Document:

Exhibit 10.85

- EXECUTION VERSION -

ADDENDUM NO. 1

TO THE MEMORANDUM OF AGREEMENT

DATED 31 AUGUST 2018 (AS AMENDED FROM TIME TO TIME, THE "MOA")

FOR THE SALE AND PURCHASE OF THE

MV "CPO OCEANIA", IMO-NO. 9522099 (THE "VESSEL")

 BETWEEN

DR. HAGEN FRHR. VON DIEPENBROICK IN HIS CAPACITY AS INSOLVENCY ADMINISTRATOR OVER THE ASSETS OF

KOMMANDITGESELLSCHAFT MS "CPO OCEANIA"

OFFEN REEDEREI UG (HAFTUNGSBESCHRÄNKT) & CO. (THE "SELLERS")

 AND

FELLOW SHIPPING CO. (THE "BUYERS")

WHEREAS

		I.	
Clause 22 of the MOA provides for the Novation Agreement to be concluded latest by 28 September 2018.

		II.	
As of today, the Novation Agreement has not been concluded.

		III.	
The exact dates of the Charter as well as the addenda have not been correctly reflected in Clause 22 of the MOA.

		IV.	
The Parties agreed on a postponement of the deadline regarding the Novation Agreement and a clarification regarding the dates of the Charter and wish to change the date by which the Novation Agreement as per Clause 22 of the MOA is to be concluded to 12 October 2018 and to correct the date of the Charter and the addenda thereto.

NOW, IT IS THEREFORE AGREED BETWEEN THE PARTIES AS FOLLOWS:

		1.	
With effect of the execution (signing) of this Addendum No. 1, Clause 22 of the MOA to be amended to read as follows:

"In case a novation agreement of the charter entered into between the Sellers and Swissmarine (the "Charterers") dated 18 January 2017 and amended thereafter on 12 January 2018 by an Addendum No. 1 (the "Charter") pursuant to which all rights and obligations arising after the date of delivery of the Sellers under the Charter are novated to the Buyers (the "Novation Agreement") has not been duly executed by the Sellers, the Buyers and the Charterers latest by 12 October 2018 this Agreement shall become null and void and the Deposit shall be released to the Buyers immediately and the Parties shall have no further claims against each other under or in connection with this Agreement."

		2.	
Any words and expressions defined in the MOA shall have the same meaning when used herein and terms used and expressions defined in this Addendum No. 1 shall have, vice versa, the same meaning in the MOA, in each case unless otherwise defined or unless the context otherwise requires.

		3.	
This Addendum No. 1 shall be governed by the laws of England and shall be subject to the arbitration procedure as said out in Clause 16 of the MOA, as though it was set out herein.

		4.	
If one or more provisions of this Addendum No. 1 should be or become fully or partly invalid or unenforceable, the other provisions of this Addendum No. 1 or the rest of the provisions, as the case may be, shall remain unaffected. The parties shall agree on a new provision replacing the invalid or unenforceable one or its part, which comes as close as legally possible to the intended economic effect of the invalid or unenforceable provision. This stipulation applies mutatis mutandis if it turns out that the parties have by mistake omitted to regulate a certain question.

		5.	
Save as set out herein in this Addendum No. 1, all other terms and conditions of the MOA, remain unchanged and in full force and effect.

IN WITNESS WHEREOF this Addendum No. 1 has been signed on behalf of the parties hereto on this 28th day of September 2018.

	/s/ Dr. Hagen v. Diepenbroick 	 	/s/ Stavros Gyftakis 
	
ON BEHALF OF THE SELLERS

	 	
ON BEHALF OF THE BUYERS

	
NAME: Dr. Hagen v. Diepenbroick

	 	
NAME: Stavros Gyftakis

	
TITLE: Insolvency Administrator

	 	
TITLE: Director

	 	 	 
	 	 	 
	
CONFIRMED by Seanergy Maritime Holdings Corp.:

	 	 	 
	 	 	 
	 /s/ Stavros Gyftakis	 	 
	
ON BEHALF OF SEANERGY

	 	 
	
NAME: Stavros Gyftakis

	 	 
	
TITLE:  Attorney-in-factExhibit 10.86

- EXECUTION VERSION -

ADDENDUM NO. 2

TO THE MEMORANDUM OF AGREEMENT

DATED 31 AUGUST 2018 (AS AMENDED BY ADDENDUM NO. 1 DATED 28 SEPTEMBER 2018 AND AS AMENDED FROM TIME TO TIME, THE "MOA")

FOR THE SALE AND PURCHASE OF THE

MV "CPO OCEANIA", IMO-NO. 9522099 (THE "VESSEL")

BETWEEN

DR. HAGEN FRHR. VON DIEPENBROICK IN HIS CAPACITY AS INSOLVENCY ADMINISTRATOR

OVER THE ASSETS OF

KOMMANDITGESELLSCHAFT MS "CPO OCEANIA"

OFFEN REEDEREI UG (HAFTUNGSBESCHRÄNKT) & CO. (THE "SELLERS")

AND

FELLOW SHIPPING CO. (THE "BUYERS")

WHEREAS

		I.	
Pursuant to a memorandum of agreement in the Norwegian Sale Form 2012 dated 31 August 2018 (as amended by Addendum No. 1 dated 28 September 2018 (the "Addendum No. 1") and as amended from time to time, the "MOA"), the Sellers agreed to sell to Seanergy Maritime Holdings Co., organized and existing under the laws of the Republic of the Marshall Islands, with registered address at 154 Vouliagmenis Avenue, 16674 Glyfada, Athens, Greece ("Seanergy"), or its guaranteed nominee, the motor vessel "CPO OCEANIA" with IMO number 9522099 registered under the German Ship Register and the Liberia Bareboat Register (the "Vessel") and Seanergy agreed to buy the Vessel.

		II.	
Seanergy nominated Fellow Shipping Co., organized and existing under the laws of the Republic of the Marshall Islands (the "Buyers") as final buyer under the MOA for the sale and delivery of the Vessel, pursuant to a Nomination Letter dated 13 September 2018.

		III.	
As the exact dates of the respective time charter party as well as the addenda thereto between the Sellers and the Charterer ("the Charter Party") – meanwhile novated to the Buyers pursuant to a Novation Agreement dated 10 October 2018 (the "Novation Agreement") – have neither been correctly reflected in Clause 22 of the MOA nor in the Addendum No. 1, the Parties agreed to enter into this Addendum No. 2 in order to clarify the correct dates of the Charter Party.

NOW, IT IS THEREFORE AGREED BETWEEN THE PARTIES AS FOLLOWS:

		1.	
For the sake of good order, the Parties herewith confirm, that the Charter Party entered into between the Sellers and the Charterer is dated 20th May 2016 and amended and prolonged for the first time on 18th January 2017 (in direct continuation of the Charter Party dated 20th May 2016) and further amended and prolonged for the second time on 12th January 2018 (in direct continuation of the first amendment dated 18th January 2017) (together with any and all amendments and addenda thereto hereinafter called the "Time Charter").

		2.	
Any words and expressions defined in the MOA shall have the same meaning when used herein and terms used and expressions defined in this Addendum No. 2 shall have, vice versa, the same meaning in the MOA, in each case unless otherwise defined or unless the context otherwise requires.

		3.	
This Addendum No. 2 shall be governed by the laws of England and shall be subject to the arbitration procedure as said out in Clause 16 of the MOA, as though it was set out herein.

		4.	
If one or more provisions of this Addendum No. 2 should be or become fully or partly invalid or unenforceable, the other provisions of this Addendum No. 2 or the rest of the provisions, as the case may be, shall remain unaffected. The parties shall agree on a new provision replacing the invalid or unenforceable one or its part, which comes as close as legally possible to the intended economic effect of the invalid or unenforceable provision. This stipulation applies mutatis mutandis if it turns out that the parties have by mistake omitted to regulate a certain question.

		5.	
Save as set out herein in this Addendum No. 2, all other terms and conditions of the MOA, remain unchanged and in full force and effect.

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IN WITNESS WHEREOF this Addendum No. 2 has been signed on behalf of the parties hereto on this 31st day of October 2018.

	 	 	 	 
	 	 	 	 
	 /s/ illegible	 	 /s/ Stavros Gyftakis	 
	
ON BEHALF OF THE SELLERS

	 	
ON BEHALF OF THE BUYERS

	 
	
NAME:

	 	
NAME: Stavros Gyftakis

	 
	
TITLE:

	 	
TITLE: Director

	 

CONFIRMED by Seanergy Maritime Holdings Corp.:

	 	 
	 	 
	/s/ Stavros Gyftakis 	 
	
ON BEHALF OF SEANERGY

	 
	
NAME: Stavros Gyftakis

	 
	
TITLE: Attorney-in-fact

	 

3Exhibit 10.87

On Demand Guarantee

dated this 14 September 2018, by

Seanergy Maritime Holdings Corp., of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Republic of the Marshall Islands

(hereinafter "Guarantor"),

in favor of

Uniper Global Commodities SE, Holzstrasse 6, 40221 Düsseldorf, Germany

(hereinafter "UGC").

WHEREAS, Partner Shipping Co. Limited, 147/1 St. Lucia Street, Valletta, VLT 1185, Malta (hereinafter "Counterparty"), being a wholly owned subsidiary of the Guarantor, has entered into or is contemplating entering a certain charterparty with UGC for the time charter of the M/V Partnership (the "Vessel") on the terms and conditions agreed therein (the "Contract") (such charterparty, as the same may from time to time be modified, amended and supplemented, shall be referred hereinafter to as the "Contract").

NOW THEREFORE, in consideration of the foregoing, Guarantor hereby covenants and agrees as follows:

	1.	
Guarantee: The Guarantor hereby irrevocably and unconditionally guarantees the timely performance the obligation by the Counterparty to provide the Vessel to UGC (the "Obligation").  Guarantor and UGC acknowledge that the Contract's terms provide for the Vessel to be installed with a fuel oil scrubber at UGC's expense and UGC to benefit from the fuel oil savings (if any) arising from the scrubber installation throughout the term of the Contract.  Guarantor acknowledges and agrees that the failure of the Counterparty to perform the Obligation may lead to the inability of UGC to realise such savings.  UGC acknowledges and agrees that the Guarantor shall only be obligated to pay money and shall have no obligation to perform otherwise under the Contract, including, without limitation, to sell, deliver, supply or transport any commodity.

The Guarantor's liability under this Guarantee shall be limited to US$3,030,000 (United States Dollars three million, thirty thousand) (the "Cap") provided that for each stem of HSIFO 380 CST or other ISO certified Heavy Fuel Oil purchased and consumed by the Vessel pursuant to the terms of the Contract the Cap shall decrease as follows:

		a)	
where the Fuel Spread (as defined in the Contract) is lower than USD$250 pmt, by 100% of the Fuel Spread;

		b)	
where the Fuel Spread is between USD$ 251 pmt and USD$350 pmt, by 75% of the Fuel Spread over USD 250 pmt plus a) above;

		c)	
where the Fuel Spread is above USD$351 pmt, by 57.5% Fuel Spread over USD$350pmt plus a) and b) above.

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multiplied by the respective stem of HSIFO 380 CST or other ISO certified Heavy Fuel Oil purchased and consumed.

	2.	
Payment Demand and Terms of Payment: If the Counterparty fails or refuses for whatever reason to fulfil the Obligation, UGC shall notify the Guarantor in writing of the manner in which the Counterparty has failed to perform and demand that payment be made by the Guarantor under this Guarantee (a "Payment Demand").

Upon receipt of a Payment Demand, the Guarantor shall make payment in-full, in no event later than ten (10) German business days after the receipt of such Payment Demand, to the bank account specified in the Payment Demand.  Payment shall be made irrespective of any potential right of set-off, counterclaims or other defenses, together with all interest, attorneys' fees and other reasonable and documented costs and expenses incurred by UGC in connection with the Counterparty's failure to promptly, fully and faithfully perform its Obligation.

	3.	
Waivers: This is an unconditional and absolute on demand Guarantee (Garantie) and not merely a surety (Bürgschaft). Therefore Guarantor hereby waives (a) any right to assert any counterclaim or other defenses before payment and to exercise any right to set-off; (b) any right to require that any action or proceeding be brought against the Counterparty or any other person; and (c) to require that UGC seek enforcement of any other credit support or performance assurance securing the fulfillment of the Obligation, prior to any action against Guarantor under the terms hereof.

No delay of UGC in the exercise of or failure to exercise any right hereunder shall operate as a waiver of such rights, a waiver of any other rights or a release of the Guarantor from any obligations hereunder.

	4.	
Guarantor hereby consents to the renewal, compromise, extension, acceleration or other changes in the time of performance of or other changes in the terms of the Obligation of the Counterparty under the Contract, or any part thereof or any changes or any other modifications to the terms of the Contract.

	5.	
Assignment: The Guarantor shall not, without the prior written consent of UGC, assign to any entity its rights or obligations under this Guarantee. UGC may at any time with the prior written consent (not to be unreasonably withheld) of the Guarantor assign the whole or any part of its rights under this Guarantee to any person to whom the whole or any part of the rights of UGC under the Contract has been assigned.

	6.	
Subrogation: The Guarantor agrees that for so long as until the Cap has reduced to zero pursuant to paragraph 2 above it shall not exercise any right which it may at any time have (a) to be indemnified by the Counterparty or (b) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any right of UGC or of any other security taken in respect of the Counterparty's Obligation.

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	7.	
Termination: This Guarantee shall terminate on the earlier of the (i) date on which the Counterparty has performed the Obligation or (ii) the date on which the Cap has reduced to zero.

	8.	
Representations and warranties: The Guarantor represents and warrants that:

(a) it is an entity duly organised and validly existing under the laws of the jurisdiction of its incorporation and has the corporate power and authority to execute, deliver and carry out the terms and provisions of this Guarantee;

(b) no authorisation, approval, consent or order of, or registration or filing with, any court or other governmental body having jurisdiction over the Guarantor is required on the part of the Guarantor for execution and delivery of this Guarantee; and

(c) this Guarantee, when executed and delivered, will constitute a valid and legally binding agreement of the Guarantor.

	9.	
Miscellaneous: This Guarantee shall be binding upon the Guarantor, its successors and assigns and inure to the benefit of and be enforceable by UGC, its successors and assigns.

This Guarantee and any other non-contractual obligations connected with it shall be governed by and interpreted in accordance with the laws of England. This Guarantee and any other non-contractual obligations connected with it shall be governed by and interpreted in accordance with the laws of England.

No term or provision of this Guarantee, included this provision, shall be amended, modified, altered, waived or supplemented except in writing duly signed by the Guarantor and UGC.

	 /s/ Stavros Gyftakis	 	/s/ Novera Khan 
	
For and on behalf of the

	 	 
	
Guarantor

	 	
Uniper Global Commodities SE

	Stavros Gyftakis 	 	Novera Khan 
	 	 	Chief Risk Officer 

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