Second and Third Addendum to Demand Note and Security Agreement between Intelligent Highway Solutions, Inc., Michael J. Sullivan, and Kenneth E. Polk

Contract Categories: Business Finance › Note Agreements
Summary

This document is an addendum to a previous loan agreement between Intelligent Highway Solutions, Inc. and Michael J. Sullivan (the borrowers) and Kenneth E. Polk (the secured party). The addendum extends the repayment schedule of the original demand note, setting new payment dates and amounts through February 28, 2013, when the principal balance is due. All terms of the original agreement remain in effect, and a late fee applies to overdue payments. The addendum replaces previous debt agreements between the parties, except as otherwise noted.

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EX-4.7 2 fs12012a4ex4vii_intelligent.htm PROMISSORY NOTE DATED APRIL 29, 2011 SECOND AND THIRD ADDENDUM. fs12012a4ex4vii_intelligent.htm
Exhibit 4.7
 
Second Addendum to Demand Note and Security Agreement Signed April 29, 2011.
 
The parties to this addendum shall be Intelligent Highway Solutions, Inc. located at 8 Slight Sky Ct. Sacramento, CA 95828 Michael J Sullivan located at 4830 Sorento Road, Sacramento, CA 95835 ("Borrowers"), Kenneth E. Polk, located at 9226 Marina Plaza Drive North, Long Beach, CA 90803 ("Secured Party").
 
In consideration and not withstanding any previous agreement(s), the parties hereby agree to extend and revise the demand note amount of the original agreement signed on April 29, 2011, as attached Exhibit "A" to this addendum to extend to September 30, 2012.
 
All provisions related to the original agreement remain in full force and effect including, but not limited to the Demand Note and Security Agreement. Borrowers agree that this addendum is subject to the original agreement and are subject to the security agreement dated April 29, 2011 and perfected with the CA Dept of Corporations UCC division.
 
4/30/2012
   $ 2,500  
5/31/2012
   $ 2,500  
6/30/2012
   $ 2,500  
7/31/2012
   $ 2,500  
8/31/2012
   $ 2,500  
9/30/2012
   $ 2,500  
 
This addendum supersedes and replaces all previous debt obligations and notes previously entered into between Borrowers and Secure Party, expected as noted above.
 
Intelligent Highway Solutions, Inc.  Kenneth K. Polk (Borrower) 
(Borrower)  (Secured Party)
   
/s/ Devon Jones,
CEO
/s/ Kenneth K. Polk
 
 
 
 
 
Third Addendum to Demand Note and Security Agreement Signed April 29, 2011.
 
The parties to this addendum shall be intelligent Highway Solutions, inc. located at 8 Slight Sky Ct. Sacramento, CA 95828 ("Borrowers"), Kenneth E. Polk, located at 9226 Marina Plaza Drive North, Long Beach, CA 90803 ("Secured Party").
 
In consideration and not withstanding any previous agreement(s), the parties hereby agree to extend and revise the demand note amount of the original agreement sighed on April 29, 2011, as attached Exhibit "A" to this addendum to extend to February 28, 2013.
 
All provisions related to the original agreement remain in full force and effect including, but not limited to the Demand Note and Security Agreement, Borrowers agree that this addendum is subject to the original agreement and are subject to the security agreement dated April 29, 2011 and perfected with the CA Dept of Corporations UCC division.
 
 
9/30/2012
   $ 2,500    
 
10/30/2012
   $ 2,500    
 
11/30/2012
   $ 2,500    
 
12/30/2012
   $ 2,500    
 
1/30/2013
   $ 2,506    
 
2/28/2013
   $ 2,500    
  2/28/2013     100,000,   principal balance due and payable  
 
Late fee of $100,00 will be assessed on any payment made after five days beyond the due date(s) as defined schedule above.
 
This addendum supersedes and replaces all previous debt obligations and notes previously entered into between Borrowers and Secure Party, expected as noted above.
 
Intelligent Highway Solutions, inc. Kenneth K. Polk (Borrower)
(Borrower)  
(Secured Party)
   
/s/ Devon Jones,
CEO
/s/ Kenneth K. Polk
  09/17/2012
09-17-2012