AGREEMENT OF PAYMENT PURSUANT TO ASSIGNMENT OF LICENSE
AGREEMENT OF PAYMENT PURSUANT TO ASSIGNMENT OF LICENSE
THIS AGREEMENT made as of the 30th day of June, 2003.
BETWEEN:
Xxxxxxxxx.xxx, Inc. (hereinafter "Surforama")
AND
Xxxxx Xxxxxx
WHEREAS:
A. On May 27, 2003, Surforama was assigned a License Agreement (hereinafter "License") issued by RTIN Holdings, Inc.
B. Pursuant to the assignment of the License, Surforama agreed to reimburse Xxxxx Xxxxxx in the amount of $370,000 for personal monies
advanced to secure the License.
NOW THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set-forth, the parties hereto do hereby agree as follows:
1. Surforama will grant Xx. Xxxxxx a security interest in the License and issue a promissory note in the form and content as provided in Schedules A & B, attached hereto and made a part hereof, setting forth fully amortized payments to Xx. Xxxxxx in the amount of $10,061.45 (based on a five percent (5%) interest rate) due on the 15th day of each month commencing January 15, 2004 and ending on May 15, 2007. .
2. This agreement shall be considered a legally binding agreement.
Executed on this 30th day of June, 2003
Xxxxxxxxx.xxx, Inc. Xxxxx Xxxxxx
/s/ Xxxxx Parker_________ /s/ Xxxxx Parker__________
By: Xxxxx Xxxxxx
Its: President