AMENDMENT TO LOAN AGREEMENT
AND NOTE
This amendment (the
"Amendment”), dated as of the date specified
below, is by and between the borrower (the
"Borrower”) and the bank (the
"Bank”) identified below.
RECITALS
A. The Borrower and the Bank have executed a Loan
Agreement (the "Agreement”) dated
DECEMBER 2, 2004 and the Borrower has
executed a Note (the "Note”), dated
DECEMBER 2, 2004 , either or both which may
have been amended and replaced from time to time, and the Borrower
(and if applicable, certain third parties) have executed the
collateral documents which may or may not be identified in the
Agreement and certain other related documents (collectively the
"Loan Documents"), setting forth the terms and
conditions upon which the Borrower may obtain loans from the Bank
from time to time in the stated amount of $
750,000.00 , as may be amended from
time to time.
B. The Borrower has requested that the Bank permit
certain modifications to the Agreement and Note as described
below.
C. The Bank has agreed to such modifications, but
only upon the terms and conditions outlined in this
Amendment.
In consideration of the mutual covenants
contained herein, and for other goad and valuable consideration,
the Borrower and the Bank agree as follows:
x Change in
Maturity Date. If checked here, any references in the
Agreement or Note to the maturity date or date of final payment are
hereby deleted and replaced with “ NOVEMBER 30,
2009 “.
x Change in Maximum
Loan Amount. If
checked here, all references in the Agreement and in the Note
(whether or not numerically) to the maximum loan amount are hereby
deleted and replaced with "$ 1,500,000.00
“, which evidences an additional $
500,000.00 available to be advanced subject
to the terms and conditions of the Agreement and Note.
q
Temporary Increase in
Maximum Loan Amount. If checked here, notwithstanding the
maximum principal amount that may be borrowed from time to time
under the Agreement and Note, the maximum principal amount that may
be borrowed thereunder shall increase from $
to $
effective
through_________________________ annually.
On
through____________ annually, the maximum principal amount
that may be borrowed thereunder shall revert to $
and any loans outstanding in excess of that amount will be
immediately due and payable without further demand by the
Bank.
q
Change in Multiple Advance
Termination Date. If
checked here, all references in the Agreement and in the Note to
the termination date for multiple advances are hereby deleted and
replaced with "_________________________”.
q Change in Payment
Schedule. If checked
here, effective upon the date of this Amendment, any payment terms
are amended as follows:
x Change in
Interest Rate. If
checked here, effective on the date of this
Amendment, interest payable under the Note is amended as
follows:
The unpaid
principal balance will bear interest at an annual rate described in
the interest Rate Rider attached to this Amendment.
q
Change in Late Payment
Fee. If checked
here, subject to applicable law, if any payment is not made on or
before its due date, the Bank may collect a delinquency charge
of
% of the unpaid amount. Collection
of the late payment fee shall not be deemed to be a waiver of the
Bank's right to declare a default hereunder.
q
Change in Closing Fee. If checked here and subject
to applicable law, the Borrower will pay the Bank a closing fee of
$ ___________________ (apart from any prior closing fee)
contemporaneously with the execution of this Amendment. This fee is
in addition to all other fees, expenses and other amounts due
hereunder.
q
Change in Paid-In-Full
Period. If checked
here, all revolving loans under the Agreement and the Note must be
paid in full for a period of at least ___________ consecutive days
during each fiscal year. Any previous Paid-in-Full provision is
hereby replaced with this provision.
Default Interest Rate.
Notwithstanding any provision of
this Note to the contrary, upon any default or at any time during
the continuation thereof (including failure to pay upon maturity),
the Bank may, at its option and subject to applicable law, increase
the interest rate on this Note to a rate of 5% per annum plus
the interest rate otherwise payable hereunder. Notwithstanding the
foregoing and subject to applicable law, upon
