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EXHIBIT 10.28
FIRST AMENDMENT TO PROMISSORY NOTE
This First Amendment to Promissory Note (the "Amendment") is entered
into as of December 22, 1995, by and between MESA LEASING COMPANY, a general
partnership ("Borrower") and XXXXX FARGO BANK, NATIONAL ASSOCIATION ("Bank").
RECITALS
WHEREAS, Borrower has heretofore delivered to Bank that certain
Promissory Note, dated as of July 26, 1991 and in the original face amount of
$2,300,000 (as amended from time to time, the "Note").
WHEREAS, the Note is secured by a Deed of Trust made by Borrower in
favor of Bank, dated as of July 26, 1991 and recorded in the official Records
of the Orange County Recorder on July 30, 1991 as Instrument No. 91-400493.
WHEREAS, Borrower has requested that Bank agree to certain amendments
to the Note.
WHEREAS, Bank has agreed to certain of Borrower's requests in
accordance with the terms and subject to all conditions set forth in this
Amendment.
NOW THEREFORE, the parties hereto agree as follows:
1. Amendment to Note. The first sentence of the third paragraph
of the Note is hereby modified to read as follows:
"Principal shall be payable in installments as follows:
Principal shall be payable on the 26th day of each month in
equal, successive installments of TWO THOUSAND EIGHT HUNDRED
FIFTY DOLLARS ($2,850.00) each, commencing August 26, 1991,
and continuing up to and including April 26, 1996, with a
final installment consisting of all remaining unpaid principal
and all remaining accrued and unpaid interest due and payable
in full on April 30, 1996."
2. Amendment of Other Loan Documents. Each of the credit and
security documents associated with the Note is hereby amended such that all
references to the Note contained therein shall be deemed to be references to
the Note as amended by this Amendment.
3. Counterparts. This Amendment may be executed in counterparts
and any party may execute any counterpart, each of which shall be deemed to be
an original and all of which, taken together, shall be deemed to be one and the
same document. The execution hereof by any party shall not become effective
until this Amendment is executed by all parties hereto.
4. Except as specifically provided herein, all terms and
conditions of the agreements referenced herein remain in full force and effect,
without waiver or modification.
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5. Borrower hereby remakes all representations and warranties
contained in the credit documents identified herein and reaffirms all covenants
set forth therein. Borrower further certifies as of the date of this
Amendment, other than as heretofore disclosed in writing to Bank, there exists
no Event of Default as defined in the Note, nor any condition, act or event
which with the giving of notice or the passage of time or both would constitute
any such Event of Default.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed as of the date and year first written above.
MEAS LEASING COMPANY,
a general partnership
By: XXXXXXX X. XXXXXXX
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Xxxxxxx X. Xxxxxxx
its general partner
By: CIMCO, INC., a Delaware
corporation, its general partner
By: XXXXXXX X. XXXXXXX
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Xxxxxxx X. Xxxxxxx
President
XXXXX FARGO BANK, NATIONAL ASSOCIATION
By: ART BROKX
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Art Brokx, Vice President
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Printed Name and Title
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