Amendment to Promissory Note between Q Lotus Holdings, Inc. and Frank Powers, dated January 5, 2012

Contract Categories: Business Finance › Modification Agreements
Summary

Q Lotus Holdings, Inc. and Frank Powers have agreed to amend their original promissory note dated December 1, 2011. The amendment increases the principal amount owed by Q Lotus Holdings, Inc. to Frank Powers from $100,000 to $130,000. Both parties have signed the amendment to confirm their agreement to this change.

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EX-10.20 2 v245208_ex10-20.htm EXHIBIT 10.20 AMENDMENT TO PROMISSORY NOTE, DATED DECEMBER 1, 2011 Unassociated Document

Q Lotus Holdings, Inc.
 
A Diversified Financial
 
Holding Company
500 N Dearborn St, Suite 605
 
Chicago, IL  60654
 
(312) 379-1800
 

 January 5, 2012
Frank Powers
1 Hughes Center Dr, Unit 1604
Lasa Vegas, NV  89169

Re:  Amendment to Promissory Note

Dear Frank:

In accordance with our discussions, Q Lotus Holdings, Inc. and Frank Powers hereby agree to amend the Promissory Note dated December 1, 2011 between Q Lotus Holdings, Inc. and Frank Powers in the amount of one hundred thousand dollars ($100,000) such that, notwithstanding anything contained in the Promissory Note to the contrary:

1.  
Q Lotus Holdings, Inc. (“Obligor’) hereby promises to pay to the order of Frank Powers (“Payee’) the principal sum of One Hundred Thirty Thousand Dollars ($130,000).

Please acknowledge your acceptance of the above change by executing this amendment below.

Q Lotus Holdings, Inc.                                           

By:
/S/ Gary Rosenberg
 
Gary Rosenberg
Its:
CEO



Understood and Agreed to this 5th day of January, 2011.


By:
/S/ Frank Powers
 
Frank Powers