Amendment to Promissory Note between LocatePLUS Holdings Corporation and Gemstone Investment Company, Inc.

Contract Categories: Business Finance › Note Agreements
Summary

This amendment, dated August 30, 2002, modifies a $750,000 promissory note between LocatePLUS Holdings Corporation (the Borrower) and Gemstone Investment Company, Inc. (the Lender). The agreement extends the note's maturity date to October 3, 2002, and increases the points payable at maturity to $125,000. All other terms of the original note remain unchanged. Both parties have agreed to attach this amendment to the original note and mark it as amended.

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EX-10.17 3 exh10-17_11485.txt AMENDMENT TO PROMISSORY NOTE EXHIBIT 10.17 ------------- AMENDMENT TO PROMISSORY NOTE Reference is made to a certain $750,000 promissory note (the "Note") made by LocatePLUS Holdings Corporation, a Delaware corporation with a principal place of business at 100 Cummings Center, Suite 235M, Beverly, Massachusetts 01915 (the "Borrower"), in favor of Gemstone Investment Company, Inc., with a principal place of business of 320 Main Street, Worcester, Massachusetts 01608 (the "Lender"). This Amendment is dated as of August 30, 2002. FOR GOOD AND VALUABLE CONSIDERATION: The Lender represents and warrants that it is the holder of the Note. The Borrower and Lender hereby agree to (I) extend the Maturity Date of the Note (as defined therein) to October 3, 2002; and (II) increase the Points (as defined therein) to be paid at maturity of the Note to $125,000. In all other aspects, the Note is hereby ratified and confirmed. The Lender agrees to cause this Amendment to be affixed and attached to the Note, and mark upon the face of the Note, in conspicuous writing, "AMENDED AUGUST 30, 2002." IN WITNESS WHEREOF, the Borrower has caused these presents to be executed by its duly authorized officer as an instrument under seal, as of the day and year first above written. BORROWER: LOCATEPLUS HOLDINGS CORPORATION By: /s/ Jon R. Latorella --------------------------- Jon R. Latorella, President LENDER: GEMSTONE INVESTMENT COMPANY, INC. By: /s/ Pamela A. Massad --------------------------- Pamela A. Massad, its duly authorized President