Exhibit (10) (ah)
AMENDMENT TO PROMISSORY NOTE
AMENDMENT dated as of March 15, 2000, by and between Xxxxxx United
Development Corp., a Delaware corporation having a principal business address at
X.X. Xxx 000, Xxxxxxx, Xxx Xxxxxx ("Xxxxxxxx"), and Xxxxxxx Xxxxx, residing at
00 Xxxxxxxx Xxxxx, Xxxxxxx, Xxx Xxxx 00000("Xxxxxx").
WHEREAS, Borrower executed a Promissory Note dated August 1, 1998 in
the principal amount of Eight Hundred Seven Thousand Two Hundred Eighty Dollars
($807,280.00) in favor of Lender, representing the outstanding principal
indebtedness of Borrower to Lender as of such date (the "Promissory Note"); and
WHEREAS, under the terms of such Promissory Note Lender has a right to
convert all or any portion of the unpaid principal amount of the Promissory Note
and/or any accrued and unpaid interest under such Promissory Note at the rate of
one (1) share of Common Stock of Borrower for each three quarters of one cent of
the aforesaid principal and/or interest elected to be converted; and
WHEREAS, Lender and Borrower wish to amend the Promissory Note to limit
the number of shares of Common Stock of the Borrower that may be acquired by
Lender to one hundred million (100,000,000) of such shares of Common Stock of
Borrower;
NOW, THEREFORE, in consideration of the premises, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties do hereby agree as follows:
9. Lender hereby agrees that the maximum number of shares of
Common Stock of Borrower that he may acquire upon conversion
of the outstanding principal and interest of such Promissory
Note shall not exceed one hundred million shares
(100,000,000).
10. Except as provided in the previous paragraph, all of the terms
and conditions of the Promissory Note shall remain in full
force and effect.
IN WITNESS WHEREOF, the Borrower and Lender have executed this
Amendment as of the day and year first above written.
XXXXXX UNITED DEVELOPMENT CORP.
By: S/ XXXXXX XXXXXX
Xxxxxx Xxxxxx, President and
Chief Executive Officer
S/ XXXXXXX XXXXX
Xxxxxxx Xxxxx
