AMENDMENT NO. 1 TO PROMISSORY NOTE
Exhibit 10.3
AMENDMENT NO. 1 TO PROMISSORY NOTE
AMENDMENT NO. 1 TO PROMISSORY NOTE (the "NOTE"), dated as of March 31, 2010 (this “Amendment”), among CORNERWORLD CORPORATION, a Nevada corporation (the “Borrower”) and INTERNET UNIVERSITY, INC. (“Lender”).
WITNESSETH:
WHEREAS, on August 28, 2009, the Borrower and the Lender party thereto entered into the Promissory Note dated as of February 23, 2009 (as it may be amended from time to time, the “Promissory Note”).
WHEREAS, the Borrower has requested, and the Lender has agreed, to amend the Promissory Note as set forth below.
NOW, THEREFORE, in consideration of the premises and the agreements hereinafter contained, and for other good and valuable consideration, notwithstanding any provisions of the Promissory Note to the contrary, the parties hereto hereby agree to amend and replace in its entirety ARTICLE I (a), as follows:
a) Principal on the Note will be paid according to Schedule A, as attached hereto.
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/s/ Xxxxx X. Xxxx |
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By: Xxxxx X. Xxxx |
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CORNERWORLD CORPORATION |
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Its: Chief Executive Officer |
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/s/ Xxxx Xxxx |
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By: Xxxx Xxxx |
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INTERNET UNIVERSITY, INC. |
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Its: Chief Executive Officer |
1
Schedule A to Promissory Note:
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Scheduled Payment Date |
Amount |
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June 2, 2009 |
$31,147 |
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March 31, 2010 |
$8,700 |
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April 30, 2010 |
$8,700 |
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May 31, 2010 |
$8,700 |
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June 30, 2010 |
$8,700 |
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July 31, 2010 |
$8,700 |
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August 31, 2010 |
$8,700 |
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September 30, 2010 |
$8,700 |
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October 31, 2010 |
$8,700 |
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November 30, 2010 |
$8,700 |
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December 31, 2010 |
$8,700 |
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March 31, 2011 |
$130,500 |
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June 30, 2011 |
$130,500 |
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September 30, 2011 |
$130,500 |
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December 31, 2011 |
$130,500 |
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March 31, 2012 |
$130,500 |
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June 30, 2012 |
$130,500 |
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September 30, 2012 |
$130,500 |
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December 31, 2012 |
$273,353 |
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