Amendment to 8% Term Note between Delta Mutual, Inc. and Note Holder (September 30, 2005)

Contract Categories: Business Finance › Note Agreements
Summary

Delta Mutual, Inc. and the holder of an 8% Term Note originally dated April 5, 2005, have agreed to amend the note. This amendment extends the maturity date from October 2, 2005, to January 3, 2006, giving Delta Mutual more time to secure financing. All other terms of the original note remain unchanged. Both parties have signed the amendment to confirm their agreement.

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EX-10.33A 3 v039400_ex1033a.txt EXHIBIT 10.33a AMENDMENT TO 8% TERM NOTE AMENDMENT, dated as of September 30, 2005, TO 8% TERM NOTE, dated April 5, 2005, made by and between Delta Mutual, Inc., a Delaware corporation, with its principal offices located at 111 North Branch Street, Sellersville, PA 18960 (the "Borrower") and _________ (the "Holder"). Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to such term in the Original Note. WHEREAS, the Borrower and the Holder are parties to that certain 8% Term Note, dated April 5, 2005 (the "Original Note") pursuant to which the Borrower has borrowed the amount of $______________ from the Holder; WHEREAS, the Original Note provides that the Maturity Date shall be October 2, 2005; and WHEREAS, the Borrower and the Holder have agreed to extend the Maturity Date and to amend Section 1.4 of the Original Note in order to provide the Borrower with additional time to secure financing; and WHEREAS, in accordance with the terms and conditions of the Original Note, the Borrower and the Holder hereby approve the amendment of the Original Note as set forth herein. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained herein, the parties agree as follows: 1. By their respective execution of this Agreement, the Borrower and the Holder agree that Section 1.4 of the Original Note is hereby amended to read in its entirety as follows: "Maturity Date" shall mean January 3, 2006. 2. Except as expressly provided herein, the Original Note shall continue in full force and effect. IN WITNESS WHEREOF, the Borrower and the Holder have executed this Amendment as of the date first written above. DELTA MUTUAL INC. ____________________________ By: _______________________ By: ___________________________ Peter F. Russo President & CEO 54