Exhibit 10.31
ADDENDUM TO BUSINESS LOAN AGREEMENT
This Addendum to the Business Loan Agreement is entered into in Melbourne,
Florida, as of the 7th day of November, 2000, by and between The Huntington
National Bank (the "Bank") and the undersigned.
WITNESSETH:
WHEREAS, the undersigned executed and delivered to the Bank a certain Business
Loan Agreement (the "Agreement") dated 11/7/2000 and the Bank and the
undersigned desire to amend the Agreement as set forth herein.
(1) The section titled "Effect of an Event of Default" shall be amended to read
as follows:
If any Event of Default shall occur, except where otherwise provided in this
Agreement or the Related Documents, all commitments and obligations of Lender
under this Agreement immediately will terminate (including any obligation to
make further Loan Advances or disbursements), and, at Lender's option, all
Indebtedness immediately will become due and payable, all without notice of any
kind to Borrower, except that in the case of an Event of Default of the type
described in the "Insolvency" subsection, such acceleration shall be automatic
and not optional. In addition, Lender shall have all the rights and remedies
provided in the Related Documents or available by law, in equity, or otherwise.
Except as may be prohibited by applicable law, all of Lender's rights and
remedies shall be cumulative and may be exercised singularly or concurrently.
Election by Lender to pursue any remedy shall not exclude pursuit of any other
remedy, and election to make expenditures or to take action to perform an
obligation of Borrower or of any Grantor shall not affect Lender's right to
declare a default and to exercise its rights and remedies.
(2) All terms and conditions of the Agreement not specifically amended herein
are hereby confirmed and ratified. This Addendum does not constitute a discharge
or novation of the Agreement or any other documents executed in connection with
the Agreement, as modified, and such documents shall continue in full force and
effect and shall be fully binding upon all parties hereto.
IN WITNESS WHEREOF, the undersigned has executed this Addendum to Business Loan
Agreement as of the date first written above.
Borrower:
EXIGENT SOFTWARE TECHNOLOGY, INC.
By: /s/ Xxxxx X. Xxxx
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Xxxxx X. Xxxx, Treasurer
