ADDENDUM I
Birmingham,
Alabama
August
10, 2005
ADDENDUM
I
This
Addendum I (“Addendum I”) is an addendum to the Real Estate Note (“Note”)
executed by X. X. Xxxxxxxx, Xx., (the “Undersigned”) the manager of Automotive
Services Group, LLC, on July 27, 2005. This is also an Addendum to the Future
Advance Mortgage Assignment of Rents and Leases and Security Agreement
(“Security Agreement”) executed by the Undersigned on July 27, 2005. The Note
and Security Agreement are fully incorporated by reference in this Addendum
I.
The
Undersigned, for value received, promise to pay to the order of XXXX XXXXXX
XXXXXX ACQUISITION FUND, LLC, the sum of Seventy
Five Thousand Dollars and no cents ($75,000)
together
with interest upon the unpaid portion thereof from the date at the rate of
three
percent (3%) above the “Prime Rate” as published in The
Wall Street Journal.
This
note is secured by mortgage on real estate, executed to the payee herein.
The
Undersigned agrees that the $75,000 is allocated as follows:
|
1.
|
Ten
Thousand Dollars and no cents ($10,000) to the xxxxx cash account
at First
Commercial Bank.
|
|
2.
|
Fifty
Thousand Dollars and no cents ($50,000) to Xxxxxx Xxxxxx & Company for
building costs.
|
|
3.
|
Fifteen
Thousand Dollars and no cents ($15,000) to Wash Guys Solutions
for
equipment deposit.
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This
Addendum is given, executed and delivered under the seal of the
Undersigned.
|
Automotive
Services Group, LLC
/s/
X. X. Xxxxxxxx,
Xx.
By:
X.
X. Xxxxxxxx, Xx.
Its:
Manager
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