Exhibit 10.2
AMENDMENT TO LOAN
AGREEMENT
BETWEEN SOUTH PADRE ISLAND
DEVELOPMENT, L.L.C.
FORMERLY KNOWN AS SOUTH PADRE
ISLAND DEVELOPMENT, L.P. AND
COMPASS BANK, FORMERLY KNOWN AS
TEXAS STATE BANK
This Amendment
to Loan Agreement between South Padre Island Development,
L.L.C., formerly known as South Padre Island Development, L.P.
(“SPID”) and Compass Bank, formerly known as Texas
State Bank (“Compass”) is entered into effective
May 1, 2009.
WHEREAS, on or about September 1, 2005, SPID and
Texas State Bank now known as Compass Bank, entered into a Loan
Agreement for the purpose of a real estate note to SPID in the
amount of Four Million and No/100ths Dollars ($4,000,000.00);
and
WHEREAS, on or about May 1, 2008, SPID and
Compass entered into an extension of the real estate note and lien
which at that time had an outstanding balance of Two Million Eight
Hundred Twenty Three Thousand Two Hundred Fifty Six and 00/100ths
Dollars ($2,823,256.00); and
WHEREAS, on or about July 1, 2008, SPID and
Compass entered into an extension of the real estate note and lien
which at that time had an outstanding balance of Two Million Eight
Hundred Twenty Three Thousand Two Hundred Fifty Six and 00/100ths
Dollars ($2,823,256.00); and
WHEREAS, on or about May 1, 2009, the SPID real
estate note had an outstanding balance of $1,579,729.
