EXHIBIT 10.9
PENGE CORP
a xxxxxxx company
AGREEMENT BETWEEN PENGE CORP AND XXXXXX AND XXXXXXX XXXXXX
PENGE CORP
XXXX XXXXXXX - CEO
XX XXXXXX - CFO
0000 Xxxx Xxxxxx, Xxxxx 0-000
Xxxxxxx, Xxxxx 00000
XXXXXX AND XXXXXXX XXXXXX
0000 Xxxx Xxxx
Xxxxxxx, Xxxxx 00000
January 5, 2006
TO WHOM IT MAY CONCERN:
WHEREAS, Penge Corp. and Xxxxxx and Xxxxxxx Xxxxxx have determined it
in the best interests of both parties to amend the $500,00 note payable
and the $200,000 note payable from Penge Corp to Xxxxxx and Xxxxxxx
Xxxxxx;
RESOLVED, Penge Corp. will assume the American State Bank loan balances
for loan #3435245-00 as they existed on December 31, 2005 and the loan
assumption balance will be deducted from the $500,000 note payable to
the Xxxxxx'x from Penge Corp dated March, 2005. In addition, Penge Corp
will pay $100,000 towards the $200,000 note payable due to the Xxxxxx'x
in January, 2006 and will continue to carry the remaining payment
balance of $100,000 for another year with an interest rate amended to
12% annually with interest payments due quarterly beginning April 1st,
2006;
Penge Corporation Xxxxxx'x
/s/ Xxxx Xxxxxxx /s/ Xxxxxx Xxxxxx
-------------------------------- -----------------------------------
Xxxx Xxxxxxx, CEO Penge Corp Xxxxxx Xxxxxx
/s/ XX Xxxxxx /s/ Xxxxxxx Xxxxxx
-------------------------------- -----------------------------------
XX Xxxxxx, President Penge Corp Xxxxxxx Xxxxxx
