PROMISSORY NOTEHorizon Group Properties Inc • November 7th, 2003 • Real estate investment trusts • Ohio
THIS PROMISSORY NOTE (this “Note”) is made as of the 3rd day of November, 2003, by HORIZON GROUP PROPERTIES, L.P., a Delaware limited partnership (“Borrower”), to the order of PLEASANT LAKE APTS. LIMITED PARTNERSHIP, an Ohio limited partnership (“Lender”).
Re: Purchase Agreement dated as of September 29, 2003 (the “Purchase Agreement”) by and between Horizon Group Properties, L.P., a Delaware limited partnership (“Horizon Group”), and Pleasant Lake Apts. Limited Partnership (“Pleasant Lake”)Re: Purchase Agreement • November 7th, 2003 • Horizon Group Properties Inc • Real estate investment trusts • Delaware
This letter will confirm our understanding regarding certain issues in connection with the Purchase Agreement. Pursuant to Section 1(g) of the Purchase Agreement Horizon Group and Pleasant Lake acknowledged and agreed that Horizon Group is currently engaged in a restructuring of debt (the “Restructuring”) at Gretna, Sealy, Traverse City Outlet Centers, LLC, a Delaware limited liability company (“Gretna”). In connection with the Restructuring, Horizon Group and Pleasant Lake hereby agree that the transaction in which Pleasant Lake will purchase from Horizon Group a total of forty-nine percent (49%) of the membership interests in Gretna (the “Gretna Transaction”) shall be completed prior to the closing on the remaining 49% Membership Interests as contemplated in the Purchase Agreement.
GUARANTY OF PAYMENTGuaranty of Payment • November 7th, 2003 • Horizon Group Properties Inc • Real estate investment trusts • Illinois
THIS GUARANTY OF PAYMENT (this “Guaranty”) is dated as of November 3, 2003 and given by HORIZON GROUP PROPERTIES, INC., a Maryland corporation (the “Guarantor”), to and for the benefit of PLEASANT LAKE APTS. LIMITED PARTNERSHIP (“Lender”).
