Second Amendment to $600,000 Promissory Note Between ProUroCare Medical, Inc. and Phillips W. Smith Family Trust
This amendment updates the terms of a $600,000 promissory note originally issued by ProUroCare Medical, Inc. to the Phillips W. Smith Family Trust. The changes set a minimum interest rate of 6% and require full repayment of the note and any unpaid interest by March 28, 2010. Payments will be applied first to interest, then principal, and finally to other charges, unless otherwise agreed. The lender may change the payment application without notice. The amendment was signed on March 19, 2009.
Exhibit 10.55
AMENDMENT #2 TO $600,000 PROMISSORY NOTE DATED OCTOBER 15, 2007 BETWEEN PROUROCARE MEDICAL, INC. (“BORROWER”) AND THE PHILLIPS W. SMITH FAMILY TRUST (“LENDER”)
This Amendment #2 to Promissory Note dated October 15, 2007 between ProUroCare Medical, Inc. (“Borrower”) and Phillips W. Smith (“Lender”) (the “Note”) is made to change the interest and payment terms of the Note.
Note Amendments
Section 3. E.4(a) is hereby deleted and replaced by the following:
(a) Lifetime. The Interest Rate will never be less than 6.000 percent.
Section 5, “PAYMENT” is hereby deleted and replaced by the following:
5. PAYMENT. We agree to repay this Note and any accrued but unpaid interest thereon on March 28, 2010.
Payments made on this Note will be applied first to interest that is due then to principal that is due, and finally to any charges that we owe other than principal and interest. If you and we agree to a different application of payments, we will describe our agreement on this Note. You may change how payments are applied in your sole discretion without notice to us. The actual amount of our final payment will depend on our payment record.
EXECUTED this 19th day of March, 2009.
| ProUroCare Medical Inc. |
| Phillips W. Smith Family Trust |
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| /s/ Richard C. Carlson |
| /s/Phillps W. Smith |
| Richard C. Carlson |
| Phillips W. Smith |
| CEO |
| Trustee |
