AMENDMENT TO SECURITY DOCUMENTS
Exhibit
10.14
THIS
AMENDMENT TO SECURITY DOCUMENTS is made as of this 30th day of March, 2006,
by
and between Zoom Telephonics, Inc., a Delaware corporation (the “Mortgagor”),
and Xxxxxxxxxx Bank & Trust Company (the “Lender”).
WHEREAS,
Lender has made a certain mortgage loan to the Mortgagor, which loan is
evidenced by a Commercial Real Estate Promissory Note made by the Mortgagor
to
the Lender dated January 10, 2001, in the original principal amount of
$6,500,000.00, as amended by First Amendment to Commercial Real Estate
Promissory Note dated March 28, 2005 (the “Note”); and
WHEREAS,
the Note is secured, inter
alia,
by the
following “Security Documents” among others:
(i) a
Mortgage, Security Agreement and Assignment dated January 10, 2001, from the
Mortgagor to the Lender with respect to certain real property known as and
located at 000-000 Xxxxx Xxxxxx, 50 Utica Street, 000-000 Xxxxx Xxxxxx, and
000-000 Xxxxxxxx Xxxxxx, Xxxxxx, Xxxxxxx Xxxxxx, Xxxxxxxxxxxxx (collectively,
the “Mortgaged Premises”), which Mortgage is recorded with the Suffolk County
Registry of Deeds in Book 25763, Page 284, and filed with the Suffolk County
Registry District of the Land Court as Document No.609541 (the “Mortgage”);
and
(ii) an
Assignment of Leases and Rents dated as of January 10, 2001, from the Mortgagor
to Lender pursuant to which the Mortgagor has assigned to the Lender all of
the
Mortgagor's interest in, to and under all leases, rental agreements and/or
occupancy agreements with respect to the Mortgaged Premises, which instrument
is
recorded with the Suffolk County Registry of Deeds in Book 25763, Page 315,
and
filed with the Suffolk County Registry District of the Land Court as Document
No. 609542 (the “Assignment of Leases”); and
WHEREAS,
Lender and the Mortgagor have entered into a Loan Modification Agreement of
even
date herewith regarding the outstanding indebtedness of the Mortgagor to the
Lender (the “Modification Agreement”), which Agreement, among other things,
extended the maturity date of the Note; and
WHEREAS,
Lender and Mortgagor have agreed to amend the Security Documents to include
within the liabilities, obligations, and indebtedness thereby secured the
Mortgagor’s obligations under the Modification Agreement.
NOW,
THEREFORE, in consideration of the foregoing and the sum of Ten Dollars
($10.00), and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Mortgagor and Lender agree as
follows:
1. Each
of
the Security Documents shall be and hereby is amended to provide that the
Security Documents shall and do secure all obligations of Mortgagor to Lender
whether now existing or hereafter incurred, absolute or contingent, including
but not limited to all obligations of the Mortgagor under (i) the Note, as
from
time to time amended, (ii) the Modification Agreement, and (iii) all documents
executed in connection with the Modification Agreement (collectively, the
“Obligations”).
2. Mortgagor
has granted to Lender, with mortgage covenants, the Mortgaged Premises, pursuant
to the Mortgage. Mortgagor hereby ratifies and confirms such grant and hereby
grants to Lender, WITH MORTGAGE COVENANTS, the Mortgaged Premises pursuant
to
the Mortgage, as amended by this Amendment, to secure the
Obligations.
3. Mortgagor
has assigned to Lender all leases, rents and profits with respect to the
Mortgaged Premises, pursuant to the Assignment of Leases. Mortgagor hereby
ratifies and confirms such assignment, and hereby again assigns to Lender all
of
the Mortgagor's interest in such rents, leases and profits, pursuant to the
Assignment of Leases, as amended by this Amendment, to secure the
Obligations.
4. Except
as
herein amended, the Security Documents shall remain unmodified and in full
force
and effect as originally written, and are hereby ratified and confirmed by
the
Mortgagor.
5. Lender
joins in this Amendment to Security Documents to evidence its acceptance of
the
terms hereof.
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Executed
as a sealed instrument as of the date first above-written.
| MORTGAGOR: | LENDER: | |
| ZOOM TELEPHONICS, INC. | XXXXXXXXXX BANK & TRUST COMPANY | |
|
By
/s/
Xxxxx X. Xxxxxxx
|
By_/s/ Xxxxxx X. Xxxx | |
|
Xxxxx
X. Xxxxxxx, President
|
Name: Xxxxxx X. Xxxx | |
|
duly
authorized
|
Title: Senior Vice-President | |
|
By :
/s/
Xxxxxx Xxxxx
|
||
|
Xxxxxx
X. Xxxxx, Treasurer
|
||
|
duly
authorized
|
30
