MODIFICATION OF MULTIPLE ADVANCE TERM NOTE
EXHIBIT
10.13
| RE: |
CHANCELLOR
GROUP, INC.
GRYPHON
PRODUCTION COMPANY,
LLC.
GRYPHON
FIELD SERVICES, 'LLC
|
NOTE
# 128909
WHEREAS,
heretofore and under date of April 13, 2007, CHANCELLOR GROUP, INC., GRYPHON
PRODUCTION COMPANY, LLC. and
GRYPHON
FIELD SERVICES, LLC (hereafter called the "Borrower") made, executed and
delivered to WESTERN NATIONAL BANK, one certain Multiple Advance Term Note
in
the original principal amount of $5,000,000.00, with a current balance of
$2,300,000.00 payable at maturity, including any and all accrued interest,
bearing interest at the rate therein provided, with a final maturity of April
15, 2010; and
WHEREAS,
it is mutually desirable, beneficial, and agreeable to the parties hereto that
the repayment terms of said Multiple Advance Term Note be modified as
hereinafter set out;
NOW,
THEREFORE, in consideration of the mutual benefits inuring to each other, it
is
understood and agreed, by and between the parties hereto that the terms and
conditions of the Borrower's Multiple Advance Term Note, as described above,
are
hereby modified as follows:
Payment
date is hereby modified from the 15th
day
of each
month, beginning with the payment due on July 15, 2007, which will be
due
July
25,
2007. All subsequent payments shall be due on the 25th day of each month
thereafter. The maturity date is hereby extended to April 25, 2010.
It
is
further understood and agreed that all other terms, conditions, and covenants
of
the aforesaid Multiple Advance Term Note, not otherwise modified hereby, shall
be and remain the same, and that this Agreement, when executed by the
parties
hereto,
shall be attached to and
become
a
part of the original Multiple Advance Term
Note,
and
shall
have the same force and effect as if the terms and conditions hereof were
originally incorporated in the Multiple Advance Term Note prior to its
execution.
THE
WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN
THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
THERE
ARE
NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
IN
WITNESS WHEREOF, this Agreement is executed by the undersigned parties as of
the
27th
day of
July, 2007, but effective July 12, 2007.
| BORROWER: | |||
| CHANCELLOR GROUP, INC. | |||
| /s/ Xxxxxxx X. Xxxxxx, | |||
|
Xxxxxxx X. Xxxxxx, President |
|||
| GRYPHON PRODUCTION COMPANY, LLC | |||
| /s/ Xxxxxxx X. Xxxxxx, | |||
|
Xxxxxxx X. Xxxxxx, President |
| GRYPHON PRODUCTION FIELD SERVICES, LLC | |||
| /s/ Xxxxxxx X. Xxxxxx, | |||
|
Xxxxxxx X. Xxxxxx, President |
|||
| ACCEPTED BY: | |||
| WESTERN NATIONAL BANK | |||
| By: /s/ Xxxxxxxx X. Xxxxxxxx | |||
|
Xxxxxxxx X. Xxxxxxxx, Senior Vice President |
|||
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