Document:

EXHIBIT 10.7

	 

August 10, 2011

Dean Sukowatey

6165 N.W. 86th St.

Johnston, IA  50131

RE:        Extension of Demand Notes 

Dear Payee:

All Fuels & Energy Company (the ”Company”) is requesting an extension of the following demand notes: (1)
demand note, dated November 3, 2008, issued by Company in favor of Dean Sukowatey (“Payee”) in the aggregate
principal amount of $20,000, of which $20,000 remains due and payable as of the date hereof (“November 3, 2008
Principal Amount”), accruing interest at a rate of 10% per annum (“November 3, 2009 Note”); (2) demand note, dated
November 28, 2008, issued by Company in favor of Dean Sukowatey (“Payee”) in the aggregate principal amount of
$20,000, of which $20,000 remains due and payable as of the date hereof (“November 28, 2008 Principal Amount”),
accruing interest at a rate of 10% per annum (“November 28, 2008 Note”); (3) demand note, dated August 3, 2009,
issued by Company in favor of Dean Sukowatey (“Payee”) in the aggregate principal amount of $50,000, of which
$50,000 remains due and payable as of the date hereof (“August 2009 Principal Amount”), accruing interest at a rate of
10% per annum (“August 2009 Note”); (4) demand note, dated November 13, 2009, issued by Company in favor of
Payee in the aggregate principal amount of $10,000, of which $10,000 remains due and payable as of the date hereof
(“November 2009 Principal Amount”), accruing interest at a rate of 10% per annum (“November 2009 Note”); and (5)
demand note, dated July 26, 2011, issued by Company in favor of Payee in the aggregate principal amount of $2,000,
of which $2,0000 remains due and payable as of the date hereof (“July 2011 Principal Amount”), accruing interest at
a rate of 10% per annum (“July 2011 Note”).  Collectively, the November 3, 2008 Principal Amount, the November 28,
2008 Principal Amount, the August 2009 Principal Amount, the November 2009 Principal Amount and the July 2011
Principal Amount are referred to herein as the “Principal Amount.”  Collectively, the November 3, 2008 Note, November
28, 2008 Note, August 2009 Note, the December 2009 Note and the July 2011 Note are referred to herein as the “Notes.”

 

The Notes are due and payable upon demand.  Payee hereby represents that Payee has not demanded payment
on the Notes and the Notes are not in default as of the date hereof.  

The Company now desires to extend the maturity date of the Notes with the Principal Amount and all accrued
and unpaid interest due and payable on September 1, 2012 (the “Extension”), unless converted earlier per the terms of
the Note.  In consideration for the Extension, the Company agrees to issue Payee 50,000 shares of the Company’s
common stock, the receipt and sufficiency of which is hereby acknowledged as sufficient consideration for the extension. 

If you have any questions, please don’t hesitate to call me at 515.331.6509.

                                                                                    Very truly yours,

All Fuels & Energy Company

AGREED AND ACCEPTED BY PAYEE

/s/ DEAN E. SUKOWATEY

Name: August 11, 2011EXHIBIT 10.8

	 

August 10, 2011

Gaylen Knaack

RR 2

Correctionville, IA 51016

RE:        Extension of Demand Note, dated April 15, 2011, issued by All Fuels & Energy  Company (the
“Company”) in favor of Gaylen Knaack (“Payee”)

Dear Payee:

On April 15, 2011, the Company issued a note in the aggregate principal amount of $5,000, of which $5,000
remains due and payable as of the date hereof (“Principal Amount”), accruing interest at a rate of 10% per annum
(“Note”).  The Note is due and payable upon demand.  Payee hereby represents that Payee has not demanded payment
on the Note and the Note is not in default as of the date hereof.  

The Company now desires to extend the maturity date of the Note with the full Principal Amount and all accrued
and unpaid interest due and payable on September 1, 2012 (the “Extension”), unless converted earlier per the terms of
the Note.  In consideration for the Extension, the Company agrees to issue Payee 50,000 shares of the Company’s
common stock, the receipt and sufficiency of which is hereby acknowledged as sufficient consideration for the extension. 

If you have any questions, please don’t hesitate to call me at 515.331.6509.

                                                                                    Very truly yours,

/s/ DEAN E. SUKOWATEY

Dean E. Sukowatey

President All Fuels & Energy Company

AGREED AND ACCEPTED BY PAYEE:

 

 

/s/ GALEN KNAACK

 

Name:Galen KnaackEXHIBIT 10.9

	 

August 10, 2011

Brad Knaack

5815 Mitchell St

Sioux City, IA 51111

RE:        Extension of Demand Note, dated April 15, 2011, issued by All Fuels & Energy  Company (the
“Company”) in favor of Brad Knaack (“Payee”)

Dear Payee:

On April 15, 2011, the Company issued a note in the aggregate principal amount of $5,000, of which $5,000
remains due and payable as of the date hereof (“Principal Amount”), accruing interest at a rate of 10% per annum
(“Note”).  The Note is due and payable upon demand.  Payee hereby represents that Payee has not demanded payment
on the Note and the Note is not in default as of the date hereof.  

The Company now desires to extend the maturity date of the Note with the full Principal Amount and all accrued
and unpaid interest due and payable on September 1, 2012 (the “Extension”), unless converted earlier per the terms of
the Note.  In consideration for the Extension, the Company agrees to issue Payee 50,000 shares of the Company’s
common stock, the receipt and sufficiency of which is hereby acknowledged as sufficient consideration for the extension. 

If you have any questions, please don’t hesitate to call me at 515.331.6509.

                                                                                    Very truly yours,

/s/ DEAN E. SUKOWATEY

Dean E. Sukowatey

President All Fuels & Energy Company

AGREED AND ACCEPTED BY PAYEE:

 

 

/s/ BRAD KNAACK

 

Name:Brad KnaackEXHIBIT 10.10

	 

August 10, 2011

Russell C. Duncan, III

3980 Lake Curve Ave

Robbinsdale, MN 55422

RE:        Extension of Demand Note, dated April 11, 2011, issued by All Fuels & Energy  Company (the
“Company”) in favor of Russell C. Duncan, III (“Payee”)

Dear Payee:

On April 11, 2011, the Company issued a note in the aggregate principal amount of $20,000, of which $20,000
remains due and payable as of the date hereof (“Principal Amount”), accruing interest at a rate of 10% per annum
(“Note”).  The Note is due and payable upon demand.  Payee hereby represents that Payee has not demanded payment
on the Note and the Note is not in default as of the date hereof.  

The Company now desires to extend the maturity date of the Note with the full Principal Amount and all accrued
and unpaid interest due and payable on September 1, 2012 (the “Extension”), unless converted earlier per the terms of
the Note.  In consideration for the Extension, the Company agrees to issue Payee 50,000 shares of the Company’s
common stock, the receipt and sufficiency of which is hereby acknowledged as sufficient consideration for the extension. 

If you have any questions, please don’t hesitate to call me at 515.331.6509.

                                                                                    Very truly yours,

/s/ DEAN E. SUKOWATEY

Dean E. Sukowatey

President All Fuels & Energy Company

AGREED AND ACCEPTED BY PAYEE:

 

 

/s/ RUSSELL C. DUNCAN, III

 

Name:Russell C. Duncan, IIIEXHIBIT 10.11

	 

FIRST AMENDMENT TO THE

DEBT CONVERSION AGREEMENT 

This Amendment to the Debt Conversion Agreement (“Agreement”) is effective as of August __,
2011, by and among All Fuels & Energy Company (the “Company”) and Dean Sukowatey
(“Investor”), amends that certain Debt Conversion Agreement by and between the Company and
Investor, dated effective August 15, 2011 (“Debt Conversion”).

WHEREAS, the Company and Investor desire to amend the Debt Conversion to allow Investor to
convert a portion of the Debt (as defined in the Debt Conversion) into up to 20,000,000 Shares;

NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows:

Section 1 of the Debt Conversion is hereby amended to add at the end of the paragraph: 

“Notwithstanding the forgoing, subject to the satisfaction of the conditions set forth in paragraph 2,
Investor may convert the Debt into up to 20,000,000 shares without the Company affecting the
Split.”  

            IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth
above.

All Fuels & Energy Company

By: /s/ DEAN E. SUKOWATEY

Name: Dean E. Sukowatey

Title: Pres/CEO

/s/ DEAN E. SUKOWATEY

Dean E. Sukowatey
	 

DEBT CONVERSION AGREEMENT

This Debt Conversion Agreement ("Agreement") is effective as of August ___, 20100, by and among
All Fuels & Energy Company (the "Company") and Dean Sukowatey ("Investor").

            WHEREAS, over the course of the last several years, Investor has loaned the Company funds
as  needed for operation, which the Company  has  recorded  as an accounts  payable (the “Debt"):

            WHEREAS,  as of August 15, 2011 , the total outstanding  balance of the Debt including any
accrued interest is $534,650;

            WHEREAS,  in connection  with a financing and after the Company  effects  a 1 for 50
reverse split (the "Split"), the Company and Investor desire to convert the Debt into 15,497,101
shares  (post-Split)   (774,855,072  shares   pre-Split)   of   the  Company's  common   stock   (the
"Shares")

            WHEREAS,  subsequent  to  the conversion  of  the Debt  into  the Shares,  there  will  no
principal and accrued  interest remaining  under the Debt, and the only amount owed  to Investor are
Notes with an aggregate principal amount of $73,000

            WHEREAS,  the Split will be effected  only after obtaining approval of a majority of the
shareholder's of the Company  pursuant  to a proxy (or information  consent)  with the Securities and
Exchange Commission  and then filing such an amendment  to the certificate of organization of the
Company with the Delaware Secretary of State;

            NOW THEREFORE, in consideration  of the foregoing and for other good and valuable
consideration,  the receipt and sufficiency  of which are hereby acknowledged, the parties hereto
agree as follows:

            1.         Subject   to  the  satisfaction   of  the  condition  set  forth  in  paragraph   2  and  upon
the Company  effecting  the Spl it, Investor  agrees  to convert  the  Debt  into the Shares.    Upon
the effectiveness  of the conversion, the Company shall deliver certificates representing the Shares
to the Investor, after  which  Investor shall  have no further  right, title, or  in terest  in or under  the
Debt.

2.         Representations and Warranties

The Investor hereby represents and warrants that:

A.        Purchase for Investment.   The Investor is acquiring  the Shares for their own account and
not with a view to or for sale in connection  with the distribution  thereof in violation of applicable
securities laws.  The Investor have been advised that the Shares to be issued and sold hereunder have
not been  registered  under the Securities  Act of  1933, as amended  ("Securities Act"),  or applicable
state securities  laws and that they must be held indefinitely  unless the offer and sale thereof  arc
subsequently   registered   under  the  Securities   Act  or  any  exemption  from  such registration
is available.  The Investor understand and agrees that the Shares will be issued with a restrictive
legend  to the effect that:  "The  shares represented by this certificate have not been registered under
the Securities Act of 1933 (the "Act")  and are "restricted securities"  as that term is defined in Rule
144 under the Act.  The shares may not be offered for sale, sold or otherwise tran ferred  except
pursuant to an effective registration statement  under the Act or pursuant to an exemption from
registration under the Act, the availability of which is to be established to the satisfaction of the
Company."

B.        Investment  Risk.   Because  of  the Investor's  financial  positions  and  other  factors,  the
transactions contemplated  by this Agreement may involve a high degree of financial  risk, and the
Investor understands they may lose their entire investment in the Shares.

C.        Access  to  Information.    Investor  has all  been  afforded  the opportunity   to discuss  the
transaction  with  legal and accounting  professionals  and to examine  and evaluate  the financial
impact of the transactions contemplated  herein.

D.        Ability.     This  Agreement   has  been  duly  executed   and  delivered   by  Investor  and
constitutes a binding, and enforceable obligation of the Investor.

E.       Third  Party Consent.   Other than the Split, no authorization,  consent, or approval of, or
registration  or  filing  with,  any  governmental  authority  or  any  other  person  is  required  to  be
obtained or made by the Investor in connection  with the execution, delivery,  or the Company's
performance of this Agreement.

F.      Accredited Investor.  The Investor (i) has such knowledge and experience in financial and
business matters that Investor is capable of evaluating  the merits and risks of the purchase of the
Shares, (ii) has a net worth significantly  in excess of the amount of the purchase  price for the Shares
and is able to bear the economic risk of a complete loss on the purchase of the Shares, and (iii) is an
"accredited  investors" as that term is defined in Rule 501 (a) of Regulation D under the Securities
Act.

3.         Miscellaneous

A.          Entire  Agreement.     This  Agreement  sets  forth  the  entire  understanding   between  the
parties hereto and  no other prior written or oral statement  or agreement  shall  be recognized  or
enforced.

B.        Severability.   If a court of competent jurisdiction determines that any clause or provision of
this Agreement is invalid, illegal or unenforceable,  the other clauses and provisions of the
Agreement   shall  remain  in  full  force  and  effect  and  the  clauses  and  provision   which  are
determined  to be void, illegal or unenforceable shall be limited so that they shall remain in effect
to the extent permissible by law.

C.        Assignment.   None of the parties hereto may assign this Agreement  without the express
written consent of the other parties and any approved assignment shall be binding on and inure to
the  benefit  of  such  successor  or,  in  the  event  of  death  or  incapacity,  on  assignor's  heirs,
executors, administrators and successors.

D.        Applicable  Law.  This Agreement  has been negotiated and is being contracted  for in the
United States,  State  of Texas,  it shall  be governed  by the laws of the  United States,  State of
Texas. notwithstanding any conflict-of-law provision to the contrary.

 

E.         Attorney's Fees.     If  any  legal  action   or  other   proceeding (non-exclusively  including
arbitration) is  brought  for  the enforcement of  or to declare  any  right  or  obligation under  this
Agreement or as a result  of a breach,  default  or misrepresentation in connection with any of the
provisions of this  Agreement, or  otherwise because  of a dispute  among  the  parties  hereto,  the
prevailing  party  will  be  entitled   to  recover actual  attorney's fees  (including for  appeals  and
collection) and  other  ex penses  incurred  in such action  or  proceeding, in addition to any  other
relief to which such party  may be entitled.

F.          Counterparts. It is understood and  agreed  that  this  Agreement may  be executed in any
number  of identical counterparts, each of which may be deemed an original  for all purposes.

G.         Further  Assurances.  At any  time,  and  from  time  to time after  the debt  for equity swap,
each  party  hereto  wi ll  execute such  additional  instruments and  take  such action   as  may  be
reasonably requested  by the other  party to carry out the intent and  purposes of this Agreement.

H.        Amendment or  Waiver.    Every  right  and  remedy   provided   herein  shall  be cumulative
with every  other  right  and  remedy,  whether  conferred herein,  at  law,  or in equity, and  may  be
enforced  concurrently herewith, and  no waiver  by any  party  of the Company's performance of any
obligation  by the other shall  be construed as a waiver  of the same or any other default  then,
theretofore, or thereafter occurring or existing. A writing signed  by all parties  hereto  may amend
this Agreement.

I.        Headings. The section   and  subsection  headings   in  this  Agreement arc  inserted   for
convenience only  and   shall   not  affect   in  any   way   the  meaning  or   interpretation   of   this
Agreement.

J.          Facsimile.    A  facsimile,  telecopy   or  other   reproduction  of  this   Agreement  may  be
executed  by one or more parties  hereto  and such executed copy  may be delivered by facsimile or
similar  instantaneous electronic transmission device  pursuant  to  which  the  signature of  or  on
behalf  of  such  party  can  be seen,  and  such  execution and  deli very  shall  be considered valid,
binding  and  effective for  all  purposes.   At  the request  of any  party  hereto,  all  parties  agree
to execute an original  of  this  Agreement as well  as any  facsimile, telecopy  or other  reproduction
hereof.

IN WITNESS WHEREOF, the  parties  have executed   this  Agreement as  of the date  set forth
above.

All Fuels & Energy Company

By: /s/ DEAN E. SUKOWATEY

Name: Dean E. Sukowatey

Title: Pres

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