FOURTH AMENDMENT TO PROMISSORY NOTE
EXHIBIT
10.15
FOURTH
AMENDMENT TO PROMISSORY NOTE
dated
as
of September 21, 2006
Reference
is made to that certain promissory note dated January 28, 2005 (the “Note”), as
amended, between CenterStaging Musical Productions, Inc., a California
corporation, (the “Borrower”) and Xxxxxxx Xxxx, a natural person, (the
“Lender”). All terms defined in the Note shall have the same meaning in this
Fourth Amendment, except as otherwise provided herein.
NOW,
THEREFORE, Borrower and Lender hereby agree to amend the Note as
follows:
1. The
Maturity Date of the Loan is hereby revised ab
initio
to
December 31, 2006. Furthermore, the Lender agrees that the Borrower is not,
and
shall not be deemed to be, in default with respect to the original Maturity
Date
of the Loan set forth in the Note as well as any amendments,
2. The
parties acknowledge that the outstanding principal balance of the Loan as of
the
date hereof is $225,000. The Borrower agrees to pay the following installments
on the balance of the Loan: $60,000 on or before September 30, 2006; $60,000
on
or before October 31, 2006; $60,000 on or before November 30, 2006; and $45,000
on or before December 31, 2006. If any of these payments are 5 business days
late the entire unpaid balance and accrued interest will be immediately due
and
payable.
The
Borrow guarantees that he is not planning on going into bankruptcy any time
in
the near future.
3. Except
as
expressly modified herein, the Note is hereby ratified and shall remain in
full
force and effect.
4. This
Fourth Amendment may be executed via facsimile and such facsimile shall be
deemed an original hereof.
If
Lender
agrees with the foregoing, please execute this Fourth Amendment in the space
below.
/s/
Xxxxxx Xxxxxxxxxx
Xxxxxx
Xxxxxxxxxx
CFO
CenterStaging Musical Productions, Inc.
/s/
Xxxxxxx Xxxx
Xxxxxxx
Xxxx, an individual
