MODIFICATION AND EXTENSION OF PROMISSORY NOTEModification and Extension of Promissory Note • July 15th, 2005 • Northern Technologies International Corp • Converted paper & paperboard prods (no contaners/boxes)
THIS AGREEMENT OF MODIFICATION AND EXTENSION OF PROMISSORY NOTE is by and among Northern Technologies International Corporation (the “Borrower”) and NATIONAL CITY BANK, Cleveland, Ohio (the “Bank”). This agreement is attached to and made a part of a promissory note (the “Note”) in the original principal amount of Five Hundred Thousand and 00/100ths Dollars ($500,000.00) which was executed by Borrower, payable to Bank and dated August 6, 2004. For valuable considerations as hereinafter granted each to the other and intending to be legally bound, the parties modify the following terms, conditions, and provision of the Note:
