AMENDMENT TO 6% PROMISSORY NOTES
Exhibit
10.49
AMENDMENT
TO
6%
PROMISSORY NOTES
AMENDMENT TO 6% PROMISSORY NOTES, is
dated as of December 14, 2008; made by and between Delta
Mutual, Inc., a Delaware corporation, with its principal offices located at 000
Xxxxx Xxxxxx Xxxxxx, Xxxxxxxxxxxx, XX 00000 (the “Company”) and Security Systems
International, Inc., a Delaware corporation, (the “Lender”) with a mailing
address of 0000 Xxxx Xxxxxxxxx Xxxx, Xxxxxxxxxx, XX
00000. Capitalized terms used herein and not otherwise defined herein
shall have the meaning assigned to such term in the Original Notes.
WHEREAS,
the Company and the Lender are parties to those certain 6%
Promissory Notes, dated March 6, 2008; April 15, 2008; and May
14 2008, all as amended, (collectively, the “Original Notes”),
pursuant to which the Company has borrowed, in the aggregate, the amount
of $136,900
from the Lender;
WHEREAS, the Original Notes provided
that the Maturity Dates shall be December 15, 2008; and
WHEREAS, the Company and the Lender
have agreed to extend the Maturity Date and to amend Section 1.4 of the Original
Notes; and
WHEREAS, in accordance with the terms
and conditions of the Original Notes, the Company and the Lender hereby approve
the amendment of the Original Notes as set forth herein.
NOW, THEREFORE, in consideration of the
foregoing and the mutual covenants contained herein, the parties agree as
follows:
4.
By
their respective execution of this AMENDMENT, the Company and the Lender
agree that Section 1.4 of each of the Original Notes is hereby amended to read
in its entirety as follows: “Maturity Date” shall mean April 17, 2009;
and
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5.
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Except
as expressly provided herein, the Original Notes shall continue in full
force and effect.
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6. This
AMENDMENT may be executed by facsimile and in counterparts, which, taken
together, shall be deemed an original and shall constitute a single
AMENDMENT.
7. IN
WITNESS WHEREOF, the Company and the Lender have caused this AMENDMENT
to be executed as of the date first written above.
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DELTA
MUTUAL, INC.
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SECURITY
SYSTEMS INTERNATIONAL, INC.
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(COMPANY)
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(LENDER)
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By:
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/s/ Xxxxxx X. Xxxxxx
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By:
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/s/ Xxxxxxx X. Xxxxxxx
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Xxxxxx
X. Xxxxxx
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Xxxxxxx
X. Xxxxxxx
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Xx.
Vice President
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President
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