NOTE MODIFICATION AGREEMENT
THIS FIRST NOTE MODIFICATION AGREEMENT (HEREINAFTER "AGREEMENT") IS MADE
AND ENTERED INTO THIS 15TH DAY OF NOVEMBER, 2006, BY AND BETWEEN COMMUNITY FIRST
BANCORP, INC., A MARYLAND CORPORATION (HEREINAFTER "BORROWER"), AND THE BANKERS
BANK, A GEORGIA BANKING CORPORATION (HEREINAFTER "LENDER").
WITNESSETH:
WHEREAS, BORROWER DID EXECUTE AND DELIVER TO THE LENDER A PROMISSORY NOTE
(HEREINAFTER "NOTE"), DATED MAY 17, 2006, IN THE ORIGINAL PRINCIPAL AMOUNT OF
SEVEN HUNDRED FIFTY THOUSAND AND FIFTY THOUSAND AND NO/100 DOLLARS,
($750,000.00), WITH A MATURITY DATE OF NOVEMBER 15, 2006; AND
WHEREAS, BORROWER ACKNOWLEDGES THAT BORROWER IS FULLY OBLIGATED UNDER THE
NOTE PURSUANT TO ITS TERMS; AND
WHEREAS, THE NOTE, TOGETHER WITH ANY OTHER DOCUMENTS WHICH EVIDENCES,
SECURES OR RELATES TO THE INDEBTEDNESS EVIDENCED BY THE NOTE (HEREINAFTER
REFERRED TO AS "LOAN DOCUMENTS"); AND
NOW THEREFORE, IN CONSIDERATION OF THE FOREGOING PREMISES AND OTHER GOOD
AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY
ACKNOWLEDGED, THE BORROWER AND LENDER DO HEREBY AGREE AS FOLLOWS:
NOTE
THE NOTE IS HEREBY MODIFIED AND AMENDED AS FOLLOWS:
1. THE MATURITY DATE WILL BE CHANGED FROM NOVEMBER 15, 2006 TO FEBRUARY 15,
2007.
The Note and other Loan Documents are hereby modified and amended to
reflect the extension of the Maturity Date. All other terms, conditions and
warranties contained within the Note and other Loan Documents executed in
connection therewith shall remain in full force and effect in exact accordance
with the terms thereof, except where modified.
The parties acknowledge and agree that this shall not constitute a novation
of the obligations and liabilities of any of the documents executed in
connection therewith or a release of any collateral or security therefore or a
waiver of any rights or remedies of the Lender thereunder, such rights being
specifically reserved by the Lender. Borrower hereby ratifies, confirms and
acknowledges each warranty and obligation of the Borrower contained in the Note
and other Loan Documents, and in consideration of the extension of the maturity
date by the Lender, Borrower both for himself and his heirs, representatives and
assigns, waives any defenses that he may have, whether known or
unknown, to the enforcement by the Lender of all obligations of the Borrower
contained in all the documents now in force or executed simultaneously herewith.
This Agreement shall be construed, governed by and enforced in accordance
with the laws of the State of Georgia.
This Agreement has been made and entered into the day and year first
written above.
Signed, Sealed and delivered BORROWER:
COMMUNITY FIRST BANCORP, INC.
In our presence this 15th
Day of November 2006.
/s/ Xxxx Xxxxx
-------------------------------------
BY: XXXX XXXXX, PRESIDENT
/s/illegible
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Notary Commission Expires March 17, 2010
Witness:
------------------------------
LENDER:
THE BANKERS BANK
/s/ Xxx Xxxxxx
-------------------------------------
BY: XXX XXXXXX, FIRST VICE PRESIDENT
