Document:

Unassociated Document

    Exhibit
      10.5

     

    Stacy
      Giunta

    214
      w 96th Street Suite 4D

    New
      York,NY 10025-6362

    

     

    July
      17,
      2007

     

    Theater
      Xtreme Entertainment Group, Inc.

    250
      Corporate Boulevard, Suites E&F

    Newark,
      DE 19702

    Attention:
      Scott R. Oglum, President

    

     

    Re:    Purchase
      of $25,000 Promissory Note and Warrants

     

    Dear
      Mr.
      Oglum:

     

    In
      connection with the sale by Theater Xtreme Entertainment Group, Inc. (the
      "Company") to the undersigned today of a Promissory Note in the face amount
      of
      $25,000 and a Warrant to purchase up to 12,500 shares of the common stock,
      par
      value $0.001 per share of the Company, the undersigned hereby represents and
      warrants to the Company as follows:

     

    (a)   Advice.
      The undersigned has either consulted with the undersigned's own investment
      adviser, attorney and/or accountant about the proposed investment and its
      suitability for the undersigned or chosen not to do so, despite the
      recommendation of that course of action by the Company. The undersigned
      understands the risks of, and other considerations relating to, a purchase
      of
      such Promissory Note and the Warrant (collectively, the "Securities"). The
      undersigned acknowledges that the undersigned has been given access to, and
      prior to the execution of this letter the undersigned was provided with an
      opportunity to ask questions of and receive answers from, the Company concerning
      the terms and conditions of the offering of the Securities, and to obtain any
      other information which the undersigned and the undersigned's professional
      advisors requested with respect to the Company and the undersigned's proposed
      investment in the Company in order to evaluate the investment and verify the
      accuracy of all information furnished to the undersigned regarding the Company.
      All such questions, if asked, were answered satisfactorily and all information
      or documents provided were found to be satisfactory.

     

    (b)   Investment
      Representation and Warranty. The undersigned is acquiring the Securities for
      his, her or its own account as principal not with a view to or for sale in
      connection with any distribution of all or any part of such Securities. The
      undersigned hereby agrees that the undersigned will not, directly or indirectly,
      assign, transfer, offer, sell, pledge, hypothecate or otherwise dispose of
      all
      or any part of such Securities (or solicit any offers to buy, purchase or
      otherwise acquire or take a pledge of all or any part of the Securities) except
      in accordance with the registration provisions of the Securities Act or an
      exemption from such registration provisions, and any applicable state or other
      securities laws.

     

    (c)   Representation
      of Investment
      Experience and Ability to Bear Risk. The undersigned
      (1) is knowledgeable
      and experienced with respect to the fnancial, tax and business aspects of
      the ownership of investments such as the Securities and of the business
      contemplated

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    by
      the
      Company and is capable of evaluating the risks and merits of purchasing
      Securities and, in making a decision to proceed with this investment, has not
      relied upon any representations, warranties or agreements of the Company other
      than as set forth in the documentation executed by the Company in connection
      with the purchase of the Securities, and (ii) can bear the economic risk of
      an
      investment in the Company and can afford to suffer the complete loss
      thereof.

     

    (d)   Accredited
      Investor. The undersigned is an accredited investor within the meaning of
      Rule 501(a) of Regulation D promulgated under the Securities Act by reason
      of
      clause 5 thereof.

     

    (e)   Suitability.
      The undersigned has evaluated the risks involved in investing in the Securities
      and has determined that the Securities are a suitable investment for the
      undersigned. Specifcally, the aggregate amount of the investments the
      undersigned has in, and the undersigned's commitments to, all similar
      investments that are illiquid is reasonable in relation to the undersigned's
      net
      worth, both before and after the purchase of the Securities.

     

    (f)   Transfers
      and Transferability. The undersigned understands and acknowledges that the
      Securities have not been registered under the Securities Act or any state
      securities laws and are being offered and sold in reliance upon exemptions
      provided in the Securities Act and state securities laws for transactions not
      involving any public offering and, therefore, cannot be resold or transferred
      unless they are subsequently registered under the Securities Act and such
      applicable state securities laws or unless an exemption from such registration
      is available. The undersigned also understands that the Company does not have
      any obligation or intention to register the Securities for sale under the
      Securities Act or any state securities laws or of supplying the information
      which may be necessary to enable the undersigned to sell the Securities and
      that
      the undersigned has no right to require the registration of the Securities
      under
      the Securities Act, any state securities laws or other applicable securities
      regulations.

     

    The
      undersigned represents and warrants further that the undersigned has no
      contract, understanding, agreement or arrangement with any person to sell,
      transfer or pledge to such person or anyone else any of the Securities (in
      whole
      or in part) and that the undersigned has no present plans to enter into any
      such
      contract, undertaking, agreement or arrangement.

     

    The
      undersigned understands that there is no public market for the Securities and
      that any disposition of the Securities may result in unfavorable tax
      consequences to the undersigned.

     

    The
      undersigned is aware and acknowledges that, because of the substantial
      restrictions on the transferability of the Securities, it may not be possible
      for the undersigned to liquidate the undersigned's investment in the Company
      readily, even in the case of an emergency.

     

    (g)   Address.
      If the undersigned is an individual, the undersigned maintains a domicile at
      the
      address shown on the signature page of this letter and the undersigned is not
      merely a transient or temporarily resident there. If the undersigned is an
      entity, the undersigned maintains its principal place of business at the address
      shown on the signature page of this letter.

    

    

    

     

    2

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (h)   Power,
      Authority; Valid Agreement. The undersigned has (i) all requisite power and
      authority to execute, deliver and perform the obligations of the undersigned
      under this letter and the obligation to purchase the Securities and to subscribe
      for and purchase or otherwise acquire the Securities, (ii) the undersigned's
      execution of this letter has been authorized by all necessary corporate or
      other
      action on the undersigned's behalf and (iii) this letter is valid, binding
      and
      enforceable against the undersigned in accordance with its terms.

     

    (1)   No
      Conflict; No Violation. The execution and delivery of this letter by the
      undersigned and the performance of the undersigned's duties and obligations
      hereunder (i) do not and will not result in a breach of any of the terms,
      conditions or provisions of or constitute a default under (A) any charter,
      by-laws, trust agreement, partnership agreement or other governing instrument
      applicable to the undersigned or (B)(1) any indenture, mortgage, deed of trust,
      credit agreement, note or other evidence of indebtedness or any lease or other
      agreement or understanding or (2) any license, permit, franchise or certifcate,
      in either case to which the undersigned is a party or by which the undersigned
      or any of them is bound or to which the undersigned's or any of their properties
      is subject, (ii) do not require any authorization or approval under or pursuant
      to any of the foregoing and (iii) do not violate any statute, regulation, law,
      order, writ, injunction or decree to which the undersigned is
      subject.

    

     

    Sincerely,

     

    /s/
      Stacy Giunta

     

    Stacy
      Giunta

    214
      w
      96th Street Suite 4 D

    New
      York,
      NY 10025-6362

    

    

    

    

     

     

    3ex10-6.htm

    Exhibit
      10.6

    

    PROMISSORY
      NOTE

    

    
      	
              $25,000

            	
              Date:
                August 15, 2007

            
	 	
              Newark,
                Delaware

            

    

     

     

    

    FOR
      VALUE RECEIVED, THEATER XTREME
      ENTERTAINMENT GROUP, INC., a Florida corporation, publicly traded under the
      symbol “TXEG.OB” (“Maker”) hereby promises to pay to the order of Stacy Lyn
      Giunta residing at 214 West 96th Street
      New York,
      NY 10025 ("Payee"), the principal sum of Twenty-Five Thousand Dollars ($25,000),
      lawful money of the United States of America, together with interest accrued
      thereon, at the rate and on the terms set forth below:

    

    1.           Payment
      of Interest and Principal.

    

    (a)           Payment
      of Principal.  The remaining unpaid principal balance of this Note
      shall be due and payable on the one year anniversary date of the date of this
      Note which is August 15, 2008 (the “Maturity Date”).

    

    (b)           Interest.  Interest
      shall accrue on the unpaid outstanding principal balance hereof at an annual
      rate of fourteen percent (14%).  Interest shall be calculated on the
      basis of a 360-day year, counting the actual number of days
      elapsed.  Accrued interest shall be due and payable monthly on the
      first day of each month commencing September 1, 2007 and on the Maturity
      Date.  Accrued interest, if not paid when due, shall be added to the
      principal.

    

    (c)           Prepayment.  Maker
      shall have the right to prepay at any time and from time to time, without
      penalty or premium, all or any portion of the outstanding principal of this
      Note.  All prepayments under this Note shall be applied first to
      accrued and unpaid interest and second to unpaid principal due
      hereunder.

    

    (d)           Place
      of Payment.  All amounts due from Maker to Payee hereunder shall
      be paid directly to Payee at the above address or at such other address of
      which
      Payee shall give written notice to Maker.

    

    2.           Waiver.  Maker
      hereby waives the requirements of demand, presentment, protest, notice of
      protest and dishonor and all other demands or notices of any kind in connection
      with the delivery, acceptance, performance, default, dishonor or enforcement
      of
      this Note.

    

    3.           Rights
      Cumulative.  The remedies of Payee as provided in this Note shall
      be cumulative and concurrent, may be pursued singly, successively or together
      at
      the sole discretion of Payee, may be exercised as often as occasion for their
      exercise shall occur, and in no event shall the failure to exercise any such
      right or remedy be construed as a waiver or release of it.

    

    4.           Governing
      Law.  This Note and all questions relating to its validity,
      interpretation or performance and enforcement shall be governed by and construed
      in accordance with the internal laws of the State of Delaware without reference
      to conflict of laws principles.

    

    5.           Binding
      Nature of Note.  This Note shall be binding upon Maker and its
      successors and assigns and shall inure to the benefit of Payee and his
      successors and assigns.

    

    6.           Modification.  This
      Note may not be modified or amended other than by an agreement in writing signed
      by Maker and Payee.

    

    IN
      WITNESS WHEREOF, Maker, intending to
      be legally bound, has caused its duly authorized representative to execute
      and
      deliver this Note on the date first written above.

    

    
      	
              Attest

            	
              THEATER
                XTREME ENTERTAINMENT GROUP, INC.

            
	 	 
	
              By:
                /s/ James J. Vincenzo

            	
              By:
                /s/ Scott R. Oglum

            
	
              Name:
                James J. Vincenzo

            	
              Name:
                Scott R. Oglum

            
	
              Title:
                CEO

            	
              Title:
                CFO

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