EXHIBIT 4.10.1
AMENDMENT TO PROMISSORY NOTE
THIS AMENDMENT TO PROMISSORY NOTE (the "Amendment") dated as of this 11 day of
March, 2002, between SHOPSMITH, INC., an Ohio corporation (hereinafter called
"Maker"), and MID-STATES DEVELOPMENT COMPANY, an Ohio general partnership
(hereinafter called "Holder").
WITNESSETH:
WHEREAS, Maker executed a Promissory Note dated December 31, 1998, and
payable to Holder, in the original principal amount of Two Million Eight Hundred
Thousand and 00/100 Dollars ($2,800,000.00) (the "Note"); and
WHEREAS, Maker and Holder now wish to amend the terms of the Note to
modify the maturity date of the Note.
NOW THEREFORE, in consideration of the mutual covenants contained herein
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Maker and Holder hereby agree as follows:
1. Subparagraph B of Paragraph 2, "Payments and Maturity" of the Note
shall be deleted in its entirety and replaced by the following:
B. Commencing with on or before the first day of February, 1999,
and continuing on or before the first day of the next eighty
two (82) months, Maker shall make monthly installment payments
of principal and interest to Holder in the amount of Twenty
Five Thousand Seven Hundred Eighty Five and 00/100 Dollars
($25,785.00) each.
2. Subparagraph C of Paragraph 2, "Payments and Maturity" of the Note
shall be deleted in its entirety and replaced by the following:
C. On or before the first day of January, 2006 ("Schedule
Maturity Date"), the Maker shall pay, if not sooner paid, the
entire principal unpaid balance and unpaid interest thereon.
3. The Maker and Holder agree that:
A. The execution and delivery of this Amendment is not intended
to discharge any obligation of the Maker du to the Holder
under the Note and this Amendment;
B. There is not novation by the execution and delivery of this
Amendment;
C. All the terms and conditions contained in the Note, except as
modified herein, shall continue unchanged and remain in full
force and effect.
D. Capitalized terms used in this Amendment and not defined
herein shall have the meanings attributed to them in the Note.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
as of the day and year first written above.
MAKER:
SHOPSMITH, INC.,
An Ohio corporation.
By: /s/ Xxxx X. Xxxxxxxx
-----------------------------
Print Name: Xxxx X. Xxxxxxxx
Its: Chairman
HOLDER:
MID-STATES DEVELOPMENT COMPANY,
an Ohio general partnership
By:
Print Name:
Its:
