Exhibit 10.18
AGREEMENT TO EXTEND SENIOR SECURED CONVERTIBLE DEBENTURE
Come now Hyde Investments Ltd., ("Holder"), National Parking Systems, Inc.,
ABS Holding Company, Inc., BH Holding Company, Inc. and Xxxx Xxxxxxxx
(hereinafter collectively referred to as the "Company"), and agree as follows:
Whereas, on January 13, 2005 the Company executed that certain SENIOR
SECURED CONVERTIBLE DEBENTURE in favor of Holder; and
Whereas, said SENIOR SECURED CONVERTIBLE DEBENTURE is scheduled to come due
on October 15, 2005; and
Whereas, the Company has requested that the due date of said SENIOR SECURED
CONVERTIBLE DEBENTURE be extended through and until June 30, 2006; and
Whereas, Holder has agreed to extend the due date of said SENIOR SECURED
CONVERTIBLE DEBENTURE through and until June 30, 2006.
Now therefore, in consideration of $10.00, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
Holder and the Company agree as follows:
1. That certain SENIOR SECURED CONVERTIBLE DEBENTURE executed by the
Company in favor of Holder on January 13, 2005 is hereby extended through and
until June 30, 2006.
2. Each and every term, condition, and obligation set forth in said SENIOR
SECURED CONVERTIBLE DEBENTURE remains in full force and effect through June 30,
2006.
3. Except for the due date, this extension agreement shall not serve to
modify or waive any of the terms, conditions and obligations set forth in said
SENIOR SECURED CONVERTIBLE DEBENTURE.
4. This extension agreement shall inure to the benefit of the parties
hereto, and be binding upon them and their successors and assigns.
(signatures on next page)
This day of , 2005.
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National Parking Systems, Inc. Hyde Investments, Ltd.
a Nevada corporation
By By
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Name: Xxxx Xxxxxxxx
Title: President and CEO
ABS Holding Company, Inc.
a Nevada corporation
By:
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Name: Xxxx Xxxxxxxx
Title: President and CEO
BH Holding Company, Inc.
a Nevada corporation
By:
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Name: Xxxx Xxxxxxxx
Title: President and CEO
Xxxx Xxxxxxxx
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Individually and as shareholder
