Document:

Exhibit 10.88

Second Amendment to Promissory
Note

 

THIS SECOND AMENDMENT TO PROMISSORY NOTE dated this 15th  day of December, 2005, is by and among Obsidian
Leasing Company, Inc., a Mississippi corporation (“Borrower”) and Fair
Holdings, Inc. (“Fair”), an Ohio corporation.  The parties agree as follows:

 

Recitals

 

WHEREAS, Borrower and Fair entered into that certain
Promissory Note dated January 3, 2003, in the principal amount of $927,500.00,
which was subsequently amended on August 31, 2005, by the Amended
Promissory Note (the original Promissory Note and all amendments thereto being
referred to herein as the “Note’); and

 

WHEREAS, Fair has agreed to amend the Note in order to change
the date of maturity of the Note;

 

NOW THEREFORE, in consideration of the premises, and the mutual
promises herein contained, the parties agree that the Note shall be, and hereby
is, amended as provided herein and the parties further agree as follows:

 

The Maturity Date of the Note is hereby changed to January 3,
2009.

 

All other terms and conditions contained in the Note, the Security
Agreement and Mortgage or other related documents shall remain the same and
shall continue in full force and effect that are not specifically amended
herein and shall continue during the term of the Note without change, except to
reflect the increase in the amount of the Note and to provide security
therefore for the entire amount that may become due under the Note.

 

IN WITNESS WHEREOF, Borrower, and Fair have caused this Second Amendment
to Promissory Note to be executed as of the day first written above.

 

 

	
  Fair Holdings, Inc.

  	
   

  	
  Obsidian Leasing Company, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Timothy
  S. Durham

  	
   

  	
   

  	
  /s/ Jeffrey
  Osler

  	
   

  
	
  By: Timothy S. Durham, CEO

  	
   

  	
  By: Jeffrey Osler, President

  
					

 

1Exhibit 10.89

 

Fourth Amendment to Promissory
Note

 

THIS FOURTH AMENDMENT TO PROMISSORY NOTE dated this 15th  day of December, 2005, is by and among Obsidian
Leasing Company, Inc., a Mississippi corporation (“Borrower”) and Fair
Holdings, Inc. (“Fair”), an Ohio corporation.  The parties agree as follows:

 

Recitals

 

WHEREAS, Borrower and Fair entered into that certain
Promissory Note dated April 10, 2002, in the principal amount of $100,000.00,
which was subsequently amended on March 31, 2005, by the Third Amended
Promissory Note (Line of Credit)to increase the amount of the Note to
$1,000,000.00 (the original Promissory Note and all amendments thereto being
referred to herein as the “Note’); and

 

WHEREAS, Fair has agreed to amend the Note in order to
increase to $2,000,000.00 the amount which Borrower may borrow;

 

WHEREAS, Fair is willing to amend the Note subject to the
terms herein and subject to the amendment of the Note as herein provided;

 

NOW THEREFORE, in consideration of the premises, and the mutual promises
herein contained, the parties agree that the Note shall be, and hereby is,
amended as provided herein and the parties further agree as follows:

 

 The principal amount of the Note
is hereby increased so that the total amount that can be borrowed under the
Note is $2,000,000.

 

All other terms and conditions contained in the Note, the Security
Agreement and Mortgage or other related documents shall remain the same and
shall continue in full force and effect that are not specifically amended
herein and shall continue during the term of the Note without change, except to
reflect the increase in the amount of the Note and to provide security
therefore for the entire amount that may become due under the Note.

 

IN WITNESS WHEREOF, Borrower, and Fair have caused this Fourth Amendment
to Promissory Note to be executed as of the day first written above.

 

 

	
  Fair Holdings, Inc.

  	
   

  	
  Obsidian Leasing Company, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Timothy
  S. Durham

  	
   

  	
   

  	
  /s/ Jeffrey
  Osler 

  	
   

  
	
  By:  Timothy S. Durham, CEO

  	
   

  	
  By: Jeffrey Osler, President

  
					

 

1Exhibit 10.90

 

First Amendment to Promissory
Note

 

THIS FIRST AMENDMENT TO PROMISSORY NOTE dated this 15th day of October, 2005, is
by and among US Rubber Reclaiming, Inc. (“Borrower”) and Fair Holdings, Inc.
(“Fair”), an Ohio corporation.  The
parties agree as follows:

 

Recitals

 

WHEREAS, Borrower and Fair entered into that certain
Promissory Note dated April 15, 2005, 
in the principal amount of $3,700,000.00, (“Note’); and

 

WHEREAS, Fair has agreed to amend the Note in order to
increase to $5,500,000.00 the amount which Borrower may borrow;

 

WHEREAS, Fair is willing to amend the Note subject to the
terms herein and subject to the amendment of the Note as herein provided;

 

NOW THEREFORE, in consideration of the premises, and the mutual
promises herein contained, the parties agree that the Note shall be, and hereby
is, amended as provided herein and the parties further agree as follows:

 

 The principal amount of the Note
is hereby increased so that the total amount that can be borrowed under the
Note is $5,500,000.00.

 

All other terms and conditions contained in the Note, the Security
Agreement and Mortgage or other related documents shall remain the same and
shall continue in full force and effect that are not specifically amended
herein and shall continue during the term of the Note without change, except to
reflect the increase in the amount of the Note and to provide security
therefore for the entire amount that may become due under the Note.

 

IN WITNESS WHEREOF, Borrower, and Fair have caused this First Amendment
to Promissory Note to be executed as of the day first written above.

 

 

	
  Fair Holdings, Inc.

  	
   

  	
  US Rubber Reclaiming, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Timothy
  S. Durham

  	
   

  	
   

  	
  /s/ John D.
  LaGrone 

  	
   

  
	
  By:  Timothy S. Durham, CEO

  	
   

  	
  By: John D. LaGrone, President

  
					

 

1Exhibit 10.91

 

Fourth Amendment to Revolver Promissory Note

 

THIS FOURTH AMENDMENT TO PROMISSORY NOTE dated
this 15th day of October, 2005, is by and among Danzer Industries, Inc. (‘“Borrower”)
and Fair Holdings, Inc. (“Fair”), an Ohio corporation. The parties agree
as follows:

 

Recitals

 

WHEREAS, Borrower and Fair entered into that
certain Promissory Note dated August 15, 2001, in the principal amount of
$1,000,000.00, which was subsequently amended by certain amendments dated September 31,
2003 and July 1, 2004, that increased the amount that Borrower may borrow
under the Note to $3,000,000.00 (the original Promissory Note and all
amendments thereto being referred to herein as the “Note’); and

 

WHEREAS, Fair has agreed to amend the Note in
order to increase to $5,000,000.00 the amount which Borrower may borrow;

 

WHEREAS, Fair is willing to amend the Note
subject to the terms herein and subject to the amendment of the Note as herein
provided;

 

NOW  THEREFORE, in
consideration of the premises, and the mutual promises herein contained, the
parties agree that the Note shall be, and hereby is, amended as provided herein
and the parties further agree as follows:

 

The principal
amount of the Note is hereby increased so that the total amount that can be
borrowed under the Note is $5,000,000.

 

All other
terms and conditions contained in the Note, the Security Agreement and Mortgage
or other related documents shall remain the same and shall continue in full
force and effect that are not specifically amended herein and shall continue
during the term of the Note without change, except to reflect the increase in
the amount of the Note and to provide security therefore for entire amount that
may become due under the Note.

 

IN WITNESS WHEREOF, Borrower, and Fair have
caused this Fourth Amendment to Promissory Note to be executed as of the day
first written above.

 

 

	
  Fair
  Holdings, Inc.

  	
  Danzer
  Industries, Inc.

  
	
   

  	
   

  
	
  /s/ Timothy
  S. Durham

  	
   

  	
  /s/ Terry
  Whitesell

  	
   

  
	
  By:  Timothy S. Durham, CEO

  	
  By:  Terry Whitesell, Chairman

  
				

 

1Exhibit 10.92

 

Fourth Amendment to Promissory Note

 

THIS FOURTH AMENDMENT TO PROMISSORY NOTE dated this 15th  day of December, 2005, is by and among DW
Leasing Company, LLC, a Mississippi limited liability company (“Borrower”) and Fair
Holdings, Inc. (“Fair”), an Ohio corporation.  The parties agree as follows:

 

Recitals

 

WHEREAS, Borrower and Fair entered into that certain
Promissory Note dated January 17, 2002, 
in the principal amount of $500,000.00, which was previously amended by
certain amendments dated August 31, 2003, November 29, 2004, and June 15,
2005 (the original Promissory Note and all amendments thereto being referred to
herein as the “Note’); and

 

WHEREAS, Fair has agreed to amend the Note in order to
increase to $1,700,000.00 the amount which Borrower may borrow;

 

WHEREAS, Fair is willing to amend the Note subject to the
terms herein and subject to the amendment of the Note as herein provided;

 

NOW THEREFORE, in consideration of the premises, and the mutual
promises herein contained, the parties agree that the Note shall be, and hereby
is, amended as provided herein and the parties further agree as follows:

 

 The principal amount of the Note
is hereby increased so that the total amount that can be borrowed under the
Note is $1,700,000.

 

All other terms and conditions contained in the Note, the Security
Agreement and Mortgage or other related documents shall remain the same and
shall continue in full force and effect that are not specifically amended
herein and shall continue during the term of the Note without change, except to
reflect the increase in the amount of the Note and to provide security
therefore for the entire amount that may become due under the Note.

 

IN WITNESS WHEREOF, Borrower, and Fair have caused this Fourth Amendment
to Promissory Note to be executed as of the day first written above.

 

 

	
  Fair Holdings, Inc.

  	
   

  	
  DW Leasing Company, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Timothy
  S. Durham  

  	
   

  	
   

  	
  /s/ Timothy
  S. Durham

  	
   

  
	
  By:  Timothy S. Durham, CEO

  	
   

  	
  By: Timothy S. Durham, Member

  
					

 

1

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