EXHIBIT 2.5
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EXTENSION AGREEMENT
This Extension Agreement ("Extension") dated as of the 5th day of
March, 2004, by and between Xxx Xxxxx ("Purchaser"), R Wireless, Inc., a Georgia
corporation ("Wireless"), and Homes By Owners, Inc., a Georgia corporation
("Issuer").
WITNESSETH
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WHEREAS, the parties hereto entered into the Stock Acquisition
Agreement ("Agreement") dated as of September 4, 2003; and
WHEREAS, in Section 1(c) thereof it is provided that various actions
will be taken if Issuer does not receive gross proceeds of at least $500,000
from the sale of Issuer common stock by the close of business of the 183rd day
following the date of the Agreement, which date is March 5, 2004; and
WHEREAS, the parties wish to extend that date to April 5, 2004;
NOW, THEREFORE, the Agreement hereby is modified and supplemented as
follows:
1. EXTENSION. The phrase "the 183rd day following the date of this
Agreement," where it appears in Section 1(c) of the Agreement, hereby is deleted
and replaced with "April 5, 2004."
2. The parties to the Agreement and this Extension hereby determine and
instruct Xxxxx X. Xxxxx, as Escrow Agent under the Escrow Agreement dated as of
the 4th day of September, 2003 between Xxxxx, Issuer, Wireless and Xxxxx X.
Xxxxx, to treat the phrases
(a) "183 days from the date of this Agreement," where it appears in
Section 4(b) of the Escrow Agreement,
(b) "183 days from the date hereof," where it appears in Section 4(c)
of the Escrow Agreement and
(c) "the 183rd day from the date hereof," where it appears in Section
4(d) of the Escrow Agreement
as being deleted and replaced with "April 5, 2004."
3. MISCELLANEOUS PROVISIONS. Except as expressly modified in Section 1
of this Extension Agreement, all the terms and conditions of the Agreement (a)
shall remain in full force and effect and (b) to the extent applicable, shall
apply to this Extension.
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IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the date first above written.
/s/ Xxx Xxxxx
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Xxx Xxxxx
R WIRELESS, INC.
By: /s/ Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx
Chairman
HOMES BY OWNERS, INC.
By: /s/ Xxx Xxxxx
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Xxx Xxxxx
President
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