First Amendment to Promissory Note between iSecureTrac Corp. and Crestpark LP, Inc. dated September 14, 2011

Summary

This amendment updates the original promissory note between iSecureTrac Corp. (the borrower) and Crestpark LP, Inc. (the lender), originally dated July 22, 2011. The main change is the extension of the loan's maturity date to October 20, 2011. The borrower confirms there is no default and no significant negative changes affecting the agreement. All other terms of the original note remain unchanged and in effect.

EX-10.1 2 v235375_ex10-1.htm EXHIBIT 10.1

FIRST AMENDMENT TO

PROMISSORY NOTE DATED JULY 22, 2011

This first amendment (“First Amendment”) is entered into effective as of September 14, 2011.

WHEREAS that certain Promissory Note in the original principal amount of $250,000 or so much thereof as may be advanced and outstanding thereunder (the “Note”) was entered into effective as of July 22, 2011, by and between iSecureTrac Corp. as Borrower and Crestpark LP, Inc. as Lender;

WHEREAS Borrower has requested and Lender has agreed to such extension on the terms and conditions set forth herein and now desire to amend the Note accordingly;

NOW THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties, hereto agree as follows:

Section 1. DEFINED TERMS. Capitalized terms used herein and not otherwise defined herein shall have the meaning set forth in the Note.

Section 2. REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants as of the effective date of this First Amendment (a) that there is no default under the Note and (b) that no Material Adverse Effect has occurred and is continuing or would result from the extension of the Maturity Date provided for herein.

Section 3. AMENDMENTS TO NOTE. The following terms, as used in the Note, are hereby amended and restated in their entirety to read as follows:

“Maturity Date”. The Maturity Date shall be October 20, 2011.

Except as amended hereby, the Note remains the same in all respects and in full force and effect.

BORROWER:

ISECURETRAC CORP., a Delaware
corporation

By:	/s/ Peter A. Michel
	Peter A. Michel
Its:	Chief Executive Officer

FIRST AMENDMENT TO PROMISSORY NOTE DATED JULY 22, 2011 – Page 1

LENDER:

CRESTPARK LP, INC., a Delaware
corporation, as Secured Party

By:	/s/ Pam Doeppe
	Pam Doeppe
Its:	Vice President and Treasurer

FIRST AMENDMENT TO PROMISSORY NOTE DATED JULY 22, 2011 – Page 2