ADDENDUM TO DEVELOPMENT AGREEMENT
BETWEEN
XXXXXX XXXXXXX AND XXXXXXX XXXXXXXXXXX
OR
SUCCESSOR ENTITY
Dated this 19th day of July, 2001
Mr. Xxxxxxx Xxxxxxxxxxx and Xx. Xxxxxx Xxxxxxx acknowledge
and agree that they entered into a certain Development Agreement
dated January 30, 2001, a copy of which will be attached and
incorporated to this Addendum. Both parties now represent and
agree that certain modifications and clarifications are required
in such Development Agreement due to subsequent transactions
between the parties or successors. The purpose of this Addendum
is to clarify, set-out and memorialize the additional terms and
provisions to the existing agreement and relationship between the
parties.
Xxxxxxx and Xxxxxxxxxxx mutually agree and covenant that
subsequent to the execution of the original attached Development
Agreement, Xxxxxxx Xxxxxxxxxxx has designated Mortgage
Professional Lead Source, Inc. ("MPLS") as the designated entity
to which the prescribed developmental services are to be tendered
by Xxxxxxx and Xxxxxxx has agreed to the tender of those services
to this entity presently engaged in an SEC SB-1 Registration.
The parties (Xxxxxxx and MPLS) further agree that the
intended length of services shall be through the completion of
the foregoing registration of MPLS and the contemplated
expenditure of any proceeds. The stated two years of services
under the Development Agreement is an outside date and neither
party contemplates continuing services for that length of time
within the provisions of this paragraph.
For further clarification purposes, it is stated that the
services of Xxxxxxx will be rendered solely at the discretionary
election of MPLS through its Board of Directors and/or designated
officer or officers. It is further contemplated and agreed
between the parties that the time and provision for such services
shall be an estimated 5 to 15 hours per month during the period
when services may be rendered, if and when required.
The parties have further agreed and stipulated that the
share percentage to be earned by Xxxxxxx under the terms of the
attached Development Agreement were set prior to the
determination of the offering price for the MPLS shares at $1.00
per share in the pending Registration of MPLS. Further,
subsequent to the entry of the Development Agreement, Xx. Xxxxxxx
was requested and agreed to supply an additional $10,000 in
capital to MPLS in consideration for most of the original 150,000
shares issued to him as described in the Development Agreement,
being a 30% interest in the issued shares at the date of the
Development Agreement. As a result, it is agreed and stipulated
between MPLS and Xxxxxxx that the number of shares being issued
for development services under the attached and incorporated
Agreement are 5,000 shares valued at $1.00 per share; and that
the share being issued to Xx. Xxxxxxx for the $10,000 of
additional capital contribution to MPLS are 145,000 shares valued
at $0.07 per share.
The undersigned principal officer for MPLS represents that
he has been fully and duly authorized to enter into this Addendum
pursuant to resolution of the Board of Directors of MPLS.
The parties do not wish to modify or change any of the other
terms or provisions of the attached and incorporated Development
Agreement, except as specifically set-out in this Addendum and
fully incorporate all other terms provision of such Agreement
Dated the day and date first above written.
Mortgage Professional Lead
Source, Inc.
By: /s/ Xxxxxx Xxxxxxx By: Xx. Xxxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx Xxxxxxx Xxxxxxx
Its President
