Note Modification. All reference in the Note to Pledge Agreement shall mean this Pledge Agreement, and the Note is modified accordingly.
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. 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 cancelled and are null and void as of the date of this Agreement.
Note Modification. The second paragraph of the Secured Promissory Note dated October 11, 1994 ("Note"), made by the Borrower to Coast, as amended, is hereby deleted and replaced with the following:
Note Modification. The Note is hereby modified as follows:
5.1 The last sentence in Paragraph 10(b) of the Note is deleted in its entirety.
Note Modification. The Revolving Note is replaced by the Replacement Revolving Note. All references to the Revolving Note in the Credit Agreement or any other Loan Document shall hereafter be to the Replacement Revolving Note, and as may be further amended, modified, supplemented, restated or replaced pursuant to written agreement between the Lender and the Borrower. Except as amended hereby, the Revolving Note shall continue in full force and effect, and in accordance with its terms as originally executed.
Note Modification. Borrower has executed and delivered a note modification agreement (the "Second Note Modification"), in form satisfactory to the Bank, evidencing the extension of the Maturity Date, the reduction in interest rate and the reduction in face amount, all as set forth in the foregoing amendments.
