100% CONVERTIBLE PROMISSORY NOTE EXTENSION AGREEMENT
This 100%
CONVERTIBLE PROMISSORY NOTE EXTENSION AGREEMENT (the “Agreement”) dated this
15th
day of February 2009, is entered into by and between Dot VN, Inc., a Delaware
corporation (the “Maker”) and Xxxxxx Xxxxxxx (the
“Holder”).
Recitals
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A.
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Maker
made, executed and delivered to the order of Holder that certain 100%
Convertible Promissory Note (the “Note”) dated August 14, 2008, in the
principal sum of $2,160,766.52 with interest payable at the rate of 8% per
annum, which Note is due and payable on February 15, 2009 (the “Due
Date”).
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B.
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Maker
and Holder desire to modify the terms of the Note to extend the Due
Date.
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NOW,
THEREFORE, for and in consideration of the mutual covenants contained herein and
for other valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:
Agreement
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1.
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The
Due Date of the Note is extended thirty days to March 17, 2009, at which
time the entire amount of principal plus accrued interest shall be due and
payable in full.
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2.
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Except
as provided herein, the terms and provisions of the Note shall remain
unchanged and shall remain in full force and effect; the Note as modified
and amended hereby is ratified and confirmed in all
respects.
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3.
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The
terms and provisions hereof shall be binding upon and inure to the benefit
of the parties hereto, their heirs, representatives, successors and
assigns
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IN
WITHNESS WHEREOF, this Agreement is effective as of the date first above
written.
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“MAKER”
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“HOLDER”
Xxxxxx
Xxxxxxx
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/s/
Xxx Xxxxxxx
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/s/
Xxxxxx Xxxxxxx
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By:
Xxx Xxxxxxx
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By:
Xxxxxx Xxxxxxx
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Its:
President
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