CHANGE IN TERMS AGREEMENT
|
Principal |
Date of Modification |
Maturity Date |
Loan No. |
Call. / Coll. |
Account |
Officer |
Initials |
|
$1,500,000.00 |
3-25-08 |
12-31-2008 |
72818 |
220 / 220 |
T006773 |
DBL |
|
|
Borrower: |
The Xxxxx Company 0000 X Xxx Xxx Xxxxx 000 Xxxxxxxx Xxxx, XX 00000 |
Lender: |
First Fidelity Bank N A Northwest Business Office P O Box 32282 Oklahoma City, OK 73123-0482 (000) 000-0000 |
|
Original Principal Amount: $1,500,000.00 |
Interest Rate as of June 8, 2007: 9.750% |
Date of Original Agreement: |
DESCRIPTION OF EXISTING INDEBTEDNESS. A Promissory Note dated June 8, 2007 in the original principal amount of $1,500,000.
DESCRIPTION OF COLLATERAL. Deeds of Trust covering Xxxxxxxx's interest in the McElmo Dome Unit Montezuma and Xxxxxxx Counties Colorado dated 6/8/07, and modified as of 3/25/2008.
DESCRIPTION OF CHANGE IN TERMS. In consideration for Lender permitting Borrower’s sale of 35% of its ownership in the collateral properties and the Lender’s release of its collateral position in part of said properties, the parties agree that the available credit under this loan shall be reduced from $1,500,000.00 to $1,000,000.00 The following term as outlined in the "Definitions" section of the Business Loan Agreement dated 6/8/07, modified as of 10/11/2007 is modified as follows:
"Reducing Commitment Amount" shall mean (i) the modified principal amount of $1,000,000 effective on the date of this modification, and (ii) the principal amount resulting from the monthly reductions to occur throughout the term of the loan on the last day of each month beginning April 30, 2008, as outlined in the following schedule:
|
|
|
|
|
Date of Principal Reduction |
Amount of Principal Reduction |
|
|
April 2008 |
$ 50,000 |
|
|
May 2008 |
$ 50,000 |
|
|
June 2008 |
$ 50,000 |
|
|
July 2008 |
$ 50,000 |
|
|
August 2008 |
$ 50,000 |
|
|
September 2008 |
$ 50,000 |
|
|
October 2008 |
$ 50,000 |
|
|
November 2008 |
$ 50,000 |
|
|
December 2008 |
$ 50,000 |
.
CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Xxxxxx to this Agreement does not waive Xxxxxx's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Xxxxxx in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.
PRIOR TO SIGNING THIS AGREEMENT, XXXXXXXX READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. XXXXXXXX AGREES TO THE TERMS OF THE AGREEMENT.
BORROWER:
THE XXXXX COMPANY
By: /s/ Xxxx Xxx, Xx.
Xxxx Xxx, Xx., President
LENDER:
FIRST FIDELITY BANK N A
X /s/ Xxxxx Xxxxxx
Xxxxx Xxxxxx, Executive Vice President
