Exhibit 10:36
NOTE MODIFICATION AGREEMENT
This Note Modification Agreement is made the 27th day of July, 1999, by and
between the undersigned parties with regard to the obligation described below,
which obligation shall hereinafter be referred to as the "Note".
Date of Note: 6/16/99 Original Amount of Note $1,529,784.00
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Interest Rate: LSB Prime variable plus .75% (8.50%)
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Payable: 11 payments of $19,000 beginning 7/16/99 with final payment
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of unpaid principal plus accrued interest due June 16,
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2000.
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Security: See attached Addendum A dated June 16, 1999
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Principal Balance $1,521,779.32 Interest Paid To: 7/16/99
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The maker of the Note and Lexington State Bank, the payee thereof, mutually
desire to modify and amend the provisions of the Note in the manner hereinafter
set forth, it being specifically understood that except as herein modified and
amended, the terms and provisions of the Note and any Security Agreement and/or
Deed of Trust granted as security thereto shall remain unchanged and continue in
full force and effect as therein written.
Now therefore, for good and valuable consideration, the receipt of which is
hereby acknowledged, the undersigned agreed that the Note is hereby modified and
amended to provide as follows:
Extend amortization schedule at $19,000 monthly through May 16, 2001 with
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unpaid principal, plus accrued interest due June 16, 2001
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It is mutually agreed by and between the parties hereto that nothing herein
contained shall impair the security now held for the Note, nor shall waive,
annul, vary or affect any provision, condition, covenant, or agreement contained
in the Note or any Security Agreement of Deed of Trust securing same.
Furthermore, all rights and remedies as to all parties secondarily liable for
repayment of the indebtedness evidenced by the Note are hereby reserved.
In witness whereof, this instrument has been executed by the parties hereto and
delivered on the day and year first above written.
Wellington Hall, Limited
By: /s/ Xxxx X. Xxxxxxx, Xx. (Seal)
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Xxxx X. Xxxxxxx, Xx. President
LEXINGTON STATE BANK
By: /s/ Xxxxxxx X. Xxxxxxxx (Seal)
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Xxxxxxx X. Xxxxxxxx, Secretary
Attest: /s/ Xxxxxxx X. Xxxxxxxx (Seal)
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Xxxxxxx X. Xxxxxxxx, Secretary
By: /s/ E. Xxxxxx XxxXxxxxxx
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E. Xxxxxx XxxXxxxxxx Corporate Seal
Its: Vice President
------------------------- Account/Note Number:
Old
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New 3200548-9002
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