EXHIBIT 10(ii)
AMENDMENT OF NOTE
AGREEMENT made as of the 30th day of September, 1997, by and among USTrust,
a Massachusetts trust company with a principal place of business at 00 Xxxxx
Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000 (hereinafter called "Bank"), Thermodynetics,
Inc., a Delaware corporation, and Turbotec Products, Inc., a Connecticut
corporation, both with a principal place of business at 000 Xxx Xxxx Xxxx,
Xxxxxxx, Xxxxxxxxxxx 00000 (hereinafter, jointly and severally, called
"Borrower").
WHEREAS, Bank is the holder of a Secured Term Note in the original
principal amount of Four Hundred Thousand ($400,000.00) Dollars, of which
Borrower is the maker, dated October 17, 1996 (the "Note"); and
WHEREAS, Bank and Borrower wish to extend and amend the terms of the Note.
NOW THEREFORE, Bank and Borrower agree each for themselves, their heirs,
representatives, successors and assigns as follows:
1. The present principal balance of the Note is now Three Hundred
Thirty-Three Thousand Three Hundred Thirty ($333,330.00) Dollars and the time
for payment of the Note shall be in or within fifty (50) months with interest at
the Base Lending Rate from time to time in effect plus one (1%) percent per
annum.
2. The principal sum of Three Hundred Thirty-Three Thousand Three Hundred
Thirty ($333,330.00) Dollars shall be payable in fifty (50) installments as
follows: $6,667.00 on October 1, 1997, and the same amount (except the last
installment which shall be the unpaid balance) on the first day of each month
thereafter until the Note is fully paid, together with interest from the date
hereof on the said principal sum from time to time outstanding at the Base
Lending Rate from time to time in effect at Bank plus one (1%) percent per
annum. Such interest shall be payable monthly in arrears on the first day of
each month, commencing on the first of such dates next succeeding the date
hereof. The term "Base Lending Rate" as used herein shall mean the rate of
interest announced by Bank from time to time at its head office as its Base
Lending Rate, it being understood that such rate is a reference rate and not
necessarily the lowest rate of interest charged by Bank. Interest shall be
calculated on the actual days elapsed in a 360 day year.
3. All of Bank's rights under the Note and Mortgage, except as herein
expressly changed, shall continue during the term of the Note and Mortgage and
during the term as extended by this Agreement.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
as a sealed instrument as of the day and year first above written.
THERMODYNETICS, INC.
/s/ By: /s/
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Witness Xxxxxx X. Xxxxxx, President
TURBOTEC PRODUCTS, INC.
/s/ By: /s/
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Witness Xxxxxx X. Xxxxxxxxx, President
and Treasurer
USTRUST
/s/ By: /s/
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Witness D. Xxxxxxx Xxxxxx, Vice
President
