EXHIBIT 10.7
FIRST AMENDMENT TO COMMUNITY SHORES BANK CORPORATION
FLOATING RATE SUBORDINATED NOTE DUE JUNE 30, 2006 AND
SUBORDINATED NOTE PURCHASE AGREEMENT
September 26, 2001
To the holder of Community Shores
Bank Corporation Floating Rate
Subordinated Notes named on the
signature page of this letter
Re Community Shores Bank Corporation Floating Rate Subordinated Notes
due June 30, 2006, and related Subordinated Note Purchase
Agreements
Community Shores Bank Corporation (the "Community Shores") has
previously entered into the Subordinated Note Purchase Agreements and issued to
you the Floating Rate Subordinated Notes due June 30, 2006 referred to across
from your name on Annex I to this letter (collectively "Your Purchase Agreements
and Notes", and individually, "Your Purchase Agreements" and "Your Notes"). This
letter will confirm the agreement between you and Community Shores, effective
September 26, 2001, to extend the maturity of Your Notes from June 30, 2006 to
June 30, 2007. The provisions of Your Purchase Agreements shall be deemed
concurrently amended, effective September 26, 2001, to reflect the extension of
the maturity of Your Notes to June 30, 2007. In connection with the extension of
the maturity date, you represent to Community Shores that all of your
representations, warranties and agreements set forth in Section 5 of Your
Purchase Agreements continue to be true and correct as of the date of this
letter.
Except for the amendment to Your Purchase Agreements and Notes
expressly set forth in this letter, all of the provisions of Your Purchase
Agreements and Notes shall continue to be in full force and effect.
Please indicate your agreement with the terms of this letter by signing
and returning a copy of this letter to Community Shores, in which case this
letter shall become a binding agreement between you and Community Shores,
effective September 26, 2001. The effectiveness of the agreement set forth in
this letter is not effected by any other holder of a Floating Rate Subordinated
Note agreeing or not agreeing to enter into a similar amendment.
Sincerely,
Community Shores Bank Corporation
By: ___________________________
Xxxx' X. Xxxxxxx
Chairman of the Board, President
and Chief Executive Officer
THE UNDERSIGNED AGREES TO THE ABOVE WITH
RESPECT TO THE $200,000 AGGREGATE PRINCIPAL
AMOUNT OFF FLOATING RATE SUBORDINATED NOTES
DUE JUNE 30, 2006 AND RELATED SUBORDINATED
NOTE PURCHASE AGREEMENTS REFERRED TO ACROSS
FROM THE UNDERSIGNED'S NAME ON ANNEX I TO
THIS LETTER
--------------------------------------------
XXXXXX X. XXXXXXXXXX
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(Please print name under signature)
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ANNEX I
COMMUNITY SHORES BANK CORPORATION
OUTSTANDING FLOATING RATE SUBORDINATED NOTES DUE JUNE 30, 2006
DATE OF
DATE OF FLOATING SUBORDINATED NOTE PRINCIPAL AMOUNT
RATE SUBORDINATED PURCHASE OF FLOATING RATE
NAME OF HOLDER NOTE AGREEMENT SUBORDINATED NOTE
--------------- --------------------- ----------------- -----------------
Xxxxxx Xxxxxxxxxx June 28, 2000 June 27, 2000 $140,000
Xxxxxxx Xxxxxxxxx June 28, 2000 June 27, 2000 70,000
Xxxxxx Xxxxxxx June 28, 2000 June 27, 2000 350,000
Painewebber, Inc., XXX June 28, 2000 June 27, 2000 525,000
Custodian FBO Xxxx X. Xxxx
XXX XX
Xxxxxx Xxxxxxxxxx September 27, 2000 September 27, 2000 $ 60,000
Xxxxxxx Xxxxxxxxx September 27, 2000 September 27, 2000 30,000
Xxxxxx Xxxxxxx September 27, 2000 September 27, 2000 150,000
Painewebber, Inc., XXX September 27, 2000 September 27, 2000 225,000
Custodian FBO Xxxx X. Xxxx
XXX XX
Community Shores LLC September 27, 2000 September 27, 2000 35,000
Community Shores LLC December 26, 2000 420,000
Community Shores LLC March 28, 2001 March 28, 2001 600,000
Community Shores LLC March 29, 2001 March 29, 2001 250,000
Community Shores LLC April 13, 2001 April 13, 2001 145,000
Community Shores LLC July 12, 2001 100,000
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