Note Modification. (a) Sections 2.1 and 2.2 of the Note are hereby deleted in their entirety and replaced with the following:
Note Modification. All reference in the Note to Pledge Agreement shall mean this Pledge Agreement, and the Note is modified accordingly.
Note Modification. The terms and provisions of the interim construction financing stated in the original Note are amended and modified as follows:
Note Modification. Effective as of the Effective Date, Section 3(b) of the Note is hereby deleted and replaced by the following:
Note Modification. Upon execution hereof and delivery of the the Option Payment as described in paragraph 2 (a) hereof, the notes described in recitals A through G hereof shall be modified as follows:
(a) The Term and maturity dates of each of the Notes, along with any interest payments or penalties due thereon, shall individually be extended, without penalty, until May 31, 2012. Upon the execution hereof by all Parties, BORROWER shall deliver to LENDER one million one hundred thousand (1,100,000) shares of restricted common stock in CMG Holdings Group, Inc. In the event that this transaction does not close on or before May 31, 2012, and the terms hereof are extended to July 31, 2012 as provided for in paragrapg 4 (b) herof, BORROWER shall deliver to LENDER an additional one million (1,000,000) shares of restricted common stock in CMG Holdings Group, Inc. Notwithstanding any other provisions of this agreement, said stock shall be the property of LENDER hereunder and shall not be refundable to BORROWER under any circumstances.
(b) Provided that PURCHASER has complied with all terms and provisions of this agreement, the parties agree that the terms and provisions of this agreement, the closing date hereof and the maturity dates of the above referenced notes shall be extended for an additional sixty (60) day period, at the request of PURCHASER, provided that PURCHASER shall deliver to LENDER, to an account of the LENDER’s choice, the sum of $56,250.00 (FIFTY SIX THOUSAND TWO HUNDRED AND FIFTY DOLLARS). In the event that this agreement is not consummated, through the fault of LENDER or LENDER’S failure or refusal to perform as provided for in this agreement, said funds shall be returned to PURCHASER. In the event that this transaction is consummated, said funds shall be credited toward the cash Purchase Price payable by PURCHASER hereunder.
(c) During the pendency of this transaction, and until such time as this agreement is either consumated or terminated due to non-performance, default or mutual agreement by or between the parties hereto, the notes described in recitals A – G above shall not be transferrable, assignable or hypothecated by LENDER and LENDER shall not otherwise encumber, pledge or sell said notes or attempt to collect on or enforce the notes.
Note Modification. The terms and provisions of the interim construction financing stated in the original Note are amended and modified in accordance with the terms and conditions of the new Note, dated the date of this Agreement, fully executed and delivered by Xxxxxxxx, and attached to and incorporated into this Agreement by reference. The terms and provisions of the original Note are hereby cancelled and are null and void as of the date of this Agreement.
Note Modification. In order to extend the maturity date of the Note, Section 5 of the Note is hereby deleted in its entirety and replaced with the following new Section 5:
Note Modification. (a) In order to increase the maximum principal amount of the Note from $10,000,000 to $60,000,000, the reference to $10,000,000.00 on the first line of the first page of the Note is hereby amended to $60,000,000.00 and the first full paragraph of the first page of the Note is hereby amended and restated in its entirety as follows: FOR VALUE RECEIVED, Xxxx Operating Partnership V, LP, a Delaware limited partnership (“Borrower”), hereby promises to pay to the order of Series C, LI.C, an Arizona limited liability company (“Lender”), at the offices of Lender located at 0000 Xxxx Xxxxxxxxx Xxxx, Xxxxx 0000, Xxxxxxx, XX 00000, the principal amount of $60,000,00, together with interest on the principal balance outstanding hereunder, from (and including) the date of disbursement until (but not including) the date of payment, at a per diem rate equal to the Stated Interest Rate specified below or, the extent applicable, the Default Interest Rate specified below, in accordance with the following terms and conditions:
(b) The Note is hereby further modified to add the following legend at the top of the first page thereof: The indebtedness evidenced by this instrument is subordinated to the prior payment in full of the Lender Debt (as defined in the Subordination Agreement hereinafter referred to) pursuant to, and to the extent provided in, the Amended and Restated Subordination Agreement dated as of September ___, 2014 among Xxxx Credit Property Trust V, Inc., Xxxx Operating Partnership V, LP, Series C, LLC and JPMorgan Chase Bank, N.A., as administrative agent.
(c) The Note is hereby modified by amending and restating the second sentence of Section 8 as follows:
Note Modification. Upon execution and delivery of this Amendment, Borrower shall execute and deliver that certain Second Note Modification Agreement and Allonge of even date herewith, pursuant to which the maturity date of the Promissory Note shall be extended to July 1, 2013.
Note Modification. The outstanding principal of the Note and any accrued but unpaid interest is due and payable on the earlier of (i) June 30, 2006, or (ii) the day the Final Order and Judgment entered by the Court dismissing the Louisiana Suit with prejudice and approving the terms and conditions of the settlement agreement entered into by the parties to the Louisiana Suit becomes final. For purposes of this Agreement, the Final Order and Judgment shall be deemed final on the later of (a) the day following the date on which the Final Order and Judgment is no longer subject to review by appeal or (b) the day following the date on which any appeal from the Final Order and Judgment is finally resolved, either because a petition for certiorari is denied or by reason of affirmance by a court of last resort or by lapse of time following affirmance or dismissal of the appeal by an intermediate appellate court or otherwise, provided that the Final Order and Judgment are not reversed or materially modified by the Court or any reviewing court.
