FIRST AMENDMENT TO MORTGAGE, DEED OF TRUST, SECURITY AGREEMENT AND FINANCING STATEMENT FROM [______________], a [_________] TO [____________], AS TRUSTEE FOR THE BENEFIT OF Daniel Ryweck, as Collateral Agent
EXHIBIT 99.6
WHEN
RECORDED RETURN TO:
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[____________]
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[____________]
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[____________]
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Attn: [____________]
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FIRST
AMENDMENT TO
FROM
[______________],
a [_________]
TO
[____________], AS
TRUSTEE
FOR THE
BENEFIT OF
Xxxxxx
Xxxxxx, as Collateral Agent
A
CARBON, PHOTOGRAPHIC, FACSIMILE OR OTHER REPRODUCTION OF THIS INSTRUMENT IS
SUFFICIENT AS A FINANCING STATEMENT.
PORTIONS
OF THE MORTGAGED PROPERTY ARE GOODS WHICH ARE OR ARE TO BECOME AFFIXED TO OR
FIXTURES ON THE LAND DESCRIBED IN OR REFERRED TO IN EXHIBIT A
HERETO. THIS FINANCING STATEMENT IS TO BE FILED FOR RECORD OR
RECORDED, AMONG OTHER PLACES, IN THE REAL ESTATE RECORDS OR SIMILAR RECORDS OF
EACH COUNTY IN WHICH SAID LAND OR ANY PORTION THEREOF IS LOCATED. THE
MORTGAGOR IS THE OWNER OF RECORD INTEREST IN THE REAL ESTATE
CONCERNED. THIS INSTRUMENT IS ALSO TO BE INDEXED IN THE INDEX OF
FINANCING STATEMENTS.
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FIRST
AMENDMENT TO MORTGAGE, DEED OF TRUST, SECURITY AGREEMENT AND FINANCING
STATEMENT
THIS FIRST AMENDMENT TO MORTGAGE, DEED OF TRUST, SECURITY
AGREEMENT AND FINANCING
STATEMENT (this “Amendment”) is made as of the
____ day of [__________],
2009, by [___________], a [_______], whose address for notice is [________________] (“Mortgagor”) to [__________], as Trustee,
whose address for notice is [_______________] (“Trustee”), for the
benefit of Xxxxxx Xxxxxx, an individual with his principal place of residence at
00000 Xxxxxxxxx Xxxxx, Xxxxx 000, Xxxxxxxxxx, XX 00000, on his own behalf and in
his capacity as collateral agent for the benefit of the holders of the Notes (as
defined in the Mortgage described below) (together with its successors and
assigns, the “Mortgagee”). Capitalized
terms used but not defined herein shall have the respective meanings ascribed to
such terms in the Mortgage describe below.
R E C I T A L
S
A. Mortgagor
has previously executed and delivered in favor of Trustee for the benefit of
Mortgagee a certain Mortgage, Deed of Trust, Security Agreement and Financing
Statement made as of June 10, 2009, and recorded on [__________]
in the office of the County Clerk in [__________], Texas as
Instrument #[_________]
(the “Mortgage”), which
Mortgage encumbers Xxxxxxxxx’s interest in the land legally described on Exhibit A attached
thereto (the “Land”), in
addition to various other real and personal property pledged to the Mortgagee as
more fully described in the Mortgage.
X. Xxxxxxxxx
and Mortgagee have agreed to modify the Mortgage upon the terms and conditions
contained herein.
NOW THEREFORE, in
consideration of the premises and other good and valuable consideration, the
receipt and legal sufficiency whereof are hereby acknowledged, the parties
hereby agree as follows:
1. Recitals. The
Recitals set forth above are incorporated herein by this reference thereto as if
fully set forth herein.
2. Amendments
of Mortgage. Effective as of the date hereof, the recitals of
the Mortgage are hereby amended and restated in their entirety to read as
follows:
“A. Pursuant
to that certain Securities Purchase Agreement dated as of June 10, 2009 (as
amended, restated, supplemented or otherwise modified from time to time, the
“First Purchase Agreement”), by and among South Texas Oil Company, a Nevada
corporation (“Borrower”), and the “Buyers” party thereto (the “First Buyers”),
Borrower has, among other things, agreed to issue to First Buyers, and First
Buyers have agreed to purchase from Borrower, the Notes (as defined in the First
Purchase Agreement) (such notes, the “First Notes”), subject in each case to the
terms and conditions set forth in the First Purchase Agreement.
2
X. Xxxxxxxxx
and the other “Guarantors” party thereto have executed and delivered to
Mortgagee that certain Guaranty dated as of June 10, 2009 (as amended, restated,
supplemented or otherwise modified from time to time, the “First Guaranty”),
pursuant to which Mortgagor has guaranteed the payment and performance of all of
the “Obligations” under (and as defined in) the First Guaranty, which includes,
without limitation, all obligations, liabilities and indebtedness of Borrower
under the First Purchase Agreement and the First Notes.
X. Xxxxxxxx
to that certain Securities Purchase Agreement dated as of June [15], 2009 (as amended,
restated, supplemented or otherwise modified from time to time, the “Second
Purchase Agreement”; and collectively with the First Purchase Agreement, the
“Purchase Agreement”), by and among Borrower, and the “Buyers” party thereto
(the “Second Buyers”; and together with the First Buyers, “Buyers”), Xxxxxxxx
has, among other things, agreed to issue to Second Buyers, and Second Buyers
have agreed to purchase from Borrower, the Second Notes (as defined in the
Purchase Agreement) (such notes, the “Second Notes”; and together with the First
Notes, the “Notes”), subject in each case to the terms and conditions set forth
in the Second Purchase Agreement.
X. Xxxxxxxxx
and the other “Guarantors” party thereto have executed and delivered to
Mortgagee that certain Guaranty dated as of June [15], 2009 (as amended,
restated, supplemented or otherwise modified from time to time, the “Second
Guaranty”; and collectively with the First Guaranty, the “Guaranty”), pursuant
to which Xxxxxxxxx has guaranteed the payment and performance of all of the
“Obligations” under (and as defined in) the Second Guaranty, which includes,
without limitation, all obligations, liabilities and indebtedness of Borrower
under the Second Purchase Agreement and the Second Notes.
X. Xxxxxxxxx
has agreed that all of the Indebtedness (as defined in Section 1.03 hereof) is
intended to be secured in part by this Mortgage and recorded in those
jurisdictions as set forth on Exhibit A of this Mortgage.
F. The
entering into of the Purchase Agreement by the Buyers and the satisfaction of
their obligations thereunder were conditioned upon the execution and delivery by
Mortgagor of this Mortgage, and Xxxxxxxxx has agreed to enter into this
Mortgage.”
3. No
Further Amendment. This Amendment is given solely to amend and
modify the Mortgage as set forth herein. No further amendment or modification of
the Mortgage is made or intended, and the respective terms and provisions
thereof shall, as expressly amended and modified hereby, continue in full force
and effect after the date hereof. The warranties, representations, covenants and
agreements contained in the Mortgage as herein expressly amended, are hereby
ratified, approved and confirmed in every respect. Xxxxxxxxx also hereby (i) expressly ratifies and
confirms, as of the date of the Mortgage and as of the date hereof, the
grant by
Xxxxxxxxx of the lien on the Land and all of the other property and interests in
property created or intended to be created by the Mortgage, in each case as
amended and modified hereby and (ii) represents and warrants
that Mortgagor has not created or suffered or permitted to exist any other lien
upon or in any such property or interests in property subsequent to the
execution and delivery of the Mortgage, other than as expressly permitted
pursuant to the terms and provisions thereof. Xxxxxxxxx has no
claims, claims of offset or causes of action against Mortgagee, and no defenses
to its performance of all Indebtedness.
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4. No
Release. The indebtedness,
liabilities and other obligations secured by the Mortgage are continuing
obligations and nothing contained herein shall be deemed to release, terminate
or subordinate any lien created or evidenced thereby and all such liens and the
priority thereof shall relate back to the recordation date for the Mortgage as
referenced herein. This Amendment is not intended and shall not be deemed or
construed to in any way affect the enforceability or priority of the Mortgage or
constitute a novation, termination or replacement of all or any part of the
indebtedness, liabilities or other obligations secured thereby.
5. Governing
Law; Severability. This Amendment shall be governed by and
construed in accordance with the laws of the State of New York. The
invalidity, illegality or unenforceability of any provision of this Amendment
shall not affect or impair the validity, legality or enforceability of the
remainder of this Amendment or the Mortgage, and to this end, the provisions of
this Amendment are declared to be severable.
[Signature
Page Follows]
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IN WITNESS WHEREOF, Xxxxxxxxx
and Mortgagee have each executed this Amendment on the date set forth in their
respective acknowledgments hereto, to be effective as of the date first above
written.
MORTGAGOR:
[____________],
a [__________]
By:________________________________
Name:
Title:
MORTGAGEE:
________________________________
Xxxxxx
Xxxxxx
STATE
OF TEXAS
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COUNTY
OF _____
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CITY
OF _______________
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The
foregoing instrument was acknowledged before me this ____ day of ________,
2009, by ____________ as ____________ of [____________], a [_________], on
behalf of said __________.
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Witness
my hand and official seal.
My
Commission
Expires: _______________________________
______________________________________ | |
Notary
Public
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STATE
OF _______
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COUNTY
OF _____
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CITY
OF _______________
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The
foregoing instrument was acknowledged before me this ____ day of ________,
2009, by Xxxxxx Xxxxxx.
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Witness
my hand and official seal.
My
Commission
Expires: _______________________________
_____________________________ | |
Notary
Public
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EXHIBIT
A
Property
Descriptions
[To be
attached]