EXHIBIT 10.11
BIG BUCK BREWERY & STEAKHOUSE, INC.
X.X. XXX 0000
XXXXXXX, XXXXXXXX 00000-0000
Xxxxx 00, 0000
Xxxxxx X. Xxxxx
00000 Xxxxxxxxxxxx Xxx., Xxxxx 000
Xxxxxxxxxx, Xxxxxxxx 00000
RE: LETTER AGREEMENT ("LETTER AGREEMENT") WITH RESPECT TO EXTENSION
UNDER THAT CERTAIN CONVERTIBLE SUBORDINATED PROMISSORY NOTE
DATED OCTOBER 11, 1999 IN THE AMOUNT OF $250,000.00 ("NOTE") AND
WAIVER OF CLAIMS AND DEFENSES WITH RESPECT TO SUCH NOTE
Dear Xx. Xxxxx:
This Letter Agreement is being written to set forth the agreements
of Big Buck Brewery & Steakhouse, Inc. as Maker ("Maker") and Xxxxxx X. Xxxxx
as payee ("Payee") with respect to certain modifications of the Note. The
modifications are as follows:
1. The maturity date of the Note is extended until October 1,
2001 unless the parties shall extend such maturity date in writing. All
unpaid interest, principal and other amounts due under the Note shall accrue
and shall become payable in full on such date.
2. Payee agrees to forbear from taking any action in connection
with any defaults under the Note prior to October 1, 2001.
3. In exchange for the extension of the maturity date and the
forbearance set forth herein, the Maker hereby releases and waives all
defenses and claims which the Maker has or may have and which Maker could
raise or assert to prevent the enforcement of the Note in whole or in part by
the Payee except for any breach of this Letter Agreement by Payee.
4. It is the agreement of the parties that Payee should have the
benefit of the foregoing waiver in order to enforce the Note on a summary
basis without any defenses, claims or objections by the Maker which would
interfere with or prevent the enforcement of the Note except as to any breach
of this Letter Agreement by Payee.
5. Notwithstanding anything to the contrary in the Note, the
right to convert all or part of the unpaid principal balance of the Note
shall be at the conversion price equal to $0.73 per each share of the
Corporation so converted as provided in the Subscription Agreement and Note.
Except as to the conversion price set forth herein, no other terms of the
conversion are modified or affected by this First Amendment. Further, said
conversion has been approved by the Board of Directors under resolution date
of March 30th 2001.
6. Except as amended by this Letter Agreement, the Note is
restated and republished in its entirety and remains in full force and effect.
If the terms of this Letter Agreement meet with your approval,
please indicate by signing below.
Very truly yours,
BIG BUCK BREWERY &
STEAKHOUSE, INC.
By: /s/ Xxxxxxx X. Xxxxxxxx
----------------------------------
Its: President
Agreed to and accepted by:
/s/ Xxxxxx X. Xxxxx
--------------------------------
Xxxxxx X. Xxxxx
