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This document was prepared by City of San Marcos Legal Department [Space Above This Line For Recording Data] REVOLVING LOAN MODIFICATION AND EXTENSION AGREEMENT Borrowers (1"):' Gryphon, Inc., a Texas Corporation, d/b /a Texas State Aviation, Erik Landrum, individually and in his capacity as President of Gryphon, Inc., and Doreen R. Landrum, individually Lender or Servicer ( "Lender "): City of San Marcos, Texas Date of Promissory Note ( "Note "): August 28, 2003 Property Address ( "Property"): 2049 Airport Drive, San Marcos, Hays County, Tx 78666 If my representations and covenants in Section I continue to be true in all material respects, then this Revolving Loan Modification and Extension Agreement ( "Agreement ") will, as set forth in Section 3, amend, supplement and extend: (1) the Promissory Note and Loan Agreement executed by the Borrower on August 28, 2003. The Promissory Note and Loan Agreement, Revolving Loan Fund contract, and Blanket Guaranty as they may previously have been amended, are referred to as the "Loan Documents." Capitalized terms used in this Agreement and not defined have the meaning given to them in Loan Documents. I understand that after I sign and return two copies of this Agreement to the Lender, the Lender will send me a signed copy of this Agreement. This Agreement will not take effect unless the preconditions set forth in Section 2 have been satisfied. I . My Representations and Covenants. I certify, represent to Lender, covenant and agree: A. I am experiencing a financial hardship, and as a result, (i) I am in default under the Loan Documents, and (ii) I do not have sufficient income or access to sufficient liquid assets to make the monthly mortgage payments now or in the near future; B. One or more of the borrowers signing this Agreement owns and operates a business on the Property under a lease between Lender and Gryphon Aviation, Inc., dated May 31, 1998 ( "Lease ") that provides flight training, aircraft rentals and charter services, aircraft maintenance and aircraft storage; I If more than one Borrower or Mortgagor is executing this document, each is referred to as 'L" For purposes of this document words signifying the singular (such as "I") shall include the plural (such as `time ") and vice versa where appropriate. Filed for Record in: Nays County on: Jun 0'+ ?011 at 02 Document F�uta'ber: j 32613 Am Receipt Number - 275314 After Recording Return To: gy+ i Deputy City of San Marcos, Texas , Co Liz Q. Gonzalez: County CleR Liz z Go zal 630 E. Hopkins Street Nays county San Marcos, TX 78666 This document was prepared by City of San Marcos Legal Department [Space Above This Line For Recording Data] REVOLVING LOAN MODIFICATION AND EXTENSION AGREEMENT Borrowers (1"):' Gryphon, Inc., a Texas Corporation, d/b /a Texas State Aviation, Erik Landrum, individually and in his capacity as President of Gryphon, Inc., and Doreen R. Landrum, individually Lender or Servicer ( "Lender "): City of San Marcos, Texas Date of Promissory Note ( "Note "): August 28, 2003 Property Address ( "Property"): 2049 Airport Drive, San Marcos, Hays County, Tx 78666 If my representations and covenants in Section I continue to be true in all material respects, then this Revolving Loan Modification and Extension Agreement ( "Agreement ") will, as set forth in Section 3, amend, supplement and extend: (1) the Promissory Note and Loan Agreement executed by the Borrower on August 28, 2003. The Promissory Note and Loan Agreement, Revolving Loan Fund contract, and Blanket Guaranty as they may previously have been amended, are referred to as the "Loan Documents." Capitalized terms used in this Agreement and not defined have the meaning given to them in Loan Documents. I understand that after I sign and return two copies of this Agreement to the Lender, the Lender will send me a signed copy of this Agreement. This Agreement will not take effect unless the preconditions set forth in Section 2 have been satisfied. I . My Representations and Covenants. I certify, represent to Lender, covenant and agree: A. I am experiencing a financial hardship, and as a result, (i) I am in default under the Loan Documents, and (ii) I do not have sufficient income or access to sufficient liquid assets to make the monthly mortgage payments now or in the near future; B. One or more of the borrowers signing this Agreement owns and operates a business on the Property under a lease between Lender and Gryphon Aviation, Inc., dated May 31, 1998 ( "Lease ") that provides flight training, aircraft rentals and charter services, aircraft maintenance and aircraft storage; I If more than one Borrower or Mortgagor is executing this document, each is referred to as 'L" For purposes of this document words signifying the singular (such as "I") shall include the plural (such as `time ") and vice versa where appropriate.