FIRST COMMUNITY
FINANCIAL CORPORATION
PROMISSORY NOTE MODIFICATION AGREEMENT
Xxxxxxxxxxxx # 0
Date: December 30, 1996 Borrower: Xxxxx Brothers Arizona, Inc., Fka
Obligation #00011 Xxxxx Brothers Southwest, Inc.
an Arizona corporation
The undersigned (individually/collectively "Borrower"), is indebted to
First Community Financial Corporation ("Lender") under that certain Multiple
Advance Promissory Note, dated July 26, 1996, in the original amount of
$200,000.00, which has been amended and modified from time to time (the "Note").
Borrower and Lender hereby agree that the Note shall be modified in the
following respects:
1). Effective January 1, 1997, interest shall be charged on the unpaid
principal balance hereof, to the date of maturity on a daily basis for
the actual number of days any portion of said principal is outstanding,
at the rate (the "Note Rate") equal to the prime rate announced from
time to time by Bank One, Phoenix, Arizona (whether or not it is the
lowest rate actually charged by such bank) plus 3.5 % per annum. The
current Note Rate under the note is 11.75 % per annum based upon a
prime rate of 8.25 %. In the event such prime rate is from time to time
hereafter changed, the Note Rate of interest shall correspondingly be
adjusted as of the effective date of the prime rate change; provided,
however, that the Note Rate payable hereunder shall in no event be less
than 11.75% per annum.
2) All other terms and conditions shall remain-unchanged.
Except as amended hereby, the Note (as the same may have been amended from time
to time) shall continue in full force and effect and is hereby ratified and
confirmed.
Dated this 30th day of December, 1996.
Agreed & Accepted Agreed & Accepted
Xxxxx Brothers Arizona, Inc. First Community Financial Corporation
Fka Xxxxx Brothers Southwest, Inc. an Arizona corporation
an Arizona corporation
"Borrower" "Lender"
By: /s/ Xxxxx X. Xxxxxxx By: /s/ Xxxxx X. Xxxxxxx
------------------------------- ---------------------------------
Xxxxx X. Xxxxxxx, President and Xxxxx X. Xxxxxxx, President
Chief Executive Officer
Its: President and Chief Executive Its: President
----------------------------- ---------
Officer
-------
Dated: December 30, 1996 Dated: December 30, 1996
----------------- -----------------
