AMENDMENT TO TERM NOTE, SECURED CREDIT AGREEMENT, AND DEED OF TRUST, MORTGAGE, ASSIGNMENT OF PRODUCTION, SECURITY AGREEMENT AND FINANCING STATEMENT
AMENDMENT
TO TERM NOTE, SECURED CREDIT AGREEMENT,
AND
DEED OF TRUST, MORTGAGE, ASSIGNMENT OF PRODUCTION,
SECURITY
AGREEMENT AND FINANCING STATEMENT
On
October 7, 2005, Lothian
Oil Inc.
(“Lothian”) entered into a Development and Exploration Agreement with
UHC
New Mexico Corporation,
UHC
Petroleum Corporation,
and
UHC
Petroleum Services Corporation,
ratified by United
Heritage Corp.
(collectively referred to in this Agreement as “UHCP”), providing for Lothian to
advance up to Four Million Dollars ($4,000,000.00) for the development of the
Cato San ▇▇▇▇▇▇ Unit properties owned by UHCP in ▇▇▇▇▇▇ County, New
Mexico.
As
evidence of this Agreement to advance funds, UHC New Mexico Corporation and
United Heritage Corp. (as “Borrower”) executed a Term Note; Secured Credit
Agreement; and Deed of Trust, Mortgage, Assignment of Production, Security
Agreement and Financing Statement, providing for Lothian to advance to UHC
New
Mexico Corporation and United Heritage Corp., up to Four Million Dollars
($4,000,000.00) for the development of the Cato San ▇▇▇▇▇▇ Unit Property, as
provided for in the Development and Exploration Agreement.
The
Note,
Secured Credit Agreement, and Deed of Trust provide for a ten (10) year term,
with payments of all sums advanced by Lothian to UHCP, to be repaid at the
end
of the term.
This
provision concerning the manner of repayment of advances under the Term Note
made by ▇▇▇▇▇▇▇ to UHCP is not in conformity with the terms of the Development
and Exploration Agreement.
By
execution of this Amendment to the Term Note, Secured Credit Agreement, and
Deed
of Trust, UHCP and Lothian desire to amend the Term Note, Secured Credit
Agreement, and Deed of Trust so that they comply with the terms and provisions
of the Development and Exploration Agreement entered into by Lothian and
UHCP.
For
the
consideration provided for in the Development and Exploration Agreement, Lothian
and UHCP hereby amend the Term Note, Secured Credit Agreement, and Deed of
Trust, to provided that the repayment of sums advanced under the Term Note,
by
▇▇▇▇▇▇▇, to UHCP, shall be repayable monthly, from seventy percent (70%) of
UHCP’s shares of the oil and gas proceeds from the Cato San ▇▇▇▇▇▇ Unit, with
interest payable monthly at Citibank’s prime lending rate of interest plus
1%.
The
Term
Note, Secured Credit Agreement, and Deed of Trust shall be deemed amended and
revised in the manner set forth above, to comport with the repayment terms,
as
provided for in the Development and Exploration Agreement.
In
all
other respects, the Term Note, Secured Credit Agreement, and Deed of Trust,
are
unchanged.
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This
Amendment to the Term Note, Secured Credit Agreement, and Deed of Trust is
executed as of the date set opposite ▇▇▇▇▇▇▇’s and UHCP’s names, but shall be
deemed effective for all purposes as of October 7, 2005.
|
“Lothian”
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Lothian
Oil Inc.
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By:
/s/
▇▇▇▇▇▇▇ ▇▇▇▇
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▇▇▇
▇▇▇▇
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| Date: April 4, 2006 |
President
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“UHCP”
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UHC
New Mexico Corporation
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By:
/s/
▇. ▇▇▇▇▇ ▇▇▇▇▇▇
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▇.
▇▇▇▇▇ ▇▇▇▇▇▇
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| Date: April 4, 2006 |
President,
CEO
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UHC
Petroleum Corporation
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By:
/s/
▇. ▇▇▇▇▇ ▇▇▇▇▇▇
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▇.
▇▇▇▇▇ ▇▇▇▇▇▇
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| Date: April 4, 2006 |
President,
CEO
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By:
/s/
▇. ▇▇▇▇▇ ▇▇▇▇▇▇
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▇.
▇▇▇▇▇ ▇▇▇▇▇▇
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| Date: April 4, 2006 |
President,
CEO
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UHC
Petroleum Services Corporation
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By:
/s/
▇. ▇▇▇▇▇ ▇▇▇▇▇▇
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▇.
▇▇▇▇▇ ▇▇▇▇▇▇
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| Date: April 4, 2006 |
President,
CEO
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