AMENDMENT TO NON-REVOLVING CREDIT LINE LOAN AGREEMENT
BY THIS AMENDMENT, entered into on the 12th day of October 2001, to the
AGREEMENT made and entered into as of the 14th day of March, 2001, AZCO MINING
INC., a Delaware corporation, whose address is 0000 Xxxxx Xx Xxxxxx Xxxx,
Xxxxxxxx, Xxxxxxx (hereinafter called "Borrower"), and Xxxxxxxx X. Xxxxx, whose
address is 0000 Xxxxx Xx Xxxxxx Xxxx, Xxxxxxxx, Xxxxxxx (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 March 14, 2001, $800,000 loan
an additional year to March 12th 2003 (the "Loan Extension").
1.2 The Loan Extension 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 $800,000, payable to Lender upon the terms and conditions contained
therein.
1.3 The note shall take the place of the note executed in conjunction with
the March 14, 2001 non-revolving credit loan agreement.
1.4 In consideration of the Loan Extension, Borrower shall provide to
Lender a warrant for the purchase of 700,000 shares of Borrower's common stock
in the form 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:
Its:
LENDER
Xxxxxxxx X. Xxxxx
