PROMISSORY NOTE EXTENSION AGREEMENT
Exhibit 6.5
PROMISSORY NOTE EXTENSION AGREEMENT
THIS PROMISSORY NOTE EXTENSION AGREEMENT (“Agreement”) is made and entered into effective as of December 20, 2021, by and among DHI Fund, LP, a Delaware Limited Partnership (“Borrower”), and RAD Diversified REIT, Inc, a Maryland Corporation (“Lender”).
R E C I T A L S:
A. Borrower and Lender are parties to a Promissory Note dated February 2, 2020, in the original principal amount of one million four hundred sixty-four thousand three hundred seventy-two dollars and eighty-one cents ($1,464,372.81) (“Note”).
B. The Note was scheduled to mature on December 30, 2021, and the parties hereto have entered into this Agreement for purposes of extending the maturity date of the Note.
NOW, THEREFORE, for valuable consideration, the parties hereto agree as follows:
1. PRINCIPAL BALANCE. The outstanding principal amount due under the Note is currently nine hundred forty-six thousand eight hundred ninety-nine dollars and five cents ($946,899.05). In addition, interest has accrued and continues to accrue under the terms of the Note.
2. DUE DATE. The Due Date as defined in the Note is hereby extended to December 31, 2022, on which date all principal and interest remaining outstanding shall be paid in full without further notice or demand.
3. MISCELLANEOUS. Borrower covenants and agrees with Lender that it has no defenses to the payment of the Note and the performance of Borrower’s obligations thereunder. Except as expressly modified herein, all other terms and provisions of the Note shall remain in full force and effect.
Borrower’s Signature: | Date: | ||
DHI Fund, LP with Xxxxxxx Xxxxxxxxxx acting as Managing Member | |||
Lender’s Signature: | Date: | ||
RAD Diversified REIT, Inc with Xxxxxxx Xxxxxxxxxx acting as CEO |