CHANGE IN TERMS AGREEMENT
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EXHIBIT 10.2 |
CHANGE IN TERMS AGREEMENT
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Principal $1,000,000.00 |
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Loan Date 02-24-2006 |
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Maturity 04-30-2006 |
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Loan No 26 |
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Call / Coll | |
Account 000-0000000 |
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Officer |
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Initials |
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References in the shaded area are for Lender's use only
and do not limit the applicability of this document to any particular
loan or item. Any item above containing " * * * " has been omitted due to text length limitations. |
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Borrower:
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XXXXXX INCORPORATED 00000 XXXXXX XXXXXX XXXXXXXXX, XX 00000
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Lender:
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THE HUNTINGTON
NATIONAL BANK Cleveland Commercial Lending P. 0. Xxx 000000 - XX0X00 Xxxxxxxx, XX 00000-0000 |
| Principal
Amount: $1,000,000.00 |
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Date of Agreement: 2/28/06 |
DESCRIPTION OF EXISTING INDEBTEDNESS. Pursuant to a certain
Business Loan Agreement to be executed contemporaneously herein, Borrower
executed and delivered to Lender a certain Promissory Note dated February
18, 2005 in the Principal Amount of One Million and 00/100 Dollars ($1,000,000.00)
(hereinafter referred to as the "Note") bearing interest at a rate set forth
therein, with the Principal Amount and accrued interest due and payable
as provided for therein.
DESCRIPTION OF COLLATERAL. To secure the obligations under
said Note, Borrower executed and delivered to lender a certain Commercial
Security Agreement, financing statements, and other related documents granting
Lender a security interest in certain property as further described therein.
DESCRIPTION OF CHANGE IN TERMS. Effective as of the date
hereof:
The first sentence of the section of said Note captioned "PAYMENT." shall
be amended to read as follows:
Borrower will pay this loan in one payment of all outstanding principal
plus all accrued unpaid interest on April 30, 2006.
CONTINUING VALIDITY. Except as expressly changed by this
Agreement, the terms of the original obligation or obligations, including
all agreements evidenced or securing the obligation(s), remain unchanged
and in full force and effect. Consent by Lender to this Agreement does not
waive Lender's right to strict performance of the obligation(s) as changed,
nor obligate Lender to make any future change in terms. Nothing in this Agreement
will constitute a satisfaction of the obligation(s). It is the intention
of Lender to retain as liable parties all makers and endorsers of the original
obligation(s), including accommodation parties, unless a party is expressly
released by Lender in writing. Any maker or endorser, including accommodation
makers, will not be released by virtue of this Agreement. If any person who
signed the original obligation does not sign this Agreement below, then all
persons signing below acknowledge that this Agreement is given conditionally,
based on the representation to Lender that the non-signing party consents
to the changes and provisions of this Agreement or otherwise will not be
released by it. This waiver applies not only to any initial extension, modification
or release, but also to all such subsequent actions.
PROCESSING FEE. Borrower shall pay to Lender on the date
of this Agreement a processing fee in the amount of $0.00. Lender and Borrower
agree that the fee shall be fully earned by Lender on the date of this Agreement.
PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE
PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT.
| WARNING - BY
SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF
YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT
YOUR PRIOR KNOWLEDGE AND THE POWERS OF THE COURT CAN BE USED TO COLLECT
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER
FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE
AGREEMENT, OR ANY OTHER CAUSE. |
BORROWER:
XXXXXX INCORPORATED
By: /s/ Xxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx, President of
XXXXXX INCORPORATED
LENDER:
THE HUNTINGTON NATIONAL BANK
By: /s/ Xxxxx Xxxxx
Authorized Signer
