The validity, priority and enforceability of the Note shall not be impaired by this Amendment.

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and to become effective as of the day and year first above written.

 

 

	
LENDER:

 

RESIDENTIAL MANAGEMENT

COMPANY, a Kentucky corporation

 

 

By:         /s/ Brian F. Lavin      

Brian F. Lavin, President

 

	
BORROWER:

 

NTS MORTGAGE INCOME FUND, 

a Delaware corporation

 

 

By:         /s/ Gregory A. Wells      

       Gregory A. Wells,

Secretary/Treasurer/Chief Financial Officer

 

 

 

210_5.htm

FIRST AMENDMENT TO CONSOLIDATED AND AMENDED AND RESTATED

PROMISSORY NOTE

 

THIS FIRST AMENDMENT TO CONSOLIDATED AND AMENDED AND RESTATED PROMISSORY NOTE (the “Amendment”) is made and entered into as of September 15, 2010 by and between [i] NTS/VIRGINIA DEVELOPMENT COMPANY, a Virginia corporation, having an address of 10172 Linn Station Road, Louisville, Kentucky 40223 (“Borrower”), and [ii] NTS DEVELOPMENT COMPANY, a Kentucky corporation, having an address of 10172 Linn Station Road, Louisville, Kentucky 40223 (“Lender”).

 

RECITALS:

 

A.  Borrower and Lender are parties to that certain Consolidated and Amended and Restated Promissory Note dated as of June 10, 2010, evidencing amounts due from Borrower to Lender on or before June 10, 2010 in the face principal amount of Ninety Seven Thousand Forty Seven Dollars and Eighty Cents ($97,047.80) (the “Note”).  Certain terms defined in the Note when used and initially capitalized herein shall have the meanings ascribed to them in the Note unless expressly otherwise defined herein.

 

B.  Borrower has requested an extension of the maturity date of the Note from September 30, 2010 to December 31, 2010, and Lender has agreed to such modification.

 

NOW THEREFORE, by mutual agreement of the parties and in mutual consideration of the agreements contained herein and for other good and valuable considerations, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree that the Note is hereby modified as set forth in this Amendment.

 

1.     Accuracy of Recitals.  Borrower acknowledges the accuracy of the Recitals stated above.

 

2.     Amendment of Note.  The Note is amended as follows:

 

       The “Maturity Date” of the Note is hereby extended from September 30, 2010 until December 31, 2010, which date shall hereafter be the new “Maturity Date.”

 

3.  Ratification of Note.  Except as expressly modified by this Amendment, all terms and conditions of the Note shall remain in full force and effect as they were before the execution and delivery of this Amendment, and those terms and conditions as modified are hereby incorporated by reference in this Amendment and shall govern this Amendment in all respects.  The Note is hereby ratified and reaffirmed by Borrower and shall remain in full force and effect as previously modified and assumed, and as modified by this Amendment.

 

4.  Counterpart Execution.  This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same document.  Signature pages may be detached from the counterparts and attached to a single copy of this Amendment to physically form one document.

 

  

  

 

  

5.  No Novation.  This Amendment is a modification only and not a novation.  Except for the modifications contained herein, the Note shall be and remain in full force and effect with the changes in this Amendment deemed to be incorporated therein.  This Amendment is to be considered attached to the Note and made a part of the Note.  This Amendment shall not release or affect the liability of any guarantor, surety or endorser of the Note or release any owner of any collateral securing the Note.  The validity, priority and enforceability of the Note shall not be impaired by this Amendment.

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and to become effective as of the day and year first above written.

 

 

	
LENDER:

 

NTS DEVELOPMENT COMPANY,

a Kentucky corporation

 

 

By:         /s/ Brian F. Lavin      

Brian F. Lavin, President

 

	
BORROWER:

 

NTS/VIRGINIA DEVELOPMENT

COMPANY, a Virginia corporation

 

 

By:         /s/ Gregory A. Wells      

       Gregory A. Wells,

       Executive Vice President

 

 

 

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