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Modification Agreement to Promissory Note originally dated May 25, 2021 between the Company and Donald Reeve dated March 31, 2022

Contract Categories: Business Finance - Note Agreements
EX-10.2 3 imci_ex102.htm MODIFICATION AGREEMENT imci_ex102.htm

EXHIBIT 10.2

 

MODIFICATION AGREEMENT #4 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 note in the principal amount of $100,000 dated May 25, 2021, which note has a principal balance of $100,000 and accrued interest of $5,095.89 at 3/31/2022 (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:

 

 

1)

The Note is modified to provide that the time at which the entire principal balance and accrued and unpaid interest shall be due and payable is June 1, 2022.

 

 

 

 

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