AMENDMENT NO. 1 TO DEED OF GROUND LEASE
THIS AMENDMENT NO. 1 TO DEED OF GROUND LEASE (this "Amendment"), dated
as of the 8th day of December, 1998, by and between UPSHUR PROPERTY, INC., a
Delaware corporation (the "Landlord") and COVOL TECHNOLOGIES, INC., a Delaware
corporation (the "Tenant").
WHEREAS, the Landlord and the Tenant are parties to that certain Deed
of Ground Lease dated as of May 5, 1998 (the "Lease"); and
WHEREAS, the Landlord and the Tenant desire to amend the terms of the
Lease as set forth herein.
NOW, THEREFORE, in consideration for Ten Dollars ($10.00) cash in hand
paid by Tenant to Landlord, the receipt and sufficiency of which is hereby
acknowledged, the Landlord and the Tenant agree to amend the terms of the Lease
as follows:
1. Section 6.1 of the Lease is hereby deleted in its entirety and
replaced with the following: "Section 6.1 Right to Mortgage. Except for that
certain Leasehold Credit Line Deed of Trust and Security Agreement, dated as of
December 8, 1998, from Covol Technologies, Inc. to ______________________, as
Trustee, for the Benefit of Mountaineer Synfuel, L.L.C. (the "Mountaineer
Leasehold Deed of Trust"), the Tenant shall not grant, or cause to be created,
any deed of trust or other lien, encumbrance or security interest on or in all
or any part of this Lease or Tenant's interest in the Premises. Tenant hereby
covenants and agrees that it will not agree to amend, change or alter the
Mountaineer Leasehold Deed of Trust without first obtaining the express written
consent of the Landlord, which consent may be withheld for any reason."
2. Section 9.1(f) of the Lease is hereby deleted in its entirety and
replaced with the following: "(f) Mountaineer fails to exercise its option to
purchase the Facility and to require Tenant to assign this Lease to Mountaineer
prior to March 31, 1999."
3. Except as expressly set forth herein, all of the terms and
conditions of the Lease shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have caused this Amendment to be
executed by their duly authorized representatives as of the day and year first
above written.
UPSHUR PROPERTY, INC.,
a Delaware corporation
By: /Xxxxxxx X. Xxxxxxx/
-------------------------
Name: Xxxxxxx X. Xxxxxxx
Its: Treas.
COVOL TECHNOLOGIES, INC.,
a Delaware corporation
By: /Xxxxxxx X. Xxxxxxx/
-------------------------
Name: Xxxxxxx X. Xxxxxxx
Its: President
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