AMENDMENT TO NON-REVOLVING CREDIT LINE LOAN AGREEMENT

Contract Categories: Business Finance - Loan Agreements
EX-10.36 5 exhibit1036.htm AMENDED LOAN AGREEMENT NON-REVOLVING CREDIT LINE LOAN AGREEMENT

Exhibit 10.36


AMENDMENT TO NON-REVOLVING CREDIT LINE LOAN AGREEMENT


BY THIS AMENDMENT, entered into on the 4th day of September 2002, to the  AGREEMENT made and entered into as of the 4th day of September, 2001, AZCO MINING INC., a Delaware corporation, whose address is 7239 North El Mirage Road, Glendale, Arizona (hereinafter called "Borrower"), and Luis Barrenchea, Trustee under Declaration of Trust dated July 6, 1987, whose address is 10121 Sunkist circle, villa Park, California (hereinafter called "Lender"), for and in consideration of the recitals and mutual promises contained herein, confirm and agree as follows:


SECTION 1.

GENERAL TERMS


1.1

Lender agrees to extend the term of the September 4, 2001, $200,000 loan an additional year, whereby the principal amount payable will be due September 3, 2003.


1.2

This amendment shall be evidenced by a Non-Revolving Credit Line Note in the form attached hereto as Exhibit A (the "Note") of Borrower, executed and delivered simultaneously with the execution of this Amendment, in the face amount of $200,000, payable to Lender upon the terms and conditions contained therein.


1.3

The Note replaces the note executed in conjunction with the September 4, 2001 non-revolving credit loan agreement.


1.4

In consideration of the extension of the September 4, 2001 loan an additional year, Borrower shall extend the term of the warrant, issued in conjunction with the September 4, 2001 loan an additional year through September 4, 2003.  This amended warrant for the purchase of 250,000 shares of Borrower's common stock is attached hereto as Exhibit B (the "Warrant"), and Borrower and Lender shall enter into a Registration Rights Agreement in substantially the form attached hereto as Exhibit C.


IN WITNESS WHEREOF, these presents are executed as of the date indicated above.


BORROWER


AZCO MINING INC., a Delaware corporation


By:  ____/s/ Ryan Modesto_______________________

Its:  Vice President - Finance


LENDER

             /s/ Luis Barrenchea


                       Luis Barrenchea




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