Third Modification Agreement to Promissory Note between OxySure Systems, Inc. and Agave Resources, LLC (August 30, 2010)

Summary

OxySure Systems, Inc. and Agave Resources, LLC have agreed to modify the terms of their original $750,000 promissory note dated April 15, 2008. This third modification changes the maturity date so that the outstanding principal is now due 48 months after the issue date, which is defined as the later of the original issuance or the date of this modification. All other terms of the note remain unchanged. The agreement was signed by both parties on August 30, 2010.

EX-10.5.2 3 oxysure_ex1052.htm THIRD MODIFICATION OF AGREEMENT OF NOTE WITH AGAVE RESOURCES, LLC DATED AUGUST 30, 2010 oxysure_ex1052.htm

EXHIBIT 10.5.2

THIRD 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 48 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: 8/30/10			Date: 8/30/10