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Theater finances improving

January 10, 1997

The Maryland Theatre's financial situation continues to improve as theater officials expect to start negotiations later this month to renegotiate a $130,000 balloon payment due by May.

Officials with Farmers & Merchants Bank and Trust, the lead bank for the group holding the mortgage, have said they will renegotiate the payment by breaking it into smaller amounts due over several years, said Patricia Wolford, the theater's acting director and board president.

Wolford said she hopes to reduce the mortgage payments to $20,000 to $25,000 a year.

Bank officials did require the theater's $41,207 December mortgage payment be made in full, which it was on Dec. 31, Wolford said.

She said she had hoped to reduce the December payment to $25,000 to give the theater a financial cushion.

The theater does have a financial cushion of about $20,000, Wolford said. That's enough to pay all the contracts that already have been signed for future shows, she said.

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Half of that $20,000 is earmarked for lobby and seat restorations, she said.

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