Document:

CC Filed by Filing Services Canada Inc. 403-717-3898

Exhibit 10.10* (Bronx Form 20F 2005)

PURCHASE AND NOVATION AGREEMENT

THIS AGREEMENT dated for reference the 5th day of April, 2006.

BETWEEN:

LAS VEGAS FROM HOME.COM ENTERTAINMENT INC., a corporation incorporated under the laws of British Columbia, and having a business address at Suite 100 – 1255 West Pender Street, Vancouver, BC, V6E 2V1

(hereinafter referred to as "LVH")

AND

BRONX VENTURES INC., a corporation incorporated under the laws of British Columbia, and having a business address at Suite 100 – 1255 West Pender Street, Vancouver, BC, V6E 2V1

(hereinafter referred to as "Bronx")

WHEREAS:

A.

LVH and Bronx (then known as Lucky 1 Enterprises Inc.) entered into a licensing agreement (the "Original Agreement") made as of the 4th day of November, 2002, whereby the parties agreed to jointly develop software for Chinese Poker, Big Two and Pan Card Games (the "Three Card Games Software");

B.

pursuant to the Original Agreement, each of LVH and Bronx are entitled to have a 50% ownership interest in the Three Card Games Software, and LVH is the operator of the Three Card Games Software in consideration of a 60% interest in the revenues generated by the Three Card Games Software and Bronx is entitled to receive the remaining 40% (the "Residual Revenue Entitlement") of the revenues generated by the Three Card Games Software, whether such revenues were generated by LVH's operation of the Three Card Games Software or by license to another party; and

C.

LVH now wishes to buy from Bronx, and Bronx now wishes to sell to LVH, all of Bronx's right, title and interest in and to the Three Card Games Software and the Residual Revenue Entitlement, such that upon the consummation of the transactions contemplated herein LVH will own 100% ownership interest in the Three Card Games Software and such that the Residual Revenue Entitlement will vest in LVH.

THEREFORE this Agreement witness that in consideration of the mutual premises and considerations contained herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1.

Termination of Original Agreement.  Subject to the satisfaction of all of the terms and conditions herein, the parties agree that the Original Agreement is terminated and this Agreement replaces the Original Agreement in its entirety.

 

- 2 -

 

2.

Purchase and Sale of Bronx's Interest.  Bronx shall transfer to LVH all of Bronx's right, title and interest in and to the Three Card Games Software and the Residual Revenue Entitlement.  For greater certainty, Bronx shall retain no right, title or interest in the Three Card Games Software whatsoever, and the covenant of LVH to pay to Bronx the Residual Revenue Entitlement as provided for in the Original Agreement is of no further force or effect, other than in respect of such amounts of the Residual Revenue Entitlement that have been accrued to the account of Bronx but unpaid as of the Closing Date (as hereafter defined), such amount to be paid within 30 days of the Closing Date (as hereafter defined).  Bronx shall not assert any right of claim or interest in and to the Three Card Games Software, including but not limited to any revenue, royalty, residual or other consideration in respect thereof.  

3.

Consideration.  LVH shall issue, from treasury, an aggregate of 6,670,000 common shares of LVH (the "Shares") to Bronx, as fully paid and non-assessable securities, at a deemed price of $0.36 per Share.  Bronx acknowledges and agrees that the Shares will be subject to a hold period under applicable securities laws and the policies of the TSX Venture Exchange of four months and a day after the Closing Date and a concurrent voluntary hold period of 12 months after the Closing Date to be implemented by way of a legend restricting transfer to be placed on the certificates representing the Shares. 

4.

Intellectual Property / Derivative Works.  For greater certainty, the Three Card Games Software shall include any and all goodwill and intellectual property related thereto, including but not limited to patents, copyright, trade marks, concepts, technology, processes, know-how, trade secrets, modifications and derivative works relating to the Three Card Games Software.

5.

Return of Property.  Bronx shall return to LVH any and all source code, program design specifications and other documents and information relating or pertaining to the Three Card Games Software or the intellectual property related thereto.

6.

Exchange Approval.  This Agreement shall be subject to the approval (the "Approval") of the TSX Venture Exchange, and LVH shall use its commercially reasonable best efforts to obtain such approval as expeditiously as possible.

7.

Closing.  The transactions and matters contemplated herein shall be completed on the date (the "Closing Date") which is five (5) business days after the receipt of the Approval, always provided that such Approval is on an unconditional basis.

8.

Representations and Warranties of LVH.  LVH hereby represents and warrants to Bronx, and acknowledges that Bronx is relying on same in entering into this Agreement, that:

(a)

it is duly incorporated, organized and validly subsisting under the laws of the Province of British Columbia, and it has good and sufficient power, capacity and authority to enter into, execute and deliver this Agreement and to perform its obligations hereunder;

(b)

all necessary corporate action has been taken to authorize the entering into, execution and delivery of this Agreement and the performance of its obligations hereunder; and

(c)

this Agreement constitutes a legal, valid and binding obligation of LVH enforceable against it in accordance with its terms.

9.

Representations and Warranties of Bronx.  Bronx hereby represents and warrants to LVH, and acknowledges that LVH is relying on same in entering into this Agreement, that:

 

 

- 3 -

 

(a)

it is the registered and beneficial owner of a 50% ownership interest in the Three Card Games Software and 100% of the Residual Revenue Entitlement, and Bronx has not sold, assigned, charged, hypothecated, encumbered or otherwise transferred or disposed of said interests or any rights therein or thereto to any other person;

(b)

it is duly incorporated, organized and validly subsisting under the laws of the Province of British Columbia, and it has good and sufficient power, capacity and authority to enter into, execute and deliver this Agreement and to perform its obligations hereunder;

(c)

all necessary corporate action has been taken to authorize the entering into, execution and delivery of this Agreement and the performance of its obligations hereunder; and

(d)

this Agreement constitutes a legal, valid and binding obligation of Bronx enforceable against it in accordance with its terms.

10.

Independent Legal Advice.  The parties hereto acknowledge and agree that Anfield Sujir Kennedy & Durno ("ASKD") has prepared this Agreement on the instructions of both parties, and that ASKD cannot represent or provide advice to either party in preference to the other in respect hereof and any such advice sought or received by either party from ASKD should not be relied on.  Each party hereto acknowledges and agrees that it has been advised to obtain independent legal advice concerning this Agreement, and that it has either obtained independent legal advice or has declined to do so despite having fair opportunity to do so.

11.

Entire Agreement and Further Assurances.  This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof.  The parties shall execute and deliver any and all such instruments and other documents and perform any and all such acts and other things as may be reasonably necessary or desirable to carry out the intent of this Agreement.

12.

Amendments and Waivers.  Any amendments hereto or waivers in respect hereof shall be in writing and signed by the parties hereto.  No waiver shall constitute a waiver of any other provision or act as a continuing waiver unless such is expressly provided for.

13.

Invalid Provisions and Limitation.  The invalidity or unenforceability of any provision hereof shall not affect the validity or enforceability of any other provision hereof.  The courts shall have the power to modify this Agreement, in a manner consistent with the intent of the parties, in order to limit the application of any such offensive provision to the maximum extent permitted by law.

14.

Enurement.  This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

15.

Governing Law and Forum.  This Agreement shall be construed in accordance with and governed by the laws of British Columbia and the laws of Canada applicable therein.  The parties irrevocably agree that any dispute which may arise out of or in connection with the performance or the termination of this Agreement shall be settled by binding arbitration conducted in accordance with the provisions of the Commercial Arbitration Act (British Columbia).

16.

Counterparts and Delivery.  This Agreement may be executed and delivered in two or more counterparts and by facsimile.  Each such counterpart and facsimile shall be deemed an original and together shall form one and the same original instrument, bearing the date set forth on the face page hereof notwithstanding the date of execution or delivery.

17.

Time of the Essence.  Time is of the essence of this Agreement.

 

 

- 4 -

 

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

LAS VEGAS FROM HOME.COM ENTERTAINMENT INC.

(signed “Neil Spellman”)

                                                                 

Authorized Signatory

BRONX VENTURES INC.

(signed “J. Wayne Murton”)

                                                                 

Authorized SignatoryAGREEMENT
                                    ---------

     THIS  AGREEMENT  made  and entered into as of the 26th day of June, 2006 by
and  among Intervest Mortgage Corporation, (hereinafter "Intervest") and Stephen
A.  Helman,  (hereinafter  "Executive");

                                   WITNESSETH:
                                   ----------

     WHEREAS,  the  Board  of  Directors  of  Intervest recognizing value of the
experience  and  knowledge  of  Executive  to  business of Intervest, desires to
retain  the valuable services and business counsel of Executive, it being in the
best interest of Intervest to arrange terms of employment for Executive so as to
reasonably  induce  Executive  to  remain  in  his capacities with Intervest for
Executive's  term  hereof;  and

     WHEREAS,  Executive  is  willing  to  provide  services  to  Intervest  in
accordance with the terms and conditions hereinafter set forth;

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

     1.     EMPLOYMENT.     During  Executive's  Employment, Intervest agrees to
            ----------
employ  Executive  and Executive agrees to accept such employment and to perform
such  duties  and  functions  as  the  Board  of  Directors of Intervest, and/or
Intervest's  officers  as  designated  by  the Board of Directors, may assign to
Executive  from  time  to time, but only administrative and managerial functions
commensurate with Executive's past experience and performance level. As directed
by  the  Board  of  Directors,  he  shall  perform such duties at the offices of
Intervest  in  New  York  City.

     Responsibility  for  the supervision of Executive shall rest with the Board
of  Directors  of  Intervest  and  its  Executive  Committee, which shall review
Executive's  performance  regularly.  The  Board of Directors of Intervest shall
have the authority to terminate Executive, subject to the provisions outlined in
Section  6  of  this  Agreement.

     2.     TITLE.     Executive  shall serve as Vice President and Secretary of
            -----
Intervest.

     3.     TERM  OF  EMPLOYMENT.     Executive's  Employment  referred  to  in
            --------------------
Section 1 hereof shall commence on July 1, 2006, and, subject to the termination
provisions set forth below, shall end December 31, 2007, provided, however, that
if (a) Executive advises Intervest in writing on or before September 1, 2007, of
his  desire  to  extend the term of the Agreement and (b) Intervest communicates
its consent to such extension in writing to Executive on or before September 30,
2007, then the Agreement shall continue upon the same terms and conditions for a
further  one-year  period until December 31, 2008, renewable by the parties from
year  to  year  thereafter  pursuant  to the same procedure described herein. If
Intervest  shall  decide  not  to extend this Agreement, the denial shall not be
construed  as  a  termination  pursuant  to  Paragraph  6  below.

     4.     ANNUAL  COMPENSATION.
            --------------------

     4.1    Base  Salary.     During  Executive's Employment, Executive shall be
            ------------
paid  an  annual  base salary (hereinafter "Base Salary") which shall be paid in
equal  installments  in  accordance  with  Intervest's

                /s/ Lowell S. Dansker         /s/ Stephen A. Helman
                ---------------------         --- -----------------
                         LSD                        Executive

                                        1
<PAGE>
normal  pay  practices, but not less frequently than monthly. Executive's annual
Base  Salary  shall  be  $230,000.  Any  increases  to  the  Base  Salary during
Executive's  Employment  are  at  the  discretion  of  the Board of Directors of
Intervest.

     4.2     Bonus.     During  Executive's  Employment  and  in  addition  to
             -----
Executive's  Base Salary, Executive may receive a bonus payment payable prior to
the  end  of each applicable calendar year. The granting of any such bonus is at
the  sole  discretion  of  the  Board  of  Directors  of  Intervest.

     4.3     Additional  Benefits.     During  Executive's Employment, Executive
             --------------------
shall  be  provided  with  such  employee benefits and benefit levels, including
health  and life insurance, etc. as may be provided by the Board of Directors of
Intervest.  The employee benefits shall be provided and maintained at a level of
not  less  than  what  is  in  effect  at  the  time this Agreement is executed.
Executive  shall  be  entitled  to  participate  in any qualified or unqualified
pension,  profit  sharing  or  other  employee benefit plan adopted by Intervest
hereinafter.

     Throughout  Executive's  Employment,  Executive  shall  also be entitled to
reimbursement  for  reasonable  business  expenses  incurred  by  him  in  the
performance  of his duties hereunder, as approved from time to time by the Board
of  Directors  of  Intervest.

     5.     CHANGE  IN  CONTROL  OF  INTERVEST.
            ----------------------------------

     (a)     In  the  event  of  a  "change in control" of Intervest, as defined
herein,  Executive shall be entitled, for a period of one (1) year from the date
of  closing  of  the  transaction  effecting  such  change in control and at his
election,  to  give written notice to Intervest of termination of this Agreement
and  to  receive  a  lump  sum  cash  payment  as  follows:

     In  the event of a change of control during the first six (6) months of the
Agreement,  Executive  will  be  entitled to an amount equal to compensation, as
outlined  in  Section  4  of  this  Agreement,  at  Executive's  then  current
compensation  level,  for the balance of the Agreement through December 31, 2007
plus  a  bonus  of  six  (6)  months compensation and, in the event of change of
control following the first six (6) month period, Executive shall be entitled to
an  amount  equal  to  compensation  for  the  balance  of the Agreement through
December  31,  2007  plus  a  bonus  of  three  (3)  months  compensation.

     (b)     The severance payments provided for in this Section 5 shall be paid
by  Intervest  not  later  than  ten  (10)  days  after  the  date  of notice of
termination by Executive under this Section 5 or ten (10) days after the date of
closing  of  the  transaction  effecting  the  change  in  control of Intervest,
whichever  is  later.

     (c)     For  purposes  of  this Section 5, "change in control" of Intervest
shall mean:

             (i)    any transaction,  whether  by  merger,  consolidation, asset
                    sale,  tender  offer,  reverse  stock  split  or  otherwise,
                    which  results  in  a reduction in the combined ownership of
                    the  Dansker  and  Bergman  families to less than 10% of the
                    aggregate  outstanding  shares  of  all classes of stock and
                    warrants  of  Intervest's  Holding  Company;  or

             (ii)   if none  of  Jerome  Dansker  or  Lowell  S.  Dansker  is  a
                    member  of  the  Board  of  Directors  of  Intervest  or  of
                    Intervest's  Holding  Company;  or

                /s/ Lowell S. Dansker          /s/ Stephen A. Helman
                ---------------------        ----- -----------------
                          LSD                         Executive

                                        2
<PAGE>
             (iii)  the sale  of  all  or  substantially  all  of the  assets of
                    Intervest  or  Intervest's  Holding  Company;  or

             (iv)   the liquidation of Intervest or Intervest's Holding Company.

     6.     TERMINATION.
            -----------

     6.1     For  Cause.     This  Agreement  may  be terminated by the Board of
             ----------
Directors  of Intervest without notice and without further obligation other than
for accrued and unpaid compensation, for any of the following reasons:

     (a)     failure of Executive to follow reasonable directions or policies of
the Board of Directors of Intervest or its Executive Committee; or

     (b)     gross  negligence  or  willful  misconduct  of Executive materially
damaging to the business of Intervest during the Executive's Employment; or

     (c)     conviction  of the Executive during the Executive's Employment of a
crime involving breach of trust or moral turpitude.

     In  the  event  that  Intervest discharges Executive alleging "cause" under
this  Section  6.1  and  it  is  subsequently  determined  judicially  that  the
termination was "without cause", then such discharge shall be deemed a discharge
without cause subject to the provisions of Section 6.2 hereof.

     6.2     Without  Cause.     Intervest  may,  upon  thirty (30) days written
             --------------
notice  to  Executive, terminate this Agreement without cause at any time during
the  Executive's Employment upon the condition that Executive shall be entitled,
as  liquidated  damages  in  lieu of all other claims, to a severance payment as
follows:

     In  the  event of termination without cause during the first six (6) months
of the Agreement, Executive will be entitled to an amount equal to compensation,
as  outlined  in  Section  4  of  this  Agreement,  at  Executive's then current
compensation  level, for the balance of the Agreement through December 31, 2007,
plus  a  bonus  of  six (6) months compensation and, in the event of termination
without  cause  following  the  first  six  (6) month period, Executive shall be
entitled  to  an  amount  equal to compensation for the balance of the Agreement
through  December  31, 2007, plus a bonus of three (3) months compensation.  The
severance  payment  provided  for in this Section 6.2 shall be paid by Intervest
not  later  than  thirty  (30)  days  after  the  actual  date of termination of
employment  of  Executive.

     7.     ENTIRE  AGREEMENT.     This  Agreement  constitutes  the  entire
            -----------------
agreement  between the parties hereto regarding the employment of Executive, and
supersedes and replaces all prior agreements and understandings, whether written
or  unwritten,  relating  thereto.

     8.     ASSIGNMENT.     Neither  of  the  parties  hereto  may  assign  this
            ----------
Agreement without the prior written consent of the other party hereto.

     9.     SEVERABILITY.     Each  section  and  subsection  of  this Agreement
            ------------
constitutes  a  separate  and  distinct  understanding,  covenant  and provision
hereof.  In  the  event  that  any  provision of this Agreement shall finally be
determined  to  be  unlawful,  such provision shall be deemed to be severed from
this Agreement, but every other provision of this Agreement shall remain in full
force  and  effect.

                /s/ Lowell S. Dansker         /s/ Stephen A. Helman
                ---------------------         --- -----------------
                         LSD                        Executive

                                        3
<PAGE>
     10.     GOVERNING  LAW.     This  Agreement  shall  in  all  respects  be
             --------------
interpreted,  construed  and  governed by and in accordance with the laws of the
State  of  New  York.

     11.     RIGHTS OF THIRD PARTIES.     Nothing herein expressed or implied is
             -----------------------
intended  to or shall be construed to confer upon or give to any person, firm or
other  entity,  other  than  the parties hereto and their permitted assigns, any
rights or remedies under or by reason by this Agreement.

     12.     AMENDMENT.     This Agreement may not be amended orally but only by
             ---------
an instrument in writing duly executed by the parties hereto.

     13.     NOTICES.     Any  notice  or  other  document  or  communication
             -------
permitted  or  required  to  be  given to Executive pursuant to the terms hereof
shall  be  deemed  given  if  personally  delivered  to Executive or sent to him
postage  prepaid, by registered or certified mail, at New York, New York, or any
such  other  address as Executive shall have notified Intervest in writing.  Any
notice  or  other  document  or  other communication permitted or required to be
given  to  Intervest  pursuant  to  the  terms  hereof  shall be deemed given if
personally  delivered  or  sent  to  Chairman of the Board, 1 Rockefeller Plaza,
Suite  400,  New  York,  New  York 10020-2002, postage prepaid, by registered or
certified  mail  or  at  such  other  address  as  Intervest shall have notified
Executive  in  writing.

     14.     WAIVER.     The  waiver  by  either party hereto of a breach of any
             ------
provision  of this Agreement by the other shall not operate or be construed as a
waiver  of  any  subsequent  breach  of  the same or any other provision of this
Agreement  by  the  breaching  party.

                                                 INTERVEST

/s/ Vivian Lee                                   By:  /s/ Lowell S. Dansker
--------------                                        ---------------------
Attest: Vivian Lee                               Lowell S. Dansker, President

                                                 EXECUTIVE

/s/ Catherine E. O'Connor                        /s/  Stephen A. Helman
--------------------------                       ----------------------
Attest: Catherine E. O'Connor                    Stephen A. Helman

                                        4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]