Exhibit 10.34
Charlotte, North Carolina
January 1, 1995 AMENDMENT TO BALANCE PURCHASE
MONEY PROMISSORY NOTE
THIS AMENDMENT TO NOTE, dated as of January 1, 1995, is agreed to by
▇▇▇▇▇▇-AMERICAN COMPANY, INC., Maker of BALANCE PURCHASE MONEY PROMISSORY NOTE
(the "Note") in the principal amount of $4,000,000.00, dated November 2, 1992,
and by REXHAM INDUSTRIES, CORP., Holder of said Note;
W I T N E S S E T H:
-------------------
That Maker has requested Holder to amend the Note, and Holder, in
consideration of the agreements of Maker herein contained, has agreed to amend
same, such that the parties agree with respect thereto that the Note is hereby,
and as of the date hereof, amended as follows:
1. Interest shall be payable in arrears on the unpaid principal balance
of the indebtedness (currently $4,000,000.00) at a rate per annum determined as
follows:
a. Throughout the term of the loan the prime rate of interest
charged by NationsBank, N.A. (Carolinas) as of each January 1 and July 1 (the
"Change Dates") shall be determined and
(i) if on the Change Date said prime rate is not less than seven
percent (7%) per annum nor more than ten percent (10%) per
annum, the annual rate of interest payable on the within
indebtedness as of and after that Change Date, to and
through the day immediately preceding the next Change Date,
shall be eight and one-half (8 1/2%) percent per annum, or
(ii) if on the Change Date said prime rate is less than seven
percent (7%) per annum or more than ten percent per
annum, the annual rate of interest payable on the within
indebtedness as of and after the Change Date, to and
through the day immediately preceding the next Change Date,
shall be equal to the sum of (a) the rate of interest
reported by the Wall Street Journal to be payable on the
---- ------ -------
five-year Treasury note having a maturity date nearest the
fifth anniversary of the Change Date and (b) three-fourths
of one percent.
2. The principal indebtedness and the interest thereon shall be paid in
successive and uninterrupted monthly installments to be applied first to
interest and then to principal, the amount of which installments shall be the
sum which if paid on the first day of the month following the Change Date and
thereafter paid on the first day of each succeeding month, to and including
January 1, 2017, would satisfy in full the principal indebtedness and pay the
interest thereon at the rate per annum established on the immediately preceding
Change Date.
3. The first monthly principal and interest installment shall be due on
February 1, 1995, shall be in the amount of $33,563.25 and shall continue in
that amount until the rate of interest is changed and the monthly installments
adjusted, as provided in Paragraphs 1. and 2., above.
4. The entire unpaid balance of the principal indebtedness, all accrued
interest thereon and any other sums due by Maker to Holder under the provisions
of the Deed of Trust and Security Agreement shall be due and payable on December
31, 1999.
Except as herein specifically amended, the Note remains unamended and is in
full force and effect as a valid and binding obligation of Maker.
IN WITNESS WHEREOF, Maker and Holder have caused these presents to be
executed as of the day and year first above written.
▇▇▇▇▇▇-AMERICAN COMPANY, INC.
ATTEST:
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇
/s/ ------------------------
------------------------- President
Secretary
REXHAM INDUSTRIES CORP.
ATTEST: By: /s/ ▇▇▇▇▇ ▇▇▇▇▇
-------------------------
/s/ Vice President
-------------------------
Asst Secretary
-2-
▇▇▇▇▇▇-AMERICAN MORTGAGE TABLE
LOAN AMOUNT 4,000,000
INTEREST RATE 8.50%
LOAN TERM (22 YEAR AMORTIZATION) 264
WITH 5 YEAR BALLOON PAYMENT OF 3,646,218.73
MONTHLY PAYMENT 33,536.25
FIRST PAYMENT DUE FEBRUARY 1, 1995
MORTGAGE
DATE BALANCE INTEREST PRINCIPAL PAYMENT
---- ------- -------- --------- -------
1 Feb-95 $4,000,000.00 $28,333.33 $5,202.91 $33,536.25
2 Mar-95 3,994,797.09 28,296.48 5,239.77 33,536.25
3 Apr-95 3,989,557.32 28,259.36 5,276.88 33,536.25
4 May-95 3,984,280.44 28,221.99 5,314.26 33,536.25
5 Jun-95 3,978,966.18 28,184.34 5,351.90 33,536.25
6 Jul-95 3,973,614.28 28,146.43 5,389.81 33,536.25
7 Aug-95 3,968,224.46 28,108.26 5,427.99 33,536.25
8 Sep-95 3,962,796.47 28,069.81 5,466.44 33,536.25
9 Oct-95 3,957,330.04 28,031.09 5,505.16 33,536.25
10 Nov-95 3,951,824.88 27,992.09 5,544.15 33,536.25
11 Dec-95 3,946,280.73 27,952.82 5,583.42 33,536.25
12 Jan-96 3,940,697.30 27,913.27 5,622.97 33,536.25
13 Feb-96 3,935,074.33 27,873.44 5,662.80 33,536.25
14 Mar-96 3,929,411.52 27,833.33 5,702.91 33,536.25
15 Apr-96 3,923,708.61 27,792.94 5,743.31 33,536.25
16 May-96 3,917,965.30 27,752.25 5,783.99 33,536.25
17 Jun-96 3,912,181.31 27,711.28 5,824.96 33,536.25
18 Jul-96 3,906,356.35 27,670.02 5,866.22 33,536.25
19 Aug-96 3,900,490.12 27,628.47 5,907.77 33,536.25
20 Sep-96 3,894,582.35 27,586.62 5,949.62 33,536.25
21 Oct-96 3,888,632.73 27,544.48 5,991.76 33,536.25
22 Nov-96 3,882,640.96 27,502.04 6,034.21 33,536.25
23 Dec-96 3,876,606.76 27,459.30 6,076.95 33,536.25
24 Jan-97 3,870,529.81 27,416.25 6,119.99 33,536.25
25 Feb-97 3,864,409.82 27,372.90 6,163.34 33,536.25
26 Mar-97 3,858,246.47 27,329.25 6,207.00 33,536.25
27 Apr-97 3,852,039.47 27,285.28 6,250.97 33,536.25
28 May-97 3,845,788.50 27,241.00 6,295.24 33,536.25
29 Jun-97 3,839,493.26 27,196.41 6,339.84 33,536.25
30 Jul-97 3,833,153.43 27,151.50 6,384.74 33,536.25
31 Aug-97 3,826,768.68 27,106.28 6,429.97 33,536.25
32 Sep-97 3,820,338.71 27,060.73 6,475.51 33,536.25
33 Oct-97 3,813,863.20 27,014.86 6,521.38 33,536.25
34 Nov-97 3,807,341.82 26,968.67 6,567.57 33,536.25
35 Dec-97 3,800,774.24 26,922.15 6,614.10 33,536.25
36 Jan-98 3,794,160.15 26,875.30 6,660.95 33,536.25
37 Feb-98 3,787,499.20 26,828.12 6,708.13 33,536.25
38 Mar-98 3,780,791.08 26,780.60 6,755.64 33,536.25
39 Apr-98 3,774,035.43 26,732.75 6,803.50 33,536.25
40 May-98 3,767,231.94 26,684.56 6,851.69 33,536.25
41 Jun-98 3,760,380.25 26,636.03 6,900.22 33,536.25
42 Jul-98 3,753,480.03 26,587.15 6,949.10 33,536.25
43 Aug-98 3,746,530.94 26,537.93 6,998.32 33,536.25
44 Sep-98 3,739,532.62 26,488.36 7,047.89 33,536.25
45 Oct-98 3,732,484.73 26,438.43 7,097.81 33,536.25
46 Nov-98 3,725,386.91 26,388.16 7,148.08 33,536.25
47 Dec-98 3,718,238.83 26,337.53 7,198.72 33,536.25
48 Jan-99 3,711,040.10 26,286.53 7,249.71 33,536.25
49 Feb-99 3,703,790.39 26,235.18 7,301.06 33,536.25
50 Mar-99 3,696,489.33 26,183.47 7,352.78 33,536.25
51 Apr-99 3,689,136.55 26,131.38 7,404.86 33,536.25
52 May-99 3,681,731.69 26,078.93 7,457.31 33,536.25
53 Jun-99 3,674,274.37 26,026.11 7,510.14 33,536.25
54 Jul-99 3,666,764.24 25,972.91 7,563.33 33,536.25
55 Aug-99 3,659,200.90 25,919.34 7,616.91 33,536.25
56 Sep-99 3,651,584.00 25,865.39 7,670.86 33,536.25
57 Oct-99 3,643,913.14 25,811.05 7,725.19 33,536.25
58 Nov-99 3,636,187.94 25,756.33 7,779.91 33,536.25
59 Dec-99 3,628,408.03 25,701.22 7,835.02 33,536.25
60 Jan-2000 3,620,573.00 25,645.73 3,620,573.00 3,646,218.73 BALLOON