AMENDMENT TO CONVERTIBLE NOTE

Contract Categories: Business Finance - Note Agreements
EX-10.111 11 w54814exv10w111.htm AMENDMENT TO CONVERTIBLE NOTE BTWN SEDONA AND CHARLES MITCHELL -- $300,000 exv10w111
 

EXHIBIT 10.111
AMENDMENT TO CONVERTIBLE NOTE
               This Amendment to the Convertible Note (the “Note”), dated as of May 31, 2006 executed by Sedona Corporation (the “Maker”) payable to the order of Charles F. Mitchell (the “Holder”), in the principal amount of THREE HUNDRED THOUSAND and no/100 dollars ($300,000.00), is entered into as of March 6, 2008.
    Whereas, the Note was originally due to mature on May 31, 2008 (the “Maturity Date”); and
 
    Whereas, Maker has made no payments under the Note to date; and
 
    Whereas, Maker and the Holder desire to further extend the Maturity Date;
 
    Now Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree to amend the Note as follows:
  1. The Maturity Date of the Note shall be further extended until October 23, 2009.
 
  2. To effectuate the foregoing:
 
    Section 1 (d) of the Note shall be replaced in its entirety by the following:
    “The term “Maturity” shall mean the date on which this shall be due and payable in full, which date shall be October 23, 2009.
    Section 2 of the Note shall be replaced in its entirety by the following:
           “Payment Terms. This Loan shall be effective commencing on the effective date and continuing until Maturity. The Maker shall be obligated to make one payment of all outstanding principal and interest due thereon at Maturity. Unless otherwise designated in writing, mailed or delivered to Maker, the place for payment of the indebtedness evidenced by this Note shall be the Holder’s principal address as noted above. Payments received on this Note shall be applied first to accrued interest, and the balance to principal.”
  3. Capitalized terms not defined herein shall have the meanings ascribed to them in the Note.

 

 

  4. Except as amended by this Amendment, the Note shall remain in full force and effect, enforceable in accordance with its terms and Maker hereby reaffirms and acknowledges all of its obligations thereunder.
          IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.
         
     
     
     
  Charles F. Mitchell  
     
     
 
  Sedona Corporation  
     
     
  By:   Marco Emrich, President  

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