FIRST AMENDMENT TO LOAN AGREEMENT
THIS FIRST AMENDMENT to Loan Agreement is made this _____ day of March,
1999, by and among AARICA HOLDINGS, INC., a Texas corporation (hereinafter
called "Borrower"), XXXXX XXXXXX (hereinafter called "Guarantor"), and XXXXXX X.
XXXXXXX, XX., (hereinafter called the "Lender").
WHEREAS, Borrower, Guarantor, and Lender entered into that certain Loan
Agreement dated March 8, 1999 (the "Agreement"), whereby Borrower acknowledged
borrowing $240,000.00 ("Original Loan"), and borrowed an additional $250,000.00
("Second Loan"); and Guarantor guaranteed payment of both the First and Second
Loan; and
WHEREAS, Lender has already advanced $50,000.00 in the form of a wire
transfer and $50,000.00 in the form of a Letter of Credit for the benefit of
Taimark, pursuant to the terms of the Second Loan; and
WHEREAS, Borrower and Guarantor have requested Lender change the manner
of the final distribution of the Second Loan and advance $150,000.00 in the form
of a wire transfer or bank check instead of a Letter of Credit for the benefit
of Shing Tak to which request Lender has agreed; and
WHEREAS, Borrower, Guarantor, and Lender desire to amend the Agreement
to reflect the change in the form of final distribution under the Second Loan.
NOW, THEREFORE, in consideration of the premises herein contained, Ten
Dollars ($10.00) and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree that the
Agreement be amended as follows:
Paragraph (b) of Article I of the Agreement is deleted in its entirety
and the following substituted therefor:
"(b) $150,000.00 in the form of a wire transfer or bank check; and"
Except as modified by this Amendment, the Agreement shall remain
unchanged and in full force and effect, and the parties reaffirm and ratify
their respective obligations thereunder.
The recitals hereto, which the parties acknowledge are true and
correct, are hereby incorporated herein by reference. This Amendment may be
executed in one or more counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same
instrument. This Amendment shall be binding upon and inure to the benefit of the
parties
-2-
hereto and their respective permitted successors, grantees, heirs, and assigns.
This Amendment shall be construed and interpreted in accordance with, and
governed by, the laws of the State of Florida.
GUARANTOR: BORROWER:
AARICA HOLDINGS, INC., a Texas
corporation
------------------------------------
Xxxxx Xxxxxx
By:______________________________
Its:______________________________
LENDER:
------------------------------------
Xxxxxx X. Xxxxxxx, Xx.
ORL95 109952.1 - CJG
