EXHIBIT 10.38
CHANGE IN TERMS AGREEMENT
BORROWER(S): LENDER:
Schlotzskys Inc American Bank of Commerce
000 Xxxxxxxx Xxxxxx 000 Xxxxxxxx Xxx, Xxxxx 000
Xxxxxx XX 00000 Xxxxxx XX 00000
AGREEMENT DATE: 10/25/03
LOAN NUMBER: 403409
PRINCIPAL BALANCE: $150,000.00
DESCRIPTION OF EXISTING INDEBTEDNESS: A promissory note originally dated:
03/27/03 in the original amount of: $150,000.00 from Borrower to Lender.
DESCRIPTION OF COLLATERAL AS DESCRIBED IN RELATED SECURITY DOCUMENTS:
AS STATED THEREIN
DESCRIPTION OF CHANGE IN TERMS:
THE MATURITY DATE IS HEREBY EXTENDED TO DECEMBER 25, 2003 WHEN ALL
OUTSTANDING PRINCIPAL & ACCRUED INTEREST WILL BE DUE & PAYABLE IN FULL.
ALL OTHER TERMS & CONDITIONS WILL REMAIN THE SAME.
CONTINUING VALIDITY:
CONTINUING VALIDITY: EXCEPT AS EXPRESSLY CHANGED BY THIS AGREEMENT, THE
TERMS OF THE ORIGINAL OBLIGATION OR OBLIGATIONS, INCLUDING ALL AGREEMENTS
EVIDENCED OR SECURING THE OBLIGATION(S), REMAIN UNCHANGED AND IN FULL
FORCE AND EFFECT. CONSENT BY LENDER TO THIS AGREEMENT DOES NOT WAIVE
LENDER'S RIGHT TO STRICT PERFORMANCE OF THE OBLIGATION(S) AS CHANGED, NOR
OBLIGATE LENDER TO MAKE ANY FUTURE CHANGE IN TERMS. NOTHING IN THIS
AGREMENT WILL CONSITUTE A SATISFACTION OF THE OBLIGATION(S). IT IS THE
INTENTION OF THE 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 VIRTURE
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.
Schlotzskys Inc
/S/ XXXXXXX X. XXXXXX
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XXXXXXX X XXXXXX, SENIOR VICE PRESIDENT
