Loan Renewal Agreement between Colonial Bank, NA and Shells Seafood Restaurants, Inc. (September 28, 2006)

Contract Categories: Business Finance › Modification Agreements
Summary

Colonial Bank, NA and Shells Seafood Restaurants, Inc. have agreed to renew a $500,000 loan, extending the repayment period from September 28, 2006 to October 28, 2006. The bank confirms that Shells is not in default under the loan or promissory note. All other terms and conditions of the original loan and note remain unchanged.

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EX-10.1 2 v054061_ex10-1.htm
EXHIBIT 10.1


September 28, 2006


Mr. Warren R. Nelson
Shells Seafood Restaurants, Inc.
16313 N. Dale Mabry Hwy
Suite 100
Tampa, FL 33618

Re:
Colonial Bank, NA (the “Bank”)
Loan to Shells Seafood Restaurants, Inc. (“Shells”)

Dear Mr. Nelson:

This letter will confirm that effective as of September 28, 2006, the Bank has agreed to renew Loan Number ###-###-#### (the “Loan”) and the repayment of the Promissory Note in the principal amount of $500,000 (the “Note”) issued thereunder from September 28, 2006 to October 28, 2006. The Bank acknowledges and agrees that no Event of Default has occurred under the Loan or the Note from the date it was entered into through the date of hereof. Except as set forth above, all of the terms and conditions of the Loan and the Note remain in full force and effect.

Please call me at ###-###-#### with any questions.

Sincerely,

COLONIAL BANK, NA

By: /s/ David Ogburn 
Name: J. David Ogburn 
Title: Sr. Vice President 

An Affiliate of The Colonial BancGroup, Inc.
400 North Tampa Street, Suite 2500, Tampa, Florida 33602
Telephone 813 ###-###-####
www.colonialbank.com
AN EQUAL OPPORTUNITY EMPLOYER