CHANGE IN TERMS AGREEMENT
Exhibit
10.1
Principal
$300,000.00
|
Loan
Date
03-20-2009
|
Maturity
09-01-2009
|
Loan
No.
11001
|
Call/Coll
182/802
|
Account
E0000085385
|
Officer
sxt1u
|
Initials
/s/
SDT
|
References
in the boxes above are for Lenders use only and do not limit the
applicability of this document to any particular loan or
item.
Any item above
containing "**" has been omitted due to text length limitations.
Borrower:
|
ADCO
Surgical Supply, Inc.
0000
Xxxxxxx Xxxxxx
Xxxxxx,
XX 00000
|
Lender:
|
KeyBank
National Association
ME-CBB-Bangor
Xxx Plaza
00
Xxxxx Xxxxxx
Xxxxxx,
XX 00000
|
Principal
Amount: $300,000.00
|
Date of
Agreement: March 20,
2009
|
DESCRIPTION OF
EXISTING INDEBTEDNESS. Obligor No.:
0000085385.
Obligation No.:
0000011001.
Original
Promissory Note dated October 6, 2006, in the principal amount of
$300,000.00.
DESCRIPTION OF
CHANGE IN TERMS. The maturity date of the Loan is hereby extended to
September 1, 2009.
The Index
currently is 3.25% per annum. The interest rate to be applied to the unpaid
principal balance of this Note will be at a rate of 2.00 percentage
point(s) over the Index, resulting in an initial rate of 5.25% per annum.
NOTICE: Under no circumstances will the interest rate on this Note be more than
the maximum rate allowed by applicable law.
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 Lenders right to strict
performance of the obligation(s) as changed, nor obligate Lender to make any
future change in terms. Nothing in this Agreement will constitute a satisfaction
of the obligation(s). It is the intention of 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 Xxxxxx in
writing. Any maker or endorser, including accommodation makers, will not be
released by virtue 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.
PRIOR TO SIGNING
THIS AGREEMENT, XXXXXXXX READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS
AGREEMENT. XXXXXXXX AGREES TO THE TERMS OF THE AGREEMENT.
CHANGE IN TERMS
SIGNERS:
ADCO SURGICAL
SUPPLY, INC.
By: /s/
Xxxx
Xxxxxxxxx
Xxxx Xxxxxxxxx, President of ADCO Surgical Supply, Inc.
NYER MEDICAL
GROUP, INC., GUARANTOR
By: /s/
Xxxx
Xxxxxxxxx
Xxxx Xxxxxxxxx, President of Nyer Medical Group, Inc., Guarantor