EXHIBIT 10.11
RELIV INTERNATIONAL, INC. 148671-1089253 IIII/sd/pb
MODIFICATION AGREEMENT
THIS AGREEMENT, made and entered into as of the 1st day of March, 2001 by
and between SOUTHWEST BANK OF ST. LOUIS, whose address is 0000 Xxxxx
Xxxxxxxxxxxx, Xx. Xxxxx, Xxxxxxxx 00000-0000 (hereinafter referred to as
"Southwest") and RELIV' INTERNATIONAL, INC. whose address is X.X. Xxx 000,
Xxxxxxxxxxxx, XX 00000-0000 (hereinafter referred to as "Borrower).
WITNESSETH
WHEREAS, Borrower has executed a certain Note dated September 2, 1997 in the
original amount of $4,430,000.00 secured by a Deed of Trust dated September 2,
1997 and recorded in Book 11284 Page 0095 in the office of the Recorder of Deeds
of the County of St. Louis, State of Missouri; and
WHEREAS, Southwest is the present holder of the aforementioned Note and
Deed of Trust; and
WHEREAS, Borrower has requested Southwest to modify said Note; and
WHEREAS, Southwest is, subject to certain conditions hereinafter set out,
willing to modify said Note.
NOW, THEREFORE, in consideration of the mutual promises and agreements
herein contained, the parties agree as follows:
1. The outstanding principal balance under the Note as of March 1, 2001
is $4,151,692.95.
2. The maturity date of note shall be extended from March 1, 2001 to
March 1, 2004.
3. Borrower agrees that commencing April 1, 2001, it shall make payments
of principal and interest in the amount of $38,802.13 monthly and on
the 1st day of each succeeding month thereafter with all outstanding
principal and interest due on March 1, 2004. A late charge in the
amount of 10% of the monthly installment will be assessed if payment
is 30 days late, but in no event not less that $10.00.
4. The interest rate shall remain the same at 8.50%, per annum, fixed,
and after maturity, by acceleration or otherwise, at a rate of 20.00%,
per annum, fixed.
5. Nothing contained herein shall impair the security of Southwest, its
successors or assigns under said Note and Deed of Trust nor effect, or
impair any rights or power which it may have under said Note and Deed
of Trust for the recovery of the debt, with interest. Except as
expressly provided herein, the parties hereto acknowledge that all
conditions, covenants and agreements contained in said Note and Deed
of Trust are hereby continued in full force and effect, and said Deed
of Trust shall be and remain a lien upon the real estate described
therein until the principal and interest provided for in said Note and
Deed of Trust are fully paid.
6. If any payment of principle and interest is not paid when due as
described herein such failure shall constitute a default under the
Note and Deed of Trust, or if there is a default in the due
performance of any of the covenants and obligations contained in the
Deed of Trust.
7. Borrower certifies and represents that it has no defenses, offsets,
credits, or counterclaims against Southwest to its obligations under
the Note and Deed of Trust and that Southwest has fulfilled all of its
obligations, covenants and warranties under the Note and Deed of Trust
and is not in default of any such obligations, covenants or
warranties.
8. This modification shall be binding upon the heirs, executors,
administrators, legal representatives, successors and assigns of the
parties hereto.
IN WITNESS WHEREOF, the parties hereto have subscribed their names this 1st
day of March, 2001.
Property Address: RELIV INTERNATIONAL, INC.
112 & 000 Xxxxxxxxxxxx Xxxxxxxxxx Xxxx.
2nd and 3rd Deed of Trust
Maturity Date: By: /s/ Xxxxxx X. Xxxxxxxxxx
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March 1, 2004 Name:Xxxxxx X. Xxxxxxxxxx
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Its: President
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By: /s/ Xxxxxx X. Xxxxxxxx
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Name: Xxxxxx X. Xxxxxxxx
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Its: Controller
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SOUTHWEST BANK OF ST. LOUIS
By: /s/ Xxxx Xxxxxx, II
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Name: Xxxx Xxxxxx, II
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Its: Senior Vice President
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