Modification Agreement to Promissory Notes between Infinite Group, Inc. and Carle C. Conway
Contract Categories:
Business Finance
›
Modification Agreements
Summary
Infinite Group, Inc. and Carle C. Conway have agreed to modify the terms of three promissory notes originally issued by Infinite Group to Conway. The main change is that the due date for the full repayment of principal and accrued interest on all three notes is extended to December 31, 2010. All other terms of the original notes remain unchanged.
EX-10.28 6 v175513_ex10-28.htm Unassociated Document
MODIFICATION AGREEMENT TO
PROMISSORY NOTES
This MODIFICATION AGREEMENT is made as of December 31, 2009 between Infinite Group, Inc., a Delaware corporation with offices at 60 Office Park Way, Pittsford, NY 14534 (“Borrower”) and Carle C. Conway, an individual residing at 1305 E. via Entrada, Tucson, AZ 85718 (“Lender”).
WHEREAS, Lender is the holder of three (3) Promissory Notes issued by the Borrower to the Lender, as described in more detail in the attached Schedule A (collectively, the Notes); and
WHEREAS, the parties desire to modify the terms and conditions of the Promissory Notes as follows:
NOW, THEREFORE, the parties agree as follows:
| 1) | The Notes and each of them are modified to provide that the time at which the entire principal balance and accrued and unpaid interest shall be due and payable is December 31, 2010. |
| 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/ Michael S. Smith | ||
| By: Michael S. Smith, President | ||
| /s/ Carl C. Conway | ||
| By: Carle C. Conway |
PROMISSORY NOTES OF INFINITE GROUP, INC.
IN FAVOR OF CARLE C. CONWAY
| Holder | Principal Amt | Date | ||||
| Carle C. Conway | $150,000 | 8/13/03 | ||||
| Carle C. Conway | $ 50,000 | 1/16/04 | ||||
| Carle C. Conway | $ 65,000 | 3/11/04 |
