Loan Agreement - Skylands Park Management Inc. and Barry Gordon
LOAN AGREEMENT
THIS LOAN AGREEMENT, made this 3rd day of March, 1994, by and between
SKYLANDS PARK MANAGEMENT, INC., having an address at 26 Eric Trail, Sussex, New
Jersey 07461 ("Borrower") and BARRY GORDON, having an address at c/o American
Fund Advisors, Inc., 1415 Kellum Place, Suite 205, Garden City, New York 11530
("Lender").
WHEREAS, Borrower is the owner of certain real property located in Sussex,
New Jersey, on which it is constructing a baseball stadium (the "Stadium"); and
WHEREAS, Borrower is the owner of certain limited partnership units (the
"Units") of that entity known as Minor League Heroes (the "Partnership"); and
WHEREAS, Borrower wishes to borrow certain monies from Lender, and Lender
wishes to lend certain monies to Borrower, in order for Borrower to meet certain
financial obligations with respect to Borrower's construction of the Stadium.
NOW, THEREFORE, in consideration of the mutual convenants and promises
herein, all of which are deemed sufficient, it is hereby agreed to as follows:
1. Immediately upon the full execution hereof, Lender shall lend to
Borrower the amount of One Hundred Twenty Five Thousand Dollars ($125,000.00)
(the "Loan"). The Loan shall be funded immediately upon the full execution
hereof, by wire transfer, certified check, or cash, as determined in the sole
discretion of the Borrower.
2. The interest rate on the outstanding and unpaid principal amount of the
Loan shall be twelve percent (12%) simple interest, as calculated on an annual
basis assuming a 365-day year.
3. The term of the Loan shall be six (6) months in length, beginning on
March 3, 1994 and concluding on September 3, 1994 (the "Term").
4. The Borrower shall make payments of principal and interest to the
address of the Lender set forth hereinabove. The entire outstanding and unpaid
principal amount of the Loan, together with any interest and penalties thereon,
shall be due and payable at the end of the Term.
5. Borrower may prepay the Loan without premium or penalty at any time
during the Term upon no less than five (5) days prior notice by Borrower to
Lender.
<PAGE>
If this is your understanding of the agreement between us, please so
indicate your acceptance of the terms and conditions hereof by signing in the
place indicated below and returning all copies of this agreement for
countersignature. One fully executed copy of the agreement will be sent to you
for your files.
Very truly yours,
SKYLANDS PARK MANAGEMENT, INC.
By: /s/ Frederick A. Voight
-----------------------
Title: Chairman
ACCEPTED AND AGREED:
By: /s/ Barry Gordon
----------------