Fourth Modification Agreement to Promissory Note between OxySure Systems, Inc. and Agave Resources, LLC
OxySure Systems, Inc. and Agave Resources, LLC have agreed to modify the terms of a $750,000 promissory note originally dated April 15, 2008. The main change is that the maturity date, when the outstanding principal is due, is now set to the 60-month anniversary of the note's issue date. All other terms of the original note remain unchanged. The modification is effective as of the dates signed by both parties' representatives in October and November 2011.
FOURTH MODIFICATION OF AGREEMENT
WHEREAS, OxySure Systems, Inc. (“OxySure”) and Agave Resources, LLC. (“Agave”) (OxySure and Agave jointly, the “Parties”) entered into that certain Promissory Note (“Note”) dated 4/15/08 in the principal amount of $750,000; and
WHEREAS, The Parties have agreed that it is in their best interests to modify the terms of the Note.
NOW, WHEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, THE SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, THE PARTIES AGREE AS FOLLOWS:
Section 1 of the Note shall be amended as follows:
Maturity Date. The then outstanding Principal Amount shall become due and payable on the 60 month anniversary of the Issue Date (the “Maturity Date”). “Issue Date” means the later of the date of first issuance of this Note as set forth above or the date of signature hereof.
All other provisions of the Note shall remain unchanged.
Agreed to and accepted:
| By: | /s/ Don Reed | By: | /s/ Julian T. Ross | |
| Mr. Don Reed, President | Mr. Julian Ross, CEO | |||
| Agave Resources, LLC. | OxySure Systems, Inc. | |||
| Date: | 10/27/11 | Date: | 11/14/11 |
