AMENDMENT TO PROMISSORY NOTE -AND- PLEDGE AND SECURITY AGREEMENT
EXHIBIT
10.3.11
AMENDMENT TO PROMISSORY
NOTE
-AND-
PLEDGE AND SECURITY
AGREEMENT
THIS AMENDMENT to Promissory
Note and Pledge and Security Agreement made as of the 30 day of April, 2008, by
and between Xxxxxx X. Xxxxxxxx, Xx., (hereinafter the “Borrower” or
“Pledgor”) and
FIRST REAL ESTATE INVESTMENT
TRUST of NEW JERSEY, its successors and/or assigns, (hereinafter the
“FREIT” or “Pledgee”).
W
I T N E S S E T H:
WHEREAS, Borrower borrowed the
sum of $506,000.00 from FREIT pursuant to a Promissory Note dated July 19, 2005
in the principal amount of $506,000.00 (the “Note”) and Borrower
secured the Note by entering into a Pledge and Security Agreement of even date
with the Note (the “Pledge Agreement”); and
WHEREAS, Borrower has
requested FREIT increase the principal amount under the Note and to modify the
Pledge Agreement accordingly; and
NOW, THEREFORE, in consideration of the
payment of One and 00/100 Dollar ($1.00) and other good and valuable
consideration as set forth herein, the Borrower hereto agrees as
follows:
1. The
Note is hereby increased from $506,000.00 to $1,222,000.00 as of the date hereof
and in all respects the terms and conditions of the Note shall remain the same,
except for the increase in the principal amount thereof to the extent of the
amount actually advanced there under, which advances may be made from time to
time by FREIT in the same manner as if Borrower had executed a new or
replacement to include the amount advanced pursuant to this Amendment
Agreement. Interest shall be payable in accordance with the Note on
the unpaid principal balance.
2. The
Pledge Agreement is hereby amended to provide that all references therein to the
Note shall be deemed to be amended hereby as well as any and all future
modifications of the Note and any increases therein. Except as set
forth herein, the terms and conditions of the Pledge Agreement shall remain in
full force and effect.
Page
83
IN WITNESS WHEREOF, the parties have
executed this Amendment Agreement as of the day and year first above
written.
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WITNESS:
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BORROWER
/ PLEDGOR:
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/s/
Xxxxxxx Xxxxx
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/s/
Xxxxxx
X. Xxxxxxxx, Xx.
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Borrower
or Pledgor
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Xxxxxx X. Xxxxxxxx,
Xx.
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Printed
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/s/ Xxxxxxx
Xxxxx
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By: |
/s/ Xxxxxx
Xxxxxx
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Xxxx 84
