FIRST ADDENDUM TO RESCISSION AGREEMENT PERTAINING TO ACQUISITION AGREEMENT
EXHIBIT 10.2
FIRST ADDENDUM TO RESCISSION
AGREEMENT PERTAINING TO
THIS FIRST ADDENDUM TO RESCISSION
AGREEMENT PERTAINING TO ACQUISITION AGREEMENT is made and entered into as
of the 11th day of March, 2008, by and among GLOBAL REALTY DEVELOPMENT CORP.
(“Global”), SMS TEXT
MEDIA, INC. (the “Company”), and XXXX XXXXXXXXX (“Xxxxxxxxx”),
XXXX XXXXXXXXX
(“Xxxxxxxxx”), and XXX X. XXXXXXX
(“Xxxxxxx”) (Xxxxxxxxx, Xxxxxxxxx and Xxxxxxx shall sometimes hereinafter
be referred to as the “Selling Stockholders”).
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(b) (iii) It
is agreed by all of the parties hereto the aforesaid $1,253,500.71 sum less the
$41,783.37 of the aforesaid $1,253,500.71 sum already received and/or accounted
for) will be paid in the following manner:
(a)
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a
Note (Exhibit
F) for $1,211,717.34 at 12% interest. Such Note to be signed by SMS
and Xxx Xxxxxxx. 100% of the proceeds of the sale of any of the
Company’s Assets including the Patent Pending or the sale of any interest
in SMS by the Selling Stockholders whichever comes first. Such
proceeds will go toward the Principal and Interest of the Note until paid
in full before any disbursement to Selling
Stockholders.
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(b)
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Global
will have a first lien on all assets and the 100% ownership rights of SMS
and its Selling Stockholders.
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(c)
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10,000,000
Shares of Global Stock will be returned directly to Global with Proper
transfer instructions and Medallion Guarantees and Global will have the
responsibility to work with the Transfer Agent to consummate the
transfer.
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(d)
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It
is agreed their will be no Escrow
Agreement.
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(e)
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Xxxx
Xxxxxxxxx and Xxxx Xxxxxxxxx shall have no personal liability for payment
of any sums or amounts owed to Global in connection with the Rescission
Agreement pertaining to the Acquisition
Agreement.
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Remainder
of Page left blank with Signature Page to follow
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FIRST ADDENDUM TO RESCISSION
AGREEMENT PERTAINING TO
IN WITNESS WHEREOF, the
parties have executed this instrument as of the date first above
written.
SMS
TEXT MEDIA, INC.
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By:
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XXXX
XXXXXXXXX
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XXXX
XXXXXXXXX
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XXX X.
XXXXXXX
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