EXHIBIT 10.6
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MODIFICATION OF PROMISSORY NOTE
LOAN #16540
FOR VALUABLE CONSIDERATION, the receipt, adequacy and sufficiency of which is
hereby acknowledged, ESESIS, INC. and XXXX XXXXX, INDIVIDUALLY (collectively,
"Maker") and First America State Bank, a Colorado state bank ("Holder") agree
that a certain Promissory Note dated NOVEMBER 03, 2003 in the original loan
amount of "TWENTY FIVE THOUSAND AND NO 100THS" Dollars ($25,000) ("Note")
executed by Maker, shall be modified as follows:
1. The unpaid principal balance of the Note, as of NOV 03, 2004, is
$25,000.00 and interest thereon, in accordance with the Note, has been paid to
First American State Bank.
The original Note shall be amended as follows:
2. Maturity Date. The maturity date of the Note shall be JUNE 03, 2005 with
monthly payments of INTEREST ONLY beginning NOVEMBER 03, 2004 and interest will
accrue at 6.50% until maturity. Post maturity rate shall be at a rate equal to
3.00% above the stated interest rate, effective 15 days after maturity.
3. Any capitalized term used herein shall have the meaning set forth in the
note unless otherwise defined herein.
4. In the event of a conflict between the Note and this Modification of
Promissory Note ("Modification"), the terms of the Modification shall control.
5. Borrower hereby, upon request, agrees to provide annual Financial
Statements and Tax Returns. Failure to supply requested items could be
considered a default under the terms of this note.
6. All other terms and conditions of the Note shall remain in full force
and effect and are hereby ratified and affirmed. The execution of this
Modification by Xxxxxx does not and shall not constitute a waiver of any rights
or remedies to which Xxxxxx is entitled pursuant to the Loan Documents, nor
shall the same constitute a waiver of any default existing, as of the date of
execution hereof or which may occur in the future with respect to the Loan
Documents. Maker expressly acknowledges that there are no claims or off sets
against, or defenses or counterclaims to, any of Maker's obligations pursuant to
the Loan Documents through the date of execution hereof and Maker hereby waives,
releases and relinquishes any and all claims whatsoever that they may have
against Holder with respect to the Loan through the date of execution hereof.
DATED: NOVEMBER 03, 2004
MAKER: ESESIS, INC.
BY: /s/ XXXX XXXXX
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XXXX XXXXX, CEO/PRES
BY: /s/ XXXX XXXXXXX
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XXXX XXXXXXX, SECRETARY
X /s/ XXXX XXXXX
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XXXX XXXXX, INDIVIDUALLY
HOLDER: First American State Bank
By: /s/ X.X. XXXxxxxxx
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X.X. XxXxxxxxx, EXECUTIVE VICE PRESIDENT
