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Exhibit 99.1
PROMISSORY NOTE
EXTENSION AGREEMENT
THIS PROMISSORY NOTE
EXTENSION AGREEMENT (“Agreement”) is made and
entered into effective as of June 30, 2008, by and among
ENERLUME ENERGY MANAGEMENT CORP., a Colorado corporation,
formerly known as Host America Corporation,
(“Maker”) and Patrick & Linda Healy (the
“Payee”).
R E C I T
A L S:
A. Maker
and Payee are parties to a Promissory Note dated July 23,
2007, in the original principal amount of Three Hundred
Seventy Five Dollars ($375,000). (the
“Note”).
B. The
Note matures on June 30, 2008, and the parties hereto have
entered into this Agreement for purposes of extending the
maturity date of the Note.
NOW, THEREFORE, for
valuable consideration, the parties hereto agree as
follows:
1. PRINCIPAL
BALANCE. The outstanding principal amount due under the Note
is currently Three Hundred Seventy Five Dollars ($375,000. In
addition, interest has accrued and continues to accrue under
the terms of the Note.
2. DUE
DATE. The Due Date as defined in the Note is
hereby extended to June 30, 2010, on which date all
principal and interest remaining outstanding shall be paid in
full without further notice or demand.
3. WARRANT. Upon
execution of this Agreement, Maker agrees to issue to Payee a
cashless warrant to purchase 210,000 shares of Maker’s
common stock at $0.75 per share, exercisable until June 30,
2013 (the “Warrant”).
4. INVESTMENT
REPRESENTATIONS. The Payee re-affirms the
representations and warranties contained in the original
subscription agreement dated between July 23, 2007 executed
in connection with the original Note issuance and represents
and warrants to the Maker that in connection with the
extension of the maturity date of the Note and the issuance
of the Warrant (collectively referred to as the
“Securities”):
(a) The
Payee understands and acknow
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