Mortgage Payment Adjustment Agreement between Ruby Development Company and North Bay Resources Inc.

Contract Categories: Real Estate › Mortgage Agreements
Summary

Ruby Development Company and North Bay Resources Inc. have agreed that North Bay Resources will make reduced monthly mortgage payments of $10,000 each for the payments due on January 1, February 1, and March 1, 2012. This agreement formalizes the arrangement discussed in prior emails and is acknowledged by both parties. The key obligation is the temporary reduction in payment amount for the specified three-month period.

Read More Arrow
EX-10.4 5 ex10-4.htm ex10-4.htm
Exhibit 10.4
 
RUBY DEVELOPMENT COMPANY
P.O. Box 1241
Grass Valley, CA  95945

December 29, 2011

Perry Leopold, CEO
North Bay Resources Inc.
P.O. Box 162
Skippack, PA  19474
215 ###-###-####

Monthly Mortgage Payment Adjustment


Dear Perry,

This letter is to formalize our agreement that, as per the emails between our companies, Ruby Development Company hereby authorizes North Bay Resources to pay reduced monthly mortgage payments of TEN THOUSAND DOLLARS ($10,000.00) principal and interest for each of the three mortgage payments due and payable on January 1, 2012, February 1, 2012, and March 1, 2012.


Yours truly,


RUBY DEVELOPMENT COMPANY


 
By: /s/ W.R. Frederking
  W. R. “Rick” Frederking, Partner
 

Acknowledged and Agreed this 29th day of December, 2011,

North Bay Resources, Inc.


 
By: /s/ Perry Leopold
  Perry Leopold, President and CEO