AGREEMENT AND
XXXX OF SALE
For and in consideration of mutual benefits, detriments, and covenants,
the adequacy of which is hereby acknowledged, the parties hereto, Tonga Capital
Corp. (Tonga) and Xxxxxx X. Xxxxxx (Xxxxxx) hereby agree as follows:
1) Xxxxxx hereby grants, sell and conveys to Tonga the assets
specified on Exhibit A hereto for $50,000 and 12,500 shares of
common stock of Tonga to be issued concurrently.
2) The $50,000 price shall be in the form of a promissory note from
Tonga to Xxxxxx secured by a pledge of the assets described on
Exhibit A substantially in the forms attached hereto as Exhibits B
and C.
3) Tonga shall pay to Xxxxxx as a credit against note balance of
$4.00 per tape unit sold, with monthly payment and accounting
pursuant to the terms of the note.
4) The note from Tonga to Xxxxxx shall have a conversion privilege
allowing conversion of any note balance to common stock of Tonga @
$1.00 per share (as such stock may be they constituted, at any
time during term of note.
5) Tonga shall pay rent of $75 per month to Xxxxxx for storage space
usage.
Dated June 6, 2002
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Tonga Capital Corporation
By: /s/ Xxxxx X. Xxxxxx, Pres.
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Xxxxxx X. Xxxxxx
/s/ Xxxxxx X. Xxxxxx
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