Exhibit 4.1(c)
PROVIDENT BANK [GRAPHIC OMITTED]
January 6, 2006
As of December 27, 2005
Iporussia, Inc.
00 Xxxxxxxx Xxxxxx
Xxxxxxx, Xxx Xxxx 00000
Loan # 4400090067
EXTENSION AGREEMENT made as of the 27TH day of DECEMBER, 2005 between IPORUSSIA,
Inc. (the "Borrower"), having an address set forth above, and PROVIDENT BANK
successor by merger to The Towne Center Bank, incorporated under the laws of the
United States of America, having offices at 000 Xxxxx Xxxxxxxxx, Xxxxxxxxxx, Xxx
Xxxx 00000 ("the Bank").
Reference is made to that certain $107,500.00 Commercial Loan (the
"Loan") as evidenced by, inter alia, a $107,500.00 Note from the Borrower to the
Bank dated JUNE 27, 2003 (the "Note").
With respect to the Loan, the Borrower and the Bank covenant and agree
as follows:
1. Provided that the Borrower shall comply with all of the terms,
covenants and conditions contained in the Note, and each of the other documents
evidencing and securing the Loan (collectively, the "Loan Documents") the
"Maturity Date" as such term is defined in the Note (and as same may have been
extended from time to time) is hereby extended from DECEMBER 27, 2005 TO
DECEMBER 27, 2007.
2. There is currently due and owing on the Loan the principal sum of
ONE HUNDRED SEVEN THOUSAND FIVE HUNDRED AND 00/100 ($107,500.00) DOLLARS,
together with interest thereon and other charges evidenced thereby, without
offset, defense or counterclaim of any kind or nature whatsoever.
3. Except to the extent that the Loan has been extended as provided
above, all of the terms, covenants and conditions contained in the Loan Document
shall remain in full force and effect.
4. Except as specifically provided in this letter, (i) no discussions
or negotiations to date and no future discussions or negotiations with respect
to the restructuring or refinancing of the Loan (collectively, the
"Negotiations") are, or will be binding on the Borrower or the Bank, except to
the extent set forth in a binding loan commitment or other writing signed by the
Borrower and the Bank; and/or (ii) the Negotiations may be terminated at any
time by the Bank or the Borrower with or without notice and without liability of
any kind. The Negotiations will not be asserted in any present or future
litigation brought by the Borrower or any related party. The Borrower shall not
commence, join in, prosecute or participate in any suit or other proceeding in a
position that is adverse to the Bank arising from any of the Negotiations.
5. Except as specifically provided in this letter, the Bank does not
waive or prejudice, and hereby specifically reserves, any and all of its rights
and remedies under the Loan
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Documents including, without limitation, any rights or remedies conferred on the
Bank by reason of any default (beyond applicable grace periods) under any of the
Loan Documents, whether or not such defaults occurred prior or subsequent to the
execution of this letter agreement.
Please acknowledge your acceptance of the extension of the term of the
Loan, subject to the terms and conditions contained in this letter agreement, by
signing and dating this letter agreement in the space indicated below and
returning this letter agreement to the undersigned.
Very truly yours,
PROVIDENT BANK
By: /s/ Xxxxxxxx Xxxxxxxx
for Xxx Xxxxxxx
-----------------------------------
Xxx Xxxxxxx
ACCEPTED AND AGREED TO
AS OF THE 27th DAY OF DECEMBER, 2005
BORROWER: IPORUSSIA, INC.
By: /s/ Xxxxxxx X. Xxxxxx
--------------------------------------------
Xxxxxxx X. Xxxxxx
Executive Vice President
GUARANTORS:
By: /s/ Xxxxxxx Xxxxxxxxx
--------------------------------------------
Xxxxxxx Xxxxxxxxx, Individual Guarantor
By: /s/ Xxxxxxxxx Xxxxxxx, Xx.
--------------------------------------------
Xxxxxxxxx Xxxxxxx, Xx., Individual Guarantor
/s/ Xxxxxx X. Xxxxx
--------------------------------------------
XXXXXX X. XXXXX
Notary Public, State of New York
No. 02AD6047029
Qualified in Nassau County
Commission Expires August 21, 2006
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By: /s/ Xxx Xxxxxx
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Xxx Xxxxxx, Individual Guarantor
By: /s/ Xxxxxx X. Xxxxx
--------------------------------------------
Xxxxxx X. Xxxxx, Individual Guarantor
By: /s/ Xxxxxxx X. Xxxxxx
--------------------------------------------
Xxxxxxx X. Xxxxxx, Individual Guarantor
