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Exhibit (b)(14)
SALOMON BROTHERS
REALTY CORP.
388 Greenwich Street
New York, New York 10013
212-816-8179
October 3, 2000
North Valley Tech LLC
c/o First Union Real Estate Investments
551 Fifth Avenue, Suite 1416
New York, New York 10176-1499
Attention: Mr. David Schonberger
Re: Loan Agreement, dated as of July 27, 1999 (the "Loan
Agreement"), by and among North Valley Tech, as borrower,
Salomon Brothers Realty Corp., as agent and initial lender
("Agent") and LaSalle Bank National Association, as collateral
agent ("Collateral Agent")
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Dear David:
Reference is made to the Loan Agreement. Capitalized terms used but not
defined herein shall have the meanings set forth in the Loan Agreement.
Set forth below are the terms on which the Agent would restructure the
Loan:
Loan Amount: $22,500,000 (additional advance equal to $6,500,000).
Additional
Advance Fee: 1% on the additional advance amount (i.e. $65,000).
Interest Rate: One month LIBOR plus 3.25%.
Guarantor: Radiant Ventures I L.L.C.
Cost Certification: Guarantor shall certify, as a condition to funding of
the additional advance, that the allocated cost for the
acquisition of the Mortgaged Property is not less than
$30,000,000.
Expense Deposit: $25,000, to be applied to the Agent's out-of-pocket
costs and expenses of implementing the restructure
described in this letter.
Third Party Reports: Borrower will provide to Agent the one time right to
require that Borrower deliver at its expense upon
request of the Agent updated third party reports
(i.e. Appraisal, Engineering Report and Environmental
Report) with respect to the Mortgaged Property.
Prepaid Rent: Prepaid Rent and additional collateral from Inflow
is to be held in a manner satisfactory to Agent.
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North Valley Tech LLC
October 3, 2000
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The restructure is also subject to the terms of that certain
letter dated September 27, 2000 from Agent to North Valley Tech LLC.
If you are in agreement with the foregoing, please execute this
letter in the space provided below and return it to the undersigned.
Very truly yours,
SALOMON BROTHERS REALTY CORP.,
a New York corporation
By: /s/ A. George Newman
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Name: A. George Newman
Title: Authorized Agent
Accepted and Agreed:
NORTH VALLEY TECH LLC,
a Delaware limited liability company
By: NVT Corp., a Delaware corporation, its manager
By: /s/ David Schonberger
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Name: David Schonberger
Title: Vice President
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