<PAGE>
 
                                                                   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 
ROGERS-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.
<PAGE>
 
     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.

                                   ROGERS-AMERICAN COMPANY, INC.      
ATTEST:
                                   By: /s/ Doug Holstein
/s/                                   ------------------------
-------------------------             President
Secretary

                                   
                                   REXHAM INDUSTRIES CORP.

ATTEST:                            By: /s/ Frank Brown
                                      -------------------------
/s/                                   Vice President
-------------------------             
Asst Secretary


                                      -2-
                          
<PAGE>
 
ROGERS-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