THIRD 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
”), and by Second Amendment to Renewal Promissory Note and
Loan Modification Agreement (the “ Second Amendment
”) dated March 3, 2009;
WHEREAS, the
Note called for an interest payment to be made on May 21,
2009;
WHEREAS, Makers
and Payee desire to amend the Note to eliminate the May 21, 2009,
interest payment;
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 . The Note is hereby amended to
eliminate the requirement for an interest payment to be made on May
21, 2009. As a result of this amendment, all accrued
interest payable under the terms of the Note shall be payable on
May 21, 2010; and no payment on the Note shall be required to be
made on May 21, 2009. The final maturity date of the
Note is unchanged and remains May 21, 2010.
2. This
Amendment is not an agreement to any further or other amendment of
the Note.
3. Makers
expressly acknowledge and agree that except as expressly amended in
this Amendment, the Note remains in full force and eff