AMENDMENT TO
PROMISSORY NOTE, LOAN AGREEMENT, MORTGAGE
AND LOAN DOCUMENTS AND ASSUMPTION AND LOAN MODIFICATION
AGREEMENT
THIS AMENDMENT TO PROMISSORY NOTE,
LOAN AGREEMENT, MORTGAGE AND LOAN DOCUMENTS AND ASSUMPTION AND LOAN
MODIFICATION AGREEMENT (hereinafter the “Amendment”)
made and entered into as of the 31 st day of July, 2009
by and between Commerce Bank & Trust Company, a Massachusetts
trust company with a principal place of business at 386 Main
Street, Worcester, Massachusetts (hereinafter “Lender”)
and Seracare Life Sciences, Inc., a Delaware corporation having its
principal place of business at 37 Birch Street, Milford,
Massachusetts 01757 (hereinafter “Borrower”) is firmly
affixed to and made a part of a certain Promissory Note of Boston
Biomedica, Inc. payable to the order of the Lender dated as of
March 31, 2000 in the original principal amount of Two Million
Nine Hundred Thousand and 00/100 Dollars ($2,900,000.00), and
assumed by the Borrower as of September 14, 2004 and having a
current principal balance of $1,823,973.11 (hereinafter
“Note”).
WHEREAS, the Borrower did enter into
and execute a certain Assumption and Modification Agreement in
favor of the Lender, dated September 14, 2004 (hereinafter the
“Assumption Agreement”) in which the Borrower agreed to
assume each and every obligation of Boston Biomedica, Inc. to the
Lender as defined and described in the Loan Documents as defined
and modified under that certain Assumption Agreement; and,
WHEREAS, the Borrower and the Lender
wish to further amend, renew and affirm the Loan Documents and
Assumption Agreement and certain conditions therein.
FOR GOOD AND VALUABLE
CONSIDERATION, the receipt and sufficiency of which are hereby
acknowledged, including the Lender’s continuing extension of
credit to the Borrower, the Borrower and the Lender hereby agree
that the Loan Documents are amended as follows:
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1 .
Borrower will reduce the outstanding principal balance to
$1,200,000.00 by direct payments to principal resulting in the
following outstanding principal balances on or before the first
(lst) business day of each month as stated:
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$1,600,000.00 August 2009
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$1,400,000.00 September 2009
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$1,200,000.00 October 2009
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2.
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Interest Rate to be established at the
Commerce Bank Base Rate plus 300 basis points, fully floating with
a floor of 6.25%.
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3.
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Extension fee of $18,000.00 payable on, or
befo
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