Exhibit10.5
Exhibit 10.5 Note Amendment with
the Senior Lender.
Sasaima Holdings
SA
APDO 0832-2745
World Trade Center
Panama City
Republic of Panama
Octus
Inc.
719 Second St,
Unit 9
Davis CA 95616
Dear
Sirs,
By this letter we hereby wish to notify you that
the promissory note issued by Octus to Grupo Dynastia SA has been
acquired by Sasaima Holdings, a copy of the sales and transfer
agreement is attached hereto.
We hereby agree to adjust the terms of those
convertible promissory notes issued on September 30th, 2007 by
Octus Inc, a Nevada corporation to Grupo Dynastia SA, a Panamanian
Corporation with the face amount of $306,456 and that convertible
promissory note with the face amount of $113,747 issued to Sasaima
Holdings SA, a Panamanian Corporation and transferred to Grupo
Dynastia (together the “notes”) to reflect
that the option to call the notes on 90 days notice is hereby
removed provided the payment schedule attached hereto as Exhibit
“A” and made a part of this agreement is initiated and
kept current.
Should there be an uncured default for longer
than 90 days from notice to the company all monies due, including
principal and interest will become due and
payable. Further Octus agrees that a UCC-1 security
instrument will be filed as a blanket lien on the general assets of
the company. The notes will not be subordinated to any
other non-trade debts without specific written consent from
Sasaima.
Further by this letter it is agreed that the
Interest rate as reflected in the Promissory Notes was intended to
be Eight Percent (8%) per year, compounded monthly versus the
originally stated amount of Eight Percent (8%) per month, which was
a typographical error.
All other terms and conditions of the original
promissory note are to remain as first written and agreed
to.
Executed this 31st day of March,
2009.
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/s/ Digna Perez
Martinez
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Digna Perez
Martinez, President
Sasaima
Holdings, S.A.
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Agreed to this
31st day of March 2009.
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/s/ Christian
Soderquist
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Christian
Soderquist, President & CEO
Octus
Inc.
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SALE AND TRANSFER AGREE