EXHIBIT 10.14
AMENDMENT TO THAT CERTAIN PROMISSORY NOTE DATED
MARCH 31, 1999 IN THE AMOUNT OF $2,000,000.00 EXECUTED BY LARI
ACQUISITION COMPANY, INC. (THE `PAYOR") IN FAVOR OF EMANUEL
WEINTRAUB INTER VIVOS TRUST (THE "LENDER") (THE "NOTE")
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This Amendment is dated for reference the 1st day of August, 1999.
WHEREAS:
A. As presently structured, the Payor is obligated to pay to the Lender the
sum of $55,555.55 per month under the Note;
B. The Payor wishes to lower its monthly payments under the Note and the
Lender has agreed to accommodate the Payor's request on the terms and
conditions of this Amendment; and
C. The parties to this Amendment have agreed that the Lender will defer
$15,555.55 of the present monthly payment under the Note with a balloon
payment of $497,777.60, plus interest as set forth below in Section 2(b),
all said deferred sums with interest thereon, to be paid by the Payor to
the Lender on March 31, 2002;
NOW THEREFORE, in consideration of the mutual covenants, agreements, warranties
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree with each other as follows:
1. All capitalized terms in this Amendment shall have the meaning as defined
in the Note.
2. The first paragraph of the Note is amended such that, effective as of
August 1, 1999, the Payor agrees to pay the Lender, or order, the Principal
Sum, until fully paid, as follows:
a. $40,000 per month, payable on the last day of the month commencing on
August 31, 1999 and continuing through and including March 31, 2002;
and
b $15,555.55 per month for 32 months payable on March 31, 2002, together
with interest at the rate of 9% per annum, calculated as simple annual
interest, to accrue monthly from and after August 31, 1999, until
fully paid, on any unpaid sum of such amount.
3. Except as otherwise expressly modified herein, the Note remains in full
force and effect.
4. As of the date of execution of this Amendment, the Payor represents that it
is not aware of arty facts giving rise to any set-off rights against the
Lender.
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5. It is expressly acknowledged that the Note, as amended, continues to be
subject 10 that security interest granted pursuant to that certain security
agreement between the Payor, the Lender and other parties dated March 31,
1999.
6. All dollar amounts referred in this Amendment are stated in United States
of America currency.
7. This Amendment may be executed in any number of counterparts, each of which
when delivered shall be deemed to be an original and all of which together
shall constitute one and the same document. A signed facsimile or
telecopied copy of this Amendment shall be effectual and valid proof of
execution and delivery.
IN WITNESS WHEREOF the parties hereto have duly executed this Amendment as of
the day and year first above written.
LARI ACQUISITION COMPANY, INC.
Per: /s/ Illegible
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Authorized Signatory
EMANUEL WEINTRAUB INTER VIVOS TRUST
Per: /s/ Emanuel Weintraub
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Emanuel Weintraub, Trustee
The undersigned hereby acknowledges that it approves this Amendment and it is
expressly acknowledged by the undersigned that this Amendment does not change
any of its obligations pursuant to that certain guaranty executed by the
undersigned in favor of the Lender and dated March 31, 1999.
THE NEPTUNE SOCIETY, INC.
(formally, Lari Corp.)
Per:
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Authorized Signatory
