Sixth Amendment to Promissory Note between Q Lotus Holdings, Inc. and Southshore Real Estate Development, LLC

Contract Categories: Business Finance Note Agreements
Summary

Q Lotus Holdings, Inc. and Southshore Real Estate Development, LLC have agreed to amend their existing promissory note. The amendment increases the principal amount owed by Q Lotus Holdings, Inc. to $544,000 and extends the maturity date to September 7, 2011. Both parties have signed to confirm these changes. This amendment updates the terms of repayment and the total amount due under the original loan agreement.

EX-10.15 2 v233583_ex10-15.htm EXHIBIT 10.15 Unassociated Document
 
Q Lotus Holdings, Inc.
 
A Private Equity
 
Holding Company
500 N Dearborn St, Suite 605
 
Chicago, IL  60654
 
(312) 379-1800

 August 24, 2011
Southshore Real Estate Development, LLC
Four Executive Boulevard – Suite 200
Suffern, NY  10901
Attention: Josh Goldstein

Re:  6th 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 Five Hundred Forty Four Thousand Dollars ($544,000); and

2.  
The Maturity Date is hereby extended to September 7, 2011.

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 _24_ day of August, 2011.

Southshore Real Estate Development, LLC

By: 
/S/ Josh Goldstein                                                           
Josh Goldstein
Its: 
General Partner
 
 
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