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EXHIBIT 10.77
Doral Mortgage Corporation
July 22, 1998
Xx. Xxxxxx Xxxxx
000 Xxxxx Xxxxxx Xxxxxx
Xxx Xxxx, Xxxxxx Xxxx 00000
Re: Employment Agreement dated as of December 31, 1996
between Doral Mortgage Corporation and Xxxxxx Xxxxx
(the "Employment Agreement")
Dear Xx. Xxxxx:
This letter agreement serves to amend the terms of the above-referenced
Employment Agreement as follows:
(1) Section 3(b)(i) of the Employment Agreement is amended to read in
its entirety as follows:
"(b)(i) During the term of this Agreement, you shall also be
entitled to receive an annual incentive bonus equal to the
lesser of (x) $300,000 and (y) 3% of the net income of DMC
over and above $300,000 derived from its Mortgage Banking
Activities (as hereinafter defined)
(2) Except as expressly provided herein, the terms of the Employment
Agreement shall remain in full force and effect.
Please evidence your agreement and acceptance of the foregoing
amendment by signing this letter in the space indicated below.
Very truly yours,
/s/ Xxxxxxx Xxxxx
Xxxxxxx Xxxxx
Chairman of the Board
AGREED AND ACCEPTED, as the date
first above set forth:
/s/ Xxxxxx Xxxxx
---------------------------------
Xxxxxx Xxxxx
