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MODIFICATION OF PROMISSORY NOTE
WHEREAS, heretofore and under date of March 16, 1989, Xxxxx Disc
Products Company, Inc. (hereinafter called "Borrower"), made, executed and
delivered to Central Bank Denver, National Association, a Promissory Note, in
the original principal amount of $750,000.00 payable in monthly installments
of $8929.00 each, with interest at the rate therein provided, final maturity
date of said Note being 7 years after date of Note; and
WHEREAS, it is mutually desirable, beneficial and agreeable to the
parties hereto that the repayment terms of said Note be modified as
hereinafter set out;
NOW, THEREFORE, in consideration of the mutual benefits inuring to each
other, it is understood and agreed, by and between the parties hereto, that
the terms and conditions of Borrower's Note, as above described, are hereby
modified as follow:
1. Payment of all past due installments of principal and interest is
deferred until final maturity of the Borrower's Note, as extended
herein.
2. Final maturity of the Borrower's Note is extended to July 7, 2006,
and, on such date all accrued interest and unpaid principal shall
be due and payable in full.
3. Principal-only monthly payments of $1600.00 are to be paid,
commencing with the July 7, 1996 payment, for three years;
principal-only monthly payments of $2,000.00, are to be paid for
the following three years; principal-only monthly payments of
$2500.00 are to be paid for the following two years; principal-
only monthly payments of $2700.00 are to be paid for the following
two years. The remaining balance of principal and interest shall
be payable July 7, 2006. An additional monthly payment of $200.00
shall be paid for 100 months commencing July 7, 1996.
It is further understood and agreed that all other terms, conditions and
covenants of the aforesaid Note, not otherwise modified hereby, shall be and
remain the same, and that this Agreement, when executed by the parties hereto,
shall be attached to and become a part of the original Note, and shall have
the same force and effect as if the terms and conditions hereof were
originally incorporated in the Note, prior to its execution thereof.
IN WITNESS WHEREOF, this Agreement is executed by the undersigned
parties as of the 7th day of June, 1996.
Xxxxx Disc Products Company, Inc.
by:
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Xxxxxx X. Xxxx
President
ACCEPTED BY: SMALL BUSINESS ADMINISTRATION
An Agency of the U.S. Government
by: /s/ Xxx Xxxxx
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XXX XXXXX, Chief
Portfolio Management Division
