Exhibit 10.32
ALLONGE TO
PROMISSORY NOTE
DATED AUGUST 10, 2004
PROMISSORY NOTE
DATED AUGUST 10, 2004
This Allonge (the “Allonge”) executed the 6th day of February, 2008 attached to and forming a part of a Promissory Note, dated August 10, 2004 (collectively, the “Note”), made by Ecology Coatings, Inc., a Nevada corporation (the “Payor”), payable to the order of Douglas Stromback (the “Payee”), in the original principal amount set forth on Exhibit A, which represents the total advances that the Payee has made to the Payor under the Note.
1. The First Paragraph of the Note is hereby amended and restated in its entirety as follows:
FOR VALUE RECEIVED, the undersigned, Ecology Coatings, Inc., a Nevada corporation promises to pay to Douglas Stromback (together with his successors and assigns, referred to as the “Payee”), in the manner and at the place provided in this Note the principal amount set forth on Exhibit A, which is the total of the various advances (the “Advances”) that the Payee has made to the Payor under this Note. The outstanding principal balance of this Note shall be payable on December 31, 2008 (the “Maturity Date”)
2. In all other respects, the Note is confirmed, ratified and approved and, as amended by this Allonge, shall continue in full force and effect.
IN WITNESS WHEREOF, the Payor and Payee have caused this Allonge to be executed as of the 6th day of February, 2008
ECOLOGY COATINGS, INC. | ||||
By: | ||||
F. Thomas Krotine | ||||
Its: | President | |||
Accepted and agreed to: DOUGLAS STROMBACK | ||||
By: | ||||
Douglas Stromback | ||||
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Exhibit A
Schedule of Advances
(Updated through September 30, 2006)
Date Amount of Advance
Schedule of Advances
(Updated through September 30, 2006)
Date Amount of Advance
Date | Amount | |||
August 10, 2004 | $ | 20,000 | ||
September 24, 2004 | 15,000 | |||
October 22, 2004 | 5,000 | |||
December 28, 2004 | 15,000 | |||
January 25, 2005 | 5,000 | |||
February 28, 2005 | 15,000 | |||
March 2, 2005 | 15,015 | |||
March 3, 2005 | 6,015 | |||
March 31, 2005 | 15,000 | |||
April 19, 2005 | 3,970 | |||
May 6, 2005 | 60,000 | |||
August 29, 2005 | 25,000 |
*Effective as of March 1, 2005 Payee converted $27,500 principal amount into 250 shares of Common Stock of Payor and assigned $11,000 of this principal amount of this Note to Richard D. Stromback. |
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