EXHIBIT 10.1
CONSENT AND WAIVER
AGREEMENT
This Consent
and Waiver Agreement (the “ Agreement ”) is made
and entered into as of March 30, 2007 by and among Cornell Capital
Partners, LP, with its principal place of business at 101 Hudson
Street, Suite 3700, Jersey City, NJ 07302 (“Cornell
Capital”) on the one hand, and Mobilepro Corp. and its
wholly-owned subsidiary, NeoReach, Inc. on the other hand, with
their principal place of business at 6701 Democracy Blvd., Suite
202, Bethesda, MD 20814 (collectively, the
“Company”).
WHEREAS , the Company issued, and Cornell Capital
purchased, a series of 7.75% Secured Convertible Debentures with a
total principal amount of $22,500,000 (the “Convertible
Debentures”);
WHEREAS , pursuant to the applicable sections of the
Convertible Debentures, the Company cannot enter into any security
instrument granting a security interest in any of its assets
without the prior consent of Cornell Capital;
WHEREAS , Cornell Capital required as a condition of
entering into the Convertible Debentures that it be secured by the
Amended and Restated Security Agreement dated May 13, 2005 (the
“Security Agreement”);
WHEREAS , pursuant to the terms of the Security
Agreement, Cornell Capital received a first lien on existing and to
be acquired assets of the Company, including
“equipment” as that term is defined in the
UCC;
WHEREAS, under the terms of the Security Agreement it is
an event of default for the Company to sell or assign any
collateral covered by the Security Agreement, including
equipment;
WHEREAS , the Company desires to enter into a sale and
lease-back of certain wireless network equipment (160 Strix model
2420 access point radios with antennas with a total cost of
$418,880) used to provide wireless broadband service to certain
municipalities (the “Sale/Leaseback Transaction”)
pursuant to a Master Lease Agreement 2249 dated June 28, 2006
between the Company and JTA Leasing Co., LLC (the “Master
Lease”);
WHEREAS , pursuant to the terms of the Master Lease the
Company must keep the equipment subject to the Master Lease free
and clear of all superior liens and encumbrances;
WHEREAS , the Company requires the consent of Cornell
Capital to the Sale/Leaseback Transaction and a waiver of its
rights under the Convertible Debentures and Security
Agreement;
NOW
THEREFORE , in
consideration of the above recitals and the mutual covenants made
herein, the parties agree a