Exhibit 10.7
EXTENSION OF TIME OF PAYMENT OF PROMISSORY NOTE B
THIS EXTENSION OF TIME OF PAYMENT OF PROMISSORY Note B is made and
effective as of this 2nd day of November, 2001, between XX. XXXXX XXXXXXXX (the
"Maker") and EC2000, INC. (the "Holder").
WHEREAS, the Maker by the attached promissory note ( "Note B") dated
November 3, 2000, promised to pay Holder by November 2, 2001, the principal sum
of Five Hundred Thousand Dollars ($500,000), or so much of the principal balance
of the Note B as may be outstanding and unpaid, plus interest at the prime rate
of interest as reported by Citibank on November 2, 2000.
WHEREAS, the Holder has agreed to extend the time for payment on the Note
B to November 2, 2002.
NOW, THEREFORE, for and in consideration of the transactions contemplated
by the Note B, the Maker does hereby covenant and agree that the principal sum
of Five Hundred Thousand Dollars ($500,000), or so much of the principal balance
of the Note B as may be outstanding and unpaid, plus interest at the prime rate
of interest as reported by Citibank on November 2, 2000 is due and payable on
November 2, 2002.
It is further agreed that both principal and interest are to be made
payable to and delivered by the Maker to "Xxxxx & Schloss LLP, as Escrow Agent
for EC2000, Inc.", 0 Xxxx 00xx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 or such other
address as the Holder shall designate in writing.
It is further agreed that the Holder reserves the right to redeem the Note
B upon thirty (30) days notice.
It is further agreed that all covenants and agreements in the Note B shall
be and remain unchanged, and in full force during the extended period, except as
here changed.
Dated as of November 2, 2001.
Holder Maker
________________________ ________________________
EC2000, Inc Xx. Xxxxx Xxxxxxxx
