Modification Agreement to Promissory Note originally dated December 30, 2020 between the Company and Donald Reeve dated March 31, 2022
EXHIBIT 10.1
MODIFICATION AGREEMENT #2 TO
PROMISSORY NOTE
This MODIFICATION AGREEMENT is made as of March 31, 2022 between Infinite Group, Inc., a Delaware corporation with offices at 175 Sully’s Trail Suite 202, Pittsford, NY 14534 (“Borrower”) and Donald W. Reeve, an individual residing at 7 Cross Meadow Lane, Pittsford, NY 14534 (“Lender”).
WHEREAS, the Borrower has issued to Lender a promissory note in the principal amount of $328,000 dated December 30, 2020, which note has a principal balance of $328,000.00 at March 31, 2022 (the “Reeve Note”); and
WHEREAS, the parties desire to modify the terms and conditions of the Reeve Note as follows:
NOW, THEREFORE, the parties agree as follows:
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| 1) | The Note is modified to provide that the time at which the first balloon payment of $100,000 which was due on the modified date of March 31, 2022 shall be due and payable on June 1, 2022. |
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| 2) | Except as modified by this Agreement, all of the terms, covenants and conditions of the Notes shall remain the same. |
In witness whereof, Borrower and Lender have executed this Agreement under the day and year first written above.
INFINITE GROUP, INC.
/s/ James A. Villa
By: James A. Villa, CEO
Date: 3/31/2022
Donald W. Reeve
/s/ Donald W. Reeve
By: Donald W. Reeve
Date: 3/31/2022
