STANDARD PROMISSORY NOTE MODIFICATION AGREEMENT
EXHIBIT 10.18(a)
STANDARD PROMISSORY NOTE MODIFICATION AGREEMENT
THIS STANDARD PROMISSORY NOTE MODIFICATION AGREEMENT (this “Agreement”) is made as of April 4, 2021, between and among Kona Gold, LLC., (the “Borrower”), and Xxxxxx Xxxxx the “Lender”).
WITNESSETH:
WHEREAS,
the Lender and the Borrower entered into that certain Standard Promissory Note
dated as of January 15, 2019 (the “LOAN”), which LOAN evidenced a revolving line of credit and the obligation of the Borrower
thereunder to repay to the Lender the principal sum of Twenty Thousand dollars ($20,000.00) (the “Commitment Amount”) plus
interest, fees and costs; and
WHEREAS, the Lender has requested that Lender modify the LOAN to increase the Due Date to April 15, 2022; and
WHEREAS, the Borrower is willing to grant such request, subject to the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1. Defined Terms. All capitalized terms used herein and not otherwise expressly defined herein shall have the respective meanings given to such terms in the LOAN.
2. Amendment to LOAN. The LOAN is hereby modified and amended as follows:
The principle sum of Twenty Thousand dollars ($20,000.00), with a Due Date of March 15, 2022.
3. Effectiveness. The modifications provided in paragraph 2 hereof shall be effective as of April 4, 2021.
4. Reaffirmation of LOAN. All other provisions of the LOAN shall continue to be in effect. [Remainder of page intentionally left blank. Signature page follows.]
IN WITNESS WHEREOF, Borrower and the Lender have caused their duly authorized officers to set their hands and seals as of the day and year first above written.
| Borrower: | Kona Gold, LLC. | ||
| By: | /S/ Xxxxxx Xxxxx | Date: 4/4/2021 | |
| Name: | Xxxxxx Xxxxx | ||
| Its: | CEO | ||
| Lender: | XXXXXX XXXXX | ||
| By: | /S/ Xxxxxx Xxxxx | Date: 4/4/2021 | |
| Name: | Xxxxxx Xxxxx |
