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

Contract Categories: Business Finance › Modification Agreements
Summary

Q Lotus Holdings, Inc. and Southshore Real Estate Development, LLC have agreed to amend their existing promissory note, originally dated February 23, 2011. This amendment extends the maturity date for the outstanding principal balance of $544,000 to December 2, 2011. Both parties have signed the amendment to confirm their agreement to this new term.

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EX-10.18 2 v239110_ex10-18.htm EXHIBIT 10.18 Unassociated Document
Q Lotus Holdings, Inc.
 
A Private Equity
 
Holding Company
500 N Dearborn St, Suite 605
 
Chicago, IL  60654
 
(312) 379-1800
 
November 2, 2011
Southshore Real Estate Development, LLC
Four Executive Boulevard – Suite 200
Suffern, NY  10901
Attention: Josh Goldstein

Re:  9th 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.  
The Maturity Date for the aggregate principal balance equal to Five Hundred Forty Four Thousand Dollars ($544,000) is hereby extended to December 2, 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 2nd day of November, 2011.

Southshore Real Estate Development, LLC

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