AMENDMENT TO PROMISSORY NOTE
Exhibit 10.11
AMENDMENT
TO PROMISSORY NOTE
This Amendment to Promissory Note
(“Amendment Agreement”) is by and between Xxxxxxx XxXxxxxx (“Holder”) and Patio
Bahia, Inc., formerly known as Jeannot’s Furnishings of Florida, Inc., a Florida
corporation ("Maker") and is entered into October 20, 2009 and effective as of
May 8, 2009.
WHEREAS, Maker has delivered to the
Holder that certain Promissory Note of the Maker (“Promissory Note”) dated May
8, 2007 in the principal amount of $5,000, which Promissory Note bears a
maturity date of the earlier of (a) May 8, 2009 or (b) the date the Maker
generates a minimum of $300,000 in revenues/sales (the “Maturity Date”), and all
principal and interest due to date thereunder remain unpaid as of the date
hereof.
WHEREAS, the parties have agreed to
amend the Promissory Note to extend the Maturity Date..
WHEREAS, the Holder has all requisite
power, authority, and capacity to enter into this Amendment
Agreement.
NOW, THEREFORE, in consideration of the
mutual promises and covenants herein contained, and other good and valuable
consideration, the receipt of which is hereby acknowledged, the Holder and the
Maker hereby agree to amend and revise the Promissory Notes as
follows:
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1.
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Recitals. The
foregoing recitals are true and
correct.
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2.
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Extension of Maturity
Date. Maker and the Holders hereby agree to extend the
Maturity Date of the Promissory Note, and the Maturity Date of the
Promissory Note is hereby extended, to the earlier of (a) December 31,
2010, or (b) the date the Maker generates a minimum of $300,000 in
revenues/sales.
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3.
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No Other
Changes. Except as specifically set forth herein, all
other terms and conditions of the Promissory Note remain in full force and
effect.
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4.
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Counterpart
Signatures. This Amendment Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and
the same agreement and shall become effective when counterparts have been
signed by each party and delivered to the other party, it being understood
that both parties need not sign the same
counterpart.
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IN WITNESS WHEREOF, this Amendment to
Promissory Note is executed as of October 20, 2009 and effective May 8,
2009.
Patio Bahia, Inc.
By:
________________________________
Xxxxxxx
XxXxxxxx, Chief Executive Officer
____________________________________
Xxxxxxx
XxXxxxxx
