AMENDMENT NO. 1 TO PROMISSORY NOTE
Exhibit 10.1
AMENDMENT NO. 1 TO PROMISSORY NOTE
AMENDMENT NO. 1 TO PROMISSORY NOTE, dated as of March 31, 2010 (this “Amendment”), among (a) CornerWorld Corporation, a Nevada corporation (the “Borrower”) and (b) IU INVESTMENTS, LLC (“Lender”).
WITNESSETH:
WHEREAS, on February 23, 2009, the Borrower and the Lender party thereto entered into the Promissory Note dated as of February 23, 2009 (as it may be amended from time to time, the “Promissory Note”).
WHEREAS, on or about December 1, 2009, the Borrower and the Lender executed a waiver (the “Waiver”) pursuant to which the Lender agreed to waive, during the period from December 1, 2009 through February 28, 2010, their rights and remedies under the Promissory Note.
WHEREAS, the Borrower has requested, and the Lender has agreed, to amend the Promissory Note as set forth below.
NOW, THEREFORE, in consideration of the premises and the agreements hereinafter contained, and for other good and valuable consideration, notwithstanding any provisions of the Promissory Note to the contrary, the parties hereto hereby agree as follows:
Lender and Borrower and borrower agree to remove Schedule A to the Promissory Note and replace it in its entirety with Schedule A as attached hereto. Interest payments and all other terms remain as stated in the original agreement.
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/s/ Xxxxx X. Xxxx |
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By: Xxxxx X. Xxxx |
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CORNERWORLD CORPORATION |
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Its: Chief Executive Officer |
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/s/ Xxxx Xxxx |
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By: Xxxx Xxxx |
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IU INVESTMENTS, LLC |
1
Schedule A to Promissory Note:
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Scheduled Payment Date |
Amount |
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April 15, 2009 |
$145,000 |
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May 15, 2009 |
$145,000 |
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June 15, 2009 |
$145,000 |
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July 15, 2009 |
$145,000 |
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August 15, 2009 |
$145,000 |
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September 15, 2009 |
$145,000 |
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October 15, 2009 |
$145,000 |
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November 15, 2009 |
$145,000 |
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March 25, 2010 |
$25,000 |
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April 25, 2010 |
$50,000 |
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May 25, 2010 |
$75,000 |
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June 25, 2010 |
$75,000 |
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July 25, 2010 |
$75,000 |
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August 25, 2010 |
$75,000 |
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September 25, 2010 |
$75,000 |
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October 25, 2010 |
$75,000 |
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November 25, 2010 |
$75,000 |
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December 25, 2010 |
$140,000 |
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