Document:

<PAGE>   1
                                                                   EXHIBIT 10.14

                     PROMISSORY NOTE MODIFICATION AGREEMENT

         This Promissory Note Modification Agreement (the "Agreement") is made
and entered into on February 15, 2001 (the "Agreement Date"), to be effective as
of February 15, 2001 (the "Effective Date"), by and between Electronic
Tele-Communications, Inc. (if more than one, jointly and severally,
("Borrower"), and Bank One, Wisconsin ("Lender").

                                    RECITALS

         A. Borrower has executed a promissory note in the amount of
$4,000,000.00 and dated June 30, 2000, in favor of Lender, as the same may have
been amended or modified from time to time (the "Note").

         B. The Note has at all times been, and is now, continuously and without
interruption, outstanding in favor of Lender.

         C. Borrower has requested that the Note be modified to the limited
extent as hereinafter set forth, and Lender has agreed to such modification.

                                    AGREEMENT

         NOW, THEREFORE, by mutual agreement of the parties and in mutual
consideration of the agreements contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree that the Note is modified as hereinafter indicated.

1.  ACCURACY OF RECITALS.  Borrower acknowledges the accuracy of the Recitals,
stated above.

2.  MODIFICATION OF PROMISSORY NOTE. The following provisions are deemed to be
part of the Note,  and any  contrary provisions in the Note are deemed to be
modified hereby:

         2.1     From and after the Effective Date, the amount of the Note, and
                 the maximum principal amount that may at any time be
                 outstanding thereunder, is hereby decreased to $2,500,000.00.

         2.2     Each of the Loan Documents is modified to provide that it shall
                 be a default or an event of default thereunder if Borrower
                 shall fail to comply with any of the covenants of Borrower
                 herein or if any representation or warranty by Borrower herein
                 or by any guarantor of the Loan or third-party pledgor of
                 collateral securing the Loan in any Acknowledgement and Consent
                 attached to this Agreement is materially incorrect or
                 misleading on the Agreement Date. As used in this Agreement,
                 "Loan Documents" shall include the Note, this Agreement and all
                 other documents executed by Borrower or others in connection
                 with the Loan that is evidenced by the Note.

         2.3     Each reference in any Loan Document to that or any other Loan
                 Document shall be deemed to be a reference to such Loan
                 Document, as modified herein.

<PAGE>   2

3. RATIFICATION OF LOAN DOCUMENTS AND COLLATERAL. The Loan Documents are
ratified and affirmed by Borrower and shall remain in full force and effect. Any
property, and rights to or interests in property, that were granted as security
in the Loan Documents shall remain as security for the Loan and the obligations
of Borrower in the Loan Documents.

4. BORROWER REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to
Lender that, as of the later of the Agreement Date and the Effective Date:

         4.1 No default or event of default under any of the Loan Documents as
         modified hereby, nor any event that, with the giving of notice or the
         passage of time or both, would be a default or an event of default
         under the Loan Documents, has occurred and is continuing.

         4.2 There has been no material adverse change in the financial
         conditions of Borrower or any other person whose financial statement
         has been delivered to Lender in connection with the Note from the most
         recent financial statement received by Lender.

         4.3  All representations and warranties of Borrower in the Loan
         Documents are accurate.

         4.4  Borrower has no claims, counterclaims, defenses, or set-offs with
         respect to the Loan or the Loan Documents.

         4.5  The Note and the other Loan Documents executed by Borrower are the
         legal, valid, and binding obligation of Borrower, enforceable against
         Borrower in accordance with their terms.

         4.6  Borrower, if not an individual, is validly existing under the laws
         of the state of its formation or organization and has the requisite
         power and authority to execute and deliver this Agreement and to
         perform the Loan Documents. The execution and delivery of this
         Agreement and the performance of the Loan Documents have been duly
         authorized by all requisite action by or on behalf of Borrower.

5. BORROWER OBLIGATIONS. Contemporaneously with the execution and delivery of
this Agreement, Borrower:

         5.1  Agrees to promptly execute, deliver, and provide to Lender such
         additional agreements, documents, and instruments as are reasonably
         required by Lender to effectuate the intent of this Agreement.

         5.2  Fully, finally, and forever releases and discharges Lender and its
         successors, assigns, directors, officers, employees, agents, and
         representatives from any and all of Borrower's actions, causes of
         action, claims, debts, demands, liabilities, obligations, and suits, of
         whatever kind or nature, in law or equity, whether now known or unknown
         to Borrower, (i) in respect of the Loan, the Loan Documents, or the
         actions or omissions of Lender with respect to the Loan or the Loan
         Documents and (ii) arising from events occurring prior to the Agreement
         Date.

6. EXECUTION AND DELIVERY OF AGREEMENT BY LENDER. Lender shall not be bound by
this Agreement until (i) Lender has executed and delivered this Agreement, (ii)
Borrower has performed all of the obligations of Borrower under this Agreement
to be performed contemporaneously with the execution and delivery of this
Agreement, (iii) each guarantor of the Loan and each third-party pledgor of
collateral securing the Loan has executed the Acknowledgement and Consent
attached to this Agreement and (iv) if required in writing by Lender, Borrower
and each guarantor of the Loan and each third-party

<PAGE>   3

pledgor of collateral securing the Loan have executed and delivered to Lender an
arbitration resolution, an environmental questionnaire, and an environmental
certification and indemnity agreement in Lender's standard forms.

7. INTEGRATION, ENTIRE AGREEMENT, CHANGE, DISCHARGE, TERMINATION, OR WAIVER. The
Loan Documents as modified herein contain the complete understanding and
agreement of Borrower and Lender with respect to the Loan and supersede all
prior representations, warranties, agreements, arrangements, understandings, and
negotiations. No provision of the Loan Documents may be changed, discharged,
supplemented, terminated, or waived, except in a writing signed by the parties
thereto.

8. BINDING EFFECT. The Loan Documents shall be binding upon and shall inure to
the benefit of Borrower and Lender and their successors and assigns, as well as
the executors, legal administrators, personal representatives, heirs, devisees,
and beneficiaries of Borrower, provided, however, that Borrower may not assign
any rights nor delegate any obligations under the Loan Documents, and any
purported assignment or delegation thereof shall be void.

9. CHOICE OF LAW.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Wisconsin, without giving effect to
conflicts of law principles.

10. COUNTERPART EXECUTION. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same document. Signature pages may be
detached from the counterparts and attached to a single copy of this Agreement
to form one physical document.

11. NOT A NOVATION. This Agreement is a modification only and not a novation.
Except for the modifications expressly set forth in this Agreement, the Note and
each other Loan Document, and all the terms and conditions thereof, shall be and
remain in full force and effect, with the changes herein deemed to be
incorporated therein. This Agreement is to be considered attached to the Note
and made a part thereof. This Agreement shall not release or affect the
liability of any guarantor, surety or endorser of the Note or the Loan, or
release any owner of collateral securing the Note or the Loan. The validity,
priority and enforceability of the Promissory Note shall not be impaired hereby.

IN WITNESS WHEREOF, Borrower has executed and delivered this Promissory Note
Modification Agreement on the Agreement Date, with effect as of the Effective
Date.

                                     ELECTRONIC TELE-COMMUNICATIONS, INC.

                                     By: /s/ Dean W. Danner
                                         -----------------------------------
                                         Dean W. Danner, President

LENDER'S ACKNOWLEDGMENT AND AGREEMENT:
The foregoing Promissory Note Modification Agreement is hereby acknowledged and
agreed to this 16th day of February, 2001.

                                     BANK ONE, WISCONSIN

                                     By:  /s/ Terry R. Sutter
                                         ----------------------------------
                                         Terry R. Sutter, Vice President<PAGE>   1

                                                                    EXHIBIT 10.1

                               FIRST AMENDMENT TO
                                    TERM NOTE

         This FIRST AMENDMENT TO TERM NOTE (this "Amendment"), dated March 26,
2001, is made and entered into by and between NetRadio Corporation, a Minnesota
corporation (the "Borrower") and Navarre Corporation, a Minnesota corporation
(the "Lender").

         WHEREAS, on October 14, 1999, the Borrower issued a Term Note to Lender
in the principal sum of Nine Million Five Hundred Ninety-Six Thousand Eight
Hundred Twenty-Seven and 00/100 Dollars ($9,596,827.00) (the "Term Note").

         WHEREAS, Lender has agreed to forgive the repayment of Five Million
Five Hundred Thousand and 00/100 Dollars ($5,500,000) of the principal amount of
the Term Note in exchange for the Borrower's prepayment of One Million Dollars
($1,000,000) of the principal amount of the Term Note concurrently herewith.

         WHEREAS, the Borrower is prepared to make a prepayment of the principal
amount of the Term Note in the amount of One Million Dollars ($1,000,000) to the
Lender concurrently herewith.

         WHEREAS, the parties hereto desire to amend the Term Note in order to
reflect the foregoing in accordance with the terms and conditions hereof.

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

         1. Amendment. As of the date hereof, the phrase "the principal sum of
NINE MILLION FIVE HUNDRED NINETY-SIX THOUSAND EIGHT HUNDRED TWENTY-SEVEN AND
00/100 DOLLARS ($9,596,827.00)" set forth in Section 1 of the Term Note shall be
amended and restated to read "the principal sum of THREE MILLION NINETY-SIX
THOUSAND EIGHT HUNDRED TWENTY-SEVEN AND 00/100 DOLLARS ($3,096,827.00)." From
and after the date hereof, all references in the Term Note, for purposes of
interest calculation and all other purposes, to the "principal balance" shall be
deemed to mean the amended and restated principal amount of the Term Note under
this Amendment.

         2. Affirmation of Term Note, Further References. Lender and Borrower
each acknowledge and affirm that the Term Note, as hereby amended, is hereby
ratified and confirmed in all respects and all terms, conditions and provisions
of the Term Note, except as amended by this Amendment, shall remain unmodified
and in full force and effect. All references in any document or instrument to
the Term Note are hereby amended and shall refer to the Term Note as amended by
this Amendment.

         3. Governing Law. The internal law, without regard to conflicts of laws
principles, of the State of Minnesota will govern all questions concerning the
construction, validity and interpretation of this Amendment.

         4. Counterparts. This Amendment may be executed in one or more
counterparts, any one of which need not contain the signatures of more than one
party, but all such counterparts taken together will constitute one and the same
instrument.

         5. Defined Terms. Capitalized terms used herein but not defined herein
shall have the meaning ascribed to them in the Term Note.

         6. Merger and Integration, Superseding Effect. This Amendment, from and
after the date hereof, embodies the entire agreement and understanding between
the parties hereto and supersedes and has merged into this Amendment all prior
oral and written agreements on the same subjects by and between the parties
hereto with the effect that this Amendment, shall control with respect to the
specific subjects hereof and thereof.

                                                    First Amendment to Term Note
                                                                  Execution Copy

<PAGE>   2

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the day and year first above written.

                                       NETRADIO CORPORATION

                                       By /s/ Michael Wise
                                         ---------------------------------------
                                          Name:  Michael Wise
                                          Title:  CFO

                                       NAVARRE CORPORATION

                                       By /s/ Eric Paulson
                                         ---------------------------------------
                                          Name:  Eric Paulson
                                          Title:  President

                                                    First Amendment to Term Note
                                                                  Execution Copy

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]