First Chesapeake Gets Loan Extended

First Chesapeake Financial Corp., a wholesale and retail mortgage banking firm based in Boca Raton, Fla., has entered into an agreement with Royal Bank of Pennsylvania to extend the maturity of a Royal Bank loan to FCFC until Dec. 31, 2003.FCFC made a $650,000 payment on the loan, reducing the balance to $589,947. Furthermore, All American Cos. Inc., which is trying to finalize the purchase of a controlling interest in FCFC, has negotiated an extension agreement for it to obtain the releases of certain guarantees and liens granted by FCFC shareholders to Royal Bank. If All American cannot get the releases by Dec. 31, 2003, 5.4 million shares already issued and 4.6 million shares issuable will be cancelled. In addition, All American will return approximately 3.67 million shares purchased from Mark Mendelson, former FCFC chairman and chief executive and Mark Glatz, former chief financial officers shall be returned to them without refund of the purchase price.