COMMERCIAL SECURITY AGREEMENT Grantor: Shells Seafood Restaurants, Inc. 16313 North Dale Mabry Hwy, Suite 100 Tampa, FL 33618 Lender: COLONIAL BANK, N.A. Corporate LendingSecurity Agreement • July 13th, 2006 • Shells Seafood Restaurants Inc • Retail-eating places • Florida
BUSINESS LOAN AGREEMENT Borrower: Shells Seafood Restaurants, Inc. 16313 North Dale Mabry Hwy, Suite 100 Tampa, FL 33618 Lender: COLONIAL BANK, N.A. Corporate LendingBusiness Loan Agreement • July 13th, 2006 • Shells Seafood Restaurants Inc • Retail-eating places • Florida
July 7, 2006Shells Seafood Restaurants Inc • July 13th, 2006 • Retail-eating places
This letter will confirm that effective as of June 28, 2006, the Bank has agreed to extend the maturity date of Loan Number 8035494726 (the “Loan”) and the repayment of the Promissory Note in the principal amount of $500,000 (the “Note”) issued thereunder from June 28, 2006 to September 28, 2006. The Bank acknowledges and agrees that no Event of Default has occurred under the Loan or the Note from the date it was entered into through the date of hereof. Except as set forth above, all of the terms and conditions of the Loan and the Note remain in full force and effect.
