AMENDMENT TO AGREEMENTS
Exhibit
10.1
AMENDMENT TO
AGREEMENTS
This Amendment to the Security
Agreement and related Promissory Note, as of May 27, 2009, is made by and
between Xxxxxx X. Xxxxxxxxxx (hereinafter referred to as the “Secured Party”)
and United eSystems, Inc. who hereby agree as follows:
WHEREAS, Secured Party and
Debtor entered into a Security Agreement and a Promissory Note (hereinafter the
“Agreements”) dated as of August 22, 2008 (all capitalized terms not otherwise
defined herein shall have the meaning set forth in the Agreements);
WHEREAS, the Secured Party and
Debtor desire to amend the Agreements to modify certain terms and dates included
in the original Agreements;
NOW, THEREFORE, for and in
consideration of the foregoing, the mutual covenants and agreements herein
contained and other good and valuable consideration, Debtor and Secured Party
hereby mutually enter into this Amendment to the Agreements as
follows:
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1.
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In
lieu of all scheduled payments due under the original Agreements through
the date of this Amendment, Maker agrees to allow Debtor to make one
payment of $15,350.00 upon execution of this Amendment, which shall be
applied to the outstanding principal balance. Maker will allow
Debtor to continue to make monthly payments thereafter of $7,675.00,
commencing May 31, 2009, and such payments shall be applied to the
outstanding principal balance, until repaid in full, or until Maker
notifies Debtor otherwise upon thirty (30) days advance written
notice. Once Maker notifies Debtor that such reduced payments
will no longer be accepted by Maker, the next scheduled monthly payment
amount then due from Debtor will be recalculated in an amount
sufficient to repay the entire outstanding principal balance in
equal monthly installments over the months then remaining until
February 28, 2011.
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2.
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All
payments under this Amendment may be made within five (5) business days of
the due date without penalty or
default.
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3.
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Debtor
hereby certifies that:
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a.
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all
of the representations and warranties contained in the Agreements are true
and correct as of the date thereof;
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b.
the
Debtor is not in default under the Agreements;
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c.
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no
event of default has occurred and is
continuing;
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d.
Debtor
has not breached any covenant contained in the Agreements;
and
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e.
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the
Agreements are in full force and effect as of the date
hereof.
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4.
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Except
as set forth above, all of the remaining terms, provisions and conditions
of the Agreements shall remain in full force and
effect.
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IN WITNESS WHEREOF, the
parties have caused this instrument to be duly executed as of the date first
above written.
SECURED PARTY:
Xxxxxx X. Xxxxxxxxxx
By: /s/ Xxxxxx X.
Xxxxxxxxxx
Name: Xxxxxx X.
Xxxxxxxxxx
Title: Individual
DEBTOR:
By:/s/ Xxxxxx Xxxx Green,
Jr.
Name: Xxxxxx Xxxx Green,
Jr.
Title: Chief Executive
Officer
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