Document:

<PAGE>   1
                                                                   EXHIBIT 10.17

U.S. SMALL BUSINESS ADMINISTRATION

SBA

                       U.S. SMALL BUSINESS ADMINISTRATION

                                      NOTE

SBA Loan #               GP-295-424-4008-OC                75% GTD

SBA Loan Name            Soccer Arenas North

Date                     June 10, 1999

Loan Amount              $846,000.00

Interest Rate            Prime + 2.00%

Borrower                 Twenty-Eight Line, Inc., an Oklahoma corporation

Operating Company        N/A

Lender                   Heller First Capital Corp.

1.       PROMISE TO PAY:

         In return for the Loan, Borrower promises to pay to the order of Lender
         the amount of Eight Hundred Forty-Six Thousand and 00/100 ($846,000.00)
         Dollars, interest on the unpaid principal balance, and all other
         amounts required by this Note.

2.       DEFINITIONS:

         "Collateral" means any property taken as security for payment of this
         Note or any guarantee of this Note.

         "Guarantor" means each person or entity that signs a guarantee of
         payment of this Note.

         "Loan" means the loan evidenced by this Note.

         "Loan Documents" means the documents related to this loan signed by
         Borrower, any Guarantor, or anyone who pledges collateral.

         "SBA" means the Small Business Administration, an Agency of the United
         States of America.

<PAGE>   2

3.       PAYMENT TERMS:

         Borrower must make all payments at the place Lender designates. The
         payment terms for this Note are:

         This Note will mature in twenty-five (25) years from date of Note.

         The interest rate on this Note will fluctuate. The initial interest
         rate is nine and three-quarters percent (9.75%) per year. This initial
         rate is the prime rate on the date SBA received the loan application,
         plus two percent (2.00%).

         Borrower must pay one (1) payment of interest only on the disbursed
         principal balance two (2) months from the month this Note is dated;
         payment must be made on the first calendar day in the month it is due.

         Borrower must pay principal and interest payments of seven thousand
         five hundred thirty-nine ($7,539.00) every month beginning two (2)
         months, from the month this Note is dated; payments must be made on the
         first calendar day in the months they are due.

         Lender will apply each installment payment first to pay interest
         accrued to the day Lender receives the payment, then to bring principal
         current, then to pay any late fees, and will apply any remaining
         balance to reduce principal.

         Lender may adjust the interest rate for the first time no earlier than
         the first calendar day of the first month after initial disbursement.
         The interest rate will then be adjusted monthly (the "change period").

         The "Prime Rate" is the prime rate in effect on the first business day
         of the month in which a change occurs, as published in the Wall Street
         Journal on the next business day.

         The adjusted interest rate will be two percent (2.00%) above the Prime
         Rate. Lender will adjust the interest rate on the first calendar day of
         each change period. The change in interest rate is effective on that
         day whether or not Lender gives Borrower notice of the change.

         Lender must adjust the payment amount at least annually as needed to
         amortize principal over the remaining term of the note.

         If SBA purchases the guaranteed portion of the unpaid principal
         balance, the interest rate becomes fixed at the rate in effect at the
         time of the earliest uncured payment default. If there is no uncured
         payment default, the rate becomes fixed at the rate in effect at the
         time of purchase.

         All remaining principal and accrued interest is due and payable
         twenty-five (25) years from the date of Note.

         Late Charge: If a payment on this Note is more than 10 days late,
         Lender may charge Borrower a late fee of up to 5.00% of the unpaid
         portion of the regularly scheduled payment.

                                                                       Page 2/6
<PAGE>   3

4.       RIGHT TO PREPAY

         Borrower may prepay this Note. Borrower may prepay 20 percent or less
         of the unpaid principal balance at any time without notice. If Borrower
         prepays more than 20 percent and the Loan has been sold on the
         secondary mark, Borrower must:

         A.       Give Lender written notice;

         B.       Pay all accrued interest; and

         C.       If the prepayment is received less than 21 days from the date
                  Lender receives the notice, pay an amount equal to 21 days'
                  interest from the date lender receives the notice, less any
                  interest accrued during the 21 days and paid under
                  subparagraph B.

         If Borrower does not prepay within 60 days from the date Lender
         receives the notice, borrower must give Lender a new notice.

5.       DEFAULT:

         Borrower is in default under this Note if Borrower does not make a
         payment when due under this Note, or if Borrower or Operating Company:

         A.       Fails to do anything required by this Note and other Loan
                  Documents;

         B.       Defaults on any other loan with Lender;

         C.       Does not preserve, or account to Lender's satisfaction for,
                  any of the Collateral or its proceeds;

         D.       Does not disclose, or anyone acting on their behalf does not
                  disclose material fact to Lender or SBA;

         E.       Makes, or anyone acting on their behalf makes, a materially
                  false or misleading representation to Lender or SBA;

         F.       Defaults on any loan or agreement with another creditor, if
                  Lender believes the default may materially affect borrower's
                  ability to pay this Note;

         G.       Fails to pay any taxes when due;

         H.       Becomes the subject of a proceeding under any bankruptcy or
                  insolvency law;

         I.       Has a receiver or liquidate appointed for any part of their
                  business or property;

         J.       Makes an assignment for the benefit of creditors;

         K.       Has any adverse change in financial condition or business
                  operation that Lender believes may materially affect
                  Borrower's ability to pay this Note;

         L.       Reorganizes, merges, consolidates, or otherwise changes
                  ownership or business structure without Lender's prior written
                  consent; or

         M.       Becomes the subject of a civil or criminal action that Lender
                  believes may materially affect Borrower's ability to pay this
                  Note.

6.       LENDER'S RIGHTS IF THERE IS A DEFAULT:

         Without notice and without Borrower's consent, Lender may:

                                                                        Page 3/6

<PAGE>   4

         A.       Require immediate payment of all amounts owing under this
                  Note;

         B.       Collect all amounts owing from any Borrower or Guarantor;

         C.       File suit and obtain judgment;

         D.       Take possession of any Collateral; or

         E.       Sell, lease, or otherwise dispose of, any Collateral at public
                  or private sale, with or without advertisement.

7.       LENDER'S GENERAL POWERS:

         A.       Bid on or buy the Collateral at its sale or the sale of
                  another lienholder, at any price it chooses;

         B.       Incur expenses to collect amounts due under this Note, enforce
                  the terms of this Note or any other Loan Document, and
                  preserve or dispose of the Collateral. Among other things, the
                  expenses may include payments for property taxes, prior liens,
                  insurance, appraisals, environmental remediation costs, and
                  reasonable attorney's fees and costs. If Lender incurs such
                  expenses, it may demand immediate repayment from Borrower or
                  add the expenses to the principal balance;

         C.       Release anyone obligated to pay this Note;

         D.       Compromise, release, renew, extend or substitute any of the
                  Collateral; and

         E.       Take any action necessary to protect the Collateral or collect
                  amounts owing on this Note.

8.       WHEN FEDERAL LAW APPLIES:

         When SBA is the holder, this Note will be interpreted and enforced
         under federal law, including SBA regulations. Lender or SBA may use
         state or local procedures for filing papers, recording documents,
         giving notice, foreclosing liens, and other purposes. By using such
         procedures, SBA does not waive any federal immunity from state or local
         control, penalty, tax, or liability. As to this Note, Borrower may not
         claim or assert against SBA any local or state law to deny any
         obligation, defeat any claim of SBA, or preempt federal law.

9.       SUCCESSORS AND ASSIGNS:

         Under this Note, Borrower and Operating Company include the successors
         of each, and Lender includes its successors and assigns.

10.      GENERAL PROVISIONS:

         A.       All individuals and entities signing this Note are jointly and
                  severally liable.

         B.       Borrower waives all suretyship defenses.

         C.       Borrower must sign all documents necessary at any time to
                  comply with the Loan Documents and to enable Lender to
                  acquire, perfect, or maintain Lender's liens on Collateral.

         D.       Lender may exercise any of its rights separately or together,
                  as many times and in any order it chooses. Lender may delay or
                  forgo enforcing any of its rights without giving up any of
                  them.

         E.       Borrower may not use an oral statement of Lender or SBA to
                  contradict or alter the written terms of this Note.

         F.       If any part of this Note is unenforceable, all other parts
                  remain in effect.

         G.       To the extent allowed by law, Borrower waives all demands and
                  notices in connection with this Note, including presentment,
                  demand, protest, and notice of dishonor. Borrower also waives
                  any

                                                                       Page 4/6
<PAGE>   5

                  defenses based upon any claim that Lender did not obtain any
                  guarantee; did not obtain, perfect, or maintain a lien upon
                  Collateral; impaired Collateral; or did not obtain the fair
                  market value of Collateral at a sale.

11.      STATE-SPECIFIC PROVISIONS:

         N/A

12.      BORROWER'S NAMES) AND SIGNATURE(S):

         By signing below, each individual or entity becomes obligated under
         this Note as Borrower.

         Twenty-Eight Line, Inc., an Oklahoma corporation

         By: /s/ Gary M. Archer
             -------------------------
             Gary M. Archer, President

                                                                       Page 5/6
<PAGE>   6

U.S. Small Business Administration            U.S. Small Business Administration

SBA                                           UNCONDITIONAL GUARANTEE

<TABLE>
--------------------------------------------------------------------------------
<S>              <C>                                                  <C>
SBA Loan #       GP-295-424-4008-OC                                   75% GTD

SBA Loan Name    Soccer Arenas North

Guarantor        Gary M. Archer

Borrower         Twenty-Eight Line, Inc., an Oklahoma corporation

Lender           Heller First Capital Corp.

Date             June 10, 1999
Note Amount      $846,000.00
--------------------------------------------------------------------------------
</TABLE>

1.       GUARANTEE:

         Guarantor unconditionally guarantees payment to Lender of all amounts
         owing under the Note. This Guarantee remains in effect until the Note
         is paid in full. Guarantor must pay all amounts due under the Note when
         Lender makes written demand upon Guarantor. Lender is not required to
         seek payment from any other source before demanding payment from
         Guarantor.

2.       NOTE:

         The "Note" is the promissory note dated June 10, 1999 in the principal
         amount of Eight Hundred Forty-Six Thousand and 00/100 ($846,000.00)
         Dollars, from Borrower to Lender. It includes any assumption, renewal,
         substitution, or replacement of the Note, and multiple notes under a
         line of credit.

3.       DEFINITIONS:

         "Collateral" means any property taken as security for payment of the
         Note or any guarantee of the Note.

         "Loan" means the loan evidenced by the Note.

         "Loan Documents" means the documents related to the Loan signed by
         Borrower, Guarantor or any other guarantor, or anyone who pledges
         Collateral.

         "SBA" means the Small Business Administration, an Agency of the United
         States of America.

<PAGE>   7

4.       LENDER'S GENERAL POWERS:

         Lender may take any of the following actions at any time, without
         notice, without Guarantor's consent, and without making demand upon
         Guarantor:

         A.       Modify the terms of the Note or any other Loan Document except
                  to increase the amounts due under the Note;

         B.       Refrain from taking any action on the Note, the Collateral, or
                  any guarantee;

         C.       Release any Borrower or any guarantor of the Note;

         D.       Compromise or settle with the Borrower or any Guarantor of the
                  Note;

         E.       Substitute or release any of the Collateral, whether or not
                  Lender receives anything in return;

         F.       Foreclose upon or otherwise obtain, and dispose of, any
                  Collateral at public or private sale, with or without
                  advertisement;

         G.       Bid or buy at any sale of Collateral by Lender or any other
                  lienholder, at any price Lender chooses; and

         H.       Exercise any rights it has, including those in the Note and
                  other Loan Documents.

         These actions will not release or reduce the obligations of Guarantor
         or create any rights or claims against Lender.

5.       FEDERAL LAW:

         When SBA is the holder, the Note and this Guarantee will be construed
         and enforced under federal law, including SBA regulations. Lender or
         SBA may use state or local procedures for filing papers, recording
         documents, giving notice, foreclosing liens, and other purposes. By
         using such procedures, SBA does not waive any federal immunity from
         state or local control, penalty, tax, or liability. As to this
         Guarantee, Guarantor may not claim or assert any local or state law
         against SBA to deny any obligation, defeat any claim of SBA, or preempt
         federal law.

6.       RIGHTS, NOTICES, AND DEFENSES THAT GUARANTOR WAIVES:

         To the extent permitted by law,

         A.       Guarantor waives all right to:

                  1)       Require presentment, protest, or demand upon
                           Borrower;

                  2)       Redeem any Collateral before or after Lender disposes
                           of it;

                  3)       Have any disposition of Collateral advertised; and

                  4)       Require a valuation of Collateral before or after
                           Lender disposes of it.

         B.       Guarantor waives any notice of:

                  1)       Any default under the Note;

                  2)       Presentment, dishonor, protest, or demand;

                  3)       Execution of the Note;

<PAGE>   8

                  4)       Any action or inaction on the Note or Collateral,
                           such as disbursements, payment, nonpayment,
                           acceleration, intent to accelerate, assignment,
                           collection activity, and incurring enforcement
                           expenses;

                  5)       Any change in the financial condition or business
                           operations of Borrower or any guarantor;

                  6)       Any changes in the terms of the Note or other Loan
                           Documents, except increases in the amounts due under
                           the Note; and

                  7)       The time or place of any sale or other disposition of
                           Collateral.

         C.       Guarantor waiver defenses based upon any such claim that:

                  1)       Lender failed to obtain any guarantee;

                  2)       Lender failed to obtain, perfect, or maintain a
                           security interest in any property offered or taken as
                           Collateral;

                  3)       Lender or others improperly valued or inspected the
                           Collateral;

                  4)       The Collateral changed in value, or was neglected,
                           lost, destroyed, or underinsured;

                  5)       Lender impaired the Collateral;

                  6)       Lender did not dispose of any of the Collateral;

                  7)       Lender did not conduct a commercially reasonable
                           sale;

                  8)       Lender did not obtain the fair market value of the
                           Collateral;

                  9)       Lender did not make or perfect a claim upon the death
                           or disability of Borrower or any guarantor of the
                           Note;

                  10)      The financial condition of Borrower or any guarantor
                           was overstated or has adversely changed;

                  11)      Lender made errors or omissions in Loan Documents or
                           administration of the Loan;

                  12)      Lender did not seek payment from the Borrower, any
                           other guarantors, or any Collateral before demanding
                           payment from the Borrower, any other guarantors, or
                           any Collateral before demanding payment from
                           Guarantor;

                  13)      Lender impaired Guarantor's suretyship rights;

                  14)      Lender modified the Note terms, other than to
                           increase amounts due under the Note. If Lender
                           modifies the Note to increase the amounts due under
                           the Note without Guarantor's consent, Guarantor will
                           not be liable for the increased amounts and related
                           interest expenses, but remains liable for all other
                           amounts;

                  15)      Borrower has avoided liability on the Note; or

                  16)      Lender has taken an action allowed under the Note,
                           this Guarantee, or other Loan Documents.

7.       DUTIES AS TO COLLATERAL:

         Guarantor will preserve the Collateral pledged by Guarantor to secure
         this Guarantee. Lender has no duty to preserve or dispose of any
         Collateral.

<PAGE>   9

8.       SUCCESSORS AND ASSIGNS:

         Under this Guarantee, Guarantor includes heirs and successors, and
         Lender includes its successors and assigns.

9.       GENERAL PROVISIONS:

         A.       ENFORCEMENT EXPENSES. Guarantor promises to pay all expenses
                  Lender incurs to enforce this Guarantee, including, but not
                  limited to, attorney's fees and costs.

         B.       SBA NOT A CO-GUARANTOR. Guarantor's liability will continue
                  even if SBA pays Lender. SBA is not a co-guarantor with
                  Guarantor. Guarantor has no right of contribution from SBA.

         C.       SUBROGATION RIGHTS. Guarantor has no subrogation rights as to
                  the Note or the Collateral until the Note is paid in full.

         D.       JOINT AND SEVERAL LIABILITY. All individuals and entities
                  signing as Guarantor are jointly and severally liable.

         E.       DOCUMENT SIGNING. Guarantor must sign all documents necessary
                  at any time to comply with the Loan Documents and to enable
                  Lender to acquire, perfect, or maintain Lender's liens on
                  Collateral.

         F.       FINANCIAL STATEMENTS. Guarantor must give Lender financial
                  statements as Lender requires.

         G.       LENDER'S RIGHTS CUMULATIVE NOT WAIVED. Lender may exercise any
                  of its rights separately or together, as many times as it
                  chooses. Lender may delay or forego enforcing any of its
                  rights without losing or impairing any of them.

         H.       ORAL STATEMENTS NOT BINDING. Guarantor may not use an oral
                  statement to contradict or alter the written terms of the Note
                  or this Guarantee, or to raise a defense to this Guarantee.

         I.       SEVERABILITY. If any part of this Guarantee is found to be
                  unenforceable, all other parts will remain in effect.

         J.       CONSIDERATION. The consideration for this Guarantee is the
                  Loan or any accommodation by Lender as to the Loan.

10.      STATE-SPECIFIC PROVISIONS:

         N/A

11.      GUARANTOR ACKNOWLEDGEMENT OF TERMS.

         Guarantor acknowledges that Guarantor has read and understand the
         significance of all terms of the Note and this Guarantee, including all
         waivers.

<PAGE>   10

12.      GUARANTOR NAME(S) AND SIGNATURE(S):

         By signing below, each individual or entity becomes obligated as
         Guarantor under this Guarantee.

/s/ Gary M. Archer
----------------
Gary M. Archer<PAGE>   1
                                                                   EXHIBIT 10.18

                             LET'S PLAY SPORTS, INC.

                                   ----------

                               EXCHANGE AGREEMENT

                                   ----------

Let's Play Sports. Inc.
3883 Ruffin Road. Suite A
San Diego. California 92123

Ladies and Gentlemen:

         1. EXCHANGE. After reading the Private Placement Memorandum dated
_______________ ("Memorandum") of Let's Play Sports, Inc., a Colorado
corporation (the "Company"), the undersigned, intending to be legally bound,
hereby agrees to exchange, effective _____________, ___________ shares of common
stock of _____________________ ("Let's Play Sports Company") represented by
Certificate No. __________ ("Exchange Shares"), for ___________ shares of the
Company's common stock ("Shares"). The undersigned does hereby irrevocably
constitute and appoint the officers of Let's Play Sports, Inc. attorneys to
transfer the said stock on the books of the Let's Play Sports Company with full
power of substitution in the premises

         2. ESCROW. The undersigned understands that the undersigned's Exchange
Shares will be deposited with _________________________ ("Escrow Agent")
pursuant to the Escrow Agreement (the "Escrow Agreement") that is attached
hereto as Exhibit A and that is hereby incorporated herein by this reference. If
at least 80% of the Exchange Shares of the Let's Play Sports Company are not
represented by an executed Exchange Agreement deposited with the Escrow Agent on
_____________, all Exchange Shares of the Let's Play Sports Company received
will be refunded promptly to the depositors thereof, including the undersigned.

         3. ISSUANCE OF SHARES. The Shares exchanged for the Exchange Shares
shall not be deemed issued to, or owned by, the undersigned until the release of
the Exchange Shares from escrow to the Company pursuant to the Escrow Agreement
and until the Company shall issue and deliver to the undersigned a stock
certificate evidencing the undersigned's ownership of the Shares.

         4. REPRESENTATIONS AND WARRANTIES.

                  (a) The undersigned hereby acknowledges, represents and
         warrants to, and agrees with, the Company as follows:

                           (1) The Let's Play Sports Company is a corporation
                  duly organized, validly existing and in good standing under
                  the laws of its state of incorporation.

<PAGE>   2

                           (2) The authorized capital stock of the Let's Play
                  Sports Company consists of __________ shares of common stock,
                  $_______ par value, of which ___________ shares are issued and
                  outstanding. The Let's Play Sports Company has no other class
                  of capital stock authorized. All outstanding shares of common
                  stock of the Let's Play Sports Company are fully paid and
                  nonassessable and there are no securities outstanding that are
                  convertible into or exchangeable for any securities of the
                  Let's Play Sports Company nor are there any subscriptions,
                  options, warrants or other rights outstanding to acquire any
                  securities of the Let's Play Sports Company.

                           (3) The undersigned warrants that the Exchange Shares
                  represent __________% of the outstanding common stock of the
                  Let's Play Sports Company.

                           (4) The undersigned represents that the financial
                  statements of the Let's Play Sports Company that are included
                  in the Memorandum are accurate in all material respects and
                  were prepared in conformity with generally accepted accounting
                  principles on a basis consistently applied. Except as stated
                  in the financial statements of the Let's Play Sports Company
                  included in the Memorandum, the Let's Play Sports Company has
                  no liabilities or obligations whatsoever, either accrued,
                  absolute, contingent or otherwise, whether direct or indirect,
                  determined or undetermined, other than those incurred in or as
                  a result of the ordinary course of business of the Let's Play
                  Sports Company. Further, there is no basis for any material
                  claim against the Let's Play Sports Company. All federal,
                  state, local and municipal income taxes, ad valorem, excise,
                  sales, use, capital gains, value-added, property, franchise,
                  payroll and other taxes, levies, duties, tariffs and
                  assessments which are due and payable by the Let's Play Sports
                  Company directly or as a transferee have been duly reported,
                  fully paid and discharged and there are no unpaid such taxes
                  which are or could become a lien on the property or assets of,
                  or require payment by the Let's Play Sports Company except for
                  current and deferred taxes not yet due and payable.

                           (5) The undersigned has full power and authority to
                  make, execute and perform this Exchange Agreement and the
                  transactions contemplated hereby. This Exchange Agreement has
                  been duly and validly executed and delivered by the
                  undersigned and is a valid and binding obligation of the
                  undersigned enforceable in accordance with its terms.

                           (6) Neither the execution and delivery of this
                  Exchange Agreement nor the performance of its terms by the
                  undersigned will result in any material breach of the terms
                  and conditions of, or constitute a default under, any material
                  agreement, lease, mortgage, note, instrument, undertaking,
                  judgment, decree, governmental order or other restriction or
                  obligation to which the undersigned is a party which prohibits
                  the undersigned's ability to perform the undersigned's
                  obligations pursuant to this Exchange Agreement.

                                       2
<PAGE>   3

                           (7) No broker or finder has acted on the
                  undersigned's behalf in connection with this Exchange
                  Agreement or the transaction contemplated hereby.

                           (8) Except as described in the Memorandum, no
                  application, notice, order, registration, qualification,
                  waiver, consent, approval or other action is required to be
                  filed, given, obtained or taken by the undersigned or the
                  Let's Play Sports Company by virtue of the execution, delivery
                  and performance of this Exchange Agreement or the consummation
                  of the transactions contemplated hereby.

                  (b) The undersigned understands that the exchange of the
         Shares is intended to be exempt from registration under the Securities
         Act of 1933, as amended (the "Act"), by virtue of Section 4(2) of the
         Act and/or the provisions of Rule 506 of Regulation D promulgated
         thereunder and, in accordance therewith and in furtherance thereof, the
         undersigned represents and warrants to and agrees with the Company as
         follows:

                           (1) The undersigned understands that all documents,
                  records and books pertaining to the exchange of the Exchange
                  Shares for the Shares and the Company have been made available
                  for inspection by the undersigned and the undersigned's
                  attorney and/or accountant;

                           (2) The undersigned and/or the undersigned's
                  advisor(s) have had a reasonable opportunity to ask questions
                  of and receive answers from a person or persons acting on
                  behalf of the Company concerning the exchange of the Exchange
                  Shares for the Shares, and all such questions have been
                  answered to the full satisfaction of the undersigned;

                           (3) The undersigned is not exchanging the Exchange
                  Shares for the Shares as a result of or subsequent to any
                  advertisement, article, notice or other communication
                  published in any newspaper, magazine or similar media or
                  broadcast over television or radio, or any seminar or meeting
                  whose attendees have been invited by any general solicitation
                  or general advertising, or any solicitation of the Exchange by
                  a person not previously known to the undersigned in connection
                  with investments in securities generally;

                           (4) The undersigned has reached the age of majority
                  in the state in which the undersigned resides, has adequate
                  means of providing for the undersigned's current needs and
                  personal contingencies, is able to bear the substantial
                  economic risks of an investment in the Shares for an
                  indefinite period of time, has no need for liquidity in such
                  investment and, at the present time, could afford a complete
                  loss of such investment;

                           (5) The undersigned has or together with the
                  undersigned's advisor(s) has such knowledge and experience in
                  financial, tax and business matters so as to enable the
                  undersigned to utilize the information made available to the

                                       3
<PAGE>   4

                  undersigned in connection with the exchange of the Exchange
                  Shares for the Shares in order to evaluate the merits and
                  risks of an investment in the Shares and to make an informed
                  investment decision with respect thereto;

                           (6) The undersigned is acquiring the Shares solely
                  for the undersigned's own account as principal, for investment
                  purposes only and not with a view to the resale or
                  distribution thereof in whole or in part, and no other person
                  has a direct or indirect beneficial interest in such Shares;

                           (7) The undersigned understands that the
                  undersigned's investment in the Shares must be classified as
                  speculative and subject to a high degree of risk and the
                  undersigned understands the significant risk of a complete
                  loss of the undersigned's total investment in the Shares;

                           (8) The undersigned has evaluated the risks of
                  investing in the Company due to, among other things, the
                  factors set forth in the Memorandum;

                           (9) The undersigned is in a position as regards to
                  the Company which, based upon economic bargaining power,
                  enables the undersigned to obtain information from the Company
                  in order for the undersigned to be able to evaluate the merits
                  and risks of the undersigned's exchange of the Exchange Shares
                  for the Shares;

                           (10) The undersigned has been given the opportunity
                  to ask questions of and receive answers from the Company
                  concerning the terms and conditions of the exchange of the
                  Exchange Shares for the Shares and to obtain additional
                  information necessary to verify the accuracy of the
                  information the undersigned desired in order to evaluate the
                  undersigned's investment in the Shares;

                           (11) The undersigned understands that the Shares have
                  not been registered under the Act, and agrees that the Shares
                  may not be sold, offered for sale, transferred, pledged,
                  hypothecated or otherwise disposed of except in compliance
                  with the Act. The undersigned has been advised that the
                  Company has no obligation, and does not intend, to cause the
                  Shares to be registered under the Act or to comply with any
                  exemption under the Act that would permit the Shares to be
                  sold by the undersigned. The undersigned understands that the
                  legal consequences of the foregoing mean that the undersigned
                  must bear the economic risk of the undersigned's investment in
                  the Shares for an indefinite period of time. The undersigned
                  further understands that, if the undersigned desires to sell
                  or transfer all or any part of the Shares (other than by gift
                  to a spouse, parents, children, grandchildren or trust for any
                  of the foregoing), the Company may require the undersigned's
                  counsel to provide a legal opinion that the transfer may be
                  made without registration under the Act. The undersigned
                  agrees that the Shares are subject to the restrictions on
                  transfer described in this paragraph and the undersigned
                  understands that, to enforce such restrictions, the Company
                  will issue stop transfer orders with the Company's transfer
                  agent;

                                       4
<PAGE>   5

                           (12) The undersigned understands that the United
                  States Securities and Exchange Commission has promulgated Rule
                  144 which establishes guidelines for "restricted securities"
                  such as the Shares that the undersigned is acquiring. In
                  summary, the guidelines of Rule 144 provide that (i) the
                  Shares that are being acquired may not be resold in a public
                  transaction for a period of at least one year from the date on
                  which the undersigned exchanges the Exchange Shares for the
                  Shares, (ii) thereafter, the greater of 1% of the outstanding
                  shares of the Company or the average weekly trading volume in
                  such shares during the four calendar weeks preceding the sale,
                  may be sold (a) in a three month period, (b) if the
                  transaction is unsolicited, (c) if there is current
                  information available concerning the Company, (d) if the
                  broker acting as the undersigned's agent (or dealer in certain
                  circumstances) receives no more than the customary brokerage
                  commission, and (e) if the transaction involves more than 500
                  shares or $10,000, the undersigned will be required to file a
                  Form 144 with the United States Securities and Exchange
                  Commission at the time of such transaction. The above Rule 144
                  guidelines do not apply (i) if the undersigned is not an
                  affiliate of the Company at the time of the sale and has not
                  been an affiliate of the Company during the preceding three
                  months, and (ii) if the undersigned exchanged the Exchange
                  Shares for the Shares at least two years prior to the sale.

                           The foregoing guidelines relating to Rule 144, which
                  are merely a summary of Rule 144 depend, among other matters,
                  upon the fact that current public information is available
                  concerning the Company. The undersigned understands that the
                  Company's common stock is not currently registered pursuant to
                  Section 12 of the Securities Exchange Act of 1934, as amended,
                  and that there is no commitment to the undersigned from the
                  Company to so register the Company's common stock. The
                  undersigned further understands that, if the Company so
                  registers its common stock, there is no commitment from the
                  Company to the undersigned to file the required information
                  and there can be no assurance that the Company will be in a
                  position to file the information so that Rule 144 would apply
                  at all times. Thus, the undersigned understands that the
                  undersigned might not be in a position to freely sell the
                  Shares at any given time;

                           (13) The undersigned understands and agrees that the
                  undersigned cannot sell the Shares unless they are registered
                  under the Act and any applicable state securities laws or
                  unless exemptions from such registration requirements are
                  available;

                           (14) The undersigned understands that the certificate
                  evidencing the Shares will contain a legend restricting their
                  transfer except pursuant to an effective registration
                  statement under the Act or pursuant to an exemption from the
                  registration requirements of the Act;

                           (15) The undersigned understands that sales or
                  transfers of the Shares are further restricted by certain
                  state securities laws;

                                       5
<PAGE>   6

                           (16) The undersigned is aware that there is presently
                  no market for the resale of the Shares and that no market may
                  exist in the future for such resale;

                           (17) The undersigned is neither a member of, and the
                  undersigned is not affiliated with or employed by a member of,
                  the National Association of Securities Dealers, Inc., nor is
                  the undersigned employed by or affiliated with a broker-dealer
                  registered with the Securities and Exchange Commission;

                           (18) The undersigned is aware and understands that
                  the undersigned's exchange of the Exchange Shares for the
                  Shares will only entitle the undersigned to the benefits
                  afforded to every other shareholder of the Company and the
                  fact that the undersigned acquires the Shares should not be
                  construed by the undersigned to mean that the Company will
                  enter into any contract with or otherwise provide the
                  undersigned with any special benefits or preferential
                  treatment;

                           (19) The undersigned has read and understands the
                  information contained in the Memorandum; and

                           (20) All of the representations and warranties of the
                  undersigned contained herein and all information furnished by
                  the undersigned to the Company are true, correct and complete
                  in all respects.

         The foregoing representations, warranties, agreements, undertakings and
acknowledgements are made by the undersigned with the intent that they be relied
upon by the Company.

         In addition, the undersigned agrees to notify the Company immediately
of any change in any representations, warranties or other information that
relates to the undersigned.

         If more than one person is signing this Exchange Agreement, each
representation, warranty and undertaking herein shall be a joint and several
representation, warranty and undertaking of each such person.

         5. INDEMNIFICATION. The undersigned agrees to indemnify and hold
harmless the Company and its officers, directors and affiliates and each other
person, if any, who controls any thereof, within the meaning of Section 15 of
the Act, against any and all loss, liability, claim, damage and expense
whatsoever (including, but not limited to, any and all expenses reasonably
incurred in investigating, preparing or defending against any litigation
commenced or threatened or any claim whatsoever) arising out of or based upon
any false representation or warranty or breach or failure by the undersigned to
comply with any covenant or agreement made by the undersigned herein or in any
other document furnished by the undersigned to any of the foregoing in
connection with this transaction.

                                       6
<PAGE>   7

         6. ACCREDITED INVESTOR STATUS. If the undersigned has checked any of
the blanks set forth below in this paragraph, the undersigned hereby represents
and warrants to the Company that the statement next to such blank is true. If
the undersigned has checked such blanks, the undersigned is an "accredited
investor" as such term is defined in Regulation D. The undersigned represents
and warrants that the undersigned is:

       An employee benefit plan within the meaning of Title 1 of the Employee
----   Retirement income Security Act of 1974, if the investment decision is
       made by a plan fiduciary, as defined in Section 3(21) of such Employee
       Retirement income Security Act, which is either a bank, savings and loan
       association, insurance company or registered investment advisor, or if
       the employee benefit plan has total assets in excess of $5,000,000 or if
       a self directed plan, with investment decisions made solely by persons
       that are otherwise accredited investors.

       A private business development company as defined in Section 202(a)(22)
----   of the Investment Advisors Act of 1940.

       A trust with total assets in excess of $5,000,000 not formed for the
----   specific purpose of acquiring the Shares, whose purchase is directed by a
       person who has such knowledge and experience in financial and business
       matters that he or she is capable of evaluating the merits and risks of
       an investment in the Shares.

       A bank as defined in Section 3(a)(2) of the Act, or a savings and loan
----   association or other institution as defined in Section 3(a)(5)(A) of the
       Act, whether acting in its individual or fiduciary capacity.

       A broker or dealer registered pursuant to Section 15 of the Securities
----   Exchange Act of 1934.

       An organization described in Section 501(c)(3) of the Internal Revenue
----   Code, or a corporation, Massachusetts or similar business trust, or a
       partnership (in each case not formed for the specific purpose of
       acquiring the Shares) with total assets in excess of $5,000,000.

       A natural person whose net worth, individually or jointly with spouse,
----   exceeds $1,000,000 at this time (including the value of that person's
       principal residence valued at either (x) cost, including cost of
       improvements, net of current encumbrances on the property, or (y) the
       appraised value of the property as determined by a written appraisal used
       by an institution lender making a loan to that person secured by the
       property, including subsequent improvements, net of current encumbrances
       on the property).

       A natural person who had an individual income in excess of $200,000 in
----   each of the two most recent calendar years or joint income with spouse in
       excess of $300,000 in each of those years and has a reasonable
       expectation of reaching the same level of income in the current calendar
       year.

       An insurance company as defined in Section 2(13) of the Act.
----

       An investment company registered under the Investment Company Act of 1940
----   or a

                                       7
<PAGE>   8

       business development company as defined in Section 2(a)(48) of the
       Investment Company Act 1940.

       A Small Business Investment Company licensed by the U.S. Small Business
----   Administration under Section 301(c) or (d) of the Small Business
       investment Act of 1958.

       A plan established and maintained by a state, its political subdivisions,
----   or any agency or instrumentality of a state or its political
       subdivisions, for the benefit of its employees, if such plan has total
       assets in excess of $5,000,000.

       Any entity in which all the equity owners are accredited investors (i.e.,
----   by virtue of their meeting any of the other tests for an "accredited
       investor").

       Any director or executive officer of the Company.
----

         7. NONACCREDITED INVESTOR. If none of the blanks in the preceding
paragraph were checked by the undersigned, then the undersigned must provide the
following information:

                  (a)      Nature of Business or Employment:
                                                             -------------------

                           Position and Duties:
                                                --------------------------------

                           Highest Level of Education Completed:
                                                                 ---------------

                  (b) The undersigned has personally invested in excess of
         $________________ over the past five years, including investments
         during such period in excess of $_____________ in non-liquid
         investments.

                  (c) Listed below are the types of investments the undersigned
         has made in the past five years, with particular attention to
         investments in nonmarketable or non-liquid investments.

                  --------------------------------------------------------------

                  --------------------------------------------------------------

                  (d) The undersigned will ______ will not _______ (check one)
         have an attorney, accountant, investment advisor or other consultant
         review the Memorandum. If yes, please indicate name and business
         address: (A Purchaser Representative Disclosure Statement will need to
         be completed by your Advisor.)

                  Name:
                        --------------------------------------------------------
                  Firm:
                        --------------------------------------------------------
                  Address:
                           -----------------------------------------------------

                                       8
<PAGE>   9

                  (e) The undersigned's personal net worth (exclusive of primary
         residence, furnishings therein and personal automobiles) is in excess
         of $ ________________.

                  (f) Investment Experience:

                        (1)   The frequency of the undersigned's investment in
                              marketable securities is:

                              ___ often  ___ occasionally  ___ seldom  ___ never

                        (2)   The frequency of the undersigned's investment in
                              commodities futures is:

                              ___ often  ___ occasionally  ___ seldom  ___ never

                        (3)   The frequency of the undersigned's investment in
                              options is:

                              ___ often  ___ occasionally  ___ seldom  ___ never

                        (4)   The frequency of the undersigned's investment in
                              securities purchase on margin is:

                              ___ often  ___ occasionally  ___ seldom  ___ never

                        (5)   The frequency of the undersigned's investment in
                              securities sold in reliance on the private
                              offering exemption from registration under the Act
                              is:

                              ___ often  ___ occasionally  ___ seldom  ___ never

                  (g) Indicated in the space provided below is additional
         information which the undersigned thinks may be helpful in enabling the
         Company to determine whether the undersigned's knowledge and experience
         in financial and business matters is sufficient to enable the
         undersigned to evaluate the merits and risks of the exchange:

         8. FOREIGN INVESTOR. The undersigned is a foreign investor.
Yes ___ No ___

         9. MODIFICATION. Neither this Exchange Agreement nor any provisions
hereof may be waived, modified, discharged or terminated except by an instrument
in writing signed by the Company and the undersigned.

                                       9
<PAGE>   10

         10. NOTICES. Any notice, demand or other communication which the
Company or the undersigned may be required, or may elect, to give to anyone
interested hereunder shall be sufficiently given if (a) deposited, postage
prepaid, in a United States mail box. stamped registered or certified mail,
return receipt requested, addressed to such address as may be listed on the
books of the Company, or (b) delivered personally at such address.

         11. COUNTERPARTS. This Exchange Agreement may be executed through the
use of separate signature pages or in any number of counterparts, and each of
such counterparts shall, for all purposes, constitute one agreement binding on
the Company and the undersigned, notwithstanding that the Company and the
undersigned are not signatories to the same counterpart.

         12. ENTIRE AGREEMENT. This Exchange Agreement and the Escrow Agreement
contain the entire agreement of the Company and the undersigned with respect to
the subject matter hereof, and there are no representations, covenants or other
agreements except as stated or referred to herein and therein.

         13. SEVERABILITY. Each provision of this Exchange Agreement is intended
to be severable from every other provision, and the invalidity or illegality of
any portion hereof shall not affect the validity or legality of the remainder
hereof.

         14. ASSIGNABILITY. This Exchange Agreement is not transferable or
assignable by the undersigned except as may be provided herein.

         15. APPLICABLE LAW. This Exchange Agreement shall be governed by and
construed in accordance with the laws of the state of Colorado.

         IN WITNESS WHEREOF, the undersigned represent(s) that the foregoing
statements are true and correct and that the undersigned has executed this
Exchange Agreement this _____ day of __________________, 20__, to be effective
_________________, 20__.

----------------------------------          ----------------------------------
Please Print Name                           Signature of Owner

----------------------------------          ----------------------------------
Please Print Name                           Signature of Co-Owner

----------------------------------
Address

----------------------------------

----------------------------------
Telephone Number

----------------------------------
Social Security Number

                                       10
<PAGE>   11

         Subject to satisfaction of the provisions of the Escrow Agreement. this
Exchange Agreement is accepted on this ___ day of _____________, 20__, to be
effective ________________, 20__.

                                           LET'S PLAY SPORTS, INC.

                                           By:
                                               ---------------------------------
                                                                       President
                                                  --------------------

                                       11
<PAGE>   12

                                    EXHIBIT A

                                ESCROW AGREEMENT

         The undersigned Shareholder hereby deposits with
__________________________, at ________________________, Denver, Colorado
________, as Escrow Agent, an executed Exchange Agreement which gives Let's Play
Sports, Inc. power of attorney for Stock Certificate No. _______ representing
shares of the common stock of ___________________ ("Exchange Stock
Certificate").

         The undersigned Company hereby deposits the shares of the Company to be
exchanged for the Exchange Stock Certificate representing __________ shares of
Common Stock of the Company ("Stock Certificate") to be held by said Escrow
Agent subject to the terms hereof.

         1. INSTRUCTIONS. The Shareholder requests that the Escrow Agent accept
and retain the Exchange Agreement and the Exchange Stock Certificate until such
time as the Escrow Agent has possession of at least 80% of the issued and
outstanding shares of common stock of the corporation that issued the Exchange
Stock Certificate and then, upon receipt of the Stock Certificate, to deliver to
the Shareholder the Stock Certificate. The Company requests that the Escrow
Agent accept and retain the Exchange Agreement and the Stock Certificate until
such time as the Escrow Agent has possession of at least 80% of the issued and
outstanding shares of common stock of the corporation that issued the Exchange
Stock Certificate and the Stock Certificate and then upon receipt of the Stock
Certificate, to deliver to the Shareholder the Stock Certificate. The
Shareholder, the Escrow Agent and the Company agree that the Escrow Agent will
return the Exchange Stock Certificate and the Stock Certificate to the
undersigned Shareholder and to the Company if the Escrow Agent does not receive,
duly endorsed for transfer, at least 80% of the issued and outstanding shares of
common stock of the corporation that issued the Exchange Stock Certificate and
the Stock Certificate.

         2. AMENDMENT. These instructions may be altered, amended, modified or
revoked in writing only, signed by the Escrow Agent, the Company and the
Shareholder, upon payment of all fees, costs and expenses incident hereto.

         3. TRANSFER OF INTEREST. No assignment, transfer, conveyance or
hypothecation of any interest in or to the subject matter of this escrow shall
be binding upon the Escrow Agent unless and until written notice thereof is
served upon the Escrow Agent and any fees, costs and expenses incident to such
transfer of interest shall have been paid.

         4. NOTICE BY AGENT. Any notice required or desired to be given by the
Escrow Agent to the Company or to the Shareholder may be given by mailing the
same to the Company or the Shareholder, by certified or registered mail, at the
address noted below, or such changed address as may have been delivered in
writing to the Escrow Agent by the Company or the Shareholder. Notice so mailed
shall for all purposes hereof be effectual as though served upon the Company or
the Shareholder in person seventy-two (72) hours after the time of depositing
such notice in the mail, postage prepaid, properly addressed, registered or
certified mail.

<PAGE>   13

         5. GOOD FAITH. The Company and the Shareholder agree that the Escrow
Agent shall not be held liable for any act it may do or omit to do hereunder as
such Escrow Agent, while acting in good faith in the exercise of its best
judgment. Any act done or omitted by Escrow Agent pursuant to the request of the
Company or the Shareholder shall he conclusive evidence of such good faith.

         6. NOTICE TO ESCROW AGENT AND COURT ORDERS. The Escrow Agent is hereby
expressly authorized and directed to disregard any notice or warnings given by
the Company or the Shareholder, or by any other person or corporation, excepting
only orders or process of court, and is hereby expressly authorized to comply
with, and to obey any and all orders, judgments or decrees of any court. In case
the said Escrow Agent obeys or complies with any such order, judgment or decree
of any court, it shall not be liable to the Company or to the Shareholder, nor
to anyone else by reason of such compliance, notwithstanding any such order,
judgment or decree being subsequently reversed, modified, annulled, set aside or
vacated, or found to have been entered without jurisdiction.

         7. INDEMNIFICATION. In consideration of the acceptance of the deposits
and duties under this Escrow Agreement by the Escrow Agent, the Company agrees,
for itself and its successors and assigns, to pay the Escrow Agent its charges
hereunder and to indemnify and hold it harmless as to any liability incurred by
it to any other person or corporation by reason of its having accepted the same
or in connection herewith, and agrees to reimburse it for all its expenses,
including, among other things, counsel fees and court costs incurred in
connection herewith.

         8. INTERPLEADER. In the event a dispute arises concerning the items
deposited pursuant to this Escrow Agreement or concerning the Escrow Agent's
performance of this Escrow Agreement, the Escrow Agent shall be permitted, but
not required, to interplead the items deposited into Escrow into the District
Court for the City and County of Denver, Colorado, and the Escrow Agent shall
ipso facto be fully released and discharged from any and all obligations or
liabilities of whatever kind, whether known or unknown, and whether in law or in
equity, for any acts or omissions of the Escrow Agent with respect to this
Escrow Agreement.

         9. COUNTERPARTS. This Escrow Agreement may be executed in counterparts,
which counterparts, taken together, shall constitute one and the same Escrow
Agreement.

         IN WITNESS WHEREOF, the undersigned have hereunto affixed their
signatures and hereby adopt this instrument this _____ day of ____________,
20__.

----------------------------------          ----------------------------------
Please Print Name                           Signature of Owner

----------------------------------          ----------------------------------
Please Print Name                           Signature of Co-Owner

----------------------------------
Address

----------------------------------

----------------------------------
Telephone Number

----------------------------------
Social Security Number

                                       2
<PAGE>   14

                                           COMPANY:

                                           LET'S PLAY SPORTS, INC.

                                           By:
                                               ---------------------------------
                                                                       President
                                                  --------------------

                                           ESCROW AGENT:

                                           -------------------------------------

                                           By:
                                               ---------------------------------

                                       3

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