EXHIBIT 99.1
SIXTH AMENDMENT TO PURCHASE AND SALE AGREEMENT
THIS SIXTH AMENDMENT TO PURCHASE AND SALE AGREEMENT ("Sixth
Amendment"), made effective as of this 23rd day of August, 2007, by and between
DEACON ENTERPRISES, INC., a Michigan Corporation, whose address is 000 Xxxxx
Xxxxxx, Xxxxxxx, Xxxxxxxx 00000 ("Seller"), and VOYAGER PETROLEUM, INC., a
Nevada corporation, whose address is 000 Xxxx Xxxxx Xxxxxx-Xxxxx 000X, Xxxxxxxx,
XX 00000, ("Purchaser"). Seller and Purchaser are also each individually
referred to as a "Party" and collectively as the "Parties".
W I T N E S S E T H:
WHEREAS, on January 19, 2007 Seller and Purchaser entered into a
Purchase and Sale Agreement for land situated in the City of Detroit, County of
Xxxxx, and State of Michigan ("Original Agreement"); and
WHEREAS, on April 18, 2007 Seller and Purchaser executed a First
Amendment to Purchase and Sale Agreement ("First Amendment") extending the
Purchaser's due diligence inspection period until May 18, 2007; and
WHEREAS, on May 15, 2007 Seller and Purchaser executed a Second
Amendment to Purchase and Sale Agreement ("Second Amendment") extending the
Purchaser's due diligence inspection period until June 18, 2007; and
WHEREAS, on June 18, 2007 Seller and Purchaser executed a Third
Amendment to Purchase and Sale Agreement ("Third Amendment") extending the
Purchaser's due diligence inspection period until July 18, 2007; and
WHEREAS, on July 18, 2007 Seller and Purchaser executed a Fourth
Amendment to Purchase and Sale Agreement ("Fourth Amendment") extending the
Purchaser's due diligence inspection period until August 17, 2007; and
WHEREAS, on August 17, 2007 Seller and Purchaser executed a Fifth
Amendment to Purchase and Sale Agreement ("Fifth Amendment") extending the
Purchaser's due diligence inspection period until August 23, 2007 (Original
Agreement, First Amendment, Second Amendment, Third Amendment, Fourth Amendment,
and Fifth Amendment are collectively the "Agreement")
WHEREAS, Seller and Purchaser desire to amend the Agreement;
NOW THEREFORE, Seller and Purchaser agree as follows:
1. Extension of Inspection Period. Purchaser's right to inspect and
evaluate the Property and otherwise determine whether Purchaser shall
purchase the Property (the "Inspection Period") shall be extended until
September 30, 2007 at 5:00 p.m. EST without additional cost to
Purchaser. However, the Deposit shall become nonrefundable to Purchaser
upon execution of this Sixth Amendment. If Purchaser does not purchase
the Property, Seller shall be entitled to retain the Deposit.
2. Purchase Price. The Purchase Price to be paid for the Property shall be
reduced to Seven Hundred Twenty Five Thousand Dollars and 00/100
($725,000.00).
3. Closing. If Closing does not occur by September 30, 2007, Seller may
terminate the Agreement, retain the Deposit, and neither Party shall
have any further obligation to the other. However, if the Parties
proceed to Closing, at any time, the Deposit shall be applied to the
Purchase Price.
4. Notice. Notice to terminate the Agreement by either Party through their
respective attorneys may be provided by Facsimile or e-mail to the
attorney representing the other Party.
5. Counterparts and Facsimile. This Amendment may be executed in any
number of counterparts all of which when taken together, shall
constitute one in the same instrument. Facsimile signatures and
e-mailed PDF versions of signatures shall be deemed originals for the
purposes of execution and delivery of this Amendment.
The parties have executed this Sixth Amendment on the day and date
first above written.
SELLER: PURCHASER:
DEACON ENTERPRISES, INC. VOYAGER PETROLEUM, INC.
By: /s/ Xxxxxx Xxxxxx By: /s/ Xxxxxxxxx XxXxxx
-------------------------------- ------------------------------------
XXXXXX XXXXXX, President XXXXXXXXX XXXXXX, President
