LINE OF CREDIT NOTE
EXHIBIT 10.1
MODIFICATION AGREEMENT No. 1 TO
LINE
OF CREDIT NOTE
This
MODIFICATION AGREEMENT is made as of September 30, 2016 between
Infinite Group, Inc., a Delaware corporation with offices at 175
Sully’s Trail, Xxxxx 000, Xxxxxxxxx, XX 00000
(“Borrower”) and Xxxxxx X. Xxxxx, with an address at
0 Xxxxx Xxxxxx Xxxx, Xxxxxxxxx, XX 00000 (“Lender”).
WHEREAS,
the Borrower has issued to Lender a line of credit note agreement
in the principal amount of up to $400,000 dated December 1, 2014,
which note has a balance of $388,040 at September 30, 2016 (the
“LOC Note”); and
WHEREAS,
the parties desire to further modify the terms and conditions of
the LOC Note as follows:
NOW,
THEREFORE, the parties agree as follows:
1)
The LOC Note is
modified to provide that the time at which the entire principal
balance and accrued and unpaid interest shall be due and payable is
January 1, 2020.
2)
Principal shall be
payable monthly using an amortization schedule provided monthly by
the Lender’s bank.
3)
Except as modified
by this Agreement, all of the terms, covenants and conditions of
the LOC Note shall remain the same.
In
witness whereof, Borrower and Lender have executed this Agreement
under the day and year first written above.
INFINITE
GROUP, INC.
____/s/
Xxxxx Villa__________________________
By:
Xxxxx Xxxxx, President
XXXXXX
X. XXXXX
___/s/
Xxxxxx X. Reeve________________________
By:
Xxxxxx X. Xxxxx