1 EXHIBIT 10.12(2) T E R M S H E E T - A M E N D E D LENDER: GRANITE REINSURANCE COMPANY, LTD. BORROWER: SYMONS INTERNATIONAL GROUP, INC. PRINCIPAL AMOUNT AND $2,500,000.00 DATED MARCH 26, 1992 ORIGINAL LOAN DATE: $200,000.00 DATED JUNE 29, 1995 INTEREST: 10% SIMPLE ANNUAL INTEREST RATE. PRINCIPAL AND INTEREST REPAYMENT: PAYABLE UPON DEMAND WITHHOLDING TAX: BORROW SHALL WITHHOLD APPROPRIATE AMOUNT FOR TAXES. SYMONS INTERNATIONAL GROUP, INC. GRANITE REINSURANCE COMPANY, LTD PER: /s/ Donald J. Goodenow PER: /s/ Douglas H. Symons ----------------------------- ------------------------------ DONALD J. GOODENOW, EXECUTIVE V.P. DOUGLAS H. SYMONS, VICE PRESIDENT DATE: 1-5-96 DATE: 1-5-96 ----------------------------- ------------------------------ 2 TERM SHEET LENDER: Granite Reinsurance Company Ltd. BORROWER: Symons International Group, Inc. PRINCIPAL AMOUNT: $2,500,000.00 U.S. DATE OF LOAN: March 26th, 1992 TERM: 39 months; Expiry June 30, 1995 INTEREST: 10% per annum; payable monthly in arrears; first payment July 31, 1992, interest to be accrued until then. PRINCIPAL REPAYMENT: 11 quarterly payments of $125,000.00 U.S. each due on the last day of each quarter commencing September, 30, 1992, to and including March 30, 1995 and one payment of $1,125,000.00 U.S. due June 30, 1995. WITHHOLDING TAX: Borrower shall withhold appropriate amount for taxes. MISCELLANEOUS: Formal agreement to be executed. Consent of Manufacturers Hanover Trust to be obtained. DATED the 19th day of May, 1992. GRANITE REINSURANCE COMPANY LTD. SYMONS INTERNATIONAL GROUP, INC. per: /s/ Douglas Symons per: /s/ Donald J. Goodenow -------------------- ---------------------------------- VICE PRESIDENT EXECUTIVE VICE PRESIDENT/SECRETARY 3 TERM SHEET LENDER: GRANITE REINSURANCE COMPANY LTD. BORROWER: SYMONS INTERNATIONAL GROUP, INC. PRINCIPAL AMOUNT: $200,000.00 (U.S.) DATE OF LOAN: JUNE 29, 1995 INTEREST; 10% PER ANNUM. PRINCIPAL AND INTEREST REPAYMENT: PAYABLE UPON DEMAND WITHHOLDING TAX: BORROW SHALL WITHHOLD APPROPRIATE AMOUNT FOR TAXES. SYMONS INTERNATIONAL GROUP, INC. GRANITE REINSURANCE COMPANY LTD. PER: /s/ Donald J. Goodenow PER: /s/ Douglas H. Symons --------------------------- ----------------------------- DONALD J. GOODENOW, EXECUTIVE V.P. DOUGLAS H. SYMONS, VICE PRESIDENT DATE: 6-29-95 DATE: 6-29-95 ---------------------------- ------------------------------