FOURTH AMENDMENT TO
REVOLVING NOTE AGREEMENT
This Third Amendment to the Revolving Note Agreement ("the AMENDMENT") is
entered into as of January 16, 2007, by and among Marine Growth Ventures Inc.,
Marine Growth Charter, Inc., Marine Aggregates, Inc., Marine Growth Freight,
Inc.,, and Gulf Casino Cruises, Inc., Delaware corporations (collectively the
"Borrower"), and Xxxxx X. Xxxxxxxx (the "Lender").
WHEREAS, the Borrower and the Lender are parties to a Revolving Note
Agreement dated as of January 5, 2006 (the "NOTE AGREEMENT") pursuant to which,
among other things, the Borrower promised to pay the Lender the principal sum of
up to Fifty Thousand Dollars ($50,000.00), or so much thereof as shall have been
advanced by the Lender to the Borrower plus interest thereon at an annual rate
equal to ten percent (10%) on the Maturity date of such Note being June 30,
2006.
WHEREAS, the Note Agreement was amended on March 31, 2006, permitting
the Borrower to acquire an additional Fifty Thousand Dollars ($50,000.00) in
funds from the Lender.
WHEREAS, the Note Agreement was amended on June 20, 2006, permitting
the Borrower to acquire an additional Fifty Thousand Dollars ($50,000.00) in
funds from the Lender.
WHEREAS, the Note Agreement was amended on October 6, 2006, permitting
the Borrower to acquire an additional Fifty Thousand Dollars ($50,000.00) in
funds from the Lender.
WHEREAS, the parties desire to make a certain amendment to the Third
Amendment to the Revolving Note Agreement to permit the Borrower to acquire an
additional Fifty Thousand Dollars ($50,000.00) in funds from the Lender and to
extend the date in which the principal sum, plus interest, is due.
NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained in this Amendment the parties agree as follows:
1. Paragraph One of the Note Agreement is hereby amended and restated
to provide as follows:
FOR VALUE RECEIVED, Marine Growth Ventures Inc., Marine Growth
Finance and Charter, Inc., Marine Aggregates, Inc., Marine Growth Freight,
Inc., and Gulf Casino Cruises, Inc., Delaware corporations (collectively
the "Borrower"), having an office at 0000 Xxxxx Xxxx, Xxxxxxx Xxxxx,
Xxxxxxx 00000, hereby promises to pay to the order of Xxxxx X. Xxxxxxxx
(the "Lender"), at the Lender's office located at 0000 Xxxxx Xxxx, Xxxxxxx
Xxxxx, Xxxxxxx 00000 or at such other place in the continental United
States as the Lender may designate in writing, upon demand, in lawful
money of the United States, and in immediately available funds, the
principal sum of up to TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000), or
so much thereof as shall have been advanced by the Lender to the Borrower
as hereinafter set forth and then be outstanding, and to pay interest
thereon on the Maturity Date at an annual rate equal to ten percent (10%).
2. The entire principal sum of $250,000.00, plus interest, shall be due
and payable on the 15th day of January 2008. Notwithstanding the foregoing, if
the principal balance shall be prepaid in full by December 15, 2007, then all
interest shall be waived, and no interest shall be due and payable to Payee.
3. This Amendment constitutes the sole and entire agreement of the
parties with respect to the subject matter hereof. Except as amended hereby, all
other terms and conditions of the Note Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the date first above written.
LENDER
/s/ Xxxxx X. Xxxxxxx
--------------------------------
Xxxxx X. Xxxxxxxx
BORROWER
/s/ Xxxx X. Xxxxxxx /s/ Xxxx X. Xxxxxxx
-------------------------------- --------------------------------------
Xxxx X. Xxxxxxx, Secretary Xxxx X. Xxxxxxx, Secretary
Marine Growth Ventures, Inc. Marine Growth Finance and Charter, Inc.
/s/ Xxxx X. Xxxxxxx /s/ Xxxx X. Xxxxxxx
-------------------------------- --------------------------------------
Xxxx X. Xxxxxxx, Secretary Xxxx X. Xxxxxxx, Secretary
Marine Aggregates, Inc. Marine Growth Freight, Inc.
/s/ Xxxx X. Xxxxxxx
--------------------------------
Xxxx X. Xxxxxxx, Secretary
Gulf Casino Cruises, Inc.
