Exhibit 10.2
AMENDMENT TO UNSECURED PROMISSORY NOTE
This Amendment to Unsecured Promissory Note (this "Amendment")
is executed this 15th day of June, 2006, by GOLDLEAF FINANCIAL SOLUTIONS, INC.
(formerly known as Private Business, Inc.), a Tennessee corporation (the
"Borrower"), and XXXX XXXXXXXXX (referred to hereinafter, together with any
successors or assigns, as "Holder").
Recitals
A. Borrower executed to the order of Holder that certain
Unsecured Promissory Note dated January 31, 2006, in the original principal
amount of $850,000 (the "Note"). Pursuant to the terms of the Note, the
principal of, and any accrued and unpaid interest on, the Note was due and
payable in full on June 15, 2006 (the "Maturity Date"). Unless otherwise defined
herein, capitalized terms shall have the meanings assigned to them in the Note.
B. The Borrower and Holder have agreed that the Borrower will
pay $350,000 of the principal under the Note, plus all accrued interest through
June 15, 2006, and have agreed that the maturity date of the Note with respect
to the remaining $500,000 under the Note will be extended to July 15, 2006.
Agreement
NOW, THEREFORE, in consideration of the above Recitals, the
Borrower and Holder hereby amend the Note as follows:
1. The Borrower shall pay Holder $350,000 of the principal under the
Note, plus all accrued but unpaid interest through June 15, 2006, concurrently
with the execution of this Amendment. The Borrower and Holder acknowledge that
the remaining amount due under the Note following such payment shall be $500,000
and that interest shall accrue on such remaining amount at the Prime Rate from
June 15, 2006 until paid.
2. The Maturity Date under the Note is hereby extended to July 15,
2006. All references in the Note to the "Maturity Date" are hereby amended to
mean July 15, 2006.
Except as expressly amended herein, the Note shall remain in full force
and effect in accordance with its terms and conditions.
IN WITNESS WHEREOF, the Borrower and Holder have caused this Amendment
to be executed by their respective duly authorized representatives, as of the
date first set forth above.
BORROWER:
GOLDLEAF FINANCIAL SOLUTIONS, INC., a
Tennessee corporation
By /s/ G. Xxxx Xxxxx
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G. Xxxx Xxxxx, Chief Executive Officer
HOLDER:
XXXX XXXXXXXXX
/s/ Xxxx XxXxxxxxx
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