THIRD MODIFICATION AND EXTENSION AGREEMENT
This
THIRD MODIFICATION AND EXTENSION AGREEMENT (the “Agreement”) is made and entered
into as of March 15, 2008 by and between Bend Arch Petroleum, Inc., a Texas
corporation (the “Company”) and Proco Operating Co., Inc. (the “Note
Holder”).
WHEREAS,
the Company has previously entered into a promissory note (the “Note”) with the
Note Holder dated June 15, 2004; and
WHEREAS,
the Company has previously entered into a modification and extension agreement
(the “First Extension”) with the Note Holder dated July 25, 2007;
and
WHEREAS,
the Company has previously entered into a second modification and extension
agreement (the “Second Extension”) with the Note Holder dated September 25,
2007; and
WHEREAS,
the Company and the Note Holder desire to extend the term of the Note as set
forth in this Agreement (the “Third Extension”).
NOW,
THEREFORE, in consideration of the mutual promises and covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which is acknowledged, the Company and the Note Holder agree as
follows:
|
1.
|
Extension of Term of
Note.
|
The term
of the Note is hereby extended and shall be due and payable in full, on or
before December 31, 2008.
All other
terms and conditions of the Note, the First Extension and the Second Extension
remain the same.
IN
WITNESS WHEREOF, each of the Company and the Note Holder has caused this
Agreement to be executed as of the date first set forth
hereinabove.
| THE COMPANY: | |||
| Bend Arch Petroleum, Inc. | |||
|
|
By:
|
/s/ Xxxxxxx Xxxxxxx | |
| Xxxxxxx Xxxxxxx | |||
| Director | |||
| NOTE HOLDER: | |||
| Proco Operating Co., Inc. | |||
|
|
By:
|
/s/ Xxxxxxx Xxx Xxxxxxx | |
| Xxxxxxx Xxx Xxxxxxx | |||
| President | |||
