EXHIBIT 10.40
NOTE AND MORTGAGE MODIFICATION AGREEMENT
This agreement made this 15th day of October 2003 by and among EDAC
Technologies Corporation, a Connecticut Corporation, having an office at 0000
Xxx Xxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxxx (hereinafter "Mortgagor") and
Farmington Savings Bank, duly authorized and existing under the laws of the
State of Connecticut and having an office at 00 Xxxx Xxxxxx, Xxxxxxxxxx,
Xxxxxxxxxxx (hereinafter "Mortgagee").
WITNESSETH:
WHEREAS, Mortgagor is indebted to Mortgagee in the original amount of
$2,000,000.00 as evidenced by a certain Mortgage Note dated February 5, 2001,
the "Note"; and
WHEREAS, to secure the repayment of said Note, Mortgagor has granted to
Mortgagee a mortgage on premises located in Farmington, Connecticut, more
particularly described in the said mortgage which is dated February 5, 2001 and
recorded in Volume 644 at Page 585 of the Farmington Land Records, the
"Mortgage", a Conditional Assignment of Leases and Rentals recorded in Volume
644 at Page 601 of the Farmington Land Records, the "Conditional Assignment" and
UCC-1 Financing Statement recorded in Volume 644 at Page 608 of the Farmington
Land Records, the "Financing Statement"; and
Whereas, the parties wish to modify said Note, Mortgage, Conditional
Assignment and Financing Statement
NOW THEREFORE, in consideration of the mutual covenants and agreements
herein contained and for One ($1.00) Dollar and other valuable consideration the
parties agree as follows:
1. Interest Rate. The interest rate set forth in paragraph 3 of
the Note is hereby amended to be seven and one half (7.50)
percent per annum effective on October 1, 2003 until March 1,
2006, the first Change Date.
2. Repayment. Paragraph 3 of the Note is further amended and
modified to provide for repayment in equal monthly
installments of principal and interest, commencing on November
1, 2003 of Sixteen Thousand Four Hundred Twenty Three and
21/100ths ($16,423.21) Dollars.
3. Except as modified the rights, privileges, duties and
obligations of the parties hereto under the Note and Mortgage
referred to above shall remain unchanged and in full force and
effect.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals
as of the day and year first written above.
Signed, sealed and delivered
In the presence of: MORTGAGOR
EDAC Technologies Corporation
/s/ Xxxxx Xxxxx /s/ Xxxxx X. Purple
Xxxxx Xxxxx Xxxxx X. Purple
Its V.P. Finance
/s/ Xxxxx X. Xxxxx Duly Authorized
Xxxxx X. Xxxxx
MORTGAGEE
/s/ Xxxxxxxxx X. Xxxxxxxx Farmington Savings Bank
Xxxxxxxxx X. Xxxxxxxx
/s/ Xxxxxxx Xxxx /s/ Xxxxx Xxxxxxxx
Xxxxxxx Xxxx By Xxxxx X. Xxxxxxxx
President
STATE OF CONNECTICUT )
) ss: Farmington October 15, 2003
COUNTY OF HARTFORD )
Personally appeared Xxxxx X. Purple, its V. P. Finance, Signer of the
foregoing instrument, and acknowledge the same to be his free act and deed, and
the free act and deed of said Company, before me.
/s/ Xxxxx X. Xxxxx
Notary Public
STATE OF CONNECTICUT )
) ss: Farmington October 16 2003
COUNTY OF HARTFORD )
Personally appeared, Xxxxx X. Xxxxxxxx, President of Farmington Savings
Bank, Signer of the foregoing instrument, and acknowledge the same to be his
free act and deed as such officer, and the free act and deed of said Bank,
before me.
/s/ Xxxxxxxxx X. Xxxxxxxx
Notary Public
