EXHIBIT 2.2
FIRST AMENDMENT TO FORECLOSURE SALE AGREEMENT
FIRST AMENDMENT
TO
FORECLOSURE SALE AGREEMENT
This First Amendment to Foreclosure Sale Agreement is entered into as of May 8,
2006 (the "AMENDMENT"), by and between SAND HILL FINANCE, LLC ("SHF"), BSGL, LLC
("BSGL"), SERVGATE TECHNOLOGIES, INC. ("Company") and CIROND CORPORATION
("Purchaser").
RECITALS
The undersigned are parties to a Foreclosure Sale Agreement dated as of April 4,
2006 (the "AGREEMENT"). The parties desire to amend the Agreement in accordance
with the terms of this Amendment.
NOW, THEREFORE, the parties agree as follows:
1. Section 2 on Schedule B of the Agreement is amended to read as
follows:
Secured obligations owed to SHF not to exceed $2,100,000. Payments and
distributions to SHF are summarized as follows:
a. $150,000 by April 7, 2006 - SHF acknowledges timely receipt of
payment
b. $100,000 by May 15, 2006
c. $500,000 by June 30, 2006
d. $500,000 by September 30, 2006
e. Outstanding balance by December 31, 2006
f. 25.0% of proceeds from any OEM agreement and 15% of proceeds of any
sale or issuance of equity or debt securities over $3,000,000 before December
31, 2006.
2. Unless otherwise defined, all initially capitalized terms in this
Amendment shall be as defined in the Agreement. The Agreement, as amended
hereby, shall be and remain in full force and effect in accordance with its
respective terms and hereby is ratified and confirmed in all respects. Except as
expressly set forth herein, the execution, delivery, and performance of this
Amendment shall not operate as a waiver of, or as an amendment of, any right,
power, or remedy of any party under the Agreement, as in effect prior to the
date hereof. This Amendment may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one instrument.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first
date above written.
CIROND CORPORATION
By: /s/ XXXXXXXX XXXXXX
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Title: PRESIDENT & C.E.O.
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