Exhibit Number 10.28
NOTE MODIFICATION AGREEMENT
This Note Modification Agreement is made the 14th day of August, 1998 by and
between the undersigned parties with regard to the obligation described below,
which obligation shall hereinafter be referred to as the "Note":
Date of Note January 26, 1997 Original Amount of Note: $250,000.00
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Interest Rate LSB Prime + 1.5%
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Payable Outstanding principal plus interest due January 16, 1998 with monthly
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interest payments begin February 16, 1997
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Security $650,000.00 Deed of Trust dated April 15, 1987; Assignment of Life
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Insurance Policy; Security Agreement provisions of LSB Loan Agreement
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dated July 24, 1990 covering accounts and notes receivable, inventory,
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machinery, equipment, furniture & fixtures.
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Principal Balance: $240,000.00 Interest Paid To: August 14, 1998
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The maker of the Note and Lexington State Bank, the payee thereof, mutually
desire to modify and amend the provisions of the Note in the manner hereinafter
set forth, it being specifically understood that except as herein modified and
amended, the terms and provisions of the Note and any Security Agreement and/or
Deed of Trust granted as security thereto shall remain unchanged and continue in
full force and effect as therein written.
Now therefore, for good and valuable consideration, the receipt of which is
hereby acknowledged, the undersigned agree that the Note is hereby modified and
amended to provide as follows:
Extended modified maturity date from July 16, 1998 to January 16, 1999 with
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monthly interest due on the outstanding principal balance, beginning September
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16, 1998
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It is mutually agreed by and between the parties hereto that nothing herein
contained shall impair the security now held for the Note, nor shall waive,
annual, vary or affect any provision, condition, covenant, or agreement
contained in the Note or any Security Agreement or Deed of Trust securing same.
Furthermore, all rights and remedies as to all parties secondarily liable for
repayment of the indebtedness evidenced by the Note are hereby reserved.
In witness whereof, this instrument has been executed by the parties hereto and
delivered on the day and year first above written.
LEXINGTON STATE BANK WELLINGTON HALL, LIMITED
By: By: (SEAL)
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E. Warren MacKinstry Hoyt M. Hackney, Jr., President
Its: Vice President By: (SEAL)
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William W. Woodruff, Secretary
Account/Note Number: Attest: (CORPORATE
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Old 0123200548-03-115735 William W. Woodruff, Secretary
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New SAME
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