EXHIBIT 10.II
SECOND AMENDMENT TO PROMISSORY NOTE
THIS SECOND AMENDMENT ("Amendment") TO PROMISSORY NOTE is made and dated
as of the 1st day of February, 1997, by and between XXXX X. XXXXXX ("Xxxxxx"),
an individual, and PROVIDENT AMERICAN CORPORATION, a Pennsylvania corporation
(the "Company").
BACKGROUND
X. Xxxxxx executed and delivered to the Company a Promissory Note dated
April 2, 1996 in the principal amount of $140,900, as amended by an Amendment to
Promissory Note dated June 20, 1996 (the "Note").
B. The parties are desirous of amending the Note as hereinafter set
forth.
NOW THEREFORE, in consideration of the mutual covenants herein
contained, and other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, and intending to be legally bound hereby, the
parties hereby agree as follows:
1. Repayment of Note. The Note and all interest accrued thereon
shall be paid in full on or before April 30, 1997.
2. Ratification. As herein amended, the Note is ratified,
approved, and affirmed, and remains in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
Promissory Note as of the day and year first above-written.
Witness:
----------------------------- ------------------------------
(SEAL)
XXXX X. XXXXXX
PROVIDENT AMERICAN CORPORATION
Attest:
By:
---------------------------- ---------------------------------
X. X. Xxxxxxxx, Xx., Xxxxx X. Xxxxxxx, Chairman and
Secretary Chief Executive Officer
THIRD AMENDMENT TO PROMISSORY NOTE
THIS THIRD AMENDMENT ("Amendment") TO PROMISSORY NOTE is made and dated
as of the 30th day of April, 1997, by and between XXXX X. XXXXXX ("Xxxxxx"), an
individual, and PROVIDENT AMERICAN CORPORATION, a Pennsylvania corporation (the
"Company").
BACKGROUND
X. Xxxxxx executed and delivered to the Company a Promissory Note dated
April 2, 1996 in the principal amount of $140,900, as amended by an Amendment to
Promissory Note dated June 20, 1996 and a Second Amendment to Promissory Note
dated February 1, 1997 (the "Note").
B. The parties are desirous of amending the Note as hereinafter set
forth.
NOW THEREFORE, in consideration of the mutual covenants herein
contained, and other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, and intending to be legally bound hereby, the
parties hereby agree as follows:
1. Principal Balance. The principal balance of the Note shall be
increased to One Hundred Fifty Five Thousand Eight Hundred Fifty ($155,850)
Dollars.
2. Repayment of Note. The Note and all interest accrued thereon
shall be payable as follows:
(a) Interest accrued through June 30, 1997 shall be due
and payable on June 30, 1997.
(b) Thereafter, interest shall be repayable quarterly on
September 30, 1997 December 31, 1997, March 31, 1998, and June 30, 1998.
(c) Commencing on July 31, 1998 and continuing on the
last day of each month thereafter for a total of sixty (60) consecutive months,
Xxxxxx shall make equal payments of $3,197.49 to the Company, to be applied
first to interest accrued during the preceding month, and the balance applied to
the principal obligation, in accordance with the amortization schedule attached
hereto as Exhibit "A" and made a part hereof.
3. Ratification. As herein further amended, the Note is
ratified, approved, and affirmed, and remains in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
Promissory Note as of the day and year first above-written.
Witness:
----------------------------- ------------------------------
(SEAL)
XXXX X. XXXXXX
PROVIDENT AMERICAN CORPORATION
Attest:
By:
---------------------------- ---------------------------------
X. X. Xxxxxxxx, Xx., Xxxxx X. Xxxxxxx, Chairman and
Secretary Chief Executive Officer
