Fifth Amendment to Promissory Note between Q Lotus Holdings, Inc. and Southshore Real Estate Development, LLC
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Summary
Q Lotus Holdings, Inc. and Southshore Real Estate Development, LLC have agreed to amend their existing promissory note, originally dated February 23, 2011. Under this fifth amendment, Q Lotus Holdings, Inc. now promises to pay Southshore Real Estate Development, LLC a revised principal amount of $438,000. Both parties have agreed to this change as of July 18, 2011, and the amendment is effective upon their signatures.
EX-10.12 3 v232083_ex10-12.htm EXHIBIT 10.12 Unassociated Document
| Q Lotus Holdings, Inc. |  | 500 N Dearborn St, Suite 605 |
| A Private Equity | Chicago, IL 60654 | |
| Holding Company | (312) 379-1800 |
July 18, 2011
Southshore Real Estate Development, LLC
Four Executive Boulevard – Suite 200
Suffern, NY 10901
Attention: Josh Goldstein
Re: 5th Amendment to Promissory Note
Dear Josh:
In accordance with our discussions, Q Lotus Holdings, Inc. and Southshore Real Estate Development, LLC hereby agree to further amend the Promissory Note dated February 23, 2011 (as amended, supplemented or otherwise modified from time to time) between Q Lotus Holdings, Inc. and Southshore Real Estate Development, LLC in the amount of two hundred thousand dollars ($200,000) 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 Southshore Real Estate Development, LLC (“Payee’) the principal sum of Four Hundred Thirty Eight Thousand Dollars ($438,000); and |
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 18th day of July, 2011.
Southshore Real Estate Development, LLC
| By: | /s/ Josh Goldstein | ||
| | Josh Goldstein | ||
| Its: | General Partner | ||
| |
