AMENDMENT TO LOAN DOCUMENTS
THIS AMENDMENT TO LOAN DOCUMENTS consisting of a Promissory Note and
Deed of Trust is made this 11th day of October, 1996, by and between XXXXX X.
XXXXXX, XX., hereinafter called "Lender", and MICROTECH MEDICAL SYSTEMS, INC.,
hereinafter called "Borrower".
WHEREAS, Glacier Valley Holding Corporation and Lender executed a
certain Promissory Note dated July 25, 1996, with the principal face amount of
Three Hundred Three Thousand Seven Hundred Ninety-Three and No/100 ($303,793.00)
Dollars and Xxxxx X. Xxxxxx, Xx., Payee, Glacier Valley Holding Corporation as
the Maker, and Borrower as Guarator, and
WHEREAS, the Promissory Note was secured by a certain Deed of Trust
dated July 25, 1996, recorded in Book ____ at Page ____ of the Books and Records
of the Clerk and Recorder of El Paso County, Colorado, on __________, and
WHEREAS, copies of the above referenced documents are attached hereto
as Exhibits "A" and "B" respectively, and are incorporated herein by reference,
and
WHEREAS, Borrower and Lender desire to enter into this Amendment in
order to approve the assumption of said Promissory Note by Borrower.
NOW THEREFORE, in consideration of the conditions, covenants and
agreements herein contained for such other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows:
1. Promissory Note.
(a) Lender hereby approves the assumption of the
Promissory Note by Borrower.
(c) In all other respects, the Promissory Note shall
remain unchanged.
2. Amendment to Deed of Trust.
(a) Notwithstanding anything in the Deed of Trust to
the contrary, said Deed of Trust is amended to conform to the assumption of the
Promissory Note set forth in Paragraph 1 hereinabove.
(b) The Deed of Trust shall be amended to provide for
partial release thereon upon payment to Lender of Ten Thousand One Hundred
Twenty-Six and 53/100 ($10,126.53) Dollars per lot transferred by Borrower once
the subject real estate is platted in final form as per attached preliminary
plat.
3. Acknowledgement of Prior Glacier Valley Commitment and
Assumption.
(a) The parties agree Lender shall have his pick of
one (1) of the lots currently being platted for a price of Twelve Thousand Five
Hundred and No/100 ($12,500.00) Dollars as per agreement with previous Glacier
Valley Holding Corporation. Xx. Xxxxxx must make his choice and pay for said lot
within ten (10) days after notification said lots are staked.
4. Recordation.
(a) The recordation of this Amendment shall not alter
the priority of the lien on the property created by the Deed of Trust referred
to hereinabove.
5. Release.
(a) The execution of this Amendment does not and
shall not constitute a waiver of any rights or remedies to which Lender is
entitled pursuant to the Promissory Note and Deed of Trust except as
specifically set forth herein.
6. Advice of Counsel.
(a) The parties hereto are advised to consult legal
counsel regarding the effect of this document and the signatures hereon
acknowledge that counsel has been consulted or that the parties desire not to so
consult counsel.
7. Binding Effect.
(a) This Amendment shall be binding upon and enure to
the benefit of the parties hereto, their heirs, successors, devisees and
assigns.
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8. Multiple Originals.
(a) This Amendment may be executed in multiple
originals, each of which shall be deemed an original and one of which may be
attached to the Promissory Note without having been first recorded.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment the
date and year first above written.
BORROWER:
MICROTECH MEDICAL SYSTEMS, INC.
BY: _________________________________
STATE OF COLORADO
COUNTY OF ________________
Sworn to and subscribed before me this ____ day of October, 1996 by
_____________________________ on behalf of Microtech Medical Systems, Inc.
___________________________________
Notary Public, Colorado
My commission expires:_____________
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