Paragraph II Clause Examples

Paragraph II. F. of the Agreement is hereby amended by deleting the following last sentence of such paragraph: “No interest shall apply to any amounts in dispute under Paragraph II.K below.”

Paragraph II. A. of the JPE Letter Agreement shall be amended and restated to read in its entirety as follows: "JPE shall include Executive on its payroll as a W-2 employee and shall pay Executive a base salary at the rate of $225,000 per year ("Base Salary")."

Paragraph II. B(l) of the Lease shall apply to the Expansion Space but shall be amended by (w) adding Ninety Thousand Six Hundred Twenty-Four Dollars ($90,624.00) to each of the First Fee and the Second Fee defined in the first paragraph thereof so that the total First Fee shall equal Two Hundred Fifteen Thousand Six Hundred Twenty-Four Dollars ($215,624.00) and the total Second Fee shall equal Two Hundred Fifteen Thousand Six Hundred Twenty-Four Dollars ($215,624.00); (x) adding the underlined phrase to the end of subsection (b) (ii) of the first paragraph thereof so that subsection (b)(ii) shall read "(ii) the then-outstanding balance of the Loan Amount and the Expansion Space Loan ..."; (y) substituting the numbers in the mathematical example in the third to the last sentence in the first paragraph thereof as follows: "... such that each Fee will equal One Hundred Seventy-Four Thousand Six Hundred Twenty-Four Dollars ($174,624.00) ($215,624.00 - $41,000.00 = $174,624.00)."; and (z) adding the underlined language in the last sentence in the first paragraph thereof as follows: "

Paragraph II is hereby deleted in its entirety, and the following substituted therefor:

Paragraph II. D.10 of the Agreement is deleted in its entirety and replaced with the following:

Paragraph II. C.1 of the Exploration Agreement is hereby revised to read in its entirety as follows: 1. The amounts of Work Expenditures required to be made on or for the benefit of the Property in order for PDUS to keep this letter agreement in full force and effect and retain the Acquisition Right are set forth in the following schedule (all amounts set forth below and elsewhere in this letter agreement are in U.S. dollars): (a) $100,000 (which is a firm commitment, as set forth above) during the period from October 27, 2004 through October 27, 2005; (b) $175,000 (optional) during the period from October 27, 2005 through October 27, 2006; (c) $250,000 (optional) during the period from October 27, 2006 through October 27, 2007; (d) $325,000 (optional) during the period from October 27, 2007 through October 27, 2008; and (e) $1,150,000 (optional) during the period from October 27, 2008 through October 27, 2009.

Paragraph II. C.1(g) is hereby amended and restated in its entirety as follows: (g) In the event that a party other than Sub-Agent is a procuring broker who is entitled to a fee, in the event of a lease or sublease, the three percent/two percent/one percent (3%-2%-1%) schedule set forth in paragraphs II.C.1(a)(i), (ii) and (iii) above shall not be applicable and instead Sub-Agent shall be entitled to 33.33% of the fee payable to such procuring broker, and Agent (rather than Sub-Agent) shall pay the fee payable to such procuring broker. With respect to any sale, assignment or In Lieu Asset Transaction, the fees payable by Agent shall not be increased, and Sub-Agent shall pay any third party procuring broker's fee out of Sub-Agent's fee payable pursuant to this Agreement. For any given transaction described in the immediately preceding sentence, Agent shall be responsible for the payment of only one fee in the amounts set forth herein.

Paragraph II above will not apply if the relevant Lender has ceased to be a Qualifying Lender in respect of that UK Borrower by reason of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration or application of) any law or treaty or any published practice or concession of any relevant taxing authority.

Paragraph II. B(2) of the Lease shall apply to the Expansion Space but shall be amended by (x) adding Ninety Thousand Six Hundred Twenty-Four Dollars ($90,624.00) to each of the First Five-Year Fee and the Second Five-Year Fee defined in the first paragraph thereof so that the total First Five-Year Fee shall equal Two Hundred Fifteen Thousand Six hundred Twenty-Four Dollars ($215,624.00) and the total. Second Five-Year Fee shall equal Two hundred Fifteen Thousand Six Hundred Twenty-Four Dollars ($215,624.00); and (y) adding the underlined phrase to the end of subsection (b) of the first paragraph thereof so that subsection (b) shall read "(b) the then-outstanding balance of the Loan Amount at-id the Expansion Space Loan". The second paragraph of Paragraph II.B(2) of the Lease shall be amended by adding in the seventh line thereof the following underlined language: " ... which Five-Year Termination Rent Statement shall set forth through the Five-Year Termination Date the outstanding balance of the Loan Amount and the Expansion Space Loan... "