Document:

exh10-19.htm

 

 

 

 

 

 

 

 

 

 

EXHIBIT 10.19

 

 

 

 

 

 

 

  

  

  

CALAIS RESOURCES, INC.

4415 Caribou Road

P.O. Box 653 - Caribou,

Nederland, CO 80466-0653

 

                                           March 13, 2007

	
Mr. Duane A. Duffy

4550 Tule Lake Drive

Littleton, CO  80123

	
Luke Garvey, c/o Duane Duffy

4550 Tule Lake Drive

Littleton, CO  80123

	
Glenn E. Duffy

5679 Old Ranch Rd.

Sarasota, FL  34241-9602

 

James Ober c/o Duane Duffy 

4550 Tule Lake Drive 

Littleton, CO 80123

 

Gentlemen:

 

Pending performance of certain payment terms by Calais Resources, Inc. (the "Company"), the Company and Duane A. Duffy, Glenn E. Duffy, James Ober and Luke Garvey (the "Holders") have executed documents as of this date, resolving the default by Calais Resources, Inc. (the "Company") on the that certain Note in the face amount of US$ 807,650.11 dated August 1, 2005 (the "Note") in favor of the Holders.

 

Of such documents, that certain Note and Trust Deed Modification Agreement amending the Note" provides that the Holders shall receive an initial payment of $200,000 on or before March 15, 2007. The parties to this Letter Agreement recognize and understand that, while the Company shall use its best efforts to deliver such initial payment to the Holders by the date provided, the funding required to make such payment will be provided to the Company by Calim Private Equity, LLC, a third-party investor not under the control of the Company. In the event that the Company is not able to deliver the initial payment on or before March 15, 2007, the Holders therefore agree to provide a reasonable grace period in which the Company may make such payment in satisfaction of its obligation under the Note and Trust Deed Modification Agreement. If this letter reflects our understanding, please indicate your acknowledgement by executing and delivering a copy of this letter to the Company on the lines indicated below.

 

                            Yours, sincerely,

 

                            /s/ David K. Young

                           David K. Young

 

 

ACCEPTED AND AGREED AS OF March 13, 2007

	

 

/s/ Duane A. Duffy                        

Duane A. Duffy

	

 

/s/ Glenn E. Duffy                        

Glenn E. Duffy by Duane A. Duffy

as his attorney in fact

	

 

/s/ Luke Garvey                         

Luke Garvey

	  	  	  
	

 

/s/  James Ober                             

James Oberexh10-20.htm

 

 

 

 

 

 

 

 

 

EXHIBIT 10.20

 

 

 

 

 

 

 

 

  

  

  

 

EXTENSION OF DEED OF TRUST AND SECURITY AGREEMENT

 

I.        BACKGROUND: On August 11, 2005, the undersigned Calais Resources, Inc, a British Columbia corporation and Calais Resources Colorado, Inc, a Nevada corporation (denoted collectively herein as the Borrower), executed their promissory note (the Note herein) in the original principal amount of $807,650.11 payable to Duane A. Duffy, Glenn E. Duffy, James Ober, and Luke Garvey, who shall collectively be designated herein as the Lender. The Borrower's repayment of the Note was secured by a deed of trust and security agreement (the DOT herein) of even date with the Note, which DOT encumbered real property and mining equipment of the Borrower located in Boulder County, Colorado, which DOT was recorded in the records of the Boulder County Clerk and Recorder on 8/23/05 at document reception, Document No. 2715644.

 

Between the original date of the Note and DOT, Borrower has made payments as to the obligations and the document payment terms have been extended. This document confirms the present Note and DOT balance and due date.

 

II.       AGREEMENTS OF THE PARTIES:

 

Borrower and Lender hereby agree:

 

1.  The Note has been revised on even date herewith. The debt balance owed by Borrowers to Lenders as of 12/1/2007 is agreed and confirmed as being $900,537.28. This is also the sum secured by the DOT as of that date.

 

2.  The due date of the Note and DOT has been extended to 4/1/2008.

 

3.  All other terms of the Note and DOT remain in effect.

 

 

 

 

Extension of Deed of Trust and Security Agreement          Page l

  

  

  

Signed on the dates shown below by:

 

 

	CALAIS RESOURCES, INC.	 	 	CALAIS RESOURCES OF COLORADO, INC.	 
	 	 	 	 	 
	
/s/ David K. Young

	 	 	
/s/ David K. Young

	 
	
David K. Young

	 	 	
David K. Young

	 
	
President and Chief Executive Officer

	 	 	
President and Chief Executive Officer

	 

STATE OF COLORADO

 

COUNTY OF Jefferson

 

On this 21 day December 2007, the undersigned officer, personally appeared David K. Young, who acknowledged himself to be the President and Chief Executive Officer of Calais Resources and Calais Resources Colorado, Inc., and that he, as such, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself as said officer.

 

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

	 	 	 	 	 
	
My Commission Expires

	 	 	
/s/ Rosemary Turner

	 
	
6-1-09

	 	 	
Notary Public

	 
	
 

	 	 	
 

	 

 

 

  

  

  

 

 

	 	 	 	 	 
	 12/21/07	 	 	 	 
	
Date

	 	 	
/s/ Duane A. Duffy

	 
	
 

	 	 	
Duane A. Duffy

	 
	
 

	 	 	
 

	 

STATE OF COLORADO

 

COUNTY OF Jefferson

 

The foregoing instrument was acknowledged before me on this  21   day of December 2007, by Duane A. Duffy.

 

	 	 	 	 	 
	
My Commission Expires

	 	 	
/s/ Rosemary Turner

	 
	
6-1-09

	 	 	
Notary Public

	 
	
 

	 	 	
 

	 

 

 

 

 

 

 

 

 

	 	 	 	 	 
	 12/8/07	 	 	 	 
	
Date

	 	              *	
/s/ Glenn E. Duffy

	 
	
 

	 	 	
Glenn E. Duffy

	 
	
 

	 	 	
Trustee for the Glenn E. Duffy Revocab. Living Trust

	 

STATE OF FLORIDA

 

COUNTY OF SARASOTA

 

The foregoing instrument was acknowledged before me on this 8 day of Dec, 2007, by Glenn E. Duffy.

 

	 	 	 	 	 
	
My Commission Expires

	 	 	
/s/ Megan J. Mooney

	 
	
7/25/09

	 	 	
Notary Public

	 
	
 

	 	 	
 

	 

 

* All warrants are to be put in:

Glenn E. Duffy Revocable Living Trust

 

 

 

 

 

 

	 	 	 	 	 
	 12/12/07	 	 	 	 
	
Date

	 	 	
/s/ Luke Garvey

	 
	
 

	 	 	
Luke Garvey

	 
	
 

	 	 	
 

	 

STATE OF FLORIDA

 

COUNTY OF BROWARD

 

The foregoing instrument was acknowledged before me on this 12 day of Dec 2007, by Luke Garvey.

 

	 	 	 	 	 
	
My Commission Expires

	 	 	
/s/ Janine Marie Laurino

	 
	
Nov. 12, 2010

	 	 	
Notary Public

	 
	
 

	 	 	
 

	 

 

 

 

 

 

 

 

 

 

	 	 	 	 	 
	 12/12/07	 	 	 	 
	
Date

	 	 	
/s/ James Ober

	 
	
 

	 	 	
James Ober

	 
	
 

	 	 	
 

	 

STATE OF FLORIDA

 

COUNTY OF BROWARD

 

The foregoing instrument was acknowledged before me on this 12 day of Dec 2007, by James Ober.

 

	 	 	 	 	 
	
My Commission Expires

	 	 	
/s/ Janine Marie Laurino

	 
	
Nov. 12, 2010

	 	 	
Notary Publicexh10-21.htm

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT 10.21

 

 

 

 

 

  

  

  

NOTE AND TRUST DEED MODIFICATION AGREEMENT

OF APRIL 2008

 

I.           BACKGROUND: Effective August 5, 2005, the undersigned Calais Resources, Inc, a British Columbia corporation ("Calais-BC"), and Calais Resources Colorado, Inc, a Nevada corporation ("Calais-CO") (collectively, the "Calais Companies") executed a promissory note (the "Note") in which Calais-BC and Calais-CO promised to pay Duane A. Duffy, Glenn E. Duffy, James Ober, and Luke Garvey (Holders herein) the sum of $807,650.11.  Concurrently, the Calais Companies and the Holders entered into a Security Agreement, pursuant to which the Calais Companies executed a deed of trust encumbering certain real property located in Boulder County, Colorado. On or about December 15, 2005, the Calais Companies made a principal payment due under the Note in the amount of $166,000. In March 2007, following a default by the Calais Companies on further payments, the Note was modified and extended to require monthly installment payments of $75,000.00 on the fifteenth (15th) day of each month, beginning April 15, 2007 and continuing until the entire Note balance was paid. No monthly payments were made by the Calais Companies. On or about March 31, 2007, the Calais Companies made a further payment of $200,000 on the amount due and payable. In November 2007, the Calais Companies and the Holders agreed to a further modification of the Note to extend repayment terms through April 1, 2008, pending the expected resolution by the Calais Companies of certain financial issues.

 

In the interest of assuring full payment of all principal and interest due under the Note as modified, the Calais Companies and the Holders now agree to revise and amend the terms of the Note further, as follows:

 

II.       AGREEMENTS OF THE PARTIES:

 

	
          A.

	
The balance due under the Note as of April 1, 2008 shall be $948,396.66, as set forth on attached Exhibit 1. Commencing April 1, 2008, interest on the unpaid balance shall accrue at a rate of 15.9 percent per annum through the date on which the unpaid balance is paid in full.

 

	
          B.

	
The Calais Companies shall make an initial payment of $100,000 on April 1, 2008, and shall thereafter pay, on or before the first day of each of the five succeeding months, commencing May 1, 2008, the sum of $50,000, for a total of $250,000.

 

	
          C.

	
The Calais Companies shall pay the remainder due and payable under the Note, together with all interest accruing thereon to the date of such payment, on or before October 1, 2008.

 

	
          D.

	
The Calais Companies shall pay a loan extension fee of ten percent of the balance due under the Note through the issuance to the Holders of restricted shares of Calais-BC common stock in the aggregate amount of 1,185,496 shares, valued at $0.08 per share, together with an identical number of warrants exercisable at any time within five years of the date of issuance for an exercise price of $0.12 per share.

  

  

  

	
          E.

	
All payments to Holders by the Calais Companies, including the share and warrant issuances described in Paragraph D above, shall be delivered to each Holder directly in accordance with the following allocation:

Duane A. Duffy -- 40.3746 %

Glenn E. Duffy -- 40.3746 %

James Ober -- 9.6254%

LukeGarvey  --  9.6254%

Cash payments shall be delivered by wiring the respective funds to each Holder in accordance with instructions to be furnished by electronic mail to David K. Young at DYoungl 619@aol.com.

 

All modifications of the Note described herein shall also modify the terms of the deed of trust and security agreement referenced herein.. All other terms of the Note and such deed of trust and security agreement shall remain in full force and effect.

 

Executed on the dates shown below by:

 

 

	CALAIS RESOURCES, INC.	 	 	CALAIS RESOURCES COLORADO, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	
/s/ David K. Young

	 	 	
/s/ David K. Young

	 
	
David K. Young

	 	 	
David K. Young

	 
	
President and Chief Executive Officer

	 	 	
President and Chief Executive Officer

	 

 

STATE OF COLORADO        )

COUNTY OF JEFFERSON   )

 

On this  01 day of  April, 2008, before the undersigned officer, personally appeared David K. Young, who acknowledged himself to be the President and Chief Executive Officer of Calais Resources, Inc. and Calais Resources Colorado, Inc., and who, as such, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing on behalf of each such corporation.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

 

My Commission Expires:

 

    10/29/2011                           /s/ Jon R. Reid                    

                         Notary Public

  

  

  

 

 

  3/31/08                                               /s/ Duane A. Duffy                     

Date                         Duane A. Duffy

 

 

STATE OF COLORADO        )

COUNTY OF ARAPAHOE    )

 

    The foregoing instrument was acknowledged before me on this 31st day of March, 2008, by Duane A. Duffy.

 

My Commission Expires:

 

    11-13-2009                           /s/                                                                 

                         Notary Public

 

 

 

  3/3/08                                               /s/ Glenn E. Duffy by Duane A. Duffy as attorney-in-fact                     

Date                         Glenn E. Duffy

 

 

STATE OF COLORADO        )

COUNTY OF ARAPAHOE    )

 

    The foregoing instrument was acknowledged before me on this 31st day of March, 2008, by Glenn E. Duffy.

 

My Commission Expires:

 

    11-13-2009                           /s/                                                                 

                         Notary Public

 

 

 

  3/31/08                                               /s/ Luke Garvey                      

Date                         Luke Garvey

 

 

STATE OF FLORIDA        )

COUNTY OF BROWARD    )

 

    The foregoing instrument was acknowledged before me on this 31st day of March, 2008, by Luke Garvey.

 

My Commission Expires:

 

    8/17/08                                     /s/  Judith Molina                                  

                         Notary Public

 

 

  

  

  

 

  3/31/08                                               /s/ James Ober                     

Date                         Duane A. Duffy

 

 

STATE OF FLORIDA        )

COUNTY OF BROWARD    )

 

    The foregoing instrument was acknowledged before me on this 31st day of March, 2008, by James Ober.

 

My Commission Expires:

 

    8/17/08                                   /s/  Judith Molina                                                               

                         Notary Public

 

 

  

  

  

Calculation of Note Principal as of April 1. 2008

 

	

Principal and interest due as of Dec. 1,2007:

	

$900,537.28

	

Per Diem Interest Accruing since Dec. 1,2007 at 15.9% APR

	

$392.29

	

Number of days of interest from Dec. 1,2007 through March 31,2008

	

122

	

Total additional interest accruing from Dec. 1,2007

	

$47,242.06

	

Total due through March 31,2007 ($900,537.28 + $47,859.38)

	

$948,396.66

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