Attached files
EXHIBIT 10.55
MODIFICATION AGREEMENT No. 7 TO
PROMISSORY
NOTES
This
MODIFICATION AGREEMENT is made as of February 14, 2021 between
Infinite Group, Inc., a Delaware corporation with offices at 175
Sully’s Trail Suite 202, Pittsford, NY 14534
(“Borrower”) and Northwest Hampton Holdings, LLC, a
New York limited liability company with an address at 308 Rock
Beach Road, Rochester, NY 14617
(“Lender”).
WHEREAS,
the Borrower has issued to Lender a note in the principal amount of
$203,323.70 dated December 31, 2003, which note has a principal
balance of $146,300.00 and an interest balance of $97,102.45 at
2/14/2021 (the “NWHH Note”); and
WHEREAS,
the parties desire to modify the terms and conditions of the NWHH
Note as follows:
NOW,
THEREFORE, the parties agree as follows:
1)
The Note is
modified to provide that the time at which the entire principal
balance and accrued and unpaid interest shall be due and payable is
January 1, 2024.
2)
Except as modified
by this Agreement, all of the terms, covenants and conditions of
the Notes shall remain the same.
In
witness whereof, Borrower and Lender have executed this Agreement
under the day and year first written above.
INFINITE
GROUP, INC.
___/s/
Andrew Hoyen____________________
By:
Andrew Hoyen, President
NORTHWEST
HAMPTON HOLDINGS, LLC
___/s/
James A. Villa_____________________
By:
James A. Villa, Sole Member