Prepared by XXXXXXX CORPORATION xxx.xxxxxxxxxxxxxx.xxx
EXHIBIT 10
MODIFICATION AND/OR EXTENSION AGREEMENT
| Date:
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| September 1, 1999 XXX/CMM
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Borrower(s):
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R-B Rubber Products, Inc.
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Lender:
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KeyBank National Association
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Note:
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Dated July 31, 1998, in the principal amount of $1,000,000.00, including any and all amendments thereto.
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Loan #:
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00-000000-0000
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FOR VALUE RECEIVED, Borrower and Lender hereby agree to modify the above-referenced Loan and Promissory Note and/or Loan Agreement as follows:
1. MODIFICATION AND/OR EXTENSION PROVISIONS.
*The
maturity date of the Loan is hereby extended to August 1, 2000.
2. CONDITIONS. The modifications and/or extension described above are subject to and conditioned upon
Borrower's full satisfaction of all the following conditions on or before the date first stated above, time being of the essence.
A.There
shall be no uncured event of default under the Loan, nor any event or condition which with notice or the passage of time would be an event of default thereunder.
B.Borrower
shall deliver to Lender a fully executed original of this Modification and/or Extension Agreement.
C.All
expenses incurred by Lender in connection with this Agreement (including without limitation, attorney fees, recording charges, charges for title policy updated(s), escrow
charges, costs of obtaining updated or additional appraisal(s) or collateral valuations, if required by Lender) shall be paid by Borrower.
D.Borrower
shall comply with the following additional conditions:
*Borrower
shall pay Lender cash an extension fee of $2,500.00.
2. GENERAL PROVISIONS. Except as modified above, all other provisions of the Promissory Note and any
other documents securing or relating to the Loan (the "Loan Documents") remain in full force and effect. All security given for the Loan and all guarantees of the Loan (as applicable) shall continue
in full force. Borrower warrants and represents to Lender that it has full right, power and authority to enter into this agreement and to perform all its obligations hereunder, and that all
information and materials submitted to Lender in connection with this modification are accurate and complete. Borrower warrants that no default exists under the Loan Documents. Borrower reaffirms its
obligation to pay the Loan in full and reaffirms the validity and enforceability of the Loan Documents, without
set-off, counterclaim or defense.
ORAL
AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENORCEABLE UNDER OREGON LAW.
| LENDER:
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| BORROWER:
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| KEYBANK NATIONAL ASSOCIATION
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| R-B RUBBER PRODUCTS, INC.
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By:
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By:
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| Xxxx MarshVice President
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| Xxxxxx BoghPresident
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