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Open End Construction Mortgage Deed

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MODIFICATION OF CONSTRUCTION TO
PERMANENT LOAN PROMISSORY NOTE AND
OPEN-END CONSTRUCTION TO PERMANENT MORTGAGE DEED
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THIS MODIFICATION OF CONSTRUCTION TO PERMANENT LOAN PROMISSORY NOTE AND OPEN-END CONSTRUCTION TO PERMANENT MORTGAGE DEED (the "AGREEMENT"), entered into as of the 31st day of October, 1995, by and between EDAC TECHNOLOGIES CORPORATION, a Wisconsin corporation having a place of business at 1790 New Britain Avenue, Farmington, Connecticut 06032 (the "BORROWER"), and FLEET NATIONAL BANK OF CONNECTICUT F/K/A SHAWMUT BANK CONNECTICUT, N.A. a national banking association, having an office at 777 Main Street, Hartford, Connecticut 06115 (the "LENDER").


W I T N E S S E T H:


1. The Borrower executed a certain Construction to Permanent Loan Promissory Note dated July 31, 1995 in the original principal amount of up to $1,000,000 in favor of the Lender (the "NOTE"), which Note is secured by, among other things, an Open-End Construction to Permanent Mortgage Deed from the Borrower in favor of Lender dated August 3, 1995 and recorded in Volume 502 at Page 1024 of the Farmington Land Records (the "MORTGAGE"), encumbering certain real property located in the Town of Farmington as more particularly described in Schedule A to the Mortgage.
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2. The Borrower has requested that the Lender (a) extend the Conversion Date (as defined in the Note) to November 30, 1995, (b) extend the date for completion of the Improvements (as defined in the Note) to November 30, 1995, and (c) extend the last date for the making of construction advances under the Note to November 30, 1995.


3. As a condition to the extension, the Lender requires the Borrower to enter into this Agreement.


4. In consideration of the foregoing, and for One ($1.00) Dollar and other valuable consideration received to its satisfaction, the Borrower agrees to modify the terms and conditions of the Note and Mortgage as more specifically set forth in this Agreement.


TERMS OF AGREEMENT
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A. Modification of Note.
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The Borrower and the Lender agree that the terms of the Note are hereby modified in accordance with the following:


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1. Subsection (6)(a) under the Section entitled "A. DEFINITIONS." on
--------------- page 2 of the Note is hereby deleted and replaced with the following:


(a) the Borrower shall give the Lender prior notice of its intent to
convert the Loan, which notice shall specify the Conversion Date
(the "CONVERSION NOTICE");


2. The definition of "Conversion Date" on page 3 of the Note is hereby deleted and replaced with the following:


"Conversion Date" shall mean the date, occurring no later than November 30, 1995, on which the Loan is converted from the Construction Loan to the Permanent Loan. Provided that the Lender determines that the Borrower has satisfied the conditio
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