EXHIBIT 10.47
NOTE MODIFICATION AGREEMENT
THIS AGREEMENT made and entered into this 15th day of May, 2002 by and
between BOCA FIRST CAPITAL, LLLP, a Florida limited liability limited
partnership (hereinafter referred to as ("Holder") and CAPITAL, COMMUNITIES
CORPORATION, a Nevada corporation, (hereinafter referred to as ("Maker");
W I T N E S S E T H
WHEREAS, Maker has heretofore made in favor of Holder a
certain promissory note dated the 25th day of April 2002 in the
original principal amount of THREE MILLION DOLLARS ($3,000,000.00) (the
"Note"); and
WHEREAS, Holder is the owner and holder of the note; and
WHEREAS, Maker and Holder desire to modify the note in certain
particulars;
NOW, THEREFORE, in consideration of the mutual benefits
accruing to the respective parties under the provisions of this
Agreement it is hereby agreed to as follows:
1. The second paragraph of the note is amended ab initio
to read as follows:
Interest on the unpaid principal sum outstanding from
time to time shall Accrue at the initial rate of TEN
PERCENT (10.0%) PER ANNUM. Effective on the first
business day of the first calendar quarter after the
date of this Note, and on the first business day of
each succeeding calendar quarter, the rate of
interest on this note will increase or decrease to a
rate which is equal to the GREATER of ten percent
(10%) per annum or one percent (1.0%) above the prime
rate, as published in The Wall Street Journal, in
effect on that date. Interest, throughout the term of
this note shall be calculated on then basis of actual
days elapsed divided by 360.
2. This modification is made upon the express agreement
and understanding that, except as herein specifically set forth, the
Note shall remain unmodified and in full force and effect. In the event
of any conflict between the terms and provisions of the Note and the
terms and provisions of this Note Modification Agreement, the terms and
agreements of this Note Modification Agreement shall take precedence
3. This agreement shall be binding upon and inure to the
benefit of the successors and assigns of the respective parties hereto.
This agreement may be signed by counterparts which, taken together,
shall form one and the same original. Facsimile signatures shall, for
the purposes of this agreement, constitute originals.
IN WITNESS WHEREOF, the parties have hereunto set their hands
and seals the day and year first above written.
In the presence of: HOLDER:
CAPITOL COMMUNITIES CORPORATION,
a, Nevada corporation,
By: /s/ Xxxxxxx X. Xxxx
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Xxxxxxx X. Xxxx, President
/s/ Xxx Xxxxxxxx
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Xxx Xxxxxxxx BOCA FIRST CAPITAL LLLP,
a Florida limited liability limited
partnership
By: Addison Capital Group, LLC,
general partner
/s/ Xxxxxxxx Free
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Xxxxxxxx free By: /s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx, Manager
