{"id":41168,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/modification-and-extension-agreement-19th-avenue-buchanan-lp.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"modification-and-extension-agreement-19th-avenue-buchanan-lp","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/finance\/modification-and-extension-agreement-19th-avenue-buchanan-lp.html","title":{"rendered":"Modification and Extension Agreement &#8211; 19th Avenue\/Buchanan LP and Schuff Steel Co."},"content":{"rendered":"<pre>                      MODIFICATION AND EXTENSION AGREEMENT\n\n\n         THIS MODIFICATION AND EXTENSION AGREEMENT ('Agreement') is executed as\nof the 30th day of September, 1997, by and among 19th Avenue\/Buchanan Limited\nPartnership, an Arizona Limited Partnership ('19th Avenue') and Schuff Steel\nCompany, a Delaware Corporation ('Schuff Steel').\n\n\n                                    RECITALS\n\n         A. Schuff Steel as Maker owes the sum of ONE MILLION EIGHT HUNDRED\nTHIRTY THOUSAND SEVEN HUNDRED FIFTY-SEVEN DOLLARS AND SIXTEEN CENTS\n($1,830,757.16) as of September 30, 1997 to 19th Avenue pursuant to that\ncertain Promissory Note dated December 31, 1989 in the original principal\nbalance of FOUR MILLION TWO HUNDRED FORTY-NINE THOUSAND SIXTY-TWO DOLLARS\n($4,249,062,00), a copy of which is attached hereto as Exhibit 'A' (hereinafter\nreferred to as the 'Note').\n\n         B. The maturity date of the Note was extended and modified from May\n31, 1994 to May 31, 1999 in accordance with that certain Modification and\nExtension Agreement and Affirmation of Guaranties dated February 23, 1993, a\ncopy of which is attached hereto as Exhibit 'B' (hereinafter referred to as the\n'Extension').\n\n         C. Schuff Steel desires to modify and extend the Note and 19th Avenue\nis willing to do so.\n\n         D. The parties hereto are desirous of entering into this Agreement and\nmodifying the Note in accordance with the terms and conditions set forth herein.\n\n\n                                   AGREEMENT\n\n         NOW THEREFORE, for good and valuable consideration, the receipt and\nsufficiency of which are hereby acknowledged, included but not limited to, the\nRecitals above, the parties hereto agree as follows:\n\n         1. Maturity Date Extension.\n\n         a. 19th Avenue and Schuff Steel agree that the maturity date of the\nNote ('Maturity' therein), as defined and modified in paragraph 1(b) of the\nExtension, is hereby extended and modified from May 31, 1999 to April 30, 2003.\n\n\n     2. Interest Payment. Commencing on October 1, 1997, the Note shall bear\ninterest on the unpaid balance outstanding at an annual rate of 3\/4 (.75)\npercentage points above the interest rate announced by Bank One from time to\ntime as its prime interest rate, which interest payments shall be paid monthly\non the last day of each and every month until Maturity.\n\n     3. Principal Payments. Principal payments under the Note shall continue to\nbe paid in monthly principal payments of TWELVE THOUSAND THIRTY-SEVEN DOLLARS\n($12,037.00) which payments shall continue until Maturity, at which time all\nremaining unpaid principal and interest, and all other amounts payable under\nthe Note shall be paid in full.\n\n     4. Unpaid Balance. The parties hereto acknowledge and agree that there are\nno claims or offsets against the current unpaid principal balance of the Note.\n\n     5. Status of Note and Deed of Trust. This Agreement constitutes a\nmodification of the Note and the Extension, as previously modified, only with\nrespect to all matters set forth herein. All of the other terms, covenants,\nconditions and agreements contained in the Note and the Extension, as\npreviously modified, shall remain in full force and effect. This Agreement\nshall not release Schuff Steel from any liability under the Note.\n\n     6. Binding Effect. This Agreement represents the complete understanding\nand entire agreement of the parties as to the subject matter contained herein,\nand may not be amended except by a writing executed by both parties. This\nAgreement shall be binding upon and inure to the benefit of the respective\nheirs, successors and assigns of each of the parties hereto.\n\n     7. Time of the Essence. Time is of the essence for the performance by\nSchuff Steel of each of its obligations under the Note.\n\n     8. Counterparts. This Agreement may be executed in any number of\ncounterparts each of which shall be deemed an original, but all of which shall\nconstitute one and the same instrument.\n\n     9. Severability. In the event any one or more of the provisions of this\nAgreement or the Note are held to be invalid, illegal or unenforceable in any\nrespect by any court or other entity having the authority to do so, the\nvalidity of the remaining provisions hereof and thereof shall in no way be\naffected, prejudiced, or disturbed.\n\n     10. Miscellaneous. The titles of the paragraphs hereof are for reference\npurposes only and do not constitute part of this Agreement. This Agreement\nshall be construed in accordance with and governed by the laws of the State of\nArizona.\n\n                                       2\n\n19th Avenue\/Buchanan\nLimited Partnership, an Arizona\nLimited Partnership\n\n\nBy: \/s\/ David A. Schuff\n    ------------------------\n        David A. Schuff\n        General Partner\n\nBy: \/s\/ Nancy A. Schuff\n    ------------------------\n        Nancy A. Schuff\n        General Partner\n\nBy: \/s\/ Scott A. Schuff\n    ------------------------\n        Scott A. Schuff\n        General Partner\n\nSchuff Steel Company, a Delaware\nCorporation\n\nBy: \/s\/ Scott A. Schuff\n    ------------------------\n        Scott A. Schuff, President\n\n\n                                       3\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8773],"corporate_contracts_industries":[9481],"corporate_contracts_types":[9560,9567],"class_list":["post-41168","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-schuff-international-inc","corporate_contracts_industries-construction__specialty","corporate_contracts_types-finance","corporate_contracts_types-finance__loan"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/41168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=41168"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=41168"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=41168"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=41168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}