Amendment to $300,000 Promissory Note Between IDS Industries, Inc. and JMJ Financial
IDS Industries, Inc. and JMJ Financial have agreed to amend their $300,000 promissory note. The amendment allows IDS Industries to repay the loan at any time within 140 days from the effective date. However, if repayment is made after 90 days, the payment must be 150% of the principal being repaid plus all accrued interest, fees, and other amounts due. All other terms of the original note remain unchanged.
AMENDMENT
TO THE $300,000 PROMISSORY NOTE DATED June 19, 2013
The parties agree that the $300,000 Promissory Note by and between IDS Industries, Inc. and JMJ Financial is hereby amended as follows:
Prepayment within 140 Days. Lender hereby approves Borrower making repayments on the Note at any time on or before 140 days from the Effective Date provided that any payment after 90 days from the Effective Date shall be in amount equal to 150% of the sum of the principal amount being repaid plus all accrued and unpaid interest, liquidated damages, fees and other amounts due on such principal amount.
ALL OTHER TERMS AND CONDITIONS OF THE $300,000 PROMISSORY NOTE REMAIN IN FULL FORCE AND EFFECT.
Please indicate acceptance and approval of this amendment dated June 19, 2013 by signing below:
| /s/ Bruce Knoblich | /s/ d/b/a JMJ Financial |
| Bruce Knoblich | JMJ Financial |
| IDS Industries, Inc. | Its Principal |
| Chief Executive Officer and Director |
