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EXHIBIT 10(1)
NOTE EXTENSION AND MODIFICATION AGREEMENT
THIS NOTE AND EXTENSION MODIFICATION AGREEMENT ("Agreement") is entered
into by and between JILCO INDUSTRIES, INC., a California corporation ("Payor")
and XXXXXXX X. XXXX, a California resident ("Payee").
Payor and Payee do hereby mutually acknowledge and agree that Payor is
presently liable for the indebtedness represented by a certain promissory note
payable to Payee dated November 7, 1989 in the original principal amount of TEN
THOUSAND DOLLARS ($10,000.00) ("Note"). Payor has requested Payee to extend the
maturity date of said Note and Payor is willing to do so.
NOW, THEREFORE, FOR VALUABLE CONSIDERATION IN HAND
RECEIVED, the parties hereto, and each of them, do hereby agree that effective
as of the date hereof, the unpaid principal portion of the Note and all unpaid
accrued interest, if any, shall be all due and payable on December 31, 1994.
Nothing contained herein shall be deemed to affect the obligation of
Payor regarding the payment of interest accrued on the Note through the date
hereof, or to affect any obligations of Payor under the Note, except as set
forth herein.
IN WITNESS WHEREOF, the parties hereto, and each of them, have executed
this Agreement as of the 1st day of December, 1992.
JILCO INDUSTRIES, INC.
a California corporation
By /s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
President
"Payor"
/s/ Xxxxxxx X. Xxxx
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Xxxxxxx X. Xxxx
"Payee"
