AMENDMENT TO 6% PROMISSORY NOTES
Exhibit
10.48
AMENDMENT
TO
6%
PROMISSORY NOTES
AMENDMENT TO 6% PROMISSORY NOTES, is
dated as of November 24, 2008; made by and between Delta Mutual, Inc., a
Delaware corporation, with its principal offices located at 000 Xxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxx, XX 00000 (the “Company”) and Egani, Inc., an Arizona
corporation, (the “Lender”) with a mailing address of 0000 Xxxx Xxxxxxxx Xxxxx,
Xxxxxxxxxx, XX 00000. Capitalized terms used herein and not otherwise
defined herein shall have the meaning assigned to such term in the Original
Notes.
WHEREAS, the Company and the Lender are
parties to those certain 6% Promissory Notes, dated March 6,
2008, as amended; April 28, 2008, as amended; and September 18, 2008
(collectively, the “Original Notes”), pursuant to which the Company has
borrowed, in the aggregate, the amount of $43,900 from the Lender;
WHEREAS, the Original Notes provided
that the Maturity Dates shall be November 30, 2008; and
WHEREAS, the Company and the Lender
have agreed to extend the Maturity Dates and to amend Section 1.4 of the
Original Notes; and
WHEREAS, in accordance with the terms
and conditions of the Original Notes, the Company and the Lender hereby approve
the amendment of the Original Notes as set forth herein.
NOW, THEREFORE, in consideration of the
foregoing and the mutual covenants contained herein, the parties agree as
follows:
1.
By
their respective execution of this AMENDMENT, the Company and the Lender
agree that Section 1.4 of each of the Original Notes is hereby amended to read
in its entirety as follows: “Maturity Date” shall mean April 16, 2009;
and
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2.
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Except
as expressly provided herein, the Original Notes shall continue in full
force and effect.
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3.
This
AMENDMENT may be executed by facsimile and in counterparts, which, taken
together, shall be deemed an original and shall constitute a single
AMENDMENT.
4.
IN WITNESS WHEREOF, the Company and the Lender have caused this AMENDMENT to be
executed as of the date first written above.
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DELTA
MUTUAL, INC.
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EGANI,
INC.
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(COMPANY)
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(LENDER)
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By:
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/s/ Xxxxxx X.
Xxxxxx
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/s/ Xxxxxx Xxxxxxx
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Xxxxxx X. Xxxxxx
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Xxxxxx
Xxxxxxx
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Xx. Vice President
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President
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