EXHIBIT 10GG
AMENDMENT TO PROMISSORY NOTE
THIS AMENDMENT TO PROMISSORY NOTE ("Note") is made and dated as of the
8th day of April, 1997, by and between Xxxxx X. Xxxxxxx ("Xxxxxxx"), an
individual residing at 000 Xxxxxx Xxxxx, Xxxxxxxxx, Xxxxxxxxxxxx, and PROVIDENT
AMERICAN CORPORATION, a Pennsylvania corporation ("PAMCO").
BACKGROUND
X. Xxxxxxx executed and delivered to PAMCO a Promissory Note dated
April 8, 1996 in the original principal amount of $300,000 (the "Note").
B. The parties are desirous of amending the Note as hereinafter set
forth.
NOW THEREFORE, in consideration of the mutual covenants herein
contained, and other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, and intending to be legally bound hereby, the
parties hereby agree as follows:
1. Principal Balance. The principal balance of the Note shall be
increased to Six Hundred Thousand ($600,000) Dollars.
2. Repayment of Principal. The entire principal balance of the
Note shall be due and payable in full on April 8, 1999.
3. Payment of Interest. The Note shall bear interest at the rate
of five and one-third (5.33%) percent per annum through April 7, 1997, and shall
bear interest at the rate of five and three-quarters (5.75%) percent per annum
thereafter. Interest shall accrue and shall be due and payable, together with
the principal balance, on April 8, 1999.
4. Ratification. As herein amended, the Note is ratified,
approved, and affirmed, and remains in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
Promissory Note as of the day and year first above-written.
Witness:
/s/ Xxx X. Xxxxxx /s/ Xxxxx X. Xxxxxxx (SEAL)
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XXXXX X. XXXXXXX
PROVIDENT AMERICAN CORPORATION
Attest:
/s/ X. X. Xxxxxxxx, Xx. By: /s/ Xxxxx X. Xxxxxx
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X. X. Xxxxxxxx, Xx., Secretary Xxxxx X. Xxxxxx, President