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Exhibit 10
FORM OF MORTGAGE MODITICATION AGREEMENT
MONRO MUFFLER BRAKE, INC.
and
THE CHASE MANHATTAN BANK
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MORTGAGE MODIFICATION AGREEMENT
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$XXXXXXXXXX
Dated as of October 11, 1996
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Street Address: XXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXX
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AFTER RECORDING PLEASE RETURN TO:
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Nixon, Hargrave, Devans & Doyle LLP
Clinton Square
Rochester, New York 14603
Attention: Real Estate Department
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MORTGAGE MODIFICATION AGREEMENT
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THIS AGREEMENT, dated as of October 11, 1996, is between MONRO
MUFFLER BRAKE, INC., a New York corporation having its principal office at 200
Holleder Parkway, Rochester, New York ("Mortgagor"), and THE CHASE MANHATTAN
BANK, a New York banking corporation having an office at One Chase Square,
Rochester, New York 14643, as successor by merger to The Chase Manhattan Bank,
N.A. ("Mortgagee").
RECITALS
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WHEREAS, Mortgagor is the owner of certain real property known
as XXXXXXXXXXXXXXXXXXXXX in the XXXXXXXXXXXXXXXXX, XXXXX County, XXXX which is
more particularly bounded and described in SCHEDULE "A" attached hereto (the
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"Premises"); and
WHEREAS, Mortgagee is the owner and holder of certain
mortgages covering the Premises which are more particularly described in
SCHEDULE "B" attached hereto (collectively, the "Mortgage"), upon which there
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now remains unpaid the aggregate principal sum of $XXXXXXX; and
WHEREAS, Mortgagor and Mortgagee now desire to modify and
amend the payment terms of the notes, bonds or other obligation secured by the
Mortgage (collectively, the "Note");
NOW, THEREFORE, in consideration of the respective
representations, warranties, covenants and agreements contained herein, the
parties hereto agree as follows:
1. Mortgagor certifies that there is now due and owing on the
Note and secured by the Mortgage, without offset or defense of any kind, the
unpaid principal sum of XXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
DOLLARS ($XXXXXXXXXX), in lawful money of the United States of America.
2. The terms, conditions, provisions, covenants, agreements,
warranties and privileges, including prepayment privileges, if any, contained in
the Note are hereby modified and amended as hereafter set forth:
(a) The definition of "Libor Rate" contained on page 3 of
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the Note is hereby replaced in its entirety by the following:
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"Libor Rate" means a rate per annum determined by the
Bank to be equal to the sum of (i) 100 basis points,
plus (ii) the rate per annum (rounded upwards, if
necessary, to the nearest 1/16 of 1%) quoted by the
Reference Bank at approximately 11:00 a.m. London
time (or as soon thereafter as practicable) two
Business Days prior to the first day of each Interest
Period for the offering by the Reference Bank to
leading banks in the London interbank market of
Dollar deposits having a term equal to the Interest
Period and in a principal amount comparable to the
Loan.
3. In all other respects, the terms and conditions of the Note and the
Mortgage shall remain the same and are hereby ratified, confirmed and approved.
IN WITNESS WHEREOF, Mortgagor and Mortgagee have caused this Agreement to
be duly executed as of the day and year first above written.
MONRO MUFFLER BRAKE, INC.
By:______________________________
Catherine D'Amico
Vice President of Finance
THE CHASE MANHATTAN BANK
By:______________________________
Philip M. Hendrix
Vice President
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STATE OF NEW YORK )
: SS.:
COUNTY OF MONROE )
On this __ day of October, 1996, before me personally came
CATHERINE D'AMICO, to me known, who, being by me duly sworn, did depose and say
that she resides at 200 Holleder Parkway, Rochester, New York; that she is the
Vice President of Finance of MONRO MUFFLER BRAKE, INC., the corporation
described in and which executed the within instrument; and that she signed her
name thereto by authority of the Board of Directors of said corporation.
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Notary Public
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STATE OF NEW YORK )
: SS.:
COUNTY OF MONROE )
On this __ day of October, 1996, before me personally came PHILIP
M. HENDRIX, to me known, who, being by me duly sworn, did depose and say that he
resides at 37 Stoneham Drive, Rochester, New York; that he is a Vice President
of THE CHASE MANHATTAN BANK, the New York banking corporation described in and
which executed the within instrument; and that he signed his name thereto by
authority of the Board of Directors of said corporation.
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Notary Public
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SCHEDULE "A"
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METES AND BOUNDS DESCRIPTION OF PREMISES
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SCHEDULE "B"
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DESCRIPTION OF THE MORTGAGE
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Mortgage and Security Agreement given by Monro Muffler Brake, Inc. to The
Chase Manhattan Bank, N.A. to secure the principal sum of $XXXXXXX, dated as of
January 1, 1993 and recorded in the XXXXXXXX County Clerk's Office on
XXXXXXXXXXXXXXXXX.
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