Exhibit
10.2
FOURTH AMENDMENT TO RENEWAL
PROMISSORY NOTE
RECITALS
WHEREAS, the undersigned five corporate entities
(each, a "Maker;” or collectively,
“Makers”) are each co-makers of a certain
Renewal Promissory Note (the “Note”) dated May
21, 2007, in the original stated amount of $5,579,847.00, in favor
of Teton, Ltd., a Texas limited partnership
(“Payee”);
WHEREAS, the Note was previously amended by
Amendment to Renewal Promissory Note dated May 21, 2008 (the
“First Amendment”); by Second Amendment to
Renewal Promissory Note and Loan Modification Agreement dated March
3, 2009 (the “Second Amendment”); and by Third
Amendment to Renewal Promissory Note dated May 21, 2009 (the
“Third Amendment”);
WHEREAS, the following additional monies (the
“Additional Funds”) have been or are being
advanced to Makers by Payee and are now part of the loan evidenced
by the Note (the “Loan”): (i) on April 29, 2009,
$100,000.00 was advanced to Maker(s) for working capital, and (ii)
on May 20, 2009, $250,000.00 was advanced to Maker(s) for working
capital;
WHEREAS, Makers and Payee desire to further
amend the Note to include the Additional Funds;
NOW, THEREFORE, in consideration of the premises
and the mutual promises contained in this Amendment, Makers and
Payee hereby agree as follows:
AGREEMENT
1. Amendment to Note to Add the Additional
Funds. The Note is hereby amended to confirm that the
Additional Funds have been added to the outstanding principal
balance of the Loan and shall be repaid under the terms of the
Note. Consequently, the total outstanding principal balance of the
Note is now $5,777,303.00, of which (i) $4,857,303.00 is accruing
interest at eight percent (8%) per annum from January 4, 2008, and
(ii) $920,000.00 in additional funds (including amounts reflected
in the Second Amendment and $350,000.00 in Additional Funds as
described herein) have been advanced and are accruing interest at
eight percent (8%) per annum from the date of each additional
advance, to-wit:
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Date of
Advance:
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Additional Funds
Advanced:
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8/28/07
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$
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10,000.00
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8/30/07
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10,000.00
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1/13/09
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150,000.00
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2/23/09
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100,
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