Amendment to Convertible Notes Agreement between Oiltek, Inc. and Mudd Creek LLC

Contract Categories: Business Finance › Modification Agreements
Summary

Oiltek, Inc. and Mudd Creek LLC have agreed to amend their existing Convertible Notes dated November 28, 2006, which total $5,000. The amendment changes the maturity date, making the principal and any unpaid interest due in full on December 31, 2010, unless the notes are paid earlier or converted as specified in the original agreement. Both parties have acknowledged and agreed to these revised terms.

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EX-10.10 14 ex10-10.htm ex10-10.htm
Exhibit 10(x)
 
Oiltek, Inc.
7808 Creekridge Circle, Suite 105
Minneapolis, MN 55439
 

 
 
September 10, 2008
Mudd Creek  LLC
35219 Williams Gap Road
Round Hill, VA 20141
 

 
 
Re Convertible Notes dated November 28, 2006
 
Gentleman:
 
Reference is made to the Convertible Notes (the “Notes”) dated November 28, 2006 between Mudd Creek LLC (the “Payee”) and Oiltek, Inc. (the “Payor”) in the aggregate amount of $5,000.  This will confirm our agreement to amend the terms and conditions of the Notes as follows:
 
2.  
Article “2” of each of the Notes is amended to provide the that principal balance of the Notes, together with any unpaid and accrued interest thereon, shall be due and payable in full on December 31, 2010 (the “Maturity Date”), unless earlier (A) accelerated and payable with the terms of the Note (B) converted in accordance with the provisions of Article “3” of the Notes.
 
If the forgoing reflects your understanding of our agreement, please acknowledge by signing below.
 
 
Very truly yours,
 
Oiltek, Inc.
 
By: /s/ Jill Allison                 
Jill Allison, President
 
Acknowledge and Agreed
 
/s/ Mudd Creek                     
Mudd Creek