AGREEMENT FOR TERMINATION OF CONTRACT
FOR OPTION TO PURCHASE INTEREST
This Agreement entered into this 26th day of March, 2001 between
Kingdom Vision Network, Inc., Colorado corporation, 0000 Xxxx Xxxxxx
Xxxx, Xxxxx 000, Xxxxx, Xxxxxxx 00000 (hereinafter KVN) and Xxxx
Xxxxxxxxx, individually and as President of ISP LIVE, INC., a Georgia
corporation, 000 Xxxxxxxxx Xxxxxx, Xxxxx 000, Xxxxxxx, Xxxxxxx 00000
(hereinafter ISP). WITNESSETH:
WHEREAS, ISP is an internet portal and services company, including
VISP services, web design and e-commerce services; and
WHEREAS, KVN and ISP entered into an agreement on March 23, 2000
whereby KVN would purchase 10% of the stock of ISP with an option to
purchase up to 20% of the stock, KVN would get 10% of the gross
profits of ISP and would loan additional monies to ISP as needed; and
WHEREAS, KVN and ISP desire to bring about a termination of the
March 23, 2000 Contract between the parties.
NOW THEREFORE, as consideration for the mutual promises set forth
herein, it is agreed by and between KVN and ISP as follows:
1. Description of Obligation. ISP has agreed to repay to KVN
the $115,000.00 loan at 11% interest over 18 months at a payment of
$7,443.05 per month with the personal guarantee of Xxxx Xxxxxxxxx.
ISP has further agreed to move certain equipment, set forth in Exhibit
A hereto, from its present location in Cumming, Georgia to 000
Xxxxxxxxx Xxxxxxxxx, Xxxxx 000, Xx. Xxxx, Xxxxx Xxxxxxxx and the
internet portal and websites created for or on behalf of KVN and its
associated companies together with all associated software and
computer hardware and all copyrighted proprietary intellectual
property rights and interest associated therewith being assigned to
Vision ISP, Inc. ISP will install the said equipment together with
any additional equipment located at the site and secure the
operational integrity of the installed system and equipment.
ISP and Xxxx Xxxxxxxxx, individually, have agreed to maintain the
internet portal service and television streaming then installed at Ft.
Mill in optimum condition for a period of one year after installation.
ISP will contemporaneously with this agreement assign the following
domain names to the companies listed next thereto:
xxx.xx Kingdom Vision Network, Inc.
xxxxxxxxxxxxxxxx.xxx The Vision Network, Inc.
xxxxxxxxxxxxxxxx.xxx The Vision Network, Inc.
xxxxxxxx.xxx Kingdom Vision Network, Inc.
xxxxxxxxx.xxx Vision ISP, Inc.
xxxxxxxxx.xxx Vision ISP, Inc.
the xxxxxxxxxxxxxx.xxx Kingdom Vision Network, Inc.
the xxxxxxxxxxxxxx.xxx Kingdom Vision Network, Inc.
the xxxxxxxxxxxxxx.xxx Kingdom Vision Network, Inc.
xxxxxxxxxxxxxx.xxx Kingdom Vision Network, Inc.
xxxxxxxxxxxxxx.xxx Kingdom Vision Network, Inc.
xxxxxxxxxxxxxxx.xxx Kingdom Vision Network, Inc.
2. Consideration. As consideration for the completion of the
obligations of ISP as set forth in paragraph 1, KVN will immediately
release ISP from its obligation under the March 23, 2000 contract to
pay 10% of its gross revenues to KVN upon complete installation and
operation of the internet portal service and television streaming
service in Ft. Mill, South Carolina and the assignment of domain names
to the companies above listed. KVN will, no later than twevlve (12)
months from the date hereof, forgive ISP of its obligation to repay
$115,000.00 at 11% over eighteen (18) months and forgive Xxxx
Xxxxxxxxx from his guarantee of repayment.
3. This Agreement shall be governed by the laws of the State of
Georgia.
IN WITNESS WHEREOF, the parties have executed this Agreement the
day and year first above mentioned.
KINGDOM VISION NETWORK ISP LIVE, INC.
BY: /s/ Xxxx X. Xxxxx XX By: /s/ Xxxx Xxxxxxxxx
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Xxxx X. Xxxxx XX Xxxx Xxxxxxxxx
Executive Vice President President
By: /s/ Xxxx Xxxxxxxxx
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Xxxx Xxxxxxxxx
Individually
