EXTENSION MATURITY AGREEMENTExtension Agreement |
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MARKLAND TECHNOLOGIES INC | DKR Soundshore Strategic Holding Fund, Ltd.. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Search Extension Agreement by:
September
20, 2005
Markland
Technologies, Inc.
88 Royal Little Drive
Providence, RI 02904
Attn: Robert Tarini
Re: Maturity Date Extension
Ladies and
Gentlemen:
Reference is made to that certain Secured 8% Convertible Note in
the original principal amount of $1,040,000, due September 21, 2005, issued by
Markland Technologies, Inc. (the “Company”), to DKR
Soundshore Strategic Holding Fund, Ltd. (the “Investor”), on
September 21, 2004 (the “Note”). Subject to the terms
of this letter, the Investor hereby agrees to extend the scheduled Maturity
Date (as such term is defined in the Note) of the Note for ninety (90) days.
Upon execution of this letter, the Note is no longer scheduled to be due
on September 21, 2005 but is now scheduled to be due on December 20, 2005 (or
such earlier date as the Note is required to be repaid as provided in the
Note).
As of September 16, 2005, there is an outstanding principal balance of $526,750 on the Note, including $11,750 for liquidated damages pursuant to our side letter dated August 25, 2005. As consideration for the extension of the Maturity Date of the Note as described herein, the Company will issue and deliver to the Investor a secured convertible promissory
