Exhibit 99.1
SEVENTH AMENDMENT TO PURCHASE AND SALE AGREEMENT
THIS SEVENTH AMENDMENT TO PURCHASE AND SALE AGREEMENT ("Amendment"),
made effective as of this 29th day of October, 2007, by and between DEACON
ENTERPRISES, INC., a Michigan Corporation, whose address is 000 Xxxxx Xxxxxx,
Xxxxxxx, Xxxxxxxx 00000 ("Seller"), and VOYAGER PETROLEUM, INC., a Nevada
corporation, whose address is 000 Xxxx Xxxxx Xxxxxx-Xxxxx 000X, Xxxxxxxx, XX
00000, ("Purchaser"). Seller and Purchaser are also each individually referred
to as a "Party" and collectively as the "Parties".
W I T N E S S E T H:
WHEREAS, on January 19, 2007 Seller and Purchaser entered into a
Purchase and Sale Agreement (the "Agreement") for land situated in the City of
Detroit, County of Xxxxx, and State of Michigan (the "Property"); and
WHEREAS, Seller and Purchaser have previously executed six amendments
to the Agreement; and
WHEREAS, Seller and Purchaser recently discovered that consent was
needed from Buckeye Terminals, LLC, a Delaware limited liability company
("Buckeye"), in order for the Purchaser to use an easement to access the
Property as provided in an Easement Agreement recorded by the Xxxxx County
Register of Deeds beginning at Liber 24793, Page 808 and Liber 24793, Page 811
of the Xxxxx County Land Records (the "Easement"); and
WHEREAS, Seller and Purchaser desire to amend the Agreement;
NOW THEREFORE, Seller and Purchaser agree as follows:
1. Extension of Inspection Period. Purchaser's right to inspect and
evaluate the Property and otherwise determine whether Purchaser shall
purchase the Property (the "Inspection Period") shall be extended until
December 31, 2007 at 5:00 p.m. EST without additional cost to
Purchaser. However, the Deposit is nonrefundable to Purchaser, and if
Purchaser does not purchase the Property, Seller shall be entitled to
retain the Deposit.
2. Closing. If Closing does not occur by December 31, 2007, Seller may
terminate the Agreement, and neither Party shall have any further
obligation to the other. However, if the Parties proceed to Closing, at
any time, the Deposit shall be applied to the Purchase Price.
3. Counterparts and Facsimile. This Amendment may be executed in any
number of counterparts all of which when taken together, shall
constitute one in the same instrument. Facsimile signatures and
e-mailed PDF versions of signatures shall be deemed originals for the
purposes of execution and delivery of this Amendment.
The parties have executed this Seventh Amendment on the day and date
first above written.
SELLER: PURCHASER:
DEACON ENTERPRISES, INC. VOYAGER PETROLEUM, INC.
By: /s/ Xxxxxx Xxxxxx By: /s/ Xxxxxxxxx X. XxXxxx
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XXXXXX XXXXXX, President XXXXXXXXX XXXXXX, President
