EXHIBIT 10.14
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ADDENDUM
To the Option Agreement by and between Spark Management, Inc., a Pennsylvania
corporation, and Cottonbloom, Inc., A New Mexico corporation dated September 26,
1995.
WHEREAS: The first quarterly installment under the terms of the Option
Agreement, One Hundred Twenty-Five Thousand and 00/100 Dollars, is due on
December 26, 1997.
WHEREAS: Spark Management desires to move the calendar of payments forward
ninety (90) days. The first payment to be due on March 26, 1998 and all other
payments in successive quarters as per the Option Agreement.
WHEREAS: Spark Management is in negotiations to secure permanent financing for
the project underlying the Option and requires the additional time to conclude
those negotiations.
WHEREAS: Cottonbloom believes it is in the best interests of all parties to
grant Spark Management the additional time to conclude the negotiations.
NOW, THEREFORE, in consideration of the facts set forth in the recitals above
and intending to be legally bound hereby, Cottonbloom and Spark Management agree
as follows:
1. Spark Management shall be granted an extension until January 31, 1998.
2. If Spark Management has identified a financing source and is in final
negotiations prior to January 31, 1998, Spark shall pay $10,000 against interest
due under the Option Agreement and have an additional sixty (60) days to
complete the financing agreement.
3. The first payment due under the Option Agreement, provided Spark Management
is granted the additional sixty (60) day extension, is hereby reset to March 26,
1998.
4. All succeeding quarterly payments shall fall on the last day of the quarter
following the prior payment.
Dated this 24th day of December, 1997.
/s/ Xxxxxx Xxxxxxx /s/ R. Xxxxx Xxxxxx
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for Cottonbloom, Inc For Spark Management, Inc.
12/24/97
