THIRD AMENDMENT TO LOAN AGREEMENT
This Third Amendment to Loan Agreement ("Amendment") is dated March ______, 1998 and is effective as of
March 8, 1998, by and between SMITH-MIDLAND CORPORATION, a Virginia corporation, SMITH-
MIDLAND CORPORATION, a Delaware corporation, EASI-SET INDUSTRIES, INC., a Virginia
corporation, SMITH-CAROLINA CORPORATION, a North Carolina Corporation, CONCRETE SAFETY
SYSTEMS, INC., a Virginia corporation, MIDLAND ADVERTISING AND DESIGN, INC., a Virginia
corporation (collectively, "Borrower"), and RIGGS BANK N.A., a national banking association ("Lender").
R E C I T A L S
This Amendment is made with reference to the following facts:
A. Borrower is indebted to Lender in the original principal sum of Nine Hundred Fifty Thousand and No/100
Dollars ($950,000.00) (the "Loan"), which indebtedness is evidenced by that certain Promissory Note, dated
July 22, 1996 executed by Borrower, as maker, to the order of Lender (together with any prior amendments, a
First Amendment dated August 15, 1997, a Second Amendment dated December 30, 1997, and a Third
Amendment of even date herewith, the "Promissory Note")
B. Repayment of the Promissory Note is secured by that certain Commercial Security Agreement, dated July 22,
1996, and an additional Commercial Security Agreements dated December 30, 1997, (the "Security
C. Advances of moneys under the Loan are governed by the terms and conditions of that certain Loan
Agreement, dated July 22, 1996, between Borrower and Lender (together with any prior amendments, a First
Amendment dated August 15, 1997, and a Second Amendment dated December 30, 1997 the "Agreement").
D. Borrower has requested that Lender extend the maturity date of the Promissory Note until July 8, 1998, and
Lender has so extended the maturity date, upon and subject to the terms and conditions set forth in that certain
Third Amendment to Promissory Note of even date herewith.
E. Borrower and Lender desire to amend the Agreement as set forth