Sierra Resource Group Inc. (fka SIRG)

[Actuate]

"Did Grand View chase SIRG down and yell and scream before?"

Instead of screaming, they took action.

If SIRG fails to make payments to any of their financing companies, it is now considered a default on the Grand View Ventures notes.

c. Event of Default — Failure to Make Required Payments. In connection with, and as condition precedent to the extension of the Maturity Dates of the February Note and the May Note detailed in Section 5.b. above, Sections 4 of both the February Note and the May Note shall be amended as set forth in Exhibit C to state that an additional Event of Default shall be “the failure to pay interest or principal when due on any outstanding obligation of the Company (if such outstanding obligation is greater than $10,000) when due including but not limited to the FOGO, Inc. note or any Asher Enterprises, Inc. note, unless such failure is waived in writing by the holder of such obligation. Holder shall be able to rely on the terms of such obligations as provided to Holder previously or any of the Company’s SEC filings to determine when the Company is obligated to make such interest and principal payments and may presume such payments were not made or such obligations were not modified unless and until delivery of reasonable written evidence to Holder to the contrary.”

d. Event of Default — Failure to Pay Claim Maintenance Fees. In connection with, and as condition precedent to the extension of the Maturity Dates of the February Note and the May Note detailed in Section 5.b. above, Sections 4 of both the February Note and the May Note shall be amended as set forth in Exhibit C to state that an additional Event of Default shall be “failure of the Company to pay all 2013 Claim Maintenance Fees associated with the 51 Chloride Copper Mine claims with the BLM and to provide written documentation of such payment to Holder prior to July 1, 2013.”

The interest rate on the May note has increased to 18%!

(a) the May Note shall bear an 18% interest rate from November 1, 2012 forward, (b) a deed of trust on the Company’s 80% interest in the Chloride Copper Mine shall be filed to secure the February and May Notes , (c) the exercise price associated with Warrants issued in connection with the February and May Notes shall be reset

SOME OF THE REQUIREMENTS SET BY GRAND VIEW VENTURES:

4. Forbearance Requirements. The Company covenants and agrees that in consideration for entering into this Agreement that it shall perform (or agree to the terms of, as the case may be,) the following:

a. Default Interest. From and after November 1, 2012, the May Note shall bear interest at the default rate of 18% per annum and shall compound quarterly until the Amendment to the May Note has been executed by the Company, as specified in Section 5(f) herein.

b. Payment of Attorney Fees. The Company shall pay the attorney fees of Holder in the amount of $17,500, such fees shall be added to the principal of the May Note and bear interest at the rate specified in Section 4.a. above.

c. Amendment to Security Agreement. Simultaneously upon the execution of this Agreement, the Company shall deliver to Holder an executed amendment to the Security Agreement that shall state specifically that the February Note and the May Note shall be secured by a deed of trust on the Company’s 80% interest in the Chloride Copper Mine. A copy of such amendment is attached as Exhibit A.

d. Execution of Deed of Trust. Simultaneously upon the execution of this Agreement, the Company shall deliver to Holder a fully executed and acknowledged deed of trust securing the real property underlying the mining claims of the Company. A copy of the deed of trust is attached as Exhibit B.

e. Execution of Section 13 Amendments. Simultaneously upon the execution of this Agreement, the Company shall deliver to Holder an executed amendment to the May Note and the February Note substantially in form as attached as Exhibit C.

f. Delivery of the May Shares. Pursuant to its Definitive Information Statement filed on December 27, 2012, and pursuant to Rule 14c-2 under the Securities Exchange Act of 1934, the Company will submit the amendment to its articles of incorporation providing for the increase of the authorized Common Shares to the Nevada Secretary of State for filing on January 16, 2012, along with the statutory fees for 24-hour expedited filing. Within five business days of the filing date of the Company’s amendment to its articles of incorporation, the Company shall direct its Transfer Agent to deliver to Holder, Shadow Capital LLC, and Oak Street Trust the following Common Shares representing Common Shares owed to the proceeding entities from the securities purchase agreements between the Company and such entities dated May 3, 2012.

http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9021095