100% CONVERTIBLE PROMISSORY NOTE EXTENSION AGREEMENT
Exhibit
10.48
This 100%
CONVERTIBLE PROMISSORY NOTE EXTENSION AGREEMENT (the “Agreement”) dated this
12th
day of October 2009, is entered into by and between Dot VN, Inc., a Delaware
corporation (the “Maker”) and Xxx 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 April 20, 2009, in the
principal sum of $2,884,658.16
with interest payable at the rate of 8% per annum, which Note is
due and payable on October 16, 2009 (the “Due
Date”).
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| B. |
Make
and Holder on October 12, 2009 extended the Due Date of the Note to
December 31, 2009 (“First Extended Due
Date”).
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| C. |
Maker
and Holder desire to modify the terms of the Note to extend the First
Extended 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
First Extended Due Date of the Note is extended to December 31, 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”
Xxx Xxxxxxx
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/s/
Xxxxxx Xxxxxxx
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/s/
Xxx Xxxxxxx
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By: Xxxxxx
Xxxxxxx
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By: Xxx
Xxxxxxx
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Its: CEO
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