SECOND AMENDMENT TO 6% PROMISSORY NOTES
EXHIBIT
10.48a
SECOND
AMENDMENT TO
SECOND AMENDMENT TO 6% PROMISSORY
NOTES, is dated as of April 16, 2009; made by and between Delta Mutual, Inc., a
Delaware corporation, with its principal offices located at 00000 Xxxxx 00xx Xxxxxx,
# 000, Xxxxxxxxxx, XX 00000 (the “Company”) and Egani, Inc., an Arizona
corporation, (the “Lender”) with a mailing address of 0000 Xxxx Xxxxxxxx Xxxxx,
Xxxxxxxxxx, XX 00000. Capitalized terms used herein and not otherwise
defined herein shall have the meaning assigned to such term in the Original
Notes.
WHEREAS, the Company and the Lender are
parties to those certain 6% Promissory Notes, dated March 6, 2008; April 28,
2008; and September 18, 2008, all as amended (collectively,
the “Original Notes”), pursuant to which the Company has borrowed, in the
aggregate, the amount of $43,900 from the Lender;
WHEREAS, the Original Notes provided
that the Maturity Dates shall be April 16, 2009; and
WHEREAS, the Company and the Lender
have agreed to amend Section 1.4 of the Original Notes; and
WHEREAS, in accordance with the terms
and conditions of the Original Notes, the Company and the Lender hereby approve
the amendment of the Original Notes as set forth herein.
NOW, THEREFORE, in consideration of the
foregoing and the mutual covenants contained herein, the parties agree as
follows:
1. By their
respective execution of this SECOND AMENDMENT, the Company and the
Lender agree that Section 1.4 of each of the Original Notes is hereby amended to
read in its entirety as follows: “Maturity Date” shall mean the date on which
the Company receives demand for payment in writing from the Lender;
and
2. Except as
expressly provided herein, the Original Notes shall continue in full force and
effect.
3. This
AMENDMENT may be executed by facsimile and in counterparts, which, taken
together, shall be deemed an original and shall constitute a single SECOND
AMENDMENT.
4. IN
WITNESS WHEREOF, the Company and the Lender have caused this SECOND AMENDMENT to
be executed as of the date first written above
| DELTA MUTUAL, INC. | EGANI, INC. | |||
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(COMPANY)
|
(LENDER)
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By:
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/s/ Xxxxxx X. Xxxxxx |
By:
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/s/ Xxxxxx X. Xxxxxxx | |
|
|
Xxxxxx X. Xxxxxx |
|
Xxxxxx X. Xxxxxxx | |
|
|
Xx. Vice President |
|
President | |
