Exhibit 4.55
EXTENSION AGREEMENT
WITNESS THIS EXTENSION AGREEMENT entered into this ______ day
of_________________, 1995, between Comerica Bank, a Michigan Banking
Corporation, Successor in interest by reason of merger with Manufacturers
National Bank of Detroit, N.A., whose address is 000 Xxxxxxxx Xxxxxx,
Xxxxxxx, Xxxxxxxx 00000 (hereinafter called "Mortgagee"), and Daedalus
Enterprises, Inc., a Delaware corporation, whose address is POBox 1869,
000 Xxxxxxxx Xxxxx, Xxx Xxxxx, XX 00000 (hereinafter called "Mortgagor").
WHEREAS, Mortgagee is the owner and holder of the Mortgage Note of
Mortgagor dated March 1, 1991, secured by a Mortgage on real estate
therein described, recorded on March 15, 1991, in Liber 2478, Page 895,
Washtenaw County Records, upon which note and mortgage the principal sum
of Two Hundred Seventy-seven Thousand Twelve and 63/100 ($277,012.63)
Dollars is due as of the date hereof with interest thereon paid to
October 1, 1995, AND
WHEREAS, it is the desire of the parties hereto to extend the time of
payment of said Mortgage Note and Mortgage,
NOW, THEREFORE, in consideration of the mutual promises herein contained,
it is hereby mutually agreed that the time of payment of the said
Mortgage Note and Mortgage is extended to November 1, 2000, and Mortgagor
hereby agrees to pay said Mortgage Note and Mortgage as follows:
Effective November 1, 1995, the interest rate will be one and one-half
(1.5%) per cent per annum (calculated for the actual number of days
outstanding on the basis of a Three Hundred Sixty (360) day year) above
the prime interest rate of the Bank (as hereinafter defined), but in no
event to exceed the maximum rate of interest permitted by law, and after
maturity or default (if such default should occur prior to maturity) the
outstanding principal balance owing on the Note shall bear interest at a
rate which is Three (3%) percent above the interest rate which would
otherwise be in effect (the "Default Rate").
The Bank's Prime Rate is that annual rate of interest so designated by
the Bank and which is changed by the Bank from time to time. The rate of
interest hereunder shall change as and when the Bank's Prime Rate
changes.
Effective December 1, 1995, the principal and interest payment shall be
Three Thousand Six Hundred Eighty-four and 59/100 ($3,684.59) Dollars.
In the event that the Bank`s prime rate changes to the extent that the
monthly principal and interest installments then in effect will not
amortize the then remaining loan balance within the amortized loan term
of ten (10) years, the Bank at its sole option may from time to time
recalculate, and the undersigned agrees to pay, the required monthly
principal and interest installment that will amortize the remaining loan
balance within the amortized loan term as herein stated.
The undersigned may prepay the principal balance due hereunder, in whole
or in part, such prepayment to be applied on installment of last
maturity, without payment of a prepayment premium.
Mortgagor agrees to comply with the provisions hereof and those contained
in said Mortgage Note and Mortgage and except as herein modified hereby
ratifies and confirms said Mortgage Note and Mortgage. No forbearance
nor further extension of time granted any subsequent owner of the
mortgaged premises shall release Mortgagor from personal liability
hereon. Nothing herein contained shall invalidate any security now held
for said debt. This agreement shall bind the parties hereto, their
successors, heirs, legal representatives and assigns.
IN WITNESS WHEREOF, the parties hereto have caused this extension
agreement to be duly executed the day and year first above written.
Witnesses for Mortgagee: Comerica Bank, Successor in interest
by reason of merger with Manufacturers
National Bank of Detroit, N.A., a
national banking corporation
_________________________ By: __________________________________
_________________________ Its:__________________________________
Witnesses for Mortgagor: Daedalus Enterprises, Inc., a Delaware
corporation
________________________ By: _______________________
Xxxxxx X. Xxx
________________________ Its: President
THIS INSTRUMENT WAS DRAFTED BY:
Xxxxxx Xxxxxxxx
Comerica Bank
P. O. Xxx 00000
Xxxxxxx, Xxxxxxxx 00000-0000
