EXHIBIT 10.1 (c)
GENERAL XXXX OF SALE
In consideration of four hundred fifty thousand dollars ($450,000.00), paid
to me this day by XXXXXXXX, INC., as buyer, whose address is 0000 XXXXXXX XX.
#B-3, KNOXVILLE, Tennessee 37919, I, INDUSTRIAL RESOURCE CORP., whose address is
RT. 6 BOX 248A RT. 6, MANCHESTER, Kentucky 40962, hereby grant, transfer, sell
and deliver to buyer the following property: OILFIELD EQUIPMENT PER "EXHIBIT A"
ATTACHED HERETO.
I agree that I will warrant and defend the buyer, the buyer's personal
representatives, successors and assigns against any claims made by any person
against this proper
This property is sold "as is" and "where is," and no warranties express or
implied are made as to the condition of this property.
6/1/95 [illegible]
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Date INDUSTRIAL RESOURCE CORP.
PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned, TENGASCO, INC., as maker, promises to
pay to the order of INDUSTRIAL RESOURCE CORP., or any subsequent holder of this
Note, the sum of four hundred fifty thousand dollars ($450,000.00) with interest
from the date hereof at the rate of 8.0% per annum, calculated monthly, the
principal and interest to be paid as set forth below.
Payment of Principal and Interest. Payment of principal and interest is to
be made to the holder of this Note on or by December 31st, 1997.
No Prepayment Penalty. The entire principal balance of this Note can be
prepaid at any time without penalty.
Default - Waiver - Acceleration. In the event of default on this Note,
Maker, TENGASCO, INC., waives demand, presentment of payment, protest, notice of
protest, dishonor and any defense by reason of any extension of time or other
indulgence granted by the holder of this Note, and agrees that, if any payment
on this Note is not made when due, the holder shall have the right to accelerate
and make the entire unpaid balance of principal and interest immediately due and
payable. Default is defined as:
a. Failure to make any payment of principal or
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interest when due under the terms of this Note;
b. The violation of any other term, condition or promise of this Note; or
c. A filing by or against Maker, TENGASCO, INC., of any Bankruptcy
proceeding, or any filing of relief of debtors in any court or under any
statute.
Costs. If the holder of this Note incurs any costs in the collection or
enforcement of this Note, including costs of filing suit and reasonable attorney
fees, Maker agrees to pay such costs.
Construction. If more than one party is named as the Maker of this Note,
the obligations incurred by each party are joint and several.
This Note shall be interpreted in accordance with the laws of Tennessee. No
provision of this Note shall be affected by the invalidity of any other
provision or provisions contained herein.
/s/ [illegible] June 1, 1995
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TENGASCO, INC. Date
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Witness Date
