exhibit10_63.htm


    FOREBEARANCE
      AND MODIFICATION AGREEMENT

    


            This
      Forbearance and
      Modification Agreement (this "Agreement") by and between Invisa, Inc., a Nevada
      corporation, having a business at 290 Cocoanut Avenue, Sarasota Florida 34236
      (the “Borrower”), and Centurian Investors, Inc., a Delaware corporation, having
      an address at 290 Cocoanut Avenue, Suite 1A, Sarasota, Florida 34236 (the
“Lender”) is entered into as if this  1st day of June, 2008 and shall
      be effective as of the date hereof (the “Effective Date”).

    


    RECITALS:

    


    WHEREAS,
      Lender and Borrower are
      parties to a certain Promissory Note, dated February 28, 2007, in the principal
      amount of up to One Hundred Fifty Thousand ($150,000.00) (the “First Note”),
      that certain Promissory Note, dated July 25, 2007 in the principal amount of
      Fifty Thousand ($50,000) dollars (the “Second Note”), that certain Promissory
      Note, dated October 23, 2007 in the principal amount of Fifty Thousand ($50,000)
      dollars (the “Third Note”), that certain Promissory Note, dated March 28, 2008
      in the principal amount of One Hundred Fifty Thousand ($150,000.00) dollars
      (the
“Fourth Note”) and that certain Promissory Note, dated June 1, 2009 in the
      principal amount of One Hundred Thousand ($100,000.00) Dollars (the “Fifth
      Note”; the First Note, Second Note, Third Note, Fourth Note and the Fifth Note
      being hereinafter collectively referred to as the “Notes”); and

    


    WHEREAS,
      the Notes are secured by (a)
      an aggregate of  Sixty Six Million Six Hundred Sixty Six Thousand Six
      Hundred Sixty Six (66,666,666 ) shares of common stock of Borrower and (b)
      a
      first priority lien on all of the assets of Borrower as more specifically
      described in the Notes and that certain General Security Agreement, dated
      February 28, 2007 (the “Security Agreement” the Notes and the Security
      Agreement, together with all documents executed in connection therewith being
      hereinafter referred to collectively as the “Loan Documents”); and

    


    WHEREAS,
      Borrower hereby requests
      Lender’s forbearance with respect to certain provisions of the Notes;
      and

    


    WHEREAS,
      Borrower and Lender desire
      to modify certain of the provisions of the Notes as more specifically set forth
      herein.

    


    NOW
      THEREFORE, for good and valuable
      consideration, the receipt and sufficiency of which is hereby acknowledged,
      the
      parties hereto agree as follows:

     

            1.              Terms
      used herein which are defined in the Loan Documents shall have the same meanings
      when used herein unless otherwise provided herein.

     

            2.              Without
      in any way waiving any existing Event of Default and at the request of the
      Borrower, Lender hereby agrees forbear from exercising any remedy available
      to
      Lender upon the occurrence of an Event of Default under paragraph 13(a)(i)
      of
      each of the First Note, Second Note, Third Note and Fourth Note  from
      the Effective Date hereof and until the earlier of September 30, 2008 or an
      Acceleration under any provision other than paragraph 13(a)(i) under such Notes
      (the “Forbearance Period”).

     

            3.              The
      interest rate payable during the Forbearance Period shall be the Interest
      Rate.

     

            4.              Borrower
      understands and agrees that the remaining provisions of the Notes shall remain
      in full force and effect without any changes or modification except as expressly
      stated herein; including, without limitation, the cure periods set forth in
      paragraph 13(b) of the Notes.   Borrower further agrees that in
      the event that all principal and interest payments due and owing to Lender
      under
      the Notes are not paid in full on or before the Maturity Date, then, for
      purposes of paragraph 13(b) of the Notes, an Acceleration event shall be deemed
      to have occurred on the Maturity Date.  Borrower hereby waives any
      requirement by Lender to deliver to Borrower a Default Notice under paragraph
      13(b) of the Notes and agrees that the Maturity Date shall be deemed the date
      of
      the Default Notice for purposes of calculating the cure and other time periods
      set forth in paragraph 13(b) of the Notes.

     

            5.              The
      provisions set forth herein are limited precisely as written and shall not
      be
      deemed to (a) be a consent to, or waiver or modification of, any other term
      or
      condition of the Loan Documents, or (b) except as expressly set forth herein,
      prejudice any right or rights which the Lender may now have or may have in
      the
      future under or in connection with the Loan Documents or any of the other
      documents referred to therein. Except as expressly modified hereby or by express
      written amendments thereof, the terms and provisions of the Loan Documents
      or
      any other documents or instruments executed in connection with any of the
      foregoing are and shall remain in full force and effect. In the event of a
      conflict between this Agreement and any of the foregoing documents, the terms
      of
      this Agreement shall be controlling. The representations and warranties made
      in
      each Loan Document are true and correct in all material respects on and as
      of
      the date of this Agreement.

     

            6.              To
      induce the Lender to execute and deliver this Agreement (which representations
      shall survive the execution and delivery of this Agreement), Borrower represents
      and warrants to the Lender that:

    


                (a)
      this Agreement
      has been duly authorized, executed and delivered by it and constitutes the
      legal, valid and binding obligation, contract and agreement of the Borrower
      enforceable against it in accordance with its terms, except as enforcement
      may
      be limited by bankruptcy, insolvency, reorganization, moratorium or similar
      laws
      or equitable principles relating to or limiting creditors' rights generally;
      and

     

                (b)
      the execution,
      delivery and performance by the Borrower of this Agreement (i) has been duly
      authorized by all requisite corporate action, (ii) does not require the consent
      or approval of any governmental or regulatory body, agency, or other party
      and
      (iii) will not (A) violate (1) any provision of law, statute, rule or regulation
      or its certificate of incorporation or bylaws, (2) any order of any court or
      any
      rule, regulation or order of any other agency or government binding upon it,
      or
      (3) any provision of any material indenture, agreement or other instrument
      to
      which it is a party or by which its properties or assets are or may be
      bound.

     

            7.              As
      a condition to and as consideration for the agreements of Lender set forth
      herein, Borrower shall:

     

            
      (a) pay to Lender  all  accrued but unpaid interest
      on the Notes.;

     

                 
(b)
      prepay any and all remaining
      interest on the Notes from the date hereof  through May 31,
      2008.

     

              
                             (c)
      pay to Lender a forbearance fee in the amount Two Thousand ($2,000.00)
      dollars.

    


                                              (d)
      Borrower shall pay all costs and expenses of Lender in connection with this
      Agreement, including, without limitation, reasonable attorneys fees of
      Lender.

    


                                            
       (e) Permit Lender, at its request and in its discretion, to appoint up to
      three members to the Board of Directors of Borrower at any time during the
      forbearance period.

    .

    


    8.              None
      of the provisions of this Agreement shall inure to the benefit of Borrower
      or
      any person other than Lender. Consequently, Borrower shall not be, and no person
      other than the Lender shall be, entitled to rely upon or raise a claim or
      defense, in any manner whatsoever, the failure of Lender to comply with the
      provisions of this Agreement.  Lender shall

    not
      incur
      any liability to Borrower or any other person for any act or
      omission  whatsoever.

    


    9.              This
      Agreement and the rights and obligations of the parties hereunder and under
      the
      Forbearance Agreement shall be construed in accordance with and be governed
      by
      the laws of the State of Florida.

    


    10.              This
      Agreement and the documents referred to herein represent the entire
      understanding of the parties hereto regarding the subject matter hereof and
      supersede all prior and contemporaneous oral and written agreements of the
      parties hereto with respect to the subject matter hereof.

    


    11.              This
      Agreement may be executed in any number of counterparts and by different parties
      on separate counterparts and all of such counterparts shall together constitute
      one and the same instrument. Complete sets of counterparts shall be lodged
      with
      the Borrower and the Lender.

    


    IN
      WITNESS WHEREOF, this Agreement is
      executed as of the date first written above and shall be effective as of the
      Effective Date.

    


    


    


    INVISA,
      INC.                                                                                               CENTURIAN
      INVESTORS, INC.

    


    


    


    /s/Edmund
      C.
      King                                                                                       /s/
      Howard Curd

    Name: Edmund
      C.
      King                                                                                Name: 
Howard Curd

    Title:   Chief
      Financial
      Officer                                                                      Title:
      President

    Dated: 
      July 25, 2008                            
Dated: 
July
      25, 2008