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EXHIBIT 10.29
AMENDMENT TO MORTGAGE
For valuable consideration, the sufficiency of which is hereby
acknowledged, Ferrofluidics Corporation, a Massachusetts business corporation
with a place of business at 00 Xxxxx Xxxxxx, Xxxxxx, Xxx Xxxxxxxxx ("Xxxxxxxxx")
hereby amends the Mortgage Deed, previously given by Mortgagor to Bank of New
Hampshire, a bank chartered under the laws of the State of New Hampshire, with a
place of business at 000 Xxxx Xxxxxx, Xxxxxx, Xxx Xxxxxxxxx 00000, ("Mortgagee")
which Mortgage is dated June 30,1994 and recorded in the Hillsborough County
Registry of Deeds at Book 5551, Page 1011, ("Mortgage") for the purpose of
increasing the amount secured by said Mortgage from $7,911,000 to $13,911,000.
Accordingly, Mortgagor hereby amends the Mortgage as follows:
Paragraph one of the Mortgage is hereby amended to read as follows:
1. That Mortgagor in order to secure its payment in the amount
of Thirteen Million Nine Hundred Eleven Thousand Dollars
($13,911,000.00) plus interest, together with all advances,
readvances, extensions, charges, expenses, fees amendments and
other charges as set forth in the Master Term Note from Mortgagor
to Mortgagee ("Note") in the amounts of (i) Eight Million Five
Hundred Thousand Dollars ($8,500,000.00) for a revolving line of
credit of even date; and (ii) Five Million Four Hundred Eleven
Thousand Dollars ($5,411,000.00), for a line of credit to fund
Borrower's obligations under an agreement with Lender of even date
("Reimbursement Agreement"); and (ii) the Revolving Loan and
Security Agreement of even date herewith ("Loan Agreement"),
including the performance of all conditions, undertakings and
obligations con rained therein, and in the Loan Agreement and in
other instruments and documents executed in connection therewith
the obligations described in paragraphs (i) through (iii),
inclusive, shall be referred to collectively as the "Liabilities"
(the Note, the Reimbursement Agreement, the Loan Agreement and all
ancillary documents are referred to in the aggregate as the
"Instruments"), and for other good and valuable consideration paid
by Borrower to Mortgagee, hereby grants to Mortgagee, with
Mortgage Covenants, certain property with all buildings and
improvements thereon located in Nashua, Hillsborough County, New
Hampshire, as more particularly described on Exhibit A hereto (the
"Premises").
In all other respects, the Mortgage shall remain in full force and effect
in accordance with its original terms and priority and the and obligations of
the Mortgagor shall remain enforceable in accordance therewith. Mortgagor
acknowledges and agrees and represents to Mortgagee that there are no defenses,
offsets, rights or other claims which Mortgagor or any other party can assert
that would affect the obligations of Mortgagor or the rights of Mortgagor under
the Mortgage.
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WITNESS: BORROWER:
FERROFLUIDICS CORPORATION
/S/ Xxxxxxx X. Xxxx By: /s/ Xxxxxxx X. Xxxxx
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Name: Xxxxxxx X. Xxxxx
Title: Controller
STATE OF NEW HAMPSHIRE
COUNTY OF
On this the 3rd day of December, 1996, before me, the undersigned
officer, personally appeared Xxxxxxx X. Xxxxx, who acknowledged himself to be
the Controller of FERROFLUIDICS CORPORATION and that he, as such Controller,
being authorized to do so, executed the foregoing First Amendment to Note and
Loan Agreement for the purposes therein contained, by signing the name of the
corporation by himself as Controller with the intention that it be effective as
of the date first above written.
/s/ Xxxx X. Xxxxxxxx
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Justice of the Peace/Notary Public
My Commission Expires Sept. 8, 1999
