May 12, 2008
Exhibit 10.5
May 12,
2008
In
reference to the Agreement of April 29, 2008 between Vibe Records, Inc., a
Delaware Corporation (Vibe), Benacquista Galleries, Inc., a Nevada corporation
(Benacquista), Xxxxx Xxxxx, an Individual and Xxxxxxx Xxxxxx, an individual, I,
Xxxxx Xxxxx hereby grant a one-time-only extension under the Agreement under the
following terms:
I must
receive an additional payment of $25,000 no later than 5:00 PM on Monday, May
12, 2008. This payment is non-refundable and governed by the same terms of the
Agreement. The remaining balance of $425,000 must be paid by May 16, 2008 by
5:00 PM. Failure to make any payment exactly as noted in this section results in
immediate cancellation of the Option in the Agreement and retention of any
non-refundable deposits as liquidated damages by me.
In
addition, Mr. Price and Benacquista also agreed that Vibe Records would receive
an additional $25,000 worth of Benacquista common shares in the event that the
balance of the purchase price is paid by May 16, 2008. These shares are in lieu
of the shares Vibe Records would have received under the April 29, letter
agreement.
All other
terms of the Agreement shall apply.
/s/ Xxxxx
Price____________________________________
Xxxxx
Xxxxx, an Individual
/s/ Xxxxx
Price____________________________________
Benacquista
Galleries, Inc.
Xxxxx
Xxxxx, CEO
/s/ Xxxxxxx X.
Olphie______________________________
_
Xxxxxxx
X. Xxxxxx, an Individual
/s/ Xxxxxxx X.
Olphie_____________________________
__
Vibe
Records, Inc.
Xxxxxxx
X. Xxxxxx