CHANGE IN TERMS AGREEMENT
Borrower: Mendocino Brewing Company, Inc. Lender: SAVINGS BANK OF MENDOCINO
XX Xxx 000 XXXXXX XXXX XXXXXX
Xxxxxxx, XX 00000 X.X. Xxx 0000
000 Xxxxx Xxxxxx Xxxxxx
Xxxxx, XX 00000
Principal Amount: $2,700,000.00 Date of Agreement: April 1. 1997
DESCRIPTION OF EXISTING INDEBTEDNESS. EXISTING LOAN NUMBER: 8010962256 IN THE
ORIGINAL AMOUNT OF $2,700,000.00 DATED 9/25/95 WITH AN OUTSTANDING BALANCE ON
3/28/97 IN THE AMOUNT OF $2,404,313.57, WITH INTEREST PAID TO 4/1/97.
DESCRIPTION OF COLLATERAL. 1. The outstanding obligation continues to be secured
by a security interest in the property described in a Deed of Trust dated
9/25/97 in Book 2366, Page 544 of Official Records, Mendocino County.
DESCRIPTION OF CHANGE IN TERMS. 1. Final maturity of the loan is hereby extended
to 7/1/97. 2. Interest continues to be payable monthly commencing on 5/01/97 and
monthly thereafter.
CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of
the original obligation or obligations, including all agreements evidenced or
securing the obligations(s), remain unchanged and In full force and effect.
Consent by Lender to this Agreement does not waive Lender's right to absolute
performance of the obligation(s) as changed, nor obligate Lender to make any
future change in terms. Nothing in this Agreement will constitute a satisfaction
of the obligation(s). It Is the intention of Lender to retain as liable parties
all makers and endorsers of the original obligation(s), including accommodation
parties, unless a party is expressly released by Lender in writing. Any maker or
endorser, including accommodation makers, will not be released by virtue of this
Agreement. If any person who signed the original obligation does not sign this
Agreement below, then all persons signing below acknowledge that this Agreement
is given conditionally, based on the representation to Lender that the
non-signing party consents to the changes and provisions of this Agreement or
otherwise will not be released by it. This waiver applies not only to any
initial extension, modification or release, but also to all such subsequent
actions.
PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS
OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT AND
ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THE AGREEMENT.
BORROWER:
Mendocino Brewing Company, Inc.
By: /s/ Xxxxxxx Xxxxxxxx By: /s/ Xxxxxx Xxxxxx
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Xxxxxxx Xxxxxxxx. Xxxxxx Xxxxxx,
Chief Executive Officer Chief Financial Officer
