FIRST AMENDMENT OF DEVELOPMENT AGREEMENT
FIRST
AMENDMENT OF DEVELOPMENT AGREEMENT
THIS
FIRST AMENDMENT OF DEVELOPMENT AGREEMENT is effective as of August 8, 2007,
between Fuel Frontiers, Inc., a Nevada corporation and Kentucky Fuel Associates,
Inc., a Kentucky corporation, collectively known as (the “Parties”)
WHEREAS,
the Parties mutually agree to amend the Development Agreement first entered
into
between the Parties on July 30, 2007:
NOW,
THEREFORE, in consideration of the premises contained herein and other good
and
valuable consideration, the receipt and legal sufficiency of which is hereby
acknowledged, the Parties hereby agree that the Development Agreement be and
the
same hereby is amended as follows:
1. Paragraph
1(D) of the Development Agreement is hereby amended and restated in its entirety
as follows:
“1.
D. KFA
shall
provide FFI with an initial funding of two million dollars ($2,000,000.00)
which
said payment shall be tendered within 21 days of the execution of this
Agreement. If said funding is not completed within the allotted time, KFA will,
to the satisfaction of FFI, provide evidence that complete funding is reasonably
expected and will indicate the date whereupon funding shall be completed. Said
funds shall be applied by FFI towards any and all costs and expenses incurred
in
the ordinary course of business for the development, construction and arranging
of financing to closure of the first KFA/FFI production facility developed,
including without limitation the following costs: engineering, procurement,
administrative, development management, financing, legal, operations and
maintenance costs for each said fuel production facility. Furthermore, FFI
warrants that said funding shall not be used to pay any pre-existing financial
obligations of FFI or Nuclear Solutions, Inc. For each site located thereafter
by KFA and accepted by FFI for development of a fuel production facility, KFA
shall provide, FFI with initial minimum project funding of two million dollars
($2,000,000.00) for any and all costs and expenses incurred in the ordinary
course of business for the development, construction and arranging of financing
to closure of the production facility, including without limitation the
following costs: engineering, procurement, administrative, development
management, financing, legal, operations and maintenance costs for each said
fuel production facility.”
The
Parties each hereby represents and warrants that they have full right, power
and
authority to enter into this Agreement and that the respective persons executing
this Agreement are duly authorized to do so.
IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement
the day and year first above written.
Dated
this 8th
day of
August, 2007.
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FUEL
FRONTIERS, INC.
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KENTUCKY
FUEL ASSOCIATES, INC.
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Xxxxxxx
Xxxxx /s/
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Xxxxx
Xxxxxx /s/
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By:
Xxxxxxx Xxxxx
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By:
Xxxxx Xxxxxx
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Title:
Chairman & CEO
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Title:
President
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