Exhibit 10-4
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BB&T Logo | | Branch Banking & Trust Co. |
| | 1300 Bacok Street |
| | Melbourne, FL 32901 |
07/30/2010
Oak Park of Brevard, Inc.
The Goldfield Corporation,
Southeast Power Corporation
and Bayswater Development Corporation
Ladies and Gentlemen:
At your request, Branch Banking and Trust Company (“Bank”) has agreed to releaseOak Park of Brevard, Inc.as a guarantor of payment of the loan(s) ofPineapple House of Brevard, Inc. (“Borrower”), under his/her Guaranty Agreement dated11/18/2005, subject to and with your full agreement that you, as the remaining guarantors of payment of the loan(s) of the Borrower, shall continue to be unconditionally liable for payment of such loans pursuant to the Guaranty Agreements executed by each of you.
Upon your acceptance and execution of this letter agreement, each of you, as guarantors, hereby agrees to the Bank’s release ofOak Park of Brevard, Inc. under his/her Guaranty Agreement, and hereby ratifies and affirms your respective Guaranty Agreements and your liability thereunder. Each of you hereby releases the Bank from any claim, demand, obligation, expense, or liability, whatsoever which may arise as a result of the Bank’s release.
Please indicate your acceptance of the terms of this letter agreement by signing below in the spaces provided and return a signed copy to me at the address above.
Sincerely,
BRANCH BANKING AND TRUST COMPANY
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| By: | | Debra Pavlakos /s/ Debra Pavlakos |
| Title: | | Senior Vice President |
Read and Accepted:
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/s/ Stephen R. Wherry | | Date: | | 7/30/2010 |
BY: Oak Park of Brevard, Inc Stephen R Wherry, Treasurer | | | | |
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/s/ Stephen R. Wherry | | Date: | | 7/30/2010 |
By: The Goldfield Corporation Stephen R Wherry, Senior Vice President | | | | |
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/s/ Stephen R. Wherry | | Date: | | 7/30/2010 |
By: Southeast Power Corporation Stephen R Wherry, Treasurer | | | | |
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/s/ Stephen R. Wherry | | Date: | | 7/30/2010 |
By: Bayswater Development Corporation Stephen R Wherry, Treasurer | | | | |
