EXHIBIT 10.6
Modification of Agreement and Contract of Sale
This is a Modification of the original Agreement and Contract of Sale between
Easy Money and Xxxxx X. Xxxxx that was agreed to and signed by Xxxxx R, Erbes,
Xxxxxx Xxxxxxxxx, Xxxxxx Xxxxx, and Xxxxx Xxxxxxxxx in the State of New Mexico
at the Elephant Butte Inn on June 23, 1997. All items not addressed in this
modification will remain as stated in the original agreement. The following are
the modifications agreed to by both parties as evidenced by signatures below:
1. The original loan term of the $300,000 note will be extended until December
31, 2001. Easy Money Holding Corporation will not be precluded from
satisfying the $300,000 loan obligation before the extended date without
penalty.
2. The rate of interest on the above referenced $300,000 note will increase to
11.5% from 8% effective July 1, 2000 and continue through the earlier of
February 28, 2001 or that time that Easy Money Holding Corporation
satisfies this debt.
3. The $300,000 note will maintain with it a conversion option, which at the
request of Xxxxx X. Xxxxx will be convertible all or part at 75 cents a
share up to the equivalent of 4% of the issued and outstanding stock of
Easy Money Holding Corporation. This conversion option will be applicable
to Easy Money Holding Corporation and all subsidiaries of such. In
addition, the conversion option will terminate upon any of the following:
1.) the later of 6 months after the note referenced above has been paid off
or September 1, 2001. 2.) 60 days after a public stock offering.
4. The original agreement and contract of sale and this modification of
agreement and contract of sale are made in the state of New Mexico and
shall be governed by the laws of that state.
5. In the event the $300,000 note is not paid in full by February 28, 2001,
the interest rate for the period of March 1, 2001 through December 31, 2001
will be 11.5%.
/s/____________ Agreed on behalf of Easy Money Holding Corporation 9/12/00
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Xxxxx Xxxxxxxxx, President (Date)
/s/_____________ Personally Guaranteed by Xxxxx Xxxxxxxxx 9/12/00
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Xxxxx Xxxxxxxxx, Guarantor (Date)
/s/______________ Personally Guaranteed by Xxxxxx Xxxxxxxxx 9/12/00
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Xxxxxx Xxxxxxxxx, Guarantor (Date)
/s/____________ Agreed on behalf of original seller 9/12/00
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Xxxxx X. Xxxxx (Date)
