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FIRST AMENDMENT
TO
ASSET PURCHASE AGREEMENT
THIS FIRST
AMENDMENT TO ASSET PURCHASE AGREEMENT (this “
Amendment ”) is made as of February 28, 2006, but
effective as of February 28, 2005 (“ Effective
Date ”), by and between Immediatek, Inc., a Nevada
corporation (“ Buyer ”), and Moving Records,
LLC, a Minnesota limited liability company (“ Seller
”).
WHEREAS, Buyer and
Seller are parties to that certain Asset Purchase Agreement, dated
as of February 28, 2005 (the “ Purchase Agreement
”); and
WHEREAS, Buyer and
Seller desire to amend the Purchase Agreement to clarify certain
assumed and excluded liabilities set forth in the Purchase
Agreement.
NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained in
this Amendment and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, hereby agree as
follows:
1.
Amendments to the Purchase Agreement . (a) Item g.
under the section of the Purchase Agreement titled
“Liabilities Assumed and Excluded” is hereby deleted in
its entirety and replaced with the following:
“g.. In
addition to the debt referenced immediately above, Buyer hereby
expressly assumes the account payable liability of Seller to
Copycats in the aggregate amount of $13,973.39. Repayment terms are
to be negotiated directly with Copycats in a separate
document.”
(b) Item h.
is hereby added immediately following Item g. under the section of
the Purchase Agreement
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