Note Modification Clause Samples

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 Fixed Rate Note in Paragraphs 2 and 3, are amended and modified as follows:

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. Effective as of the Effective Date, Section 3(b) of the Note is hereby deleted and replaced by the following:

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 ▇▇▇▇▇▇▇▇, 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. Notwithstanding the terms of the Notes to the contrary, as of the date hereof Borrower shall make quarterly payments to Lender of interest only commencing March 31, 2005 in arrears. All other terms of the Notes shall remain in full force and effect except as specifically modified herein.

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.

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. 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.