First Amendment to Promissory Note dated April 16, 2020 and effective April 14, 2020, between Monaker Group, Inc. and Crystal Falls Investments LLC

Contract Categories: Business Finance - Note Agreements

Monaker Group, Inc. 10-Q


Exhibit 10.11




This First Amendment to Promissory Note (this “Agreement”), entered into on April 16, 2020 and effective April 14, 2020 (the “Effective Date”), amends that certain $37,500 Promissory Note dated January 13, 2020 (the “Note”), by and between Crystal Falls Investments LLC (“Borrower”) and Monaker Group, Inc., a Nevada company (“Lender”). Certain capitalized terms used below but not otherwise defined shall have the meanings given to such terms in the Note.


WHEREAS, Borrower and Lender desire to amend the Note on the terms and conditions set forth



NOW, THEREFORE, in consideration of the premises and the mutual covenants, agreements, and considerations herein contained, and other good and valuable consideration, which consideration the parties hereby acknowledge and confirm the receipt and sufficiency thereof, the parties hereto agree as follows:


1.                   Amendment to Note. Effective as of the Effective Date, the “Maturity Date” of the Note shall be amended from “April 14, 2020” to “August 14, 2020”, and each reference in the Note to Maturity Date shall refer to such Maturity Date as amended and extended hereby.


2.                   Consideration. Each of the parties agrees and confirms by signing below that they have received valid consideration in connection with this Agreement and the transactions contemplated herein.


3.                   Effect of Agreement; Note to Continue in Full Force and Effect. Upon the effectiveness of this Agreement, each reference in the Note to “Note”, “Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to such Note as modified or amended hereby. Except as specifically modified or amended herein, the Note and the terms and conditions thereof shall remain in full force and effect.


4.                   Entire Agreement. This Agreement sets forth all of the promises, agreements, conditions, understandings, warranties and representations among the parties with respect to the transactions contemplated hereby and thereby, and supersedes all prior agreements, arrangements and understandings between the parties, whether written, oral or otherwise.


5.                   Counterparts and Signatures. This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and any amendments hereto or thereto, may be executed in one or more counterparts, all of which shall constitute one and the same instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic mail shall be treated in all manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.


IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written to be effective as of the Effective Date.


Borrower: Lender:  
Crystal Falls Investments, LLC Monaker Group, Inc.  
By: By:  
Ashvin Mascarenhas Bill Kerby  
President Chief Executive Officer