FIRST AMENDMENT GOLO LOTTO.COM PURCHASE AGREEMENT
Exhibit 10.7
FIRST AMENDMENT GOLO XXXXX.XXX PURCHASE AGREEMENT
This first Amendment ("Amendment") of Golo Lotto Purchase Amendment Agreement, (the "Agreement") is entered into this 31st day of March, 2003, by and between Latin America Futbol Corporation, a Florida corporation (the "Company") the owner of the Golo Lotto brand and website (xxx.xxxxxxxxx.xxx) and San Diego Soccer Development Corporation dba Soccer Development of America (SDA) (the "Purchaser"), a publicly traded Nevada Corporation.
PREFACE
WHEREAS, LAFC and SDA entered into entered into an Asset Purchase Agreement (the Purchase Agreement") whereby LAFC sold a fifty-one (51%) percent interest in the Golo Lotto, a corporation registered in the Netherland Antilles, and the website (xxx.xxxxxxxxx.xxx) and the Golo Lotto logo and brand to the Purchaser.
WHEREAS, the Agreement failed to include such a provision and it is the desire of the parties to amend the Agreement to extend the payment plan by the Company in order to give the Purchaser more time to complete the transaction;
NOW THEREFORE, for good and valuable consideration, the parties agree to amend the Agreement as provided in this Amendment.
ARTICLE I
The following paragraph is included as the third paragraph of Section 3 of the Agreement:
Terms of Purchase: The Company will allow the Purchaser to pay the remaining
balance of twenty-seven thousand (27,000) dollars in one or more installments
on or before December 31, 2003. Failure to pay the remaining balance on or before
December 31, 2003 shall constitute a default under the terms of the Purchase
Agreement.
ARTICLE II
This Amendment to the Agreement may be executed in any number of counterparts, each of which, when taken together, shall be deemed the fully executed agreement between the parties.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first above written.
Soccer Development of America | Latin America Futbol Corporation |
By: /s/ Xxx Xxxxxx | By: /s/ Xxxx |
Name: Xxx Xxxxxx Title: Chairman/President |
Name: Xxxxx Xxxxx Title: Chairman |
Date: March 31, 2003 | Date: March 31, 2003 |