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 | 2003 |
Line of Credit Agreement [Amended and Restated]
Line of Credit Agreement [Amended and Restated] (327K)
Doc #183887: Click preview link for longer preview.
AMENDED AND RESTATED
LINE OF CREDIT AGREEMENT
BETWEEN
AGREE LIMITED PARTNERSHIP AND
AGREE REALTY CORPORATION
AND
STANDARD FEDERAL BANK N.A.
INDIVIDUALLY AND AS AGENT FOR THE LENDERS
AND
TOGETHER WITH
BANK ONE, NA
LENDERS
DATED AS OF NOVEMBER 5, 2003
$50,000,000.00
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TABLE OF CONTENTS
{TABLE}
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SECTION 1. DEFINITIONS.................................................................................... 2
Section 1.1 Definitions........................................................................... 2
SECTION 2. AMOUNT AND TERMS OF LINE OF CREDIT LOAN........................................................ 20
Section 2.1 Advances.............................................................................. 20
Section 2.2 Use of Proceeds; Completion of Development; Additional Requirements................... 21
Section 2.3 Notice of Borrowing................................................................... 21
Section 2.4 Disbursement of Funds................................................................. 21
Section 2.5 The Notes............................................................................. 21
Section 2.6 Interest.............................................................................. 22
Section 2.7 Interest Periods...................................................................... 24
Section 2.8 Conversion or Continuation............................................................ 24
Section 2.9 Principal Amortization................................................................ 25
Section 2.10 Voluntary Prepayments; Termination.................................................... 25
Section 2.11 Mandatory Prepayments................................................................. 26
Section 2.12 Application of Payments and Prepayments............................................... 26
Section 2.13 Method and Place of Payment........................................................... 26
Section 2.14 Fees.................................................................................. 27
Section 2.15 Interest Rate Unascertainable Increased Costs, Illegality............................. 28
Section 2.16 Funding Costs......................................................................... 28
Section 2.17 Substitution of Collateral............................................................ 30
Section 2.18 Acquisition of Additional Approved Properties; Increasing Available Loan Amount....... 33
Section 2.19 Breach of Available Borrowing Base Covenant........................................... 43
Section 2.20 Letter of Credit Commitment........................................................... 43
Section 2.21 Requests for Letters of Credit........................................................ 43
Section 2.22 Reimbursement Obligations of the Banks................................................ 44
Section 2.23 Procedure for Issuance of Letters of Credit........................................... 45
Section 2.24 Reimbursement Obligations of Borrower................................................. 45
Section 2.25 Fees..................................................................................
Section 2.26 Increase of Maximum Loan Amount....................................................... 47
SECTION 3. CONDITIONS PRECEDENT........................................................................... 49
Section 3.1 Conditions Precedent to the Initial Advance........................................... 49
Section 3.2 Conditions Precedent to All Advances of the Loan...................................... 52
Section 3.3 Acceptance of Borrowings.............................................................. 53
Section 3.4 Sufficient Counterparts............................................................... 53
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SECTION 4. REPRESENTATIONS AND WARRANTIES................................................................. 54
Section 4.1 Corporate/Partnership Status.......................................................... 54
Section 4.2 Corporate/Partnership Power and Authority............................................. 54
Section 4.3 No Violation.......................................................................... 55
Section 4.4 Litigation............................................................................ 55
Section 4.5 Financial Statements; Financial Condition; etc........................................ 55
Section 4.6 Solvency.............................................................................. 55
Section 4.7 Material Adverse Change............................................................... 55
Section 4.8 Use of Proceeds; Margin Regulations................................................... 55
Section 4.9 Governmental Approvals................................................................ 56
Section 4.10 Security Interests and Liens.......................................................... 56
Section 4.11 Tax Returns and Payments.............................................................. 56
Section 4.12 ERISA................................................................................. 56
Section 4.13 Closing Date Transactions............................................................. 57
Section 4.14 Representations and Warranties in Loan Documents...................................... 57
Section 4.15 True and Complete Disclosure.......................................................... 57
Section 4.16 Ownership of Real Property; Leases; Existing Mortgages................................ 58
Section 4.17 No Default............................................................................ 58
Section 4.18 Licenses, etc......................................................................... 58
Section 4.19 Compliance With Law................................................................... 58
Section 4.20 Brokers............................................................................... 58
Section 4.21 Judgments............................................................................. 59
Section 4.22 Property Manager...................................................................... 59
Section 4.23 REIT Status........................................................................... 59
Section 4.24 Indebtedness.......................................................................... 59
Section 4.25 Survival.............................................................................. 59
Section 4.26 Reportable Transaction................................................................ 59
SECTION 5. AFFIRMATIVE COVENANTS.......................................................................... 59
Section 5.1 Financial Reports..................................................................... 59
Section 5.2 Books, Records and Inspections........................................................ 61
Section 5.3 Maintenance of Insurance.............................................................. 61
Section 5.4 Taxes................................................................................. 62
Section 5.5 Corporate Franchises; Conduct of Business............................................. 62
Section 5.6 Compliance with Law................................................................... 62
Section 5.7 Performance of Obligations............................................................ 63
Section 5.8 Stock................................................................................. 63
Section 5.9 Maintenance of Properties............................................................. 63
Section 5.10 Compliance with ERISA................................................................. 63
Section 5.11 Settlement/Judgment Notice............................................................ 64
Section 5.12 Acceleration Notice................................................................... 64
Section 5.13 Available Borrowing Base Covenant..................................................... 64
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Section 5.14 Maximum Leverage...................................................................... 65
Section 5.15 Portfolio Debt Service Coverage....................................................... 65
Section 5.16 Adjusted Net Worth.................................................................... 65
Section 5.17 Manager............................................................................... 65
Section 5.18 Further Assurances.................................................................... 66
Section 5.19 REIT Status of the Company and Borrower............................................... 66
Section 5.20 Loan Document Covenants............................................................... 66
Section 5.21 Appraisals; Market Studies............................................................ 66
Section 5.22 Continuation of Ownership; Management................................................. 67
Section 5.23 Development Properties................................................................ 67
SECTION 6. NEGATIVE COVENANTS............................................................................. 67
Section 6.1 Liens................................................................................. 67
Section 6.2 Restriction on Fundamental Changes; Disposition of Properties......................... 68
Section 6.3 Transactions with Affiliates.......................................................... 68
Section 6.4 Plans................................................................................. 68
Section 6.5 Distributions......................................................................... 68
Section 6.6 Additional Kmart Properties........................................................... 68
Section 6.7 Restrictions on Sale or Exchange of Equity or Debt Securities......................... 68
SECTION 7. EVENTS OF DEFAULT.............................................................................. 69
Section 7.1 Events of Default..................................................................... 69
Section 7.2 Rights and Remedies................................................................... 71
Section 7.3 Cross Default......................................................................... 72
SECTION 8. THE AGENT; LENDERS; PARTICIPANTS............................................................... 72
Section 8.1 Appointment........................................................................... 72
Section 8.2 Advances and Payments................................................................. 73
Section 8.3 Amendments, Consents and Waivers for Certain Actions.................................. 74
Section 8.4 Delegation of Duties.................................................................. 75
Section 8.5 Nature of Agent's Duties; Independent Credit Investigation............................ 75
Section 8.6 Actions in Discretion of the Agent; Instructions from the Lenders..................... 75
Section 8.7 Reimbursement and Indemnification of Agent by the Borrower............................ 76
Section 8.8 Exculpatory Provisions................................................................ 76
Section 8.9 Reimbursement and Indemnification of Agent by Lenders................................. 76
Section 8.10 Reliance by Agent..................................................................... 77
Section 8.11 Notice of Default..................................................................... 77
Section 8.12 Notices and Information............................................................... 77
Section 8.13 Agent and the Lenders in Their Individual Capacities.................................. 77
Section 8.14 Holders of Notes...................................................................... 77
Section 8.15 Equalization of Lenders............................................................... 78
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Section 8.16 Resignation of Agent.................................................................. 78
Section 8.17 Beneficiaries......................................................................... 78
Section 8.18 Availability of Funds................................................................. 78
Section 8.19 Further Assignments and Participation................................................. 78
Section 8.20 Confidential Information.............................................................. 80
SECTION 9. MISCELLANEOUS.................................................................................. 80
Section 9.1 Payment of Agent's and Lender's Expenses, Indemnity, etc.............................. 80
Section 9.2 Notices............................................................................... 81
Section 9.3 Successors and Assigns................................................................ 82
Section 9.4 Amendments and Waivers................................................................ 83
Section 9.5 No Waiver; Remedies Cumulative........................................................ 83
Section 9.6 Governing Law; Submission to Jurisdiction............................................. 83
Section 9.7 Borrower and the Company's Assignment................................................. 83
Section 9.8 Counterparts.......................................................................... 84
Section 9.9 Effectiveness......................................................................... 84
Section 9.10 Headings Descriptive.................................................................. 84
Section 9.11 Marshaling; Recapture................................................................. 84
Section 9.12 Severability.......................................................................... 84
Section 9.13 Survival.............................................................................. 84
Section 9.14 Release of Claims; Limitation of Liability............................................ 84
Section 9.15 Calculations; Computations............................................................ 85
Section 9.16 WAIVER OF TRIAL BY JURY............................................................... 85
Section 9.17 No Joint Venture...................................................................... 85
Section 9.18 Estoppel Certificates................................................................. 85
Section 9.19 No Other Agreements................................................................... 86
Section 9.20 Controlling Document.................................................................. 86
Section 9.21 No Benefit to Third Parties........................................................... 86
{/TABLE}
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SCHEDULES
Schedule 1 Allocated Loan Amounts
Schedule 2 Existing Properties
Schedule 3 Additional Approved Properties
Schedule 4 Subsidiaries
Schedule 5 Litigation
Schedule 6 Employee Benefit Plans
Schedule 7 Liens
Schedule 8 Indebtedness
EXHIBITS
Exhibit A-1 Notice of Borrowing
Exhibit A-2 Covenant Compliance Certificate
Exhibit A-3 Notice of Voluntary Prepayment
Exhibit B Note
Exhibit C Notice of Conversion or Continuation
Exhibit D Request for Additional Collateral
Exhibit E Mortgage
Exhibit F Assignment of Leases and Rents
Exhibit G Environmental Indemnity
Exhibit H Guaranty
Exhibit I Assignment of Agreements, Permits and Contracts
Exhibit J Subordination Agreement
Exhibit K Commitment and Acceptance
Exhibit 8.2 Lender's Wire Transfer Instructions
-v-
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AMENDED AND RESTATED
LINE OF CREDIT AGREEMENT
THIS AMENDED AND RESTATED LINE OF CREDIT AGREEMENT ("Agreement"), dated
as of November __, 2003, is made among AGREE LIMITED PARTNERSHIP, a Delaware
limited partnership ("Borrower"), AGREE REALTY CORPORATION, a Maryland
corporation (the "Company"), and STANDARD FEDERAL BANK N.A., a national banking
association (successor by merger to Michigan National Bank) ("SFB"),
individually and as Agent for the Lenders ("Agent"), and together with BANK ONE,
NA, a national banking association (successor by merger to Bank One, Michigan)
("Bank One"), as Lenders.
RECITALS
Borrower, the Company, Agent and Bank One have been parties to a Line
of Credit Agreement originally dated November 14, 1995 and subsequently amended
by various amendments thereto, the most recent amendment being a Fourth
Amendment to Line of Credit Agreement dated as of July 11, 2003. The Obligations
of the banks to lend under the Line of Credit Agreement expires as of November
5, 2003. Borrower and the Company desire that Lenders continue to lend and
provide a line of credit loan to Borrower to provide financing to Borrower in
connection with the acquisition and development by Borrower of Approved
Properties. Borrower desires to secure its Obligations to Lenders by granting to
Lenders a security interest and lien upon certain of its personal and real
property and the Company desires to guarantee payment and performance of the
Obligations.
The Lenders are willing to provide the Loan upon the terms and
conditions as set forth in this Agreement.
NOW, THEREFORE, in consideration of their mutual covenants and
agreements set forth in this Agreement, the parties hereto agree as follows:
Borrower and Company acknowledge and admit that the Obligations under
the Line of Credit Agreement dated November 14, 1995, as the same have been
amended by the various amendments thereto, are in full force and effect in
accordance with their terms and neither the Borrower or Company have any
defenses, setoffs or counter-claims with respect thereto or with respect to the
Loan Documents and that all Collateral granted in connection with the existing
Line of Credit Agreement ("Prior Agreement") shall be Collateral for the
Obligations under this Agreement. Further, as of date hereof, Borrower and
Company acknowledge that the outstanding Advances under the Prior Agreement are
in the amount of $_________ with interest paid to _____________ and that there
are no defenses, setoffs or counter-claims with respect to such Advances.
Borrower and Company confirm the continued validity of all Loan
Documents executed prior to date hereof and not suspended hereby and affirm all
Loan Documents remain in full force and effect and that there are no defenses,
setoffs or counterclaims with respect thereto.
-1-
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SECTION 1. DEFINITIONS.
SECTION 1.1 DEFINITIONS. The following terms shall have the following
meanings unless the context otherwise requires. Defined terms in this Agreement
shall include in the singular number the plural and in the plural number the
singular.
"ACQUISITION PROPERTY" means a fully developed and leased commercial
real estate project owned in fee simple by Borrower or leased by Borrower
pursuant to a ground lease acceptable in all respects to all of the Lenders in
their sole discretion, that secures the Obligations pursuant to a Mortgage (or
Substitute Mortgage) executed after the Closing Date.
"ADDITIONAL APPROVED PROPERTIES" means the commercial real estate
properties set forth on Schedule 3 and identified as the "Approved Acquisition
Properties" and the "Approved Development Properties".
"ADJUSTED FUNDS FROM OPERATION" means, for the period for which it is
to be determined, the operating income of Borrower and the Company for such
period, less operating expenses of Borrower and the Company for such period,
determined in accordance with GAAP, calculated on a basis consistent with the
definitions of Net Operating Income and Operating Expenses herein; but including
in operating expenses all general and administrative expenses, and excluding
operating income and expenses resulting from (i) cumulative changes in
accounting practices, (ii) discontinued operations, (iii) extraordinary items,
(iv) net income of a Subsidiary that is unavailable to Borrower or the Company,
(iv) net income not readily convertible into Dollars or remittable to the United
States, and (v) net income from corporations, partnerships, associations, joint
ventures or other entities in which Borrower or the Company or a Subsidiary has
a minority interest or in which Borrower or the Company does not have control,
except to the extent actually received. For the purpose of this definition,
"control" means the possession directly or indirectly of the power to direct or
cause the direction of the management and policies of a Person, whether through
the ownership of voting securities or by contract or otherwise.
"ADJUSTED NET WORTH" means the sum of (i) total stockholders equity of
Borrower and the Company on a consolidated basis determined in accordance with
GAAP as of the end of each fiscal quarter of Borrower and the Company, and (ii)
the cumulative amount of quarterly depreciation and amortization expenses of
Borrower times the ownership percentage of the Company in Borrower (currently
90.52%), beginning with the quarter ended March 31, 2000.
"ADVANCE" means each advance and readvance of the principal amount of
the Loan.
"AFFILIATE" means, with reference to a specified Person, any Person
that directly or indirectly through one or more intermediaries Controls or is
Controlled by or is under common Control with the specified Person and any
Subsidiaries of such specified Person.
"AGENT" means SFB or any successor Agent appointed pursuant to Section
8.
"AGREEMENT" means this Amended and Restated Line of Credit Agreement as
the same may from time to time hereafter be modified, supplemented or amended.
183887
|
Agree Realty
As referenced in this Line of Credit Agreement [Amended and Restated]:
AGREE REALTY CORP – RESTATED $50 MILLION LINE OF CREDIT
{TEXT}
{PAGE}
EXHIBIT 10.1
AMENDED AND RESTATED
LINE OF CREDIT AGREEMENT
BETWEEN
AGREE LIMITED PARTNERSHIP AND
AGREE REALTY CORP ORATION
AND
STANDARD FEDERAL BANK N.A.
INDIVIDUALLY AND AS AGENT FOR THE LENDERS
AND
TOGETHER WITH
BANK ONE, NA
LENDERS
DATED AS
_____________
AGREE REALTY CORP – RESTATED LINE OF CREDIT AGREEMENT ("Agreement"), dated
as of November __, 2003, is made among AGREE LIMITED PARTNERSHIP, a Delaware
limited partnership ("Borrower"), AGREE REALTY CORP ORATION, a Maryland
corporation (the "Company"), and STANDARD FEDERAL BANK N.A., a national banking
association (successor by merger to Michigan National Bank) ("
_____________
Agree Realty Corp – 1(a), up to the amount set forth below
the signature of each Lender on the signature page of this Agreement.
"COMPANY" means Agree Realty Corp oration, a Maryland corporation, the
sole general partner of Borrower.
"COMPLETE", "COMPLETED" or "COMPLETION" as to any Development Property,
means that construction of
_____________
Agree Realty
Corp – proceeds of the
Loan for general business purposes of Borrower consistent with the "Business
Objectives and Strategies" set forth in the Prospectus of Agree Realty
Corp oration dated April 15, 1994; provided, however, that Borrower shall not use
any loan proceeds to invest in any joint venture, partnership, corporation
_____________
/Agree Realty Corp – Code MO 900-420
Commercial Real Estate Dept.
Facsimile: (248) 816-4860
If to Borrower or the Company, as follows:
Agree Limited Partnership/Agree Realty Corp oration
31850 Northwestern Highway
Farmington Hills, Michigan 48334
Attn: Richard Agree
Facsimile: (248) 737-9110
with copies thereof to:
Leon M. Schurgin
Sommers
_____________
dt 109387
;
Borders
As referenced in this Line of Credit Agreement [Amended and Restated]:
Borders Group, Inc. – in Section
2.6.
"BASE RATE PORTION" means the portion of the Loan made and/or being
maintained at a rate of interest based upon the Base Rate.
"BORDERS" means Borders Group, Inc. , a Delaware corporation; provided,
however, that any reference to "Borders" in respect of any lease or to a tenant
of a Property, means Borders, Inc., a Delaware corporation as
_____________
Borders Group, Inc. – corporation; provided,
however, that any reference to "Borders" in respect of any lease or to a tenant
of a Property, means Borders, Inc., a Delaware corporation as lessee, together
with Borders Group, Inc. as guarantor of lessee's obligations under the lease.
"BORDERS CAP RATE", "KMART CAP RATE", "CIRCUIT CITY CAP RATE", SAM'S
CLUB CAP RATE and "TBD CAP RATE" means
_____________
dt 1542152
;
Borders
As referenced in this Line of Credit Agreement [Amended and Restated]:
Borders Group, Inc. – in Section
2.6.
"BASE RATE PORTION" means the portion of the Loan made and/or being
maintained at a rate of interest based upon the Base Rate.
"BORDERS" means Borders Group, Inc. , a Delaware corporation; provided,
however, that any reference to "Borders" in respect of any lease or to a tenant
of a Property, means Borders, Inc., a Delaware corporation as
_____________
Borders Group, Inc. – corporation; provided,
however, that any reference to "Borders" in respect of any lease or to a tenant
of a Property, means Borders, Inc., a Delaware corporation as lessee, together
with Borders Group, Inc. as guarantor of lessee's obligations under the lease.
"BORDERS CAP RATE", "KMART CAP RATE", "CIRCUIT CITY CAP RATE", SAM'S
CLUB CAP RATE and "TBD CAP RATE" means
_____________
dt 1542171
;
|
 Bank One
As referenced in this Line of Credit Agreement [Amended and Restated]:
BANK ONE, NA – AGREE LIMITED PARTNERSHIP AND
AGREE REALTY CORPORATION
AND
STANDARD FEDERAL BANK N.A.
INDIVIDUALLY AND AS AGENT FOR THE LENDERS
AND
TOGETHER WITH
BANK ONE, NA
LENDERS
DATED AS OF NOVEMBER 5, 2003
$50,000,000.00
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SECTION 1.
_____________
BANK ONE,
NA – a national banking
association (successor by merger to Michigan National Bank) ("SFB"),
individually and as Agent for the Lenders ("Agent"), and together with BANK ONE,
NA , a national banking association (successor by merger to Bank One, Michigan)
("Bank One"), as Lenders.
RECITALS
Borrower, the Company, Agent and Bank
_____________
Bank One, NA – Suite 2400
Detroit, Michigan 48226
Attn: Robert S. Bolton
Facsimile: (313) 961-8358
If to Lenders, as follows:
James D. Misaros (MIL-8029)
Bank One, NA
611 Woodward
Detroit, MI 48226
and: Standard Federal Bank N.A.
2600 Big Beaver Road
Troy, MI 48084
Attention: Carol Ann Arvan,
_____________
BANK ONE, NA – association, as Agent
and as Lender
By: /s/ Carol Ann Arvan
----------------------------
Name: Carol Ann Arvan
Title: First Vice President
Commitment: $30,000,000
BANK ONE, NA
a Michigan banking corporation, as Lender
By: /s/ James D. Misaros
--------------------------
Name: James D. Misaros
Title: Vice President
Commitment: $20,000,000
_____________
dt 100153
;
Standard Federal
As referenced in this Line of Credit Agreement [Amended and Restated]:
STANDARD FEDERAL BANK – OF CREDIT
{TEXT}
{PAGE}
EXHIBIT 10.1
AMENDED AND RESTATED
LINE OF CREDIT AGREEMENT
BETWEEN
AGREE LIMITED PARTNERSHIP AND
AGREE REALTY CORPORATION
AND
STANDARD FEDERAL BANK N.A.
INDIVIDUALLY AND AS AGENT FOR THE LENDERS
AND
TOGETHER WITH
BANK ONE, NA
LENDERS
DATED AS OF NOVEMBER 5, 2003
$50,
_____________
STANDARD FEDERAL BANK – November __, 2003, is made among AGREE LIMITED PARTNERSHIP, a Delaware
limited partnership ("Borrower"), AGREE REALTY CORPORATION, a Maryland
corporation (the "Company"), and STANDARD FEDERAL BANK N.A., a national banking
association (successor by merger to Michigan National Bank) ("SFB"),
individually and as Agent for the Lenders ("Agent"), and
_____________
Standard Federal Bank – other addresses as may be designated by any party in
a written notice to the other parties hereto.
If to Agent, as follows:
Standard Federal Bank N.A.
2600 Big Beaver Road, Mail Code MO 900-420
81
{PAGE}
Troy, MI 48084
Attention: Carol Ann Arvan, Commercial Real Estate
_____________
Standard Federal Bank – Facsimile: (313) 961-8358
If to Lenders, as follows:
James D. Misaros (MIL-8029)
Bank One, NA
611 Woodward
Detroit, MI 48226
and: Standard Federal Bank N.A.
2600 Big Beaver Road
Troy, MI 48084
Attention: Carol Ann Arvan, Mail Code MO 900-420
Commercial Real Estate Dept.
Facsimile: (
_____________
STANDARD FEDERAL BANK – SIGNATURES CONTINUED ON NEXT PAGE)
86
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AGREE REALTY CORPORATION,
a Maryland corporation
By: s/s Richard Agree
-------------------
Name: Richard Agree
Title: President
STANDARD FEDERAL BANK N.A.,
a national banking association, as Agent
and as Lender
By: /s/ Carol Ann Arvan
----------------------------
Name: Carol Ann Arvan
Title: First Vice
_____________
dt 161746
;
More... |
| Preview
Full Doc
| 2001 |
Revolving Line of Credit Agreement
Revolving Line of Credit Agreement (18K)
Doc #333686: Click preview link for longer preview.
REVOLVING LINE OF CREDIT AGREEMENT
This Revolving Line Of Credit Agreement (the "Agreement") is made and
entered into as of the 13th day of June 2001 (the "Effective Date") between
AmeriVest Properties Inc., a Maryland corporation ("AmeriVest"), and Sheridan
Investments, LLC, a Colorado limited liability company ("Sheridan Investments").
For purposes of this Agreement, each of AmeriVest and Sheridan Investments may
be referred to individually as a "Party" and both AmeriVest and Sheridan
Investments may be referred to together as the "Parties".
Recitals
--------
A. Sheridan Investments has agreed to make advances and to extend credit
to AmeriVest up to a maximum principal amount of U.S. $500,000 (the "Loan").
B. AmeriVest desires to borrow amounts from Sheridan Investments and has
agreed to repay those amounts and accrued interest and other amounts according
to the terms and conditions of this Agreement.
Agreement
---------
In consideration of the premises and mutual covenants contained in this
Agreement, the Parties agree as follows:
1. Loan.
----
(a) Sheridan Investments will loan money to AmeriVest pursuant to the
terms and conditions set forth in this Agreement, including the Promissory Note
(the "Note") attached to and made part of this Agreement as Exhibit A. This
Agreement and the Promissory Note may be referred to together in this Agreement
as the "Loan Documents". During the term of this Agreement, Sheridan
Investments shall from time to time upon AmeriVest's request make an advance and
loan (an "Advance") to AmeriVest up to an aggregate outstanding principal amount
of all Advances equal to U.S. $500,000 (the "Maximum Loan Amount"). Repayment
of the Advances and all other amounts included in the Loan shall be made
pursuant to the terms of the Note. At the time of each Advance pursuant to this
Agreement, Sheridan Investments shall annotate the Note to indicate the amount
of the Advance and the date of the Advance.
2. No Security or Guarantees. The repayment of the Loan and all amounts
that become due and payable to Sheridan Investments pursuant to either Loan
Document (the "Obligations") shall not be secured or guaranteed.
3. AmeriVest's Warranties. AmeriVest represents and warrants to Sheridan
Investments as follows: (a) AmeriVest has full power and authority to execute
this Agreement and all the Loan Documents; (b) AmeriVest is duly organized and
in good standing under the laws of the State of Maryland; and (c) AmeriVest has
full authority and power to own its properties and to operate its business as
now conducted.
4. Condition Precedent To The Loan. The obligation of Sheridan
Investments to make any Advance is subject to the satisfaction of the following
conditions precedent:
1
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(a) AmeriVest shall have duly authorized, executed and delivered this
Agreement and the Note to Sheridan Investments on or before the Effective Date;
(b) (i) The representations and warranties of AmeriVest contained in
Section 3 of this Agreement and in the Note shall be true and correct on the
Effective Date and as of the date (the "Advance Date") on which each Advance is
to be made; (ii) no Event Of Default shall have occurred and be continuing on
the Effective Date or any Advance Date either before or after giving effect to
the making of that Advance or any subsequent Advance; and (iii) no events or
state of affairs which could reasonably be expected to result (or has resulted)
in a "Material Adverse Effect" (as defined below) on AmeriVest and its
subsidiaries, if any, shall have occurred since January 1, 2001. For purposes
of this Agreement, a Material Adverse Effect means (A) a material adverse effect
on the business, assets, operations or condition (financial or otherwise) or
333686
|
AmeriVest
As referenced in this Revolving Line of Credit Agreement:
AmeriVest Properties – Line Of Credit Agreement (the "Agreement") is made and
entered into as of the 13th day of June 2001 (the "Effective Date") between
AmeriVest Properties Inc., a Maryland corporation ("AmeriVest"), and Sheridan
Investments, LLC, a Colorado limited liability company ("Sheridan Investments").
For purposes of this Agreement, each of
_____________
AmeriVest Properties – Investments: Sheridan Investments, LLC
1780 South Bellaire Street, Suite 515
Denver, Colorado 80222
Facsimile No.: (303) 296-7353
Attention: Manager
3
{PAGE}
AmeriVest: AmeriVest Properties Inc.
1780 South Bellaire Street, Suite 515
Denver, Colorado 80222
Facsimile No.: (303) 296-7353
Attention: Mr. Charles K. Knight
Any Party may
_____________
AmeriVest Properties – limited liability company,
Manager
By: /s/ William T. Atkins
-----------------------
William T. Atkins, Manager
By: /s/ Alexander S. Hewitt
-------------------------
Alexander S. Hewitt, Manager
AmeriVest:
AmeriVest Properties Inc.
By: /s/ Charles K. Knight
-----------------------
Charles K. Knight, President
* * * * *
4
{PAGE}
Exhibit A
---------
(Attached To And Made A Part Of The
Revolving
_____________
AmeriVest Properties – To And Made A Part Of The
Revolving Line Of Credit Agreement
Dated As Of June 13, 2001
Between Sheridan Investments, LLC
And AmeriVest Properties Inc.)
PROMISSORY NOTE
June 13, 2001
Up to $500,000.00
FOR VALUE RECEIVED, the undersigned AmeriVest Properties Inc., a Maryland
corporation (hereinafter
_____________
AmeriVest Properties – Between Sheridan Investments, LLC
And AmeriVest Properties Inc.)
PROMISSORY NOTE
June 13, 2001
Up to $500,000.00
FOR VALUE RECEIVED, the undersigned AmeriVest Properties Inc., a Maryland
corporation (hereinafter referred to as "Maker"), promises to pay to Sheridan
Investments, LLC, a Colorado limited liability corporation (hereinafter referred
_____________
dt 651360
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