Exhibit 10.25
FIRST AMENDMENT TO THIRD TERM NOTE
Loan No. 600804665-64
The undersigned, CTI Industries Corporation, a Delaware corporation
(the "Borrower"), hereby agrees with First American Bank, an Illinois banking
corporation (the "Bank"), that the Third Term Note dated May 1, 1998, made by
the Borrower payable to the order of the Bank in the original principal amount
of $2,258,000.00 (the "Note"), shall be and hereby is amended as follows:
Notwithstanding any contrary provision of the Note:
1. The principal and accrued interest sum outstanding, if not
sooner paid in full and unless accelerated as provided in the Note or
prepayable as hereinafter provided, shall be due and payable in full on
February 1, 2004.
2. Commencing September 1, 1998, Xxxxxxxx shall make regular
monthly payments of accrued unpaid interest and on the first day of
each month thereafter, until March 1, 1999, when Borrower shall make
regular monthly payments of $46,194.61 of principal and accrued unpaid
interest and on the first day of each month thereafter, until February
1, 2004 when the Note shall be paid in full.
All references in the Note to this "Note" or the like, shall be deemed
to be references to the Note as amended by this Amendment.
The Borrower hereby authorizes the Bank to affix this Amendment to the
Note. Except as herein amended, the Note is ratified and confirmed and shall
remain in full force and effect in accordance with its terms.
IN WITNESS WHEREOF, the undersigned has executed this Amendment to the
Note this 1st day of September, 1998.
CTI Industries Corporation
By:______________________
Xxxxxxx X. Xxxxxxx,
Chief Executive Officer
Agreed to as of this 1st day of September, 1998.
First American Bank
By:__________________________
Xxxx Xxxxx,
Asst. Vice President
