Amendment to Promissory Note between BlueFire Equipment Corporation and Tyson Rohde (April 1, 2013)

Contract Categories: Business Finance › Note Agreements
Summary

BlueFire Equipment Corporation and Tyson Rohde have agreed to amend their existing promissory note. The amendment extends the repayment date for the $100,000 loan, with 15% annual interest, to October 1, 2013. All principal and accrued interest are now due on this new date, unless both parties agree to another extension. The agreement is signed by both parties and replaces the previous repayment terms.

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EX-10.1 2 ex10-1.htm EXTENSION TO PROMISSORY NOTE WITH TYSON ROHDE (APRIL 1, 2013) ex10-1.htm
Exhibit 10.1


BLUEFIRE EQUIPMENT CORPORATION
AMENDMENT TO
CONVERTIBLE PROMISSORY NOTE

April 1, 2013


WHEREAS, BlueFire Equipment Corporation, a Delaware corporation (the "Company") entered into a Convertible Promissory Note (the "Note") with Tyson Rohde (the "Lender") on April 1, 2011; and

WHEREAS, the Company received consideration of $100,000 and agreed to repay such principal amount and any accrued and unpaid interest on April 1, 2012; and

WHEREAS, simple interest on the Note shall accrue at an annual rate of fifteen percent (15%) and be paid monthly by the Company; and

WHEREAS, on March 31, 2012 the Company and the Lender amended the Note to grant the Lender a security interest in the Company's assets, to remove any conversion features of the Note, and to extend the maturity date to April 1, 2013; and

WHEREAS, on the Company and the Lender endeavor to extend the maturity date on the amended Note;

NOW THEREFORE, for good and valuable consideration the parties hereby agree to amend the Note as follows:

The Note is hereby amended such that the previous "Article II, Section 2.01" is deleted and replaced by the following revised "Article II, Section 2.01" and shall read as stated below.


ARTICLE II.
PRINCIPAL AND INTEREST PAYMENTS

Section 2.01      The entire principal amount of this Note together with accrued and unpaid interest thereon will be due and payable on October 1, 2013 (the "Repayment Date") unless this Note has been previously extended by the mutual consent of the parties.


IN WITNESS WHEREOF, the Company has executed this Amendment to Promissory Note by its duly authorized officer as of the date and year first written above.
 
BlueFire Equipment Corporation
  
Lender
       
       
       
By:__________________________
  
By:  /s/Tyson Rohde
  
       
Name: William A. Blackwell
  
Name: Tyson Rohde
       
Title: Director and CEO