EXHIBIT 10.3
MODIFICATION OF SECURED
PROMISSORY NOTE
THIS MODIFICATION OF NOTE (the "Modification Agreement") is entered into as of
the 26th day of June, 1998, by and between INCO HOMES CORPORATION, a Delaware
corporation, hereinafter called "Borrower", and Xxxxxx X. Xxxxxx and Xxxxxxx X.
Xxxxxx, Co-Trustees under the Xxxxxx Revocable Family Trust Dated September 15,
1981, as amended, hereinafter called "Lender".
RECITALS
A. On June 26, 1997, Borrower, did make, execute and deliver a Promissory Note
Variable Rate to Lender, in the original amount of $500,000.00 ("Note")
secured by two (2) Deeds of Trust and Assignment of Rents executed by
Borrower, in favor of Lender, of even date therewith that (1) recorded on
June 26, 1997, under Instrument No.970227138, in the Office of the County
Recorder of San Bernardino County, State of California and (2) recorded on
June 30, 1997, under Instrument No. 97-970592, in the Office of the County
Recorder of Los Angeles County, State of California ("Deeds of Trust").
B. The Note evidences a loan (the "Loan") which was made to the Borrower by the
Lender pursuant to a Secured Promissory Note dated June 26, 1997 between
Lender and Borrower.
C. The Borrower now has requested and Lender has agreed to further modify the
terms and provisions of said Note as set forth herein.
TERMS AND CONDITIONS
NOW, THEREFORE, for valuable consideration and the mutual promises and
agreements hereinafter contained, Lender and Borrower hereby further amend the
terms and provisions of said Note as follows:
A. The Note is hereby amended and modified as follows:
1. The "Maturity Date" in the Note is amended to read June 26, 1999.
It is specifically agreed by the parties hereto that this Modification Agreement
shall not affect or impair any other covenant or condition of the Note and Deeds
of Trust herein referred to. The Borrower hereby accepts the foregoing terms
and, in consideration thereof, does hereby agree to pay the said indebtedness
represented by said Note according to the terms thereof as hereby modified and
amended. Borrower further warrants that full legal title to the property
legally described in the aforementioned Deeds of Trust is at the date indicated
below, vested in said Borrower free from any lien or encumbrance other that
those approved by Lender and taxes and/or assessments not at this time
delinquent.
IN WITNESS WHEREOF, the parties hereto have executed this instrument as of the
8th day of August, 1998.
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LENDER: BORROWER:
Xxxxxx X. Xxxxxx and Xxxxxxx X. Xxxxxx, Co-Trustees Inco Homes Corporation
under the Xxxxxx Revocable Family Trust a Delaware corporation
Dated September 15, 1981, as amended
By: /s/ Xxxxxx X. Xxxxxx By: /s/ Xxxxx X. Xxxx
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Xxxxxx X. Xxxxxx Xxxxx X. Xxxx
