SECOND ALLONGE TO REAL ESTATE NOTE
This is the second allonge dated as of February 1, 1999 to the Real Estate
Loan Note dated May 23, 1996 (the "Note") from BLONDER TONGUE LABORATORIES,
INC., a Delaware corporation (the "Borrower"), payable to the order of MERIDIAN
BANK (predecessor to FIRST UNION NATIONAL BANK, hereafter the "Bank") in the
original principal amount of Two Million Eight Hundred Thousand Dollars
($2,800,000.00). The Note was issued under the Amended and Restated Loan
Agreement dated October 2, 1995, as amended by a First Amendment and a certain
Second Amendment dated May 23, 1996 to the Amended and Restated Loan Agreement
and is the subject of an Allonge dated September 26, 1996. This Allonge is being
entered into in connection with the Fourth Amended and Restated Loan Agreement
dated as of February 1, 1999 by and between the Borrower and the Bank. The
Fourth Amended and Restated Loan Agreement dated February 1, 1999 as may be
further amended, modified or restated from time to time is hereafter referred to
as the "Loan Agreement". Terms capitalized but not defined herein shall have the
meanings given to them respectively in the Loan Agreement.
Following the application of the June 1, 1999 payment of principal and
interest, the outstanding principal balance under the Note is $2,224,444,28.
The Borrower has requested that the Bank agree to amend the terms upon
which interest is calculated under the Real Estate Loan. The Bank is willing to
make such amendments on the terms and conditions set forth herein.
Now therefore, in consideration of the agreement of the parties contained
herein, and intending to be legally bound, the parties hereto agree as follows:
1. Principal payments under the Note shall be as follows (i) eighty two
(82) consecutive, monthly installments in the amount of $15,555.56 on the first
Business Day of each month, which payments will commence on July 1, 1999 and end
on April 1, 2006, and (ii) a final installment, consisting of the entire
remaining principal balance of the Existing Real Estate Loan, together with all
accrued interest thereon, which shall be due and payable May 1, 2006.
2. The term "Loan Agreement" as used in the Note shall have the meaning
assigned in the introductory paragraph to this Second Allonge.
3. All other terms of the Note and the Loan Agreement remain in full force
and effect.
4. The construction, interpretation and enforcement of this allonge to the
Note shall be governed by the internal laws of the State of New Jersey.
IN WITNESS WHEREOF, and intending to be legally bound hereby, the Borrower
and the Bank have caused this allonge to the Note to be executed by their duly
authorized officers as of the day and year first above written.
BLONDER TONGUE LABORATORIES, INC.
By: /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
President
FIRST UNION NATIONAL BANK
By: /s/ Xxxxxxx Xxxxxxx
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Xxxxxxx Xxxxxxx
Assistant Vice President
