Exhibit 10.149
[LOGO] BANK ONE. Note Modification Agreement
This agreement is made and entered into on February 17, 2003 (the "Agreement
Date"), to be effective as of February 17, 2003 (the "Effective Date"), by and
between Xxxx Car Wash-Arizona, Inc. dba Genie Car Wash alone, and its successors
(the "Borrower") and Bank One, NA, with its main office in Chicago, IL,
successor by merger to Bank One, Texas, National Association (the "Bank").
WHEREAS, the Borrower executed a Promissory Note as evidence of indebtedness in
the original face amount of Four Million Nine Hundred Thousand and 00/100
Dollars ($4,900,000.00), dated February 17, 2000 owing by the Borrower to the
Bank, as same may have been amended or modified from time to time (the "Note"),
which Note has at all times been, and is now, continuously and without
interruption outstanding in favor of the Bank; and,
WHEREAS, the Borrower has requested and the Bank has agreed that the Note be
modified to the limited extent as hereinafter set forth;
NOW THEREFORE, in mutual consideration of the agreements contained herein and
for other good and valuable consideration, the parties agree as follows:
1. ACCURACY OF RECITALS. The Borrower acknowledges the accuracy of the
Recitals stated above.
2. MODIFICATION OF NOTE.
2.1 From and after the Effective Date, a portion of the first
sentence of the Promissory Note is hereby amended to read as follows: "FOR VALUE
RECEIVED, on or before February 17, 2008 ("Maturity Date"),"
2.2 The Maturity Date (as defined in the Note) is extended to
February 17, 2008. The fourth paragraph of the Note is amended and restated to
read as follows
The principal of and all accrued but unpaid interest on this Note
shall be due and payable in monthly installments, commencing on March
17, 2000, and continuing on the same day of each month thereafter,
with one final installment in the amount of the principal balance then
outstanding, together with all accrued but unpaid interest, being due
and payable on the Maturity Date. Each such payment shall be applied
first to accrued but unpaid interest and then to principal. The amount
of the initial monthly installments shall be $49,699.06 each. On March
17, 2003, the amount of the monthly installments shall be reduced to
$37,367.33. On March 17th of each year during the term of this Note
beginning in 2004 (each, an "Anniversary Date"), the amount of the
monthly installments of principal and interest thereafter due and
payable shall be adjusted to an amount sufficient to amortize the
unpaid principal balance on such Anniversary Date (after giving effect
to any payment due on such date), at the interest rate then in effect,
in equal monthly installments of principal and interest over an
assumed term which begins on such date and ends on February 17, 2015;
provided, however, that in no event shall any monthly payment be less
than the amount of accrued but unpaid interest under this Note as of
such payment due date.
2.3 Each of the Related Documents is modified to provide that it
shall be a default or an event of default thereunder if the Borrower shall fail
to comply with any of the covenants of the Borrower herein or if any
representation or warranty by the Borrower or by any guarantor herein is
materially incomplete, incorrect, or misleading as of the date hereof. As used
in this agreement, the "Related Documents" shall include the Note and all loan
agreements, credit agreements, reimbursement agreements, security agreements,
mortgages, deeds of trust, pledge agreements, assignments, guaranties, or any
other instrument or document executed in connection with the Note or in
connection with any other obligations of the Borrower to the Bank.
2.4 Each reference in the Related Documents to any of the Related
Documents shall be a reference to such document as modified herein.
3. RATIFICATION OF RELATED DOCUMENTS AND COLLATERAL. The Related Documents are
ratified and reaffirmed by the Borrower and shall remain in full force and
effect as they may be modified herein. All real or personal property described
as security in the Related Documents shall remain as security for the Note and
the obligations of the Borrower in the Related Documents.
4. BORROWER REPRESENTATIONS AND WARRANTIES. The Borrower represents and
warrants to the Bank:
4.1 No default or event of default under any of the Related Documents as
modified hereby, nor any event, that, with the giving of notice or the passage
of time or both, would be a default or an event of default under the Related
Documents as modified herein has occurred and is continuing.
4.2 There has been no material adverse change in the financial conditions
of the Borrower or any other person whose financial statement has been delivered
to the Bank in connection with the Note from the most recent financial statement
received by the Bank.
4.3 Each and all representations and warranties of the Borrower in the
Related Documents are accurate on the date hereof.
4.4 The Borrower has no claims, counterclaims, defenses, or setoffs with
respect to the loan evidenced by the Note or with respect to the Related
Documents as modified herein.
4.5 The Note and the Related Documents as modified herein are the legal,
valid, and binding obligations of the Borrower, enforceable against the Borrower
in accordance with their terms.
4.6 The Borrower, other than any Borrower who is a natural person, is
validly existing under the laws of the State of its formation or organization.
The Borrower has the requisite power and authority to execute and deliver this
agreement and to perform the obligations described in the Related Documents as
modified herein. The execution and delivery of this agreement and the
performance of the obligations described in the Related Documents as modified
herein have been duly authorized by all requisite action by or on behalf of the
Borrower. This agreement has been duly executed and delivered by or on behalf of
the Borrower.
5. BORROWER COVENANTS. The Borrower covenants with the Bank:
5.1 The Borrower shall execute, deliver, and provide to the Bank such
additional agreements, documents, and instruments as reasonably required by the
Bank to effectuate the intent of this agreement.
5.2 The Borrower fully, finally, and forever releases and discharges the
Bank and its successors, assigns, directors, officers, employees, agents, and
representatives from any and all causes of action, claims, debts, demands, and
liabilities, of whatever kind or nature, in law or equity, of the Borrower,
whether now known or unknown to the Borrower, (i) in respect of the loan
evidenced by the Note and the Related Documents, or of the actions or omissions
of the Bank in any manner related to the loan evidenced by the Note or the
Related Documents and (ii) arising from events occurring prior to the date of
this agreement.
5.3 The Borrower shall pay to the Bank:
5.3.1 All the internal and external costs and expenses
incurred by the Bank in connection with this agreement (including, without
limitation, inside and outside attorneys, appraisal, appraisal review,
processing, title, filing, and recording costs, expenses, and fees).
6. EXECUTION AND DELIVERY OF AGREEMENT BY THE BANK. The Bank shall not be
bound by this agreement until (i) the Bank has executed this agreement and (ii)
the Borrower has performed all of the obligations of the Borrower under this
agreement to be performed contemporaneously with the execution and delivery of
this agreement.
7. INTEGRATION, ENTIRE AGREEMENT, CHANGE, DISCHARGE, TERMINATION, OR WAIVER.
The Note and the Related Documents as modified herein contain the complete
understanding and agreement of the Borrower and the Bank in respect of the loan
and supersede all prior representations, warranties, agreements, arrangements,
understandings, and negotiations. No provision of the Note or the Related
Documents as modified herein may be changed, discharged, supplemented,
terminated, or waived except in a writing signed by the party against whom it is
being enforced.
8. GOVERNING LAW AND VENUE. This agreement is delivered in the State of Texas
and governed by Texas law (without giving effect to its laws of conflicts). The
Borrower agrees that any legal action or proceeding with respect to any of its
obligations under the Note or this agreement may be brought by the Bank in any
state or federal court located in the State of Texas, as the Bank in its sole
discretion may elect. By the execution and delivery of this agreement, the
Borrower submits to and accepts, for itself and in respect of its property,
generally and unconditionally, the non-exclusive jurisdiction of those courts.
The Borrower waives any claim that the State of Texas is not a convenient forum
or the proper venue for any such suit, action or proceeding. This agreement
binds the Borrower and its successors, and benefits the Bank, its successors and
assigns. The Borrower shall not, however, have the right to assign the
Borrower's rights under this agreement or any interest therein, without the
prior written consent of the Bank.
9. COUNTERPART EXECUTION. This agreement may be executed in multiple
counterparts, each of which, when so executed, shall be deemed an original, but
all such counterparts, taken together, shall constitute one and the same
agreement.
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10. NOT A NOVATION. This agreement is a modification only and not a novation.
In addition to all amounts hereafter due under the Note and the Related
Documents as they may be modified herein, all accrued interest evidenced by the
Note being modified by this agreement and all accrued amounts due and payable
under the Related Documents shall continue to be due and payable until paid.
Except for the above-quoted modification(s), the Note, any Related Documents,
and all the terms and conditions thereof, shall be and remain in full force and
effect with the changes herein deemed to be incorporated therein. This agreement
is to be considered attached to the Note and made a part thereof. This agreement
shall not release or affect the liability of any guarantor, surety or endorser
of the Note or release any owner of collateral securing the Note. The validity,
priority and enforceability of the Note shall not be impaired hereby. References
to the Related Documents and to other agreements shall not affect or impair the
absolute and unconditional obligation of the Borrower to pay the principal and
interest on the Note when due. The Bank reserves all rights against all parties
to the Note.
Borrower:
Address: 0000 Xxxxxxxx Xxxxx Xxxxx 000 Xxxx Car Wash-Arizona, Inc. dba Genie Car Wash
Xx. Xxxxxx, XX 00000-0000
By: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx Secretary
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Printed Name Title
BANK'S ACCEPTANCE
The foregoing agreement is hereby agreed to and acknowledged this 17/th/ day of February, 2003.
Bank:
Bank One, NA, with its main office in Chicago, IL
By: /s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx First Vice President
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Printed Name Title
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