Promissory Note Extension Agreement between Corridor Communications Corp. and Bristol Investment Fund, Ltd.

Contract Categories: Business Finance › Modification Agreements
Summary

Corridor Communications Corp. and Bristol Investment Fund, Ltd. have agreed to extend the due date of a $300,000 promissory note, originally issued on August 20, 2004, to November 22, 2004. As of the agreement date, the total amount due, including interest, is $400,000. In exchange for the extension, Corridor Communications will pay an additional $50,000, making the total repayment $450,000 by the new due date. Early repayment is allowed but does not reduce the total amount owed.

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EX-4.1 2 v07771_exh41.txt CORRIDOR COMMUNICATIONS CORP. 1235 Pear Ave., Ste. 109 Mountain View, California 94043 October 20, 2004 Paul Kessler Bristol Investment Fund, Ltd. c/o Bristol Capital Advisors, LLC 10990 Wilshire Boulevard, Suite 1410 Los Angeles, California 90024 Fax: (310) 696-0334 Re: Extension of Due Date for Promissory Note dated August 20, 2004 Dear Mr. Kessler: Reference is hereby made to the promissory note issued by Corridor Communications Corp. (the "Company") to Bristol Investment Fund, Ltd. (the "Investor") on August 20, 2004 in the original principal amount of $300,000, bearing interest at a rate of 0.555556% per day (the "Note"). The amount due under the Note, including principal and interest, is $400,000 as of the date of this letter (the "Current Amount Due"). The Company and the Investor hereby agree to extend the due date of the Note to November 22, 2004 (the "Due Date"). In consideration of the extension, the Company shall pay the Investor the sum of $50,000 in cash, in addition to the Current Amount Due, on or before the Due Date. Therefore, to fully satisfy its obligations under the Note, the Company must pay the Investor a total of $450,000 (the "Total Amount Due") by the Due Date. The Company may repay the Total Amount Due prior to the Due Date but such prepayment shall not effect the Total Amount Due. Please indicate your agreement to the terms of this letter by signing below. Sincerely, CORRIDOR COMMUNICATIONS CORP. By: /s/ J. Michael Heil ------------------------------------- Name: J. Michael Heil Title: CEO AGREED TO AND CONSENTED BY: BRISTOL INVESTMENT FUND, LTD. By: /s/Paul Kessler ------------------------- Name: Paul Kessler Title: Director