EXTENSION AND AMENDMENT TO PROMISSORY NOTE
Borrower:
Freedom Financial Corporation, and Indiana Corporation
0000 Xxxxxxxxxxx Xxxx, Xxxxx X
Xxx Xxxxxx, XX 00000
NOTE INTEREST PRINCIPAL FUNDING MATURITY CUSTOMER LOAN
INFORMATION RATE AMOUNT DATE DATE NUMBER NUMBER
Variable $1,800,000.00 07/31/96 7/31/97 351634756 1456571
KPK/kmd
EXTENSION AND AMENDMENT TO NOTE
Effective August 22, 1997 , Xxxxxxxx and Xxxxxx agree
that the Note, identified above, (the "Note") shall be amended as
follows:
[X] EXTENSION: The Maturity Date of the Note is extended to
January 31, 1998.
[ ]INTEREST RATE: The interest rate on the Note shall be changed
to:
[ ] A fixed rate of _________% per annum.
[ ] A variable rate of _________% per annum _______________
The Index Rate indicated below. Any change in the
interest rate resulting from a change in the Index Rate
will be effective on:
The Index Rate used for the Note shall be:
If the Index Rate is redefined or becomes unavailable,
then Lender may select another index which is
substantially similar. The initial interest rate on the
Note, as amended shall be _______________% per annum.
MINIMUM RATE/MAXIMUM RATE: Subject to applicable law, the
minimum interest rate on the Note, as amended, shall be
______________% per annum. The maximum interest rate on the
Note, as amended, shall not exceed ____________% per annum,
or if less, or if a maximum rate is not indicated, the
maximum interest rate Lender is permitted to charge by law.
RATE ADJUSTMENT LIMITATIONS: The maximum interest rate
increase at any one time will be _____________%. The
maximum rate decrease at any one time will be ____________%.
PAYMENT SCHEDULE: Borrower shall pay the principal and interest
on the Note according to the following schedule:
ON DEMAND, BUT UNTIL DEMAND IS DUE, THEN:
Quarterly payments of principal in the amount of $50,000.00
plus accrued interest beginning October 31, 1997 and
continuing thereafter. A final payment of the outstanding
principal balance plus accrued interest is due and payable
on January 31, 1998.
ADDITIONAL TERMS:
Collateral for this loan is 1,100,000 shares of Florida
Gaming Corporation Stock represented by 100,000 shares each
of FGC0052, FGC0053, FGC2003, FGC2004, FGC2005, FGC00421,
FGC00422, FGC00423, FGC00424, FGC00508, FGC507. THIS IS A
RATIFICATION OF LOAN AGREEMENT AND STOCK PLEDGE AGREEMENT
DATED 7-31-96 AND AS AMENDED 11-22-96 and 8-22-97.
Collateral also consists of the personal guarantee of X.
Xxxxxxx Xxxxxxx by Guaranty Agreement dated 7/31/96 and
reaffirmed 8/22/97.
INSURANCE: If Borrower has purchased credit life or credit
accident and health insurance, this insurance may only cover
payments made under the Note.
ADDITIONAL DOCUMENTS: Xxxxxxxx agrees to execute any additional
documents that Xxxxxx may request in connection with this
extension/amendment of the Note.
RATIFICATION AND INCORPORATION: The terms, definitions, and
conditions of the Note are fully ratified and incorporated into
this Agreement by this reference. The terms and conditions of
the Note shall remain in full force and effect except as
specifically extended/amended by this Agreement. The Note and
all other loan documents, as extended and amended, are hereby
adopted, ratified, confirmed and acknowledged to be in full force
and effect and binding upon Borrower, with all of the collateral
being pledged remaining as security for Lender.
RESERVATION OF RIGHTS: If a Borrower under the Note does not
sign this Agreement, such Borrower will remain liable under the
terms and conditions continued in the Note, if not released from
those obligations in a writing signed by Xxxxxx.
AMENDED
NOTE INTEREST PRINCIPAL MATURITY CUSTOMER LOAN
INFORMATION RATE AMOUNT DATE NUMBER NUMBER
Variable $1,550,000.00 01/31/98 351634756 1456571
BORROWER WAIVES ALL KNOWN AND UNKNOWN, ABSOLUTE AND CONTINGENT,
CLAIMS, DEFENSES, SETOFFS OR COUNTERCLAIMS AGAINST LENDER OR ITS
SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS AS OF THE
DATE OF THIS AGREEMENT. XXXXXXXX ACKNOWLEDGES THAT XXXXXXXX HAS
READ, UNDERSTANDS AND AGREES TO THE TERMS OF THIS AGREEMENT.
XXXXXXXX ACKNOWLEDGES RECEIPT OF ANY EXACT COPY OF THIS
AGREEMENT.
Dated: August 22, 1997
BORROWER: Freedom Financial BORROWER:
Corporation
By: s/ X.X. Xxxxxxx By:
X. Xxxxxxx Xxxxxxx, Chairman & CEO
BORROWER: BORROWER:
By: By:
BORROWER: BORROWER:
By: By:
BORROWER: BORROWER:
By: By:
LENDER: Pioneer Bank
By: /s/ Xxxxxxx Xxxx
Xxxxxxx Xxxx, Senior Vice
President
