EXHIBIT 10.1 FIRST AMENDMENT TO 20% CONVERTIBLE SECURED PROMISSORY NOTE

Contract Categories: Business Finance - Note Agreements
EX-10.1 2 wofa_ex101.htm CONVERTIBLE SECURED PROMISSORY NOTE

EXHIBIT 10.1

 

FIRST AMENDMENT TO 

20% CONVERTIBLE SECURED PROMISSORY NOTE

 

This First Amendment to 20% Convertible Secured Promissory Note (this “Amendment”) is entered into on May 5, 2015, and effective April 26, 2015 (the “Effective Date”) by and between Wisdom Homes of America, Inc. (f/k/a SearchCore, Inc.), a Nevada corporation (the “Company”) and Robert S. and Rita DeLue, Trustees of the Robert S. and Rita DeLue 1995 Revocable Family Trust (the “Holder”).

 

RECITALS

 

WHEREAS, the Company and Holder are parties to that certain 20% Convertible Secured Promissory Note dated April 26, 2014, in the original principal amount of One Hundred Thousand Dollars ($100,000) (the “Original Note”); and

 

WHEREAS, the Company and Holder desire to amend certain provisions of the Original Note, effective as of April 26, 2015, as set forth herein.

 

NOW, THEREFORE, for good and adequate consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Holder agree as follows:

 

AGREEMENT

 

1. The first paragraph of the Original Note is restated in its entirety as follows:

 

FOR VALUE RECEIVED, SearchCore, Inc., a Nevada corporation, its assigns and successors (the “Company”), hereby promises to pay to the order of the Robert S. and Rita DeLue, Trustees of the Robert S. and Rita DeLue 1995 Revocable Family Trust (the “Holder”), in immediately available funds, the total principal sum of One Hundred Thousand Dollars ($100,000.00). The principal hereof and any unpaid accrued interest thereon shall be due and payable on or before 5:00 p.m., Pacific Time, on April 30, 2016 (the “Maturity Date”) (unless such payment date is accelerated as provided in Section 5 hereof). Payment of all amounts due hereunder shall be made at the address of the Holder provided for in Section 6 hereof. Interest shall accrue at the rate of twenty percent (20%) per annum on this Note from the date hereof. Any accrued interest shall be paid in full on the first day of each month beginning on June 1, 2014.

 

2.  Other than as set forth herein, the terms and conditions of the Original Note shall remain in full force and effect.

 

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IN WITNESS WHEREOF, the Company and Holder have executed this Agreement on the date first written above.

 

 

Company

   

Holder

 
           
 

Wisdom Homes of Nevada, Inc.,

   

Robert S. and Rita DeLue 1995 Revocable

 
 

a Nevada corporation

   

Family Trust

 
           
 

/s/ James Pakulis

   

/s/ Robert S. Delue

 

By:

James Pakulis

 

By:

Robert S. DeLue

 

Its:

President

 

Its:

Trustee

 

 

 

 

 

 

 

 

/s/ Rita DeLue 

 

 

By:

Rita DeLue

 

 

Its:

Trustee

 

 

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