EXHIBIT 10.6
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AMENDMENT OF PROMISSORY NOTE
US $500,000 August 25, 2000
New Maturity Date: November 25, 2000 Ramsey, New Jersey
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This is a 3 month extension and amendment of Promissory Note dated May 25, 2000
from tech Electro Industries, Inc. ("Maker") to Caspic International, Ltd.
("Holder"), with the promise to pay to the order of the Holder or its assigns,
the principal sum of five hundred thousand United States dollars ("US$500,000"),
with interest thereon from May 25, 2000, at the rate of twelve percent (12%) per
annum until fully paid on August 25, 2000. Such Note including its principal and
interest is now extended and amended as follows:
Tech Electro Industries, Inc. Promises to pay to the order of Caspic
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International Ltd. At Ramsey, New Jersey or at such place as may be designated
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in writing by Holder or its assigns, the principal sum of five hundred United
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States dollars (US$500,000), with interest thereon from the date, until fully
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paid, at the rate of twelve percent (12%) per annum. Such principal and interest
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shall be payable as follows: The principal sum of US$5000,000 shall be due and
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payable on November 25, 2000. Interest shall continue to be paid monthly, each
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25th of the month until the principal is paid in full. If not so paid and at the
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option of the Holder, or its assigns, all principal and interest, shall become
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immediately due and payable.
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This Note is secured by a pledge of the shares of capital stock of Alphablet
Hospitality Systems Inc. As set forth in that certain Pledge Agreement of the
parties executed simultaneous herewith.
This Note may be prepaid anytime from time to time, in whole or in part without
penalty, premium or permission.
In the event that the Maker defaults in any of its obligations hereunder or
under the Pledge Agreement, Holder shall be entitled to recover its costs of
collection of all amounts due hereunder, including reasonable attorney fees.
TECH ELECTRO INDUSTRIES, INC.
By: /s/ Ian Edmonds By: /s/ Mimi Tan
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Ian Edmonds Mimi Tan
Vice President Secretary of Corporation
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Exhibit 23.1
