ADDENDUM TO LOAN AGREEMENT August 1, 2007
Exhibit
10.2
ADDENDUM
TO LOAN AGREEMENT
August
1,
2007
This
Addendum to the Loan Agreement entered into on July 27, 2007, is hereby agreed
to
by
(hereinafter
collectively the “Lender”) and Renewable Energy Resources,
Inc. (hereinafter
the “Borrower”), for the use of $100,000 of the loan for the Operations of
Borrower related to its pending SEC 10Q filing and ultimate beneficiary, the
Springfield Energy Project. This addendum is entered into between the parties,
being the Lender and the Borrower, only for the purpose and amount stated and
shall not change any other portion, content, or condition of either party to
the
original loan agreement. This addendum does not change the loan amount, term
of
the loan, payment of interest, repayment, prepayment, shares from borrower,
loan
guarantee with permission of the guarantor, events of default clauses, remedies,
collections, venue and jurisdiction, right of first refusal of the Lender or
commitment of the Lender for the loan as set forth in the original agreement
the
whole amount of the transaction. This addendum shall include the following
change as agreed to by the parties to the original agreement:
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USE
OF FUNDS AND GUARANTEE
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The
Lender's funds will be used to fund the Renewable Energy Resources,
Inc.,
in the amount of $100,000, for the necessary corporate operations
as
described by the parties for the preparation and filing of its quarterly
report to include audit (legal costs, and other expenditures as described
between the parties. This first traunche shall be used to the benefit
of
RENW in order to directly benefit the primary loan recipient being
the
Springfield Energy Project, LLC (“SEP"). SEP shall be the recipient of
direct investment by Lender for the remaining portion of the monies.
SEP
will guarantee this Note as previously set forth in the original
note.
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FUNDS
TO BE TRANSMITTED:
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Funds
for the first traunce under this addendum, the initial $100,000 shall
be
transmitted to the account of Renewable Energy Resources, Inc., Bank
of
America, Tampa, Florida (wiring instructions to be provided under
separate
cover). Such funds are agreed to be transmitted to RENW within the
time
period discussed. Such other monies will be transmitted to the escrow
attorney as previously agreed.
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IN
WITNESS WHEREOF, Borrower and Lender, intending to be legally bound, have caused
their duly authorized representatives to execute and deliver this agreement
on
the date first written above.
BORROWER:
RENEWABLE
ENERGY RESOURCES, INC.
/s/
Xxxxxxx X. Xxxxx
Xxxxxxx
X. Xxxxx, Chief Executive
Officer
