NOTE MODIFICATION AND AMENDMENT AGREEMENT
This Note Modification and Amendment Agreement (the
"Agreement") is entered into as of the 16th day of July, 1999 by
and between XCL Land Ltd. ("XCL Land") and _____________________
("Lender").
WHEREAS, XCL Land executed a certain promissory note
dated November 6, 1998 in the principal amount of $_______ in
favor of Lender (the "Note"), which Note has been extended so
that it is due on August 3, 1999;
WHEREAS, Lender has agreed to extend the maturity of
the Note through and until November 30, 1999;
WHEREAS, XCL Land and Lender wish to amend the Note to
reflect the revised maturity date.
NOW, THEREFORE, the parties hereto hereby agree as
follows:
1. Section III (1) of the Note is hereby amended by deleting
the current Section III (1) and substituting in its place the
following:
All principal and interest accrued and unpaid
under this Note is due and payable in full on
November 30, 1999.
2. Except as expressly modified in this Agreement, all terms
and provisions of the Note shall be and shall remain in full
force and effect, enforceable in accordance with their terms.
3. Nothing in this Agreement shall constitute the
satisfaction or extinguishment of the amounts owed under the
Note, nor shall it be a novation of the amounts owed under
the Note.
Executed on the day, month and year first above
written.
WITNESSES: XCL LAND LTD.
_________________________ By:________________________________
Name:____________________ Name:__________________________
(Please Print) Title:__________________________
_________________________
Name:____________________
(Please Print)
LENDER
By:________________________________
Name:______________________________
Title:_____________________________
