Document:

<PAGE>

                                                                   EXHIBIT 10.18

                           MEMORANDUM OF SETTLEMENT
                           ------------------------

     This Memorandum of Settlement (the "Agreement") is entered into effective
upon the date of execution by the last party hereto to sign, by Douglas White,
Jeremiah M. Daly, Kathleen Miller, Robert Gewant, Leon Leavitt, Nicholas Brown,
and Charles Rowley (collectively, "the Plaintiff Group"), and Divot Corporation,
Divot Development Corporation, Divot Golf Realty, Inc., Divot Golf Corporation,
Divot Partners, Ltd., Divot Golf WGV, Ltd., Divot Golf WGV, Inc., Divot
Properties WGV, Inc., Joseph R. Cellura, Ellee M. Knight, Clifford Bagnall, and
Robert W. Baird & Co. (collectively "the Defendant Group").

                                  BACKGROUND
                                  ----------

    A.  The Plaintiff Group is comprised of individuals and entities with
alleged claims against the Defendant Group arising out of the various business
relationships between the parties, and specifically the activities and conduct
of the Defendant Group with respect to a project known as the World Golf Village
and the operation of Divot Golf Corporation.

    B.  There are currently pending two federal court actions brought by
different members of the Plaintiff Group against different members of the
Defendant group. Those cases are:

        1.   Douglas E. White v. Joseph R. Cellura, et al., Case No.: 99CIV-3528
             ---------------------------------------------
             United States District Court for the Southern District of New York

        2.   Jeremiah M. Daly v. Joseph R. Cellura, et al., Case No.: 99CIV-3914
             ---------------------------------------------
             United States District Court for the Southern District of New York

             (collectively, "the Lawsuits").

    C.  The parties to this Agreement have determined that it is in their mutual
best interests to revolve their disputes, including, but not limited to, the
Lawsuits.
<PAGE>

                                     TERMS
                                     -----

     1.   Consideration: In consideration for the making of this Agreement, the
          -------------
payments, transfers, representations, warranties, and releases identified below,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties have entered into this Agreement
intending to be legally bound.

     2.   No Admissions: Nothing in this Agreement shall operate as or be
          -------------
construed as an indication, inference, presumption, admissions, or as evidence
relative to any fact, issue of law, issue of liability, or any other matter on
the part of any member of the Plaintiff Group or Defendant Group.

     3.   Payment:  Upon the execution of this Agreement, Divot Golf Corporation
          -------
will execute and deliver a $225,000 promissory note in favor of the Plaintiff
Group.

     4.   Issuance of Shares in Divot Golf Corporation: Upon the effective date,
          --------------------------------------------
or as soon thereafter as reasonably possible, Divot Golf Corporation will issue
7.65 million shares of its common stock, with an issue effective date of July 1,
1998, as directed by counsel for the Plaintiff Group.

     5.   Assignment of Profits Interest: Upon the effective date of this
          ------------------------------
Agreement, or as soon thereafter as reasonably possible, counsel for Joseph R.
Cellura will deliver Mr. Cellura's Assignment of Contract to counsel for the
individuals of the Plaintiff Group as specified in the Assignment of Contract,
assigning all of Mr. Cellura's rights, title, or interest in and to the
Agreements for Profits in the World Golf Village, parcels 10, 12/13, 15, and 18,
to the individuals named in said assignment, in the form attached as Exhibit
"A."

     6.   General Releases and Dismissals: Upon the effective date, or as soon
          -------------------------------
thereafter as reasonably possible, counsel for the Plaintiff Group will deliver
to counsel for Joseph R.

                                       2
<PAGE>

Cellura, signed General Releases in the form attached hereto as Exhibit "B",
from all members of the Plaintiff Group. Separate General Releases will be
prepared and delivered to counsel with respect to all potential claims against
Ellee M. Knight. In addition, counsel for the Plaintiff Group will immediately
file and serve, upon the effective date, dismissals with prejudice as to the
Defendant Group in the two pending Lawsuits.

     7.  Representation of the Plaintiff Group: The members of the Plaintiff
         -------------------------------------
Group represent that no actions, lawsuits, reports, complaints, or referrals of
any kind have been instituted against any member of the Defendant Group, other
than the two pending Lawsuits, and that no member of the Plaintiff Group
presently intends to, nor will they upon completion of the terms of this
Agreement, institute any proceeding against any member of the Defendant Group,
either through civil, criminal, or administrative proceedings.

     8.  Confidentiality: The parties agree that the terms and conditions of
         ---------------
this Agreement shall remain confidential and the parties agree not to disclose
them, unless legally required to do so by lawful process or other requirements
of applicable law, including, but not limited to, federal securities laws. Each
party shall immediately provide notice to their counsel, who will in turn notify
opposing counsel, concerning any effort by any third-party to obtain information
protected under this provision. In the event any party hereto is contacted by a
member of the media regarding this Agreement, or any settlement between the
Plaintiff Group and Defendant Group, the parties agree that the response to such
an inquiry will be that "the parties have amicably settled all matters."

     9.  Severability: The duties, rights, and obligations of the parties
         ------------
hereunder are severable, and in no way conditioned upon the performance of any
other party to this Agreement. In the event of a default by any party to this
Agreement, or the breach of any provision of this

                                       3

<PAGE>

Agreement by any of the parties hereunder, such breach or default shall in no
way effect the rights or obligations of the remaining parties who are not in
default.

     10.  Governing Law and Jurisdiction:  This Agreement, the Assignment of
          ------------------------------
Contract, and all General Releases arising from this Agreement will be
construed and interpreted in accordance with Florida law. The parties agree that
jurisdiction for any dispute arising from this Agreement shall be proper and
exclusive in the federal courts for the Southern District of New York or the
Middle District of Florida.

     11.  Counterparts:  This Agreement may be executed in any number of
          ------------
counterparts, all of which shall be deemed to be an original instrument, but all
such documents shall constitute one and the same instrument. A facsimile copy of
this Agreement and any signature thereon shall be construed for all purposes as
originals.

                                        DIVOT CORPORATION

/s/ Douglas White                       By:   /s/ Joseph R. Cellura
----------------------------------            ----------------------------
DOUGLAS WHITE                                 JOSEPH R. CELLURA
                                              ----------------------------
Date:                                         Printed Name
      ----------------------------
                                        Its:  Chairman & CEO
                                              ----------------------------
                                        Date: 6/29/99
                                              ----------------------------

/s/ Jeremiah M. Daly
----------------------------------
JEREMIAH M. DALY

Date:       6/29/99
     -----------------------------

                                        DIVOT DEVELOPMENT CORPORATION
/s/ Kathleen Miller
----------------------------------
KATHLEEN MILLER

Date:       6/29/99
      ----------------------------
                                        By:   /s/ Joseph R. Cellura
                                              ----------------------------
/s/ Robert Gewant                             JOSEPH R. CELLURA
----------------------------------            ----------------------------
ROBERT GEWANT                                 Printed Name

                                       Its:   Chairman & CEO
Date:       6/29/99                           ----------------------------
      ----------------------------     Date:  6/29/99
                                              ----------------------------

                                       4

<PAGE>

                                     DIVOT GOLF REALTY, INC.
/s/ Leon Leavitt
------------------------------
LEON LEAVITT

Date:       6/29/99
     -------------------------

                                     By:   /s/ Joseph R. Cellura
                                           ----------------------------
                                           JOSEPH R. CELLURA
/s/ Nicholas Brown
------------------------------             ----------------------------
NICHOLAS BROWN                             Printed Name

                                     Its:  President & CEO
Date:       6/29/99                        ----------------------------
     -------------------------       Date: 6/29/99
                                           ----------------------------

/s/ Charles Rowley
------------------------------
CHARLES ROWLEY                       DIVOT GOLF CORPORATION

Date:       6/29/99
     -------------------------
                                     By:   /s/ Ken Craig
                                           ---------------------------------
                                           KEN CRAIG
                                           ---------------------------------
                                           Printed Name

                                     Its:  PRESIDENT
                                           ---------------------------------
                                     Date: 6-29-99
                                           ---------------------------------

                                     DIVOT PARTNERS, LTD.

                                     By:   /s/ Joseph R. Cellura
                                           ---------------------------------
                                           JOSEPH R. CELLURA
                                           ---------------------------------
                                           Printed Name

                                     Its:  Chairman & CEO Divot Development
                                           Corporation General Partners DPL Ltd
                                           ---------------------------------
                                     Date: 6/29/99
                                           ---------------------------------

                                     DIVOT GOLF WGV, LTD.

                                     By:   /s/ Joseph R. Cellura
                                           ----------------------------
                                           JOSEPH R. CELLURA
                                           ----------------------------
                                           Printed Name

                                     Its:  President & CEO
                                           ----------------------------
                                     Date: 6/29/99
                                           ----------------------------

                                      5

<PAGE>

                                        DIVOT GOLF WGV, INC.

                                        By:   /s/ Joseph R. Cellura
                                              ----------------------------
                                              JOSEPH R. CELLURA
                                              ----------------------------
                                              Printed Name

                                        Its:  President & CEO
                                              ----------------------------
                                        DATE: 6/29/99
                                              ----------------------------

                                        DIVOT PROPERTIES WGV, INC.

                                        By:   /s/ Joseph R. Cellura
                                              ----------------------------
                                              JOSEPH R. CELLURA
                                              ----------------------------
                                              Printed Name

                                        Its:  Chairman & CEO
                                              ----------------------------
                                        Date: 6/29/99
                                              ----------------------------

                                        /s/ JOSEPH R. CELLURA
                                        ----------------------------------
                                        JOSEPH R. CELLURA

                                        Date: 6/29/99
                                              ----------------------------

                                        /s/ Ellee M. Knight
                                        ----------------------------------
                                        ELLEE M. KNIGHT

                                        Date: 6/29/99
                                              ----------------------------

                                        /s/ Clifford F. Bagnall
                                        ----------------------------------
                                        CLIFFORD BAGNALL

                                        Date: 6/30/99
                                              ----------------------------

                                       6<PAGE>

                                                                   EXHIBIT 10.20

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
("ACT"), NOR HAS IT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF
ANY STATE. NO TRANSFER OF THIS NOTE WILL BE PERMITTED UNLESS A REGISTRATION
STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER, THE TRANSFER IS MADE
IN ACCORDANCE WITH RULE 144 UNDER THE ACT OR AS OTHERWISE PERMITTED BY BORROWER,
OR IN THE OPINION OF COUNSEL SATISFACTORY TO BORROWER REGISTRATION UNDER THE ACT
IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT AND WITH
APPLICABLE STATE SECURITIES LAWS.

                                PROMISSORY NOTE

Principal Amount:                                                   New York, NY
$100,000.00                                                      October 1, 1999

          FOR VALUE RECEIVED, the undersigned, Orbittravel.com, Inc.
("Borrower"), a Delaware corporation and wholly-owned subsidiary of Divot Golf
Corporation, promises to pay to the order of ___________________ ("Lender"), in
lawful money of the United States of America, the principal sum of One Hundred
Thousand and No/100 Dollars ($100,000.00) plus simple interest thereon from the
date hereof until this Note is paid in full.

      1.  Repayment of the Principal Sum. The Principal Sum shall be due and
          ------------------------------
payable in one (1) installment of One Hundred Thousand and No/100
Dollars ($100,000.00) 180 days following the date set forth above (the
"Maturity Date").
 -------------

      2.  Interest. Interest shall not accrue on the Principal Sum until ninety
          --------
(90) days following the date set forth above (the "Interest Accrual Date"). From
the Interest Accrual Date until the Maturity Date, interest shall accrue on the
unpaid Principal Sum at the rate of seven percent (7%) per annum. Unless this
Note is converted in accordance with Section 3 below, accrued and unpaid
interest shall be payable, together with the unpaid Principal Sum, on the
Maturity Date. If the Maturity Date should fall on a weekend or national
holiday, payment shall be due on the following business day. Interest on this
Note shall be computed on the basis of the actual number of days elapsed during
which the unpaid Principal Sum is outstanding, divided by a year of three
hundred sixty-five (365) days. All payments under this Note shall be applied
first to the payment of accrued and unpaid interest with the remainder applied
to the unpaid Principal Sum in inverse chronological order.

      (a) Increased Rate After Maturity Date: If, by the Maturity Date, (i) this
          ----------------------------------
Note has not been converted in accordance with its terms or (ii) the Borrower
does not repay the Principal Sum and any accrued accrued interest thereon, then
the interest rate attributable to the Principal Sum shall increase to twelve
percent (12%) per annum.

                                       1
<PAGE>

      3. Conversion: All principal and interest represented by this Note shall
         ----------
automatically convert into fully paid and non-assessable shares of the common
stock of Divot Golf Corporation ("Divot") at the price (the "Conversion Price")
of Fifty Cents ($.50) per share, immediately upon the closing (the "Closing") of
a merger transaction (the "Merger") between the Borrower and Divot, without any
                                                                    -----------
action on the part of the Lender. The agreement relating to the Merger (the
--------------------------------
"Merger Agreement") shall provide for and reflect the conversion provision set
forth in this Section 3.

      4.  Registration of Conversion Shares: Any shares of Divot issued to
          ---------------------------------
Lender in accordance with the conversion right set forth in Section 3 of this
Note (the "Conversion Shares") shall, following the Closing, be registered by
Divot (so that Lender's Conversion shares shall become freely tradable to the
public by the Lender) as follows: (i) fifty percent (50%) of the Conversion
Shares within ninety (90) days following the Closing (the "Effective
Registration Date"); and (ii) twenty five percent (25%) of the aggregate amount
of the Conversion Shares at the following times: (a) ninety (90) days following
the Effective Registration Date; and (b) one hundred eighty (180) days following
the Effective Registration Date. The Merger Agreement shall provide for and
reflect the registration provision set forth in this Section 4.

      5.  Representations and Warranties of Borrower. Borrower represents and
          ------------------------------------------
warrants that:

      (a) Borrower is a corporation duly organized and existing under the laws
          of the state of Delaware. It has the power to own its property and to
          carry on its business as it is now being conducted;

      (b) Borrower has full power and authority (corporate and other) to borrow
          the sums provided for in this Note, to execute and deliver this Note
          and any other instrument or agreement required under this Note, and to
          perform and observe the terms and provisions of this Note and of all
          such other notes, instruments, and agreements;

      (c) The officers of Borrower executing this Note are duly and properly in
          office and fully authorized to execute it; and

      (d) This Note has been duly authorized, executed, and delivered by
          Borrower, and is a legal, valid, and binding agreement of Borrower,
          enforceable against it in accordance with its terms, and any other
          instrument or agreement required under this Note has been so
          authorized and, when executed and delivered, will be similarly valid,
          binding, and enforceable.

                                       2
<PAGE>

      6.  Events of Default. The occurrence of any of the events set out below
          -----------------
(Events of Default) shall, at the option of the Lender, make all interest and
principal remaining on due under this Note immediately due and payable, without
notice of default, presentment or demand for payment, protest or notice of
nonpayment or dishonor, or other notices or demands of any kind, except as
specified herein:

      (a) Borrower shall fail to pay, within ten (10) days after the date when
          due, any installment of interest or principal in accordance with the
          terms of this Note;

      (b) Any representation or warranty by Borrower in this Note or in any
          agreement, instrument, or certificate executed under this Note shall
          prove to have been false or misleading in any material respect when
          made;

      (c) Borrower shall file any petition or action for relief under any
          bankruptcy, arrangement, reorganization, insolvency, or moratorium
          law, or any other law or laws for the relief of or relating to
          debtors, or shall, with respect to any involuntary petition or action
          for relief under such law or laws, consent or fail to timely object to
          the relief requested in such petition;

      (d) An involuntary petition shall be filed under any bankruptcy statute
          against Borrower, or a receiver, trustee, custodian, or similar
          officer of the court shall be appointed to take possession of all or
          any substantial part of Borrower's properties, unless such petition or
          appointment is dismissed or withdrawn or ceases to be in effect within
          sixty (60) days from the date of the filing or appointment;

      7.  Notices. Any communications between the parties or notices provided
          -------
for in this Note may be given by mailing them, first class, postage prepaid, to
Lender at:

Attn: ___________________
      ___________________
      ___________________
      ___________________

and to Borrower at:
      OrbitTravel.com, Inc.
      One Union Square South, No. 10-J,
      New York, NY 10003
      Attention: Joseph R. Cellura, Chairman & CEO

or to such other address as either party may indicate to the other in writing
after the date of this Note.

      8.  Assignment. This Note shall bind and inure to the benefit of the
          ----------
parties and their respective successors and assigns; provided, however, that
Borrower shall not assign this Note or

                                       3
<PAGE>

any of the rights, duties, or obligations of Borrower under this Note without
the prior written consent of Lender.

      9.  No Waiver. No delay or omission to exercise any right, power, or
          ---------
remedy accruing to Lender on any breach or default of Borrower under this Note
shall impair any such right, power, or remedy of Lender, nor shall it be
construed to be a waiver of any such breach or default, or an acquiescence in
such breach or default, or waiver of or acquiescence in any similar breach or
default occurring later; nor shall any waiver of any single breach or default be
considered a waiver of any other prior or subsequent breach or default. Any
waiver, permit, consent, or approval of any kind by Lender of any breach or
default under this Note, or any waiver by Lender of any provision or condition
of this Note, must be in writing and shall be effective only to the extent
specifically set forth in that writing. All remedies, either under this Note or
by law or otherwise afforded to Lender, shall be cumulative and not alternative.

      10. Attorney's Fees. In the event of any legal action or suit in relation
          ---------------
to this Note or any note or other instrument or agreement required under this
Note, or in the event that Lender incurs any legal expense in protecting its
rights under this Note or under any security agreement in any legal proceeding,
Borrower, in addition to all other sums which Borrower may be called on to pay,
will pay to Lender the amount of such legal expense and will, if Lender prevails
in such action, pay to Lender a reasonable sum for its attorney's fees and all
other costs and expenses.

      11. Governing Law. This Note shall be interpreted under the laws of the
          -------------
State of New York, without giving effect to the conflict of law principles
thereof.

                                        OrbitTravel.com, Inc.
                                        a Delaware Corporation

                                        By:____________________________
                                             Joseph R. Cellura
                                             Chairman and CEO

                                       4

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