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EXHIBIT 10.115
AMENDMENT TO NOTE SECURED BY DEED OF TRUST
This Amendment is made as of the 5th day of December, 1996, and amends
the Note Secured by Deed of Trust ("Note") executed by Par Mee Development Inc.
("Borrower") in the principal amount of $3,500,000.00 payable to American
Canyon Partners as partially assigned to Concord General Corporation
("Lender").
WHEREAS, under the terms of the Note as assigned to Lender, Borrower owes
the sum of $3,320,000.00 to Lender, which amount was due and payable in full
on or before October 27, 1996; and
WHEREAS, Borrower has requested an extension of the final due date of all
amounts due under said Note, as assigned, as Borrower is currently unable to
repay the note in full; and
WHEREAS, Lender is willing to extend the final due date of all amounts due
under said Note under certain conditions as set forth below:
NOW, THEREFORE, it is hereby agreed by Borrower and Lender that the Note
be amended in accordance with the following terms and conditions:
1. Borrower shall make a payment in the amount of $1,500,000.00 no later
than 1:00 p.m. PST on December 11, 1996. Such payment shall be wired into
Lender's banking account as described below:
Xxxxx Fargo Bank
Concord, California Branch
Routing Number 000000000
Account Number 4175-121037
Borrower shall request that Borrower's bank forward a letter to Lender
confirming the above transfer of funds as soon as reasonably possible.
2. Borrower shall pay the remaining balance of $1,820,000.00 as follows:
a. If the entire remaining balance of $1,820,000.00 is paid in full on
or before December 31, 1996, Lender shall not apply the late fee as
described in the Note and no interest shall be applied.
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b. If the remaining balance is paid in full after December 31, 1996 but
on or before January 31, 1997, then the late fee as provided in the Note in
the amount of $132,800 shall be added to the principal amount due but no
interest shall be applied
c. If the remaining principal balance plus the late fee is paid after
January 31, 1997 but on or before February 28, 1997, interest shall be
applied at a rate of 7% which shall have accrued monthly on the
$1,820,000.00 beginning as of October 27, 1996.
d. Interest on the unpaid balance shall continue to accrue each month at a
rate of 7% on the remaining principal balance until all remaining amounts
due hereunder have been paid or until October 31, 1997 (the final due
date), whichever occurs first.
e. In addition, a 1% penalty shall be charged on the entire unpaid amount due,
including the principal, accrued interest and the late charge, as of
February 28, 1997 and on the last day of each month thereafter until all
amounts due hereunder have been paid or until October 31, 1997, whichever
occurs first.
f. Should Borrower fail to pay all amounts due hereunder on or before October
31, 1997, then as of November 1, 1997, Lender may exercise its right under
the Deed of Trust by which the Note is secured and demand that the Trustee
under such Deed of Trust exercise its power of sale and initiate
foreclosure proceedings on the property described in the Deed of Trust.
At no time prior to November 1, 1997 shall Lender request such foreclosure
proceedings be initiated.
3. Should Borrower fail to make the required $1,500,000.00 payment on or
before December 11, 1997, then this Amendment shall be deemed null and
void and Lender shall have the option of pursuing its remedies in
accordance with the Note and the Deed of Trust by which it is secured.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the date first written above and do certify that the statements made herein are
correct.
BORROWER: LENDER:
/s/ Xxxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx, President Xxxxx X. Xxxxxx, Chief Executive Officer
Par Mee Development, Inc. Concord General Corporation
