Exhibit 10.112
AMENDMENT NO. 1 TO PROMISSORY NOTE
This Amendment No. 1 to Promissory Note ("Amendment") is by and between
Xxxxx X. Xxxxxx and Xxxxxxx X. Xxxxxxxxx (the "Holders") and National Investment
Managers Inc. (the "Maker"), effective as of September 29, 2009.
Whereas, reference is herby made to a certain Promissory Note, dated
February 24, 2009, by and between the Holders and the Maker in the amount of
Three Hundred Thirty Seven Thousand Five Hundred dollars ($337,500.00) (the
"Promissory Note No. 1"). All capitalized terms used herein and not otherwise
defined herein shall have the meanings as set forth in the Promissory Note;
Whereas, reference is herby made to a certain Promissory Note, dated
February 24, 2009, by and between the Holders and the Maker in the amount of
Five Hundred Thousand dollars ($500,000.00) (the "Promissory Note No. 2;"
Promissory Note No. 1 and Promissory Note No. 2 collectively referred to as
"Promissory Notes");
Whereas, the Maker and the Holders are amending the terms of the
Promissory Notes;
Now, Therefore, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Holders and the Maker hereby
agree to amend the Promissory Notes as follows:
1. The scheduled Monthly Installments beginning with the October 1, 2009
Monthly Installment shall be replaced with a single (balloon) payment
on March 1, 2010 that includes remaining principal and interest accrued
as of August 31, 2009.
2. No other changes to the Promissory Notes are made, except as expressly
set forth herein.
3. This Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assign, and no other
parties shall be a beneficiary hereunder. Neither this Amendment nor
any of the provisions hereof can be changed, waived, discharged or
terminated except by a written instrument signed by the party against
whom enforcement the change, waiver, discharge or termination is
sought.
4. This Amendment may be signed in counterpart, each of which shall be
deemed an original and all of which, when taken together, shall
constitute one and the same instrument. Signatures delivered by
facsimile transmission shall have the same force and effect as original
signatures delivered in person.
[Signatures on following page]
Exhibit 10.112
NATIONAL INVESTMENT MANAGERS INC. XXXXX X. XXXXXX
By:___/s/ Xxxx X. Davis_____________ By:_/s/ Xxxxx X. Conner_________
Name: Xxxx X. Xxxxx
Title: President & Chief Operating Officer
XXXXXXX X. XXXXXXXXX
By:__/s/ Xxxxxxx X. Renninger___
