TERMINATION OF AGREEMENT
Exhibit
10
This
AGREEMENT is entered into as of this 11 day of September, 2006, by and between
Greater China Media and Entertainment Corp., formerly known as AGA Resources,
Inc., a Nevada corporation (the “Buyer”), and Omega Services of 0000 Xxxxxxxxx
Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, Xxxxxx (the “Seller”).
WHEREAS,
the Buyer and Seller entered into a Purchase Agreement, dated May 19, 2006
(the
“Purchase Agreement”), pursuant to which the Buyer agreed to purchase, and the
Seller agreed to sell, certain diamond core drilling equipment; and
WHEREAS,
the Buyer took possession of the equipment for use in connection with its mining
operations; and
WHEREAS,
the Purchase Agreement contemplated that the purchase price of C$40,365.12
for
the equipment would be paid in three installments over a six month period of
time; and
WHEREAS,
the parties now desire to terminate the Purchase Agreement, with the Buyer
returning the equipment and having no further obligation to the
Seller.
NOW,
THEREFORE, the parties hereto having agreed to be mutually bound by the terms
hereof, hereby agree as follows:
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1.
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Termination
of the Purchase Agreement.
The Purchase Agreement is hereby terminated in all respects, with
the
Buyer and the Seller having no further obligation to each other pursuant
thereto. The Buyer hereby agrees to return the equipment to the Seller
in
the same condition as it was in when
purchased.
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2.
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Mutual
Release.
Provided that the equipment is returned as aforesaid, each of the
Buyer
and the Seller hereby agree to forever release, remise and hold harmless
the other from any and all claims that they may have arising out
of the
Purchase Agreement.
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3.
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Governing
Law.
This Agreement shall be governed and construed in accordance with
the laws
of the province of British Columbia,
Canada.
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4.
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Entire
Agreement.
This Agreement sets forth the entire agreement and understanding
of the
parties in respect to the matters contained herein and supersedes
all
prior agreements, arrangements and understandings relating
thereto.
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5.
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Invalidity.
If any provision included in this Agreement proves to be invalid
or
unenforceable, it shall not affect the validity of the remaining
provisions.
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6.
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Counterparts.
This Agreement and any amendment or modification of this Agreement
may be
executed in several counterparts or by separate instruments, and
all of
such counterparts and instruments shall constitute one agreement,
binding
on all of the parties hereto.
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IN
WITNESS WHEREOF, the parties have duly executed this Agreement as of the date
first set forth above.
| GREATER CHINA MEDIA AND ENTERTAINMENT CORP | OMEGA SERVICES | ||
| /s/ Xxx Xxx | /s/ X.X. Xxxxxxx | ||
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| Name:Xxx
Xxx
Title:Chairman |
Name:X.X.
Xxxxxxx Title:President |
