EXHIBIT 10.18.1
SECOND AMENDMENT TO
REAL ESTATE MORTGAGE NOTE
THIS SECOND AMENDMENT is made as of the 31st day of January, 1997, by
and between AUSTINS STEAKS AND SALOON, INC., a Delaware corporation
(hereinafter "Maker"), and AMREP SOUTHWEST, INC., a New Mexico corporation
(hereinafter "Holder").
WHEREAS, Maker executed a Real Estate Mortgage Note (hereinafter the
"Note") in favor of Maker dated October 30, 1995 in the original principal
amount of $400,049.20 which was amended by a First Amendment dated August 27,
1996; and
WHEREAS, the Note is due and payable in full on January 31, 1997; and
WHEREAS, Maker desires to extend the term of the Note and Holder is
willing to do so.
NOW, THEREFORE, in consideration of the mutual covenants hereinbelow,
Maker and Holder agree and covenant as follows:
1. The principal balance of the Note currently outstanding is
$394,140.80. The Note is current through October 31, 1996.
2. Holder agrees to extend the Note until October 31, 1997 at which
time the remaining principal balance plus any and all accrued interest on the
Note shall be due and payable in full.
3. Maker agrees to make principal payments to Holder in the amount of
$100,000.00 each on January 31, 1997, April 30, 1997 and July 31, 1997. In
addition
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to each principal payment, Maker agrees to pay to Holder all accrued interest
on the unpaid principal balance on each of the above-referenced dates.
4. Except as specifically modified herein, the remaining terms and
provisions of the Note shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Second Amendment on
the date and year first above written.
AUSTINS STEAKS AND SALOON, INC.
By: /s/ Xxxx X. Xxxxxx, III
---------------------------------
Xxxx X. Xxxxxx, III
Chairman of the Board of Directors
AMREP SOUTHWEST, INC.
By: /s/ X.X. Xxxxxx
---------------------------------
X.X. Xxxxxx, Senior Vice President
STATE OF NEBRASKA )
)ss.
COUNTY OF LANCASTER )
This instrument was acknowledged before me on February 18, 1997 by Xxxx
X. Xxxxxx, III Chairman of the Board of Directors of AUSTINS STEAKS AND
SALOON, a Delaware corporation, on behalf of said corporation.
[SEAL] /s/ Xxxxxxxx X. Xxxxxx
----------------------------------
Notary Public
My Commission Expires:
7-22-2000
------------------
00
XXXXX XX XXX XXXXXX )
)ss.
COUNTY OF XXXXXXXX )
This instrument was acknowledged before me on April 10, 1997 by X.X.
Xxxxxx, Xx. Vice/President of AMREP SOUTHWEST, INC, a New Mexico corporation,
on behalf of said corporation.
/s/ Xxxxxxxxxx X. Xxxxx
-----------------------------------------
Notary Public
My Commission Expires:
[SEAL]
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