Amendment and Addendum to Promissory Note between Five SAC Self-Storage Corporation and Nationwide Commercial Co.

Contract Categories: Business Finance › Note Agreements
Summary

Five SAC Self-Storage Corporation and Nationwide Commercial Co. have agreed to amend their original $20,000,000 promissory note dated July 1, 1998. Effective April 1, 2002, the amendment changes the payment schedule so that both basic interest and cash flow contingent interest are now due monthly, in arrears, on the first business day of each month. All other terms of the original note remain unchanged. Both parties have signed to confirm their agreement to these changes as of April 16, 2002.

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EX-10.50A 23 p67178exv10w50a.txt EX-10.50A EXHIBIT 10.50A AMENDMENT AND ADDENDUM TO PROMISSORY NOTE FOR VALUE RECEIVED, the undersigned, Five SAC Self-Storage Corporation, a Nevada corporation ("Maker"), hereby amends that certain Promissory Note (the "Note") dated as of July 1, 1998 in the original principal amount of $20,000,000 payable to the order of Nationwide Commercial Co. ("Payee"), as follows. Capitalized words used herein and not otherwise defined herein have the meaning ascribed to such words in the Note. Section 2(a) of the Note is hereby amended to provide that effective as of April 1, 2002, Basic Interest (which, for clarity, includes Pay Rate Interest and Deferred Interest) is payable on a monthly basis, in arrears, on the first business day of each month throughout the term of the Note. In addition, Section 2(e) of the Note is hereby amended to provide that effective as of April 1, 2002, Cash Flow Contingent Interest is payable on a monthly basis, in arrears, on the first business day of the month throughout the term of the Note. The Note remains in full force and effect and is not amended in any respect, except as expressly provided herein. IN WITNESS WHEREOF, the undersigned executes this Amendment and Addendum to Promissory Note as of April 16, 2002. Five SAC Self-Storage Corporation By: ____________________________ Bruce Brockhagen, Secretary Payee hereby agrees and consents to the above-described amendment to the Note this 16th day of April, 2002. Nationwide Commercial Co. By: ____________________________ Gary B. Horton, Secretary