TERMINATION OF AGREEMENT AND CANCELLATION OF LOAN
THIS AGREEMENT dated this 2nd day of January, 1997, by and
between Lyric Energy, Inc., a Colorado corporation, herein
referred to as Lyric, and Center Plains Industries, a Texas
corporation, which has been succeeded to by ML & C Trust, Xxx
Master, Jr., as Trustee.
In consideration of the mutual covenants and premises
contained herein, the parties do hereby agree as follows:
1. On December 1, 1982, Lyric Energy, Inc. and Center
Plains Industries entered into an Agreement wherein Center Plains
Industries loaned Lyric the sum of $92,500. In conformance with
the terms of the agreement that sum has now been reduced to
$88,907.40.
2. In consideration of such loan Lyric granted Center
Plains Industries the prior right of refusal to acquire any
ammonia which might have been made available from natural gas
underlying oil and gas leases which Lyric acquired utilizing the
funds loaned to Lyric by CPI.
3. That agreement also provided that the loan should bear
interest at the rate of 10% per annum on the unpaid balance.
4. The parties hereto desire to terminate the agreements
and ML & C Trust, Xxx Master, Jr. as Trustee, hereby forgives the
unpaid principal balance of the loan and in addition forgives and
waives any interest which might have accrued or been due and
payable pursuant to the terms of the agreement.
IN WITNESS WHEREOF, this Agreement is executed this 2nd day
of January, 1997.
LYRIC ENERGY, INC.
By: /s/ X.X. Xxxxx
X.X. Xxxxx, President
ML & C TRUST
By: /s/ Xxx Xxxxxxx, Xx.
Xxx Master, Jr., Trustee
