RECITALS:
EX-10.16 2 ex10-16.htm AMENDMENTS TO PROMISSORY NOTE $250,000 WITH GERALD MODESITT DATED APRIL 16, 2012 AND JUNE 15, 2012 ex10-16.htm
Exhibit 10.16
This Agreement is entered into as of April 16, 2012 by and between Gerald Modesitt Trust U/A/D 12/9/83 (“Trust”) and Generation Zero Group, Inc. (“GNZR”).
RECITALS:
| | A. | GNZR executed that certain promissory note (“NOTE”) on November 4, 2010 in the original principal amount of $250,000 with Gerald Modesitt (“GM”) as the Holder. |
| | B. | GM assigned his interest in the Note as Holder to Trust upon receipt of the Note. |
| | C. | GM and GNZR entered into an amendment dated November 4, 2011. |
| | D. | Trust and GNZR desire to amend the Note and enter into certain agreements in connection with the execution and deliver y of this Agreement. |
NOW THEREFORE, in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
| | 1. | Provided that GNZR secures new financing in the gross amount of not less than $250,000 on or before June 15, 2012, GM agrees that the new maturity Date of the Note shall be June 2, 2014. If the aforementioned funding does not occur in a timely manner, this Agreement shall be null and void. |
| | 2. | Except as modified by this Agreement, the Note shall remain in full force and effect in accordance with its terms, as amended by the November 4, 2011 amendment. |
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
| GERALD MODESITT TRUST U/A/D | Generation Zero Group, Inc. |
| 12/9/83 | |
| By /s/ Gerald Modesitt | By /s/ Matthew Krieg |
| Trustee | CEO |
This Agreement is entered into as of June 15, 2012 by and between Gerald Modesitt Trust U/A/D 12/9/83 (“Trust”) and Generation Zero Group, Inc. (“GNZR”).
RECITALS:
| | E. | GNZR executed that certain promissory note (“NOTE”) on November 4, 2010 in the original principal amount of $250,000 with Gerald Modesitt (“GM”) as the Holder. |
| | F. | GM assigned his interest in the Note as Holder to Trust upon receipt of the Note. |
| | G. | GM and GNZR entered into an amendment dated November 4, 2011. |
| | H. | GM and GNZR entered into another amendment dated April 16, 2012. |
| | I. | Trust and GNZR desire to amend the Note and enter into certain agreements in connection with the execution and deliver y of this Agreement. |
NOW THEREFORE, in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
| | 3. | GM agrees that the new maturity Date of the Note shall be June 2, 2014. |
| | 4. | Except as modified by this Agreement, the Note shall remain in full force and effect in accordance with its terms. |
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
| GERALD MODESITT TRUST U/A/D | Generation Zero Group, Inc. |
| 12/9/83 | |
| By /s/ Gerald Modesitt | By /s/ Matthew Krieg |
| Trustee | CEO |
