2ND AMENDMENT TO NON-REVOLVING CREDIT LINE LOAN AGREEMENT
BY THIS AMENDMENT, entered into on the 28th day of June 2002, to the
AGREEMENT made and entered into as of the 14th day of March, 2001, and first
amended on the 12th day of October 2001, AZCO MINING INC., a Delaware
corporation, whose address is 0000 Xxxxx Xx Xxxxxx Xxxx, Xxxxxxxx, Xxxxxxx
(hereinafter called "Borrower"), and Xxxxxxxx X. Xxxxx, whose address is 0000
Xxxxx Xx Xxxxxx Xxxx, Xxxxxxxx, Xxxxxxx (hereinafter called "Lender"), for and
in consideration of the recitals and mutual promises contained herein, confirm
and agree as follows:
SECTION 1. GENERAL TERMS
1.1 Lender agrees to extend the term of the March 14, 2001, $800,000 loan,
subsequently extended October 12th 2001 and currently due March 12th 2003, an
additional year to March 12th 2004 (the "Loan Extension 2").
1.2 The Loan Extension 2 shall be evidenced by a Non-Revolving Credit Line
Note in the form attached hereto as Exhibit A (the "Note") of Borrower, executed
and delivered simultaneously with the execution of this Amendment, in the face
amount of $800,000, payable to Lender upon the terms and conditions contained
therein.
1.3 The note shall take the place of the note executed in conjunction with
the March 14, 2001 non-revolving credit loan agreement as well as the note
executed October 14th 2001 in conjunction with Loan Extension.
1.4 In consideration of Loan Extension 2, Borrower shall enter into the
attached security agreement with Lender.
IN WITNESS WHEREOF, these presents are executed as of the date indicated
above.
BORROWER
AZCO MINING INC., a Delaware corporation
By:
Its:
LENDER
Xxxxxxxx X. Xxxxx
