Exhibit 10.1


 





 


AMENDMENT TO 


CONVERTIBLE SECURED NOTE PURCHASE AGREEMENT



AND SECURED CONVERTIBLE NOTE


 


This Amendment to Convertible
Secured Note Purchase Agreement and Secured Convertible Note (this "Amendment") is entered into as of March 18, 2015,
by and among Community Shores Bank Corporation, a Michigan corporation (the "Company"), whose address is 1030 W. Norton
Avenue, Muskegon, MI 49441, and 1030 Norton LLC, a Michigan limited liability company (the “Lender”), whose address
is 1985 East Laketon Ave., Muskegon, MI 49412.


 


BACKGROUND


 


The Company and Lender
entered into a Convertible Secured Note Purchase Agreement dated as of March 20, 2013 (the “Note Purchase Agreement”).
Capitalized terms used herein but not defined herein shall have the meanings specified by the Note Purchase Agreement.


 


Pursuant to the terms
of the Note Purchase Agreement, the Company issued a Secured Convertible Note in favor of Lender dated as of March 20, 2013 (the
“Note”) and entered into a Pledge Agreement in favor of Lender dated as of March 20, 2013 (the “Pledge Agreement”).


 


In connection with
the foregoing, the Company and Lender desire to amend the Note Purchase Agreement and the Note as set forth below.


 


NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:


 


1. Amendment to Note Purchase
Agreement. The “Maturity Date” set forth in Section 1 of the Note Purchase Agreement is changed from “March
31, 2015” to “March 31, 2017” and all other references in the Note Purchase Agreement to the date of “March
31, 2015” shall be deemed references to the date “March 31, 2017”.


 


2. Amendment to Note. The
due date set forth in the Note is changed from “March 31, 2015” to “March 31, 2017” and all other references
in the Note to the date of “March 31, 2015” shall be deemed references to the date “March 31, 2017”.


 


3. Continuation of Pledge Agreement.
All collateral granted by the Pledge Agreement shall continue with the same priority as originally granted, and such pledge and
security interest in such existing collateral secures all indebtedness, obligations and liabilities under the Note Purchase Agreement,
as amended hereby, the Note, as amended hereby, and any other instruments, agreements or documents executed in connection therewith.


 


4. Representations and Warranties.
The parties hereto represent and warrant that this Amendment constitutes a legal, valid and binding obligation of the parties hereto
and is enforceable against each party.


 






    	 



    	 



    

 


5. Ratification. Except as
expressly set forth in this Amendment, the terms and provisions of the Note Purchase Agreement and Note shall continue unmodified
and in full force and effect.


 


6. Governing Law. This Amendment
shall be governed by and construed in accordance with the laws of the State of Michigan, without regard to choice of law principles
of such State.


 


7. Counterparts. This Amendment
may be executed in any number of counterparts, each of which, when executed and delivered shall be an original, but such counterparts
shall together constitute one and the same instrument.


 






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IN WITNESS WHEREOF,
this Amendment has been duly executed as of the day and year first written above.


 


 


	COMMUNITY SHORES BANK 	 	Address: 1030 W. Norton Avenue
	  CORPORATION	 	Muskegon, MI 49441
	 	 	 	Attention: Heather Brolick
	 	 	 	 
	 	 	 	 
	By:	/s/ Heather D. Brolick	 	 
	 	Heather D. Brolick, President and CEO	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	1030 NORTON LLC	 	Address: 1985 East Laketon Ave.
	 	 	 	Muskegon, MI 49442
	 	 	 	Attention: Bruce J. Essex
	 	 	 	 
	By:	/s/ Bruce J. Essex	 	 
	 	Bruce J. Essex, Managing Partner	 	 


 






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