AMENDMENT TO LOAN AGREEMENT
EXHIBIT
10.4
AMENDMENT
TO LOAN AGREEMENTThis
Amendment (the "Amendment") is entered into this ____ day of April, 2007, by
and
between DEER
VALLEY HOMEBUILDERS, INC.,
an
Alabama corporation (the "Borrower") and FIFTH
THIRD BANK,
a
Michigan banking corporation (the "Bank"), and amends and modifies that certain
Revolving Credit Loan and Security Agreement dated April 12, 2006 (the "Loan
Agreement") as follows:
1. Terms.
All of
the capitalized terms in this Amendment shall have the meanings as defined
in
the Loan Agreement.
2. Loan
Renewal.
The
Bank has renewed the Loan in the amount of $2,500,000.00 (the "Renewal Loan")
as
evidenced by a Renewal Revolving Credit Note dated effective April 12, 2007
(the
"Renewal Note").
3. Loan.
The
term "Loan" under the Loan Agreement is hereby modified to include the Renewal
Loan.
4. Note.
The
term "Note" under the Loan Agreement is hereby modified to reference the Renewal
Note.
5. Guarantors.
Cytation Corp. has been merged into Deer Valley Corporation ("DVC") and it
is a
condition to the Bank granting this renewal that DVC execute a new restated
Continuing Guaranty for the Loan.
6. Financial
Convenants.
[need
to insert revised ratio for 6.10(b)].
7. Cash
Collateralization.
Section
9.5 of the Loan Agreement is hereby deleted in its entirety.
8. Other
Terms.
Except
as specifically modified and amended by the terms set forth in this Amendment,
all of the other terms, covenants, obligations and conditions of the Loan
Agreement shall remain in full force and effect.
Entered
into as of the day and year first above written.
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BORROWER:
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WITNESSES:
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DEER
VALLEY HOMEBUILDERS, INC.,
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an
Alabama corporation
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_____________________________
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By:___________________________________
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Signature
of Witness
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Xxxx
Xxxxx, as its President
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_____________________________
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Print
or type Name of Witness
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_____________________________
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(CORPORATE
SEAL)
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Signature
of Witness
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_____________________________
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Print
or type Name of Witness
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BANK:
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FIFTH
THIRD BANK,
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a
Michigan banking corporation
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_____________________________
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By:___________________________________
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Signature
of Witness
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Xxxx
Xxxx, as its Vice President
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_____________________________
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Print
or type Name of Witness
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_____________________________
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(CORPORATE
SEAL)
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Signature
of Witness
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_____________________________
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Print
or type Name of Witness
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