Exhibit 10.5
SECOND EXTENSION OF PROMISSORY NOTE
DATED ON OR ABOUT APRIL 1, 2000
This Second Extension of Promissory Note Dated On or About April 1, 2002,
is made as of 25th day of March, 2002, by and between Xxxxxx Xxxx Xxxxxx, Xxxxx
Xxx Xxxxxx and Xxxxxxx Xxxxxxx Xxxxx, in their capacity as trustees of the
Better Blocks Trust created by Deed dated 1 January 1994 ("Lender"), and
International Commercial Television Inc. (formerly known as Xxxxx Dome
Exploration Inc.) ("Borrower").
WHEREAS, Borrower executed a Promissory Note on or about April 1, 2000, in
the principal amount of $590,723.27 ("Promissory Note"). The Promissory Note
was originally due two years from the date of execution; and
WHEREAS, on April 23, 2001, Borrower and Lender executed an Extension of
Promissory Note Dated On or About April 1, 2000, extending the term of the
Promissory Note to November 1, 2002; and
WHEREAS, Borrower has requested an additional extension of the term of the
Promissory Note, and Lender has agreed to that extension on the terms and
conditions set forth on this Second Extension of Promissory Note Dated On or
About April 1, 2000.
NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, the parties hereby agree that the term of the Promissory Note
shall be extended to November 1, 2004.
EXCEPT AS EXPRESSLY SET FORTH HEREIN, ALL OTHER TERMS AND CONDITIONS OF THE
PROMISSORY NOTE DATED ON OR ABOUT APRIL 1, 2000, SHALL REMAIN IN FULL FORCE AND
EFFECT.
LENDER: BORROWER:
Each undersigned in their capacity as a INTERNATIONAL COMMERCIAL
Trustee of THE BETTER BLOCKS TRUST TELEVISION INC.
Created by Deed 1 January 1994.
/s/ Xxxxxx Xxxxxx /s/ Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxx, Trustee Xxxxxx Xxxxxxx, President
/s/ Xxxxx Xxx Xxxxxx
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Xxxxx Xxx Xxxxxx, Trustee
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Xxxxxxx Xxxxxxx Xxxxx
