Letter Agreement Extension Between Benacquista Galleries, Vibe Records, James Price, and Timothy Olphie (May 19, 2008)

Contract Categories: Business Finance › Modification Agreements
Summary

This agreement is an extension to a previous contract between Vibe Records, Inc., Benacquista Galleries, Inc., James Price, and Timothy Olphie. James Price grants a one-time extension for payment deadlines: a non-refundable $25,000 payment is due by May 16, 2008, and the remaining $425,000 by May 26, 2008. If payments are not made on time, the option in the original agreement is canceled and deposits are kept as damages. If the full balance is paid by the deadline, Vibe Records will receive $50,000 in Benacquista shares. All other original terms remain in effect.

View More
EX-10.6 3 benacquista8k051908ex10-6.htm LETTER AGREEMENT BETWEEN BENACQUISTA GALLERIES, VIBE RECORDS, INC., TIMOTHY OLPHIE AND JAMES PRICE DATED MAY 19, 2008, FILED HEREWITH benacquista8k051908ex10-6.htm
Exhibit 10.6
 
 
May 16, 2008
 
In reference to the Agreement of May 12, 2008 between Vibe Records, Inc., a Delaware Corporation (Vibe), Benacquista Galleries, Inc., a Nevada corporation (Benacquista), James Price, an Individual and Timothy Olphie, an individual, I, James Price hereby grant a one-time-only extension under the Agreement under the following terms:
 
I must receive an additional payment of $25,000 no later than 5:00 PM on Monday, May 16, 2008. This payment is non-refundable and governed by the same terms of the Agreement. The remaining balance of $425,000 must be paid by May 26, 2008 by 5:00 PM. Failure to make any payment exactly as noted in this section results in immediate cancellation of the Option in the Agreement and retention of any non-refundable deposits as liquidated damages by Mr. Price.
 
In addition, Mr. Price and Benacquista also agreed that Vibe Records would receive an additional $50,000 worth of Benacquista common shares in the event that the balance of the purchase price is paid by May 26, 2008. These shares are in lieu of the shares Vibe Records would have received under the May 12, 2008, letter agreement.
 
All other terms of the Agreement shall apply.
 

 
/s/ James Price                                                                       
James Price, an Individual
 

 
/s/ James Price_________________________________ __
Benacquista Galleries, Inc.
James Price, CEO
 
 
 
/s/ Timothy J. Olphie_______________________________
Timothy J. Olphie, an Individual
 
 
 
/s/ Timothy J. Olphie_______________________________
Vibe Records, Inc.
Timothy J. Olphie