Document:

Agreement between LATINAMERICA BROADCASTING INC. and FUEGO ENTERTAINMENT MEDIA
      GROUP, LLC ("FUEGO").

    
      

    

    EXHIBIT
      10.2

    LEASE
      MANAGEMENT AGREEMENT AND PURCHASE OPTION

    

    This
      Agreement is made as of the 15 day of September, 2006, between LATINAMERICA
      BROADCASTING INC., a California corporation (“LATTV”) and FUEGO ENTERTAINMENT
      MEDIA GROUP, LLC (“FUEGO”).

     

    WHEREAS,
      under the terms of a Lease Management Agreement and Purchase Option dated
      January 10, 2005., LATTV holds a lease for the operation of LPTV Station W25DN
      in San Juan, Puerto Rico, LPTV station W36DB in Ponce, Puerto Rico and LPTV
      station W51DJ in Mayaguez, Puerto Rico (collectively the “Stations”); and

    

    WHEREAS,
      FUEGO desires to avail itself of the Stations’ broadcast time for the
      presentation of its programming service, including the sale of advertising
      time;
      and

    

    NOW,
      THEREFORE, for and in consideration of the mutual covenants herein contained,
      the parties hereto have agreed and do agree as follows:

    

    1. Facilities.
      LATTV
      agrees to make the broadcasting facilities available to FUEGO and to allow
      FUEGO
      to broadcast on the Stations, or cause to be broadcast, FUEGO’s programs
      (“FUEGO’s Programming Service”). 

    

    2. Term.
      This
      Agreement shall be for a term of twenty-one (21) months commencing on October
      1,
      2006 and shall continue until 11:50 pm on June 30, 2008. 

    

    3. Lease
      Payments. 

    

    (a) Payment
      Amounts: 
      FUEGO
      hereby agrees to pay LATTV a “Monthly LMA Fee” of $29,500 per month, which
      payments shall commence on October 1, 2006. 

    

    (b) Due
      Dates for Payments: The
      Monthly LMA Fee is due and payable in full on the third day of each month.
      If
      LATTV does not receive the Monthly LMA Fee by the fifth day of each month,
      LATTV
      shall send by facsimile written notice of non-payment to FUEGO. 

    

    (c) LATTV’s Remedies: If
      within
      ten (10) days from the date on which LATTV’s facsimile is received by FUEGO,
      LATTV does not receive payment of the overdue Monthly LMA Fee, LATTV may declare
      this Agreement to be in default. In the event FUEGO is declared by the LATTV
      to
      be in default of this Agreement, LATTV may declare FUEGO’s option to purchase
      the Station (the “Option”) terminated and the Option Payment forfeited, and
      LATTV may declare this Agreement terminated and cease broadcasting FUEGO’s
      Programming Service.

    

    (d)
       FUEGO’s
      Remedies: 
      The
      occurrence and continuation of any of the following will be deemed an Event
      of
      Default by LATTV under this Agreement: (i) LATTV fails to perform any of its
      covenants, warranties, or agreements contained in this Agreement in any material
      respect; or (ii) LATTV breaches any representation or warranty made by it under
      this Agreement in any material respect. LATTV shall have ten (10) days from
      the
      date on which it receives written notice specifying the Event of Default to
      cure
      such Event of Default. If the Event of Default cannot be cured by LATTV within
      such time period, FUEGO may terminate this Agreement, effective immediately
      upon
      written notice to LATTV, with no further liability to LATTV. In such event,
      FUEGO’s sole remedy upon such termination shall be the refund of the Option
      Payment and the return of that portion of the Monthly LMA Fee which has not
      been
      earned on a pro rata basis. 

    

    4. Broadcast
      in Entirety; Lease Payment Abatement.
      LATTV
      agrees to broadcast FUEGO’s Programming Service in its entirety without any
      editing, delay, addition, alteration or deletion, including, without limitation,
      all network identifications, all promotional material, all copyright notices,
      all credits and billings, and any other proprietary material of any kind or
      nature included therein. LATTV shall not be required to accept such of FUEGO’s
      Programming Service the content of which it finds objectionable or contrary
      to
      the public interest or obligations of an FCC licensee. The Monthly LMA Fee
      shall
      be abated to the extent the condition of the Stations and/or its equipment
      prevents FUEGO’s use of the Stations and to the extent of any of FUEGO’s
      programming is preempted, rejected or not transmitted as a result of a decision
      not to broadcast, by LATTV under paragraph 8 below.

    
      
        
        

      

      
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    5. Deposit.
      On or
      before October 1, 2006, FUEGO shall deliver to LATTV a deposit (the “Deposit”)
      of Fifty-Nine Thousand Dollars ($59,000.00), which shall be held by LATTV and
      applied to the first and last month’s LMA Fee payments under this
      Agreement.

    

    6. Operation
      and Maintenance.
      LATTV
      shall be solely responsible for the operation and maintenance of the Stations
      and all of its component broadcast equipment, connections to the broadcast
      tower, and compliance with all rules and regulations of the Federal
      Communications Commission (“FCC”) and applicable provisions of the
      Communications Act of 1934, as amended (“Act”) applicable to the Stations,
      including but not limited to those set forth explicitly or by reference in
      the
      License. LATTV shall not be responsible for installing or maintaining any form
      of studio to transmitter link or station feed. 

    

    7. Programs.
      FUEGO
      shall furnish or cause to be furnished the artistic personnel and material
      for
      the programs as provided by this Agreement and it shall make commercially
      reasonable efforts to ensure that all programs shall be in accordance with
      FCC
      requirements, and that all advertising spots and promotional material or
      announcements shall comply with all applicable federal, state, and local
      regulations and policies.

    

    8. Station
      Facilities: Operation of Station.
      Throughout the term of this Agreement, LATTV shall make the Stations available
      to FUEGO for operation twenty-four hours a day, seven days a week. LATTV
      represents, warrants and guarantees that the Stations shall be capable of
      transmitting FUEGO’s Programming at all times; that all equipment required for
      the regular and reliable broadcast operation of the Stations is present and
      is
      in good working order. There is no additional device, item, connection, power
      source, or equipment required in order for the Stations to operate at full
      power
      and to function as required hereby.

    

    9. Responsibility
      for Employees and Expenses.
      FUEGO
      shall employ and be responsible for the salaries, taxes, insurance, and related
      costs for all personnel used in the production of its programming (including
      salespeople, traffic personnel, board operators, and programming staff). LATTV
      shall provide personnel as required under the rules, regulations and policies
      of
      the FCC and will be responsible for the salaries, taxes, insurance and related
      costs for all the personnel used by LATTV for the operation of the Stations.
      Whenever on the Stations’ premises, all of FUEGO’s personnel shall be subject to
      the supervision and the direction of personnel involved in the operation of
      the
      Stations in compliance with FCC regulations. FUEGO shall pay for all fees to
      ASCAP, BMI, and SESAC, and for any other copyright fees attributable to its
      programming broadcast on the Stations. At its sole cost and expense, LATTV
      shall
      provide a broadcast engineer and shall be solely responsible for the
      maintenance, repair, and, where reasonably required, the replacement of the
      Stations’ transmitter, antenna system, electrical system and cables, so that the
      Stations transmit FUEGO’s programming at full power twenty-four hours per day,
      seven days per week without interruption or deterioration of signal. FUEGO
      shall
      be responsible for acquiring and maintaining studios, should FUEGO desire to
      have studios, and FUEGO shall be responsible for acquiring and maintaining
      stations to transmitter links from such studios, should such links be desired
      by
      FUEGO. LATTV shall be responsible for the tower rents and the Stations’ electric
      bills, including electricity consumed in operating the transmitter and all
      other
      equipment.

    

    10. Advertising
      and Programming Revenues.
      FUEGO
      shall retain all revenues for the sale of advertising time on the programs
      it
      delivers to the Stations and may sell such advertising in combination with
      the
      sale of advertising on any other broadcasting station of its
      choosing.

    

    11. Operation
      of Station.
      Notwithstanding anything to the contrary in this Agreement, LATTV shall have
      full authority and power over the operation of the Stations during the term
      of
      this Agreement. LATTV shall retain control, to be reasonably exercised, over
      the
      policies, programming and operations of the Stations, including, without
      limitation, the right to decide whether to accept or reject any programming
      or
      advertisements; the right to preempt any programs in order to broadcast a
      program deemed to be by LATTV of greater national, regional, or local interest;
      and the right to take any other actions necessary for compliance with the laws
      of the United States, the Commonwealth of Puerto Rico, the rules, regulations,
      and policies of the FCC (including the prohibition on unauthorized
      transfers of control) and rules, regulations and policies of other federal
      governmental authorities, including the Federal Trade Commission and the
      Department of Justice. LATTV shall at all times be solely responsible for
      meeting all of the FCC’s requirements for maintaining the political inspection
      files. FUEGO shall, upon request, provide information to enable LATTV to prepare
      records, reports, and logs required by the FCC or other local, state, or federal
      government agencies. Nothing in the Agreement is intended, nor shall be deemed
      to, constitute a transfer of control of the Stations to FUEGO.

    
      
        
        

      

      
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    12. Force
      Majeure.
      Any
      failure or impairment of the Stations’ facilities or any delay or interruption
      in broadcasting programs, or the failure at any time to furnish facilities,
      in
      whole or in part, for broadcasting, due to acts of God, strikes, or threats
      thereof, force majeure, or to causes beyond the control of LATTV, shall not
      constitute a breach of this Agreement, and LATTV will not be liable to FUEGO
      except that the Monthly LMA Fee to LATTV shall be abated during the term of
      any
      such failure, impairment, or interruption. In the event that the FCC revokes
      or
      terminates the licenses for the Stations for any reason, this Agreement shall
      terminate and neither party shall have any claim against or any liability to
      the
      other party as a result of the termination or revocation of the Stations’
licenses except that the remainder of the Deposit shall be promptly returned
      to
      FUEGO. 

    

    13. Right
      to Use the Programs.
      The
      right to use the programs produced or broadcast by FUEGO and to authorize their
      use in any manner and in any media whatsoever shall be, and remain, vested
      in
      FUEGO.

    

    14. Payola.
      FUEGO
      agrees that it will not accept any compensation of any kind of gift or gratuity
      of any kind whatsoever, regardless of its value or form, including, but not
      limited to, a commission, discount, bonus, materials, supplies, or other
      merchandise, services, or labor, whether or not pursuant to written contracts
      or
      agreements between FUEGO and merchants or advertisers, unless the payer is
      identified in the program as having paid for or furnished such consideration
      in
      accordance with FCC requirements.

    

     15. Option
      to Acquire.
        

     

    15.1
      Purchase
      Option.
      On or
      before October 1, 2006, FUEGO may purchase, by paying to LATTV the sum of
      Seventy-Six Thousand Dollars ($76,000.00) (the “Option Payment”), an option to
      acquire all of the permits, licenses, leases, equipment, and other assets of
      the
      Stations (“the Purchase Option”) for the purchase price of Three Million Eight
      Hundred Thousand Dollars ($3,800,000.00) (the “Option Purchase Price”),
      inclusive of the Option Payment. Provided FUEGO is not in breach of this
      Agreement, FUEGO may exercise the Purchase Option at any time prior to September
      30, 2007, on which date at 11:30pm the Purchase Option shall expire (the “Option
      Expiration Date”).

     

    15.2 Exercise
      of Option.
      FUEGO
      shall exercise its Option to purchase the Stations by providing written notice
      to LATTV of its election to exercise its Option no later than sixty (60) days
      prior to the Option Expiration Date. At the time of written notice of its
      election to exercise its Option, FUEGO shall pay to LATTV the sum of Seven
      Hundred Sixty Thousand Dollars ($760,000) (the “Option Exercise Deposit”) FUEGO
      shall also, at the time of written notice of its election to exercise its
      Option, provide LATTV with a bank letter of credit or other evidence acceptable
      to LATTV of FUEGO’s ability to pay the remainder of the Option Purchase Price.
      The Option Exercise Deposit shall be placed in an escrow account to be applied
      to the Option Purchase Price at Closing. In the event that FUEGO does not
      exercise its Purchase Option, then the Option Payment shall be retained by
      LATTV. In the event that FUEGO exercises its Purchase Option, and the FCC
      refuses to consent to assignment of the Stations to FUEGO, FUEGO’s Option
      Payment and Option Exercise Deposit shall be refunded. In the event that FUEGO
      exercises its Purchase Option and fails to close for any reason other than
      the
      required FCC consent or the inability of LATTV to perform its duties as set
      forth in paragraph 15.5 of this Agreement, then the Option Exercise Deposit
      shall be returned to FUEGO but the Option Payment shall be retained by
      LATTV.

    

    15.3 Assets
      to be Transferred.
      In the
      event FUEGO exercises the Purchase Option, at Closing, LATTV shall assign,
      or
      cause to be assigned, to FUEGO, all of the following assets of the Stations
      on
      the Closing Date:

    

    (a)Station
      Licenses.
      All
      licenses, permits and authorizations issued or granted by the Commission for
      the
      operation of or used in connection with the operation of the Stations
      (collectively, “Commission Authorizations”):

    
      
        
        

      

      
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    (b) Leased
      Real Property.
      The
      leasehold estate comprising the tower sites and transmitter storage locations
      (“Tower Leases”) for the Stations located and identified as
      follows:

    1.)
      Mayaquez: Mountain Union, FCC Identifier 1220141

    2.)
      San
      Juan: Global Tower, FCC identifier 1213684

    3.)
      Ponce: Crown Castle, FCC identifier 1202505

    

    (c) Tangible
      Personal Property.
      All of
      LATTV’s rights in and to the fixed and tangible personal property used in the
      operation of the Stations, including the physical assets, together with
      replacements thereof, and additions and alterations thereto, made between the
      date hereof and the Closing Date.

     

    (d) Liabilities
      Assumed by FUEGO.
      As
      further consideration for the transfer of the Assets to FUEGO, FUEGO agrees,
      upon the terms and subject to the conditions set forth herein, to assume, at
      the
      Closing, and thereafter to pay, perform and discharge the Tower Leases. FUEGO
      shall assume no other liabilities.

    

    All
      the
      assets and properties being transferred to FUEGO pursuant to this Agreement
      are
      collectively referred to herein as the “Assets”.

    

    15.4 Closing;
      Closing Date.
      The
      closing of the transactions contemplated hereby (the “Closing”) shall take place
      (i) at 5120 Woodway, Suite 10025, Houston, Texas on the first Tuesday after
      final approval by the Commission of assignment of the Stations licenses to
      FUEGO; or (ii) at such other time or place or on such other date as the parties
      hereto shall agree. The date on which the Closing is required to take place
      is
      herein referred to as the “Closing Date”. At the Closing, subject to the
      satisfaction or waiver of the conditions to its obligations set forth in this
      Agreement, each of the parties hereto shall make the following deliveries or
      such deliveries in substitution therefor as are satisfactory to the indicated
      recipient:

    

    (a) Deliveries
      by LATTV.

    

    (1)LATTV
      shall deliver to FUEGO a Bill of Sale substantially in the form of Exhibit
      1
      (the “Bill of Sale”). - to come

    

    (2)LATTV
      shall deliver possession of the Assets to FUEGO.

    

    (b) Deliveries
      by FUEGO.
      FUEGO
      shall deliver to LATTV the Option Purchase Price. 

    

    15.5Warranties
      of LATTV.
      LATTV
      represents and warrants to FUEGO that:

    

    (a) Corporate
      Organization.
      LATTV
      is a corporation duly organized, validly existing and in good standing under
      the
      laws of the State of California.

    

    (b) Authority
      Relative to this Agreement.
      LATTV
      has full power and authority to execute, deliver and perform this Agreement
      and
      to consummate the transactions contemplated hereby, subject to obtaining the
      approvals of the FCC required for the assignment of the Commission
      Authorizations and the assignment of the Tower Leases.

    

    (c) Exclusive
      Operation of Station.
      LATTV
      has a valid option to acquire the authorized licenses for the Stations, which
      licenses were issued by the Commission. 

    

    (d) Title
      to Assets.
      LATTV
      has the option to become the owner of, and will have good and indefeasible
      title
      to, all the Assets, free and clear of all encumbrances, subject to obtaining
      the
      required consents of the FCC. Upon transfer of the Assets to FUEGO, pursuant
      to
      this Agreement, FUEGO will have good and indefeasible title to all the Assets,
      free and clear of all encumbrances subject to obtaining the required consents
      of
      the FCC and the consents of the respective landlords regarding the Tower
      Leases.

    

    (e) Sufficiency
      and Condition of Assets.
      All the
      Assets will be on the Closing Date, in the case of tangible assets and
      properties, in the same operating condition and repair (ordinary wear and tear
      excepted) as they are on the date of this Agreement and have been maintained
      in
      accordance with sound engineering practice. 

    
      
        
        

      

      
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    (f) Brokerage
      Fees.
      Neither
      LATTV nor any of its affiliates has retained any financial advisor, broker,
      agent, or finder or paid or agreed to pay any financial advisor, broker, agent,
      or finder on account of this Agreement or any transaction contemplated hereby.
      LATTV shall indemnify and hold harmless FUEGO from and against any and all
      losses, claims, damages and liabilities (including legal and other expenses
      reasonably incurred in connection with investigating or defending any claims
      or
      actions) with respect to any finder’s fee, brokerage commission or similar
      payment in connection with any transaction contemplated hereby asserted by
      any
      person on the basis of any act or statement made or alleged to have been made
      by
      LATTV or any of its affiliates.

    

    15.6
      Warranties
      of FUEGO.
      FUEGO
      represents and warrants to LATTV.

    

    (a) Corporate
      Organization.
      FUEGO
      is a limited liability company duly organized, validly existing and in good
      standing under the laws of the State of ___________.

    

    (b) Authority
      Relative to This Agreement.
      FUEGO
      has full power and authority to execute, deliver and perform this Agreement
      and
      to consummate the transactions contemplated hereby. FUEGO has reviewed all
      requirements of the FCC for transferees and assignees of FCC broadcast licenses
      and is aware of no basis on which the FCC could or would reject the application
      to transfer the Commission Authorizations to FUEGO.

    

    (c) Brokerage
      Fees.
      Neither
      FUEGO nor any of its affiliates has retained any financial advisor, broker,
      agent, or finder or paid or agreed to pay any financial advisor, broker, agent,
      or finder on account of this Agreement or any transaction contemplated hereby.
      FUEGO shall indemnify and hold harmless LATTV from and against any and all
      losses, claims, damages and liabilities (including legal and other expenses
      reasonably incurred in connection with investigating or defending any claims
      or
      actions) with respect to any finder-‘s fee, brokerage commission or similar
      payment in connection with any transaction contemplated hereby asserted by
      any
      person on the basis of any act or statement made or alleged to have been made
      by
      FUEGO or any of its affiliates.

    

    15.7 Additional
      Agreements.

    

    (a) Third
      Party Consents.
      LATTV
      and FUEGO shall use their best efforts to obtain all consents, approvals,
      orders, authorizations, and waivers of, and to effect all declarations, filings,
      and registrations with, all third parties (including Governmental Entities)
      that
      are necessary, required, or deemed by FUEGO to be desirable to enable LATTV
      to
      transfer the Assets to FUEGO as contemplated by this Agreement and to otherwise
      consummate the transactions contemplated hereby. 

    

    (b) Best
      Efforts.
      Each
      party hereto agrees that it will not voluntarily undertake any course of action
      inconsistent with the provisions or intent of this Agreement and will use its
      best efforts to take, or cause to be taken, all action and to do, or cause
      to be
      done, all things reasonably necessary, proper or advisable under applicable
      laws
      to consummate the transactions contemplated by this Agreement.

    

    16. Indemnification;
      Warranty.
      FUEGO
      will indemnify and hold LATTV harmless against all liability, including all
      legal fees, for libel, slander, illegal competition or trade practice,
      infringement of trade marks, trade names, or program titles, violation of rights
      of privacy, infringement of copyrights and proprietary rights and monetary
      sanctions imposed by the FCC pertaining to violations of FCC rules, regulations
      and policies resulting from the broadcast of programming furnished by FUEGO.
      LATTV reserves the right to refuse to broadcast any program containing matter
      which is, or in the reasonable opinion of the LATTV may be, or which a third
      party claims to be, violative of any right of theirs or which may constitute
      a
      personal attack as the term is defined by the FCC. FUEGO’s obligation to hold
      LATTV harmless against the liabilities specified above shall survive any
      termination of this Agreement. LATTV shall indemnify, defend, and hold FUEGO
      harmless against all liability, including all legal fees, including but not
      limited to those relating to copyright infringement, libel, slander, defamation
      or invasion of privacy, arising out of: (i) LATTV’s broadcast or programs other
      than those provided by FUEGO on the Station; or (ii) any misrepresentation
      or
      breach of any covenant, warranty, or agreement of LATTV in this
      Agreement.

    
      
        
        

      

      
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    17.
       Events
      of Default: Cure Periods and Remedies. The
      following shall, after the expiration of the applicable cure periods, constitute
      Events of Default under the Agreement and shall result in the termination of
      this Agreement:

    

    (a) Non-Payment.
      FUEGO’s
      failure to timely pay, to LATTV, the Monthly LMA Fee provided for in Paragraph
      2
      hereof;

    

    (b) Default
      in Covenants or Adverse Legal Action.
      The
      default by either party hereto in the material observance or performance of
      any
      material covenant, condition or agreement contained herein, or if either party
      shall (a) make a general assignment for the benefit of creditors, or (b) files
      or has filed against it a petition for bankruptcy, for reorganization or an
      arrangement, or for the appointment of a receiver.

    

    (c) Cure
      Periods.
      An
      Event of Default shall not be deemed to have occurred until ten (10) business
      days after the nondefaulting party has provided the defaulting party with
      written notice specifying the event or events that if not cured would constitute
      an Event of Default and specifying the actions necessary to cure within such
      period.

    

    18. Notice. 
      All
      notices, requests, demands, and other communications required or permitted
      to be
      given or made hereunder by any party hereto shall be in writing and shall be
      deemed to have been duly given or made if (i) delivered personally, (ii)
      transmitted by first class registered or certified mail, postage prepaid, return
      receipt requested, (iii) sent by prepaid overnight courier service, (iv) sent
      by
      telecopy or facsimile transmission, (v) sent by electronic mail, with
      confirmation of receipt, to the parties at the following addresses (or at such
      other addresses as shall be specified by the parties by like
      notice):

    

    If
      to
      LATTV: Latin
      America Broadcasting, Inc.

    Attn: W.
      C.
      Springstead

    5120
      Woodway

    Suite
      10025

    Houston
      Texas, 77056

    Fax:
      713-840-0345

    Email:
      rspringstead@lattv.com

     

    If
      to
      FUEGO: Fuego
      Entertainment Media Group, LLC

    Attn:
      Hugo Cancio

    19250
      NW
      89th
      Court                    

    Miami,
      Florida, 33018

    Office:
      305 829-3337

    Fax:
      305-829-3347

    

    18. Assignment.
      This
      Agreement shall be binding upon and inure to the .benefit of the parties hereto,
      their successors and permitted assigns. Notwithstanding the foregoing, neither
      LATTV nor FUEGO may assign this Agreement without the prior written consent
      of
      the other party.

    

    19.
      Applicable
      Law.
      This
      Agreement shall be construed and enforced in accordance with the laws of the
      state of Texas applicable to contracts entered into and performed in said state
      and without regard to choice of law principles. 

    

    20. Subject
      to Laws; Invalidity.
      The
      obligations of the parties under this Agreement are subject to FCC requirements,
      the Act, and other applicable laws. The parties acknowledge that this Agreement
      is intended to comply with FCC requirements. However, in the event that the
      FCC
      determines that the continued performance of this Agreement is in violation
      of
      FCC requirements, each party will use its commercially reasonable efforts to
      comply with FCC requirements or will in good faith contest or seek to reverse
      any such action or agree on the terms of a revision to this Agreement, in each
      case, on a time schedule sufficient to meet FCC requirements and so long as
      the
      fundamental nature of the business arrangement between the parties evidenced
      by
      this Agreement is maintained. If any provision of this Agreement is otherwise
      held to be illegal, invalid, or unenforceable under present or future laws,
      then
      such provision shall be fully severable, this Agreement shall be construed
      and
      enforced as if such provision had never comprised a part thereof, and the
      remaining provisions shall remain in full force and effect, in each case so
      long
      as the fundamental nature of the business relationship of the parties has been
      maintained.

    
      
        
        

      

      
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    22. Entire
      Agreement.
      This
      Agreement embodies the entire understanding among the parties with respect
      to
      the subject matter hereof, and supersedes any prior of contemporaneous written
      or oral agreements between the parties regarding such subject
      matter.

    

    23. Relationship
      of Parties.
      LATTV
      and FUEGO are not, and shall not be deemed to be, agents, partners, or
      representatives of each other.

    

    [Signature
      page follows.]

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    

    

    IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the date first
      above written.

    

    LATTV:              LATIN
      AMERICA BROADCASTING, INC.

    A
      California Corporation 

     

    

    By:
      /s/ W.C. Springstead

    W.C.
      Springstead
Title:
      President & CEO

    FUEGO:
           

    FUEGO
      ENTERTAINMENTMEDIAGROP, LLC

    

    

    By:
      /s/ Hugo M Cancio

    Hugo
      M Cancio

    Title:
      President & CEO

     

     

     

     

     

    8MANAGING AND OPERATING AGREEMENT - LPTV Station W25ND IN San Juan, Puerto Rico,
      W36DB in Ponce in Ponce, Puerto Rico and W51DJ in Mayaguez, Puerto Rico.

    
      

    

    EXHIBIT
      10.3

     

    MANAGING
      AND OPERATING AGREEMENT.

    

     

    This
      agreement is executed today September 21, 2006 between: Fuego Entertainment
      Media Group, LLC a Florida Limited Liability Corporation, from hereon refer
      as:
      (FEML),
      and
      Fuego Entertainment Inc from hereon refer as: (FEI),
      A
      State of Nevada Corporation.

    

    WHEREAS:
      Under
      the term of the Lease Management Agreement (LMA)
      and
      Purchase Option dated September 20th.
      2006;
FEML
      holds
      an
      LMA
      for the
      operations of LPTV
      Station
W25ND
      IN San
      Juan, Puerto Rico, W36DB
      in Ponce
      in Ponce, Puerto Rico and W51DJ
      in
      Mayaguez, Puerto Rico.

    

    WHEREAS:,
      FEI,
      desires
      to take position of the management and operation of the above mentioned TV
      stations, to broadcast its programming and the sale of advertising time to
      which
FEML
      agrees.

    

    WHEREAS:
      FEI,
      acquires the Purchase Option of said TV Stations at no extra cost and under
      the
      same conditions stipulated in the agreement between FEML
      and
LATV,
      herein
      attached as exhibit “A” to which, FEML,
      agrees.

    

    

    NOW,
      THERFORE,
      for the
      consideration of the mutual agreement the contained herein, the parties have
      agreed to the following.

    

    

    That
      FEI
      will
      manage and operate the above mentioned TV stations for the sole purpose of
      broadcasting its Fuego TV programming as part of FEI,
      Fuego
      TV Network. FEI.

     FEI
      will
      have full and exclusive control of the TV Stations advertising
      inventory.

    

    

    

    CONDITIONS:
      FEI
      will pay
FEML,
      25% of
      the gross revenues generated from the sale of the advertising
      inventory.

    

    

    TERM:
      This
      agreement should be for the same term stipulated in the agreement between,
      FEML
      and
LVTV,
      unless
FEI
      exercises
      the Purchase Option Agreement, at which time this agreement will no longer
      be
      affective.

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ADITIONAL
      AGREEMENTS:

    

    FMI
      should
      perform in accordance to all conditions stipulated in the agreement between
      FEML
      and
LVTV,
      with
      the exception of the financial obligations stipulated in that agreement to
      which
FEI
      assumes
      no responsibility as these obligation and liabilities are the sole
      responsibility of FEML.

    

    Indemnification:
      Warranty.
      FEML
      will
      hold FEI
      harmless
      against all liability, including resulting from FEML
      default
      of its agreement with LATTV,
      any
      misrepresentation or breach of any covenant, warranty or any agreement related
      to third parties no mentioned herein but related to this agreement or any other
      agreement or agreements related to the TV stations herein mentioned, any legal
      fees, for libel, slander, illegal competition, any violation of FCC rules,
      regulation and policies, monetary sanctions imposed by the FCC.

    

    

    THIS
      REPRESENTS THE ENTIRE AGREEMENT;
      this
      agreement represents the mutual understanding between the parties.

    

    RELATIONSHIP
      OF THE PARTIES:
      FEML
      and
FEI,
      shall
      not be deemed to be partners.

    

    

    

    

    Signed
      and Agreed by:

    

    

    

    For
      FEML

    
      By:
        /s/ Hugo
        M. Cancio

      
        Hugo
          M.
          Cancio

      

      

      Title:
        President & CEO

    

    

    
 

    For
      FEI

    
      By:
        /s/ Hugo
        M. Cancio

      
        Hugo
          M.
          Cancio

      

      

      Title:
        President & CEO

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