Orange County NC Website
Browse       Search
AMENDMENT TO PROMISSORY NOTE <br /> <br />THIS AMENDMENT TO PROMISSORY NOTE (this “Agreement”), dated as of December 9, 2020, by and <br />between Mark A. Holt doing business as Masterpeace Barbershop LLC (the “Borrower”), and Orange <br />County (together with its successors and assigns, “Lender”). <br />WHEREAS, Borrower executed and delivered a Note dated as of April 13, 2015 for the benefit of Lender <br />in the original principal amount of $15,000.00 (the “Note”); <br />WHEREAS, Lender and Borrower are parties to that certain Loan and Security Agreement dated as of <br />January 1, 2021, by and between Borrower and Lender, as amended by that Amendment to Loan and <br />Security Agreement dated the date hereof between such parties (the “Loan Agreement”); <br />WHEREAS, Lender and Borrower desire to amend the Note as set forth herein. <br />NOW, THEREFORE, for other good and valuable consideration, the parties hereto hereby agree as <br />follows: <br /> 1. All capitalized terms not otherwise defined herein shall have the respective meanings <br />set forth in the Note and/or the Loan Agreement. <br /> 2. From and after the date hereof, the Principal Amount of the Note shall be $1,755.36. <br /> 3. All references to the Principal Amount contained in the Note shall be deemed to refer to <br />the Principal Amount as amended by this Agreement, as the same may be further amended, restated, <br />replaced, supplemented or otherwise modified from time to time. <br /> 4. Section INTEREST; PAYMENTS; PREPAYMENT is hereby amended in its entirety to read <br />as follows: “Interest payable on this Note shall accrue at the annual rate of zero percent (0%) and shall <br />accrue from the closing date. <br />Borrower shall make its first payment on (January, 1, 2021) in the amount of the interest accruing from <br />the date of the Promissory Note to (December, 31, 2019). The remaining seventeen (17) payments shall <br />be as follows: <br />· Principal on the outstanding balance for the preceding month beginning (January, 2021) <br />with the payments to be calculated by amortizing the loan so that it would be paid in full on <br />(May 1, 2022). <br />If not sooner paid, all unpaid principal and all accrued and unpaid interest on this Note shall be due and <br />payable on (May 1, 2022). <br />The Borrower may prepay the outstanding principal amount at its option at any time, in whole or in <br />part, without penalty or premium. <br />DocuSign Envelope ID: 68C3BF86-7C36-4F81-8236-E12BB1D18328