Amendment No. 2 to $550,000 Fixed Convertible Promissory Note between Indoor Harvest Corp. and Tangiers Global, LLC

Contract Categories: Business Finance › Note Agreements
Summary

Indoor Harvest Corp. and Tangiers Global, LLC have amended their $550,000 promissory note. Under this amendment, Tangiers Global will provide an additional $110,000 in principal to Indoor Harvest Corp. by April 2, 2019, with $100,000 as consideration and $10,000 as an original issue discount. Indoor Harvest Corp. agrees to use about $100,000 of these funds as specified within one month. Each payment under the note is treated as a separate transaction with its own terms. All other terms of the original note remain unchanged.

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EX-10.1 2 ex10-1.htm

 

Exhibit 10.1

 

AMENDMENT #2

 

TO THE $550,000 PROMISSORY NOTE DATED SEPTEMBER 14, 2018

 

The parties agree that the $550,000 Fixed Convertible Promissory Note (the “Note”) by and between Indoor Harvest Corp. (the “Borrower”) and Tangiers Global, LLC (the “Lender”) is hereby amended as follows:

 

1. Payment. The Lender shall make a payment to the Borrower $100,000 of Consideration, plus $10,000 in an OID, for a total additional principal sum of $110,000 under the Note on or before April 2, 2019.
   
2. Use of Proceeds. The Company covenants that it will within, one month(s) of the Effective Date of this Consideration, it shall use approximately $100,000 of the proceeds in the manner set forth below (the “Use of Proceeds”):
   
3. Independent Transactions. The Borrower understands and agrees that the Note sets forth the terms for a series of independent transactions in which the Lender may elect to make a payment of Consideration to the Borrower with each payment of Consideration creating a separate obligation of the Borrower to the Lender with the terms set forth in the Note. Accordingly, the Maturity Date of each payment of Consideration, and the repayment terms for each payment of Consideration, are as set forth in the Note.
   
4. The Borrower confirms that it has not undertaken any capital raise, whether through debt or equity, with any other party since the Effective Date of the Note.

 

ALL OTHER TERMS AND CONDITIONS OF THE NOTE REMAIN IN FULL FORCE AND EFFECT.

 

Please indicate acceptance and approval of this amendment dated April 2, 2019 by signing below:

 

/s/ Daniel Weadock   /s/ Justin Ederle
Indoor Harvest Corp.   Tangiers Global, LLC
         
By: Daniel Weadock   By: Justin Ederle
Its: CEO   Its: Managing Member