Savings Bank
OF MENDOCINO COUNTY
A Full Service Commercial Bank
CHANGE IN TERMS AGREEMENT
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Principal Loan Date Maturity Loan No Call Collateral Account Officer Initials
$2,700,000.00 01-01-1998 962256R MJL
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References in the shaded area are for Lender's use only and do not limit the applicability of this document to any particular loan
or item.
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Borrower: Mendocino Brewing Company, a California Lender: SAVINGS BANK OF MENDOCINO COUNTY
Corporation MAIN XXXXXX
X.X. Xxx 000 X.X. Xxx 0000
Xxxxxxx, XX 00000 000 X. Xxxxxx Xxxxxx
Xxxxx, XX 00000
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Principal Amount: $2,700,000.00 Date of Agreement: November 1, 1997
DESCRIPTION OF EXISTING INDEBTEDNESS. EXISTING LOAN NUMBER 8010962256R IN THE
ORIGINAL AMOUNT OF $2,700,000.00, DATED 9/25/96 WITH AN OUTSTANDING BALANCE ON
11/1/97 IN THE AMOUNT OF $2,404,313.57, WITH INTEREST PAID TO 11/1/97.
DESCRIPTION OF COLLATERAL. 1. The existing obligation continues to be secured by
a security interest in the property described in a Deed of Trust dated 9/25/96,
recorded 10/7/96 in Book 2366, Page 544 of Official Records, Mendocino County.
DESCRIPTION OF CHANGE IN TERMS. 1. Final maturity of the loan is hereby extended
to 1/1/98. 2. Interest continues to be payable monthly commencing 12/1/97 and
monthly thereafter.
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 Lender to this Agreement does not waive Lender'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 Lender 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, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS
OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT AND
ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THE AGREEMENT.
BORROWER:
Mendocino Brewing Company, a California Corporation
By:/s/ Xxxxxxx Xxxxxxxx By:/s/ Xxxxxx Xxxxxx
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Xxxxxxx Xxxxxxxx, Xxxxxx Xxxxxx,
Chief Executive Officer Chief Executive Officer
