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EX-10.9 AGREEMENT WITH M.O. XXXX IV FOR A $50,000 LOAN DATED April 7, 1998,
WITH EXTENSION AGREEMENT
PROMISSORY NOTE
April 7, 1998
Fort Worth, Texas
$50,000.00
For value received, on demand or six (6) months after date hereof, I
promise to pay to M.O. Xxxx, IV, Fifty Thousand Dollars ($50,000.00) with
interest at the rate of twelve percent (12%) per annum.
Place of Payment
All payments shall be made at the office of Titan Energy Corp., Inc.
0000 Xxxxxxxxxx, Xxx. 000, Xxxx Xxxxx, Xxxxx 00000
Payment
The principal and interest of this Note shall be payable on demand or
in one (1) payment on or before October 6, 1998.
Prepayment
This Note may be prepaid in part or in full at anytime without penalty.
MAKER:
TITAN ENERGY CORP., INC.
By:
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M. O. Xxxx, III, President
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M. O. Xxxx, III, Individually
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Xxx Xxxx Xxxxxxx, Individually
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Xxxx Xxxxxxx, Individually
EXTENSION OF PROMISSORY NOTE
Extension of Promissory Note made by and between M.O. Xxxx IV and Titan
Energy Corp./ Power Exploration, Inc., said Note being dated April 7, 1998.
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Whereas said Promissory Note expires on October 6, 1998, and the
parties desire to extend and continue said note; it is provided that said
Promissory Note shall be extended for an additional term commencing upon the
expiration of the original term with the new term expiring on January 31, 1999.
This extension shall be on the same terms and conditions as contained
in the original note and as if set forth and incorporated herein.
This Extension of Promissory Note shall be binding upon and inure to
the benefit of the parties, their successors and assigns.
Signed this _____ day of ____________________, 1998.
In the presence of:
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Witness M.O. Xxxx IV
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Witness for Power Exploration, Inc.
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