EXHIBIT 10.25
FIRST
RENEWAL AND EXTENSION
OF
INTEREST ONLY
NONRECOURSE PROMISSORY NOTE
AND SECURITY AGREEMENT
Original Amount: $400,000.00 Renewal and Extension Date:
February 23, 2004
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FOR VALUE RECEIVED, H.E.R.C. Products Incorporated, a Delaware corporation,
("Maker" or "Debtor") promises to pay to R. Xxxx Xxxxxxxxx ("Holder" or "Secured
Party"), or order, the principal sum of Four Hundred Thousand Dollars
($400,000.00) with interest from the date of the original Interest Only
Nonrecourse Promissory Note and Security Agreement dated February 23, 2003 on
unpaid principal owing from time to time at the rate of eight percent (8.0%) per
annum until fully paid pursuant to this First Renewal and Extension of Interest
Only Nonrecourse Promissory Note and Security Agreement. Maker shall make
interest only payments on the first day of each month from the date of the
original Note dated February 23, 2003 until the date one (1) year from the date
of the original Note, as first extended and renewed hereunder ("Maturity Date").
Principal plus all accrued and unpaid interest on such principal shall be due
and payable on the Maturity Date.
This note is delivered and accepted not in payment but for the purpose of
and in consideration of the extension of time of payment of the original
Interest Only Nonrecourse Promissory Note and Security Agreement. This First
Renewal and Extension of Interest Only Nonrecourse Promissory Note and Security
Agreement incorporates by specific reference that certain Interest Only
Nonrecourse Promissory Note and Security Agreement dated February 23, 2003 by
and between its Maker, H.E.R.C. Products Incorporated and its Holder and Secured
Party, R. Xxxx Xxxxxxxxx, and specifically incorporates all the terms,
conditions and secured party interests stated therein as modified by this
renewal and extension.
Executed at Portsmouth, Virginia the day and year first above written.
MAKER/DEBTOR
H.E.R.C. Products Incorporated,
a Delaware corporation
By: S. Xxxxxx Xxxx, CEO
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[Signature]
/s/ S. Xxxxxx Xxxx
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