AMENDMENT NO. 1 TO PURCHASE AGREEMENT
AMENDMENT
NO. 1 TO PURCHASE AGREEMENT
THIS
AMENDMENT is made and entered effective as of April 18, 2008 by and between
XXXXXX X. XXXXXX (“Xxxxxx”) and XXXXXX X. XXXX (“Xxxx”)(hereinafter collectively
referred to as "Sellers")
and
COLUMBUS VENTURES, INC. (hereinafter called "Buyer").
WHEREAS:
A. The
Sellers and the Buyer have entered into an agreement titled "Purchase Agreement
(North Slope Leases)" (hereinafter called "Purchase
Agreement")
whereby the Buyer agreed to acquire certain State of Alaska oil and gas leases
from the Sellers for $621,607.50;
B. The
Sellers and the Buyer (hereinafter collectively referred to as "Parties")
wish
to amend the Purchase Agreement by changing and modifying the dates of certain
payments set forth in the Purchase Agreement, all as set forth in this
Amendment..
NOW
THEREFORE, in consideration of the mutual covenants herein contained, and for
other good and valuable consideration (the receipt and sufficiency of which
is
hereby acknowledged), the parties hereto agree as follows:
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1.
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AMENDMENT
TO SECTION 3
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Section
3(a) of the Purchase Agreement is hereby amended and modified as
follows:
1.1 The
date
of the $125,000.00 payment stated to be due and payable on or before Friday,
April 11, 2008 is hereby amended and modified whereby the said $125,000.00
payment is due and payable on or before Friday, April 18, 2008.
1.2 The
date
of the $115,000.00 payment stated to be due and payable on or before Friday,
April 25, 2008 is hereby amended and modified whereby the said $115,000.00
payment is due and payable on or before Friday, May 30, 2008. The Parties
acknowledge and agree that as a result of the foregoing change a total of
$230,000.00 shall be due and payable on or before Friday, May 30, 2008.
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2.
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AMENDMENT
TO SECTION 9
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Section
9
of the Purchase Agreement is hereby modified and amended by deleting reference
to the date “April 11, 2008” and replacing it with the date “April 18, 2008.”
The Parties hereto further covenant and agree that, on or before April 18,
2008,
both the Purchase Agreement, as amended herein, is deemed and considered to
have
been fully executed and further that the initial $125,000.00 payment provided
for in Section 3(a) above was deemed to have been received by the Escrow Agent.
Accordingly, none of the Parties can hereinafter assert or allege that the
Purchase Agreement, as amended herein, is, or was, null and void and of no
further force and effect.
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3.
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AMENDMENT
TO SECTION 12.
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Section
12(a) of the Purchase Agreement is hereby modified and amended by deleting
reference to the date “April 25, 2008” and replacing it with the date “May 30,
2008.” The Parties hereto further covenant and agree that, as a result of the
foregoing change, a total
of
$230,000.00 shall be due and payable on or before Friday, May 30, 2008 under
the
provisions of Section 12(a) and 12(b) of the Purchase Agreement, as amended
herein.
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4.
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balance
of terms
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4.1 All
other
terms of the Purchase Agreement shall remain in full force and
effect.
4.2 In
the
event of any conflict in the terms of this Amendment with the terms of the
Purchase Agreement, the terms of this Amendment shall govern and
control.
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5.
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counterpart
execution
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For
the
sake of simplicity in execution, this Amendment to the Purchase Agreement may
be
executed by original or telefax signature in any number of counterparts, each
of
which shall be deemed an original hereof. All counterparts of this Amendment
to
the Purchase Agreement which are executed by telefax signature shall be valid
and binding as original signatures for all purposes (evidentiary or
otherwise).
IN
WITNESS WHEREOF. the parties hereto have executed this Amendment to the Purchase
Agreement as of the date first written above.
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SELLERS:
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BUYER:
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/s/
Xxxxxx X. Xxxxxx
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XXXXXX
X. XXXXXX
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COLUMBUS
VENTURES, INC.
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/s/
Xxxxxx X. Xxxx
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By:
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/s/
Xxxxxx Xxxxxxxx
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XXXXXX
X. XXXX
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Xxxxxx
Xxxxxxxx, CEO
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ESCROW
AGENT AGREES TO THE TERMS SET FORTH IN SECTIONS 3 AND 12 OF THE FOREGOING
AMENDMENT NO. 1 TO PURCHASE AGREEMENT:
XXXX
XXXXXXXX & X’XXXXXXX
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By:
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/s/
Xxxxxxx Xxxx
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Xxxxxxx
Xxxx
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