AMENDMENT TO PROMISSORY NOTE - May 31, 2020

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This document was submitted to the SEC on behalf of American Exploration Corp. The original filing can be found at http://www.sec.gov/Archives/edgar/data/00013884...

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AMENDMENT NO. 1

TO

STANDARD PROMISSORY NOTE

THIS AMENDMENT NO. 1 TO PROMISSORY NOTE (the “Amendment”) is made as of May 31, 2020

BETWEEN:  FARAZ KHAN ("LENDER")

AND:  MISHAL BAIG ("BORROWER"

WHEREAS:

(A)    Mishal Baig (as Borrower) and Faraz Khan (as Lender), entered into that certain Promissory Note (the “Standard Promissory Note”) dated September 11, 2019, whereby Mishal Baig promised to pay Faraz Khan, or the holder of the Promissory Note, in accordance with the terms and conditions referenced therein, the aggregate Principal Sum of U.S.D $3,500, together with Interest payable thereon commencing on the Effective Date of September 11, 2019 at the rate of twelve percent (0%) per annum, calculated daily and payable in full monthly during the continuance of any portion of the Principal Sum being outstanding thereunder prior to maturity, in the manner as set forth in such Promissory Note;

(B)    The Promissory Note provides that the Principal Sum, together with all outstanding Interest thereon, is due and payable by Mishal Baig to Faraz Khan on the “Due Date”, which is defined in the Promissory Note to mean September 12, 2020;

(C)    Mishal Baig and Faraz wish to amend the terms of the Promissory Note to extend the Final Principal Sum Payment Date to December 31, 2021. In addition no further Interest payable thereon will accrue per annum as previously defined in that certain Promissory Note (the "Standard Promissory Note"). Along with the borrow denoted as "Mishal Baig" will not be liable for any late fees, or such as agreed up by the lender "Faraz Khan". The lender also agrees to re-negotiate the terms of that certain Promissory Note (the "Standard Promissory Note") and this certain "Amendment to Promissory Note" on or before the amended "Due Date" of December 31, 2021. As such all payments must be payed in full by 11:59 PM (Eastern Standard Time) unless otherwise re-negotiated by the "Borrower" Mishal Baig and "Lender" Faraz Khan;

THIS AMENDMENT WITNESSES that in consideration of the respective covenants and agreements herein contained, Mishal Baig and Faraz Khan agree as follows:

1

Certain Definitions

1.    Capitalized terms not otherwise herein defined shall have the meaning ascribed to them in the Promissory Note.

Termination Date

2.    The Promissory Note is hereby amended to replace “September 12, 2020” with “December 31, 2021” in the definition of “Due Date”.

Amendment

3.    Except as expressly amended hereby, the Promissory Note is in all respects ratified and confirmed and all the terms, conditions, and provisions thereof shall remain in full force and effect as of the date hereof.

Effect of Amendment

4.    This Amendment shall form a part of the Promissory Note for all purposes, and each of Mishal Baig ("Borrower") and Faraz Khan ("Lender") shall be bound hereby. From and after the execution of this Amendment by the parties hereto, any reference to the Promissory Note shall be deemed a reference to the Promissory Note as amended hereby.

Entire Agreement

5.    This Amendment constitutes the entire agreement between the parties hereto, and supersedes every previous agreement, communication, expectation, negotiation, representation or understanding, whether oral or written, express or implied, statutory or otherwise between the parties hereto, with respect to the subject matter of this Amendment.  Nothing in this Section 5 will limit or restrict the effectiveness and validity of any document with respect to the subject matter of this Amendment that is executed and delivered contemporaneously with or pursuant to this Amendment.

2

Governing Laws

6.    This Amendment shall be governed by and construed in accordance with the laws of the State of Virginia and the laws of the United States of America applicable therein and shall be treated in all respects as a Virginia Personal contract.

Counterparts

7.    This Amendment may be executed in any number of counterparts, in original form or by facsimile, each of which will together, for all purposes, constitute one and the same instrument, binding on the parties hereto, and each of which will together be deemed to be an original, notwithstanding that each party hereto is not a signatory to the same counterpart.

IN WITNESS WHEREOF this Amendment has been executed by the parties hereto effective as of the day and year first above written.

MISHAL BAIG ("BORROWER")   FARAZ KHAN ("LENDER")  
       
 /s/  

/s/

 
Name: Mishal Baig  

Name: Faraz Khan

 

Title: Ms.

 

Title: Mr.

 

4

Private Document

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