Document:

THIS WARRANT AND THE SHARES OF COMMON STOCK  ISSUABLE  UPON EXERCISE OF
         THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
         AS AMENDED, OR ANY STATE SECURITIES LAWS. EXCEPT AS CONTEMPLATED BY THE
         SECURITIES PURCHASE AGREEMENT AMONG AGU ENTERTAINMENT CORP., ITS DIRECT
         AND INDIRECT SUBSIDIARIES AND THE ORIGINAL HOLDER OF THIS WARRANT, THIS
         WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY
         NOT BE SOLD,  OFFERED FOR SALE,  PLEDGED OR HYPOTHECATED IN THE ABSENCE
         OF AN  EFFECTIVE  REGISTRATION  STATEMENT  AS TO  THIS  WARRANT  OR THE
         UNDERLYING  SHARES OF COMMON  STOCK  UNDER SAID ACT AND ANY  APPLICABLE
         STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY  SATISFACTORY
         TO AGU ENTERTAINMENT CORP. THAT SUCH REGISTRATION IS NOT REQUIRED.

                    Right to Purchase up to 2,000,000 Shares
                             of Common Stock of AGU
                               Entertainment Corp.

                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

No. _________________                             Issue Date:  December 20, 2004

         AGU Entertainment Corp., a corporation  organized under the laws of the
State of Delaware ("AGU"),  hereby certifies that, for value received,  Mitchell
Entertainment  Company,  a Delaware  limited  liability  company or assigns (the
"Holder"),  is entitled,  subject to the terms set forth below, to purchase from
the Company (as defined  herein)  from and after the Issue Date of this  Warrant
and at any time or from time to time  before 5:00 p.m.,  New York time,  through
the close of business on the later of (a)  December 31, 2009 or (b) the maturity
date of the Note  issued  concurrently  herewith  pursuant  to the terms of that
certain   Security   Purchase   Agreement  (the  "Purchase   Agreement")   dated
concurrently   herewith  among  AGU,  its   subsidiaries  and  the  Holder  (the
"Expiration  Date"),  up to  2,000,000  fully paid and  nonassessable  shares of
Common Stock (as hereinafter defined), no par value per share, at the applicable
Exercise  Price per share (as defined  below).  The number and character of such
shares of Common Stock and the  applicable  Exercise Price per share are subject
to adjustment as provided herein.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

            (a) The term "Company" shall include AGU and any  corporation  which
shall succeed, or assume the obligations of, AGU hereunder.
<PAGE>

            (b) The term "Common Stock" includes (i) the Company's Common Stock,
no par value per share;  and (ii) any other  securities  into which or for which
any of the securities described in (a) may be converted or exchanged pursuant to
a plan of recapitalization, reorganization, merger, sale of assets or otherwise.

            (c) The term  "Other  Securities"  refers to any stock  (other  than
Common Stock) and other securities of the Company or any other person (corporate
or  otherwise)  which the holder of the Warrant at any time shall be entitled to
receive,  or shall have received,  on the exercise of the Warrant, in lieu of or
in  addition  to Common  Stock,  or which at any time shall be issuable or shall
have been  issued in exchange  for or in  replacement  of Common  Stock or Other
Securities pursuant to Section 4 or otherwise.

            (d) The  "Exercise  Price"  applicable  under this Warrant  shall be
$2.00 per share,  subject to  adjustment  as  provided  herein.

      1. Exercise of Warrant.

            1.1 Number of Shares Issuable upon Exercise. From and after the date
hereof through and including the  Expiration  Date, the Holder shall be entitled
to receive, upon exercise of this Warrant in whole or in part, by delivery of an
original or copy of an exercise  notice in the form attached hereto as Exhibit A
(the  "Exercise  Notice"),  shares of Common  Stock of the  Company,  subject to
adjustment  pursuant to Section 4.

            1.2 Fair Market Value. For purposes hereof,  the "Fair Market Value"
of a share of Common Stock as of a particular  date (the  "Determination  Date")
shall mean:

            (a) If the Company's Common Stock is traded on the NASD OTC Bulletin
Board, the NASDAQ SmallCap Market,  NASDAQ National Market System,  the American
Stock Exchange,  the New York Stock Exchange or another national exchange,  then
the closing or last sale price, respectively, reported for the last business day
immediately preceding the Determination Date.

            (b) Except as provided in clause (c) below, if the Company's  Common
Stock is not publicly traded, then as the Holder and the Company agree or in the
absence of agreement by arbitration in accordance  with the rules then in effect
of the American Arbitration Association, before a single arbitrator to be chosen
from a panel of persons  qualified  by  education  and  training  to pass on the
matter to be decided.

            (c)  If  the  Determination  Date  is  the  date  of a  liquidation,
dissolution or winding up, or any event deemed to be a liquidation,  dissolution
or winding up pursuant to the Company's charter,  then all amounts to be payable
per share to holders of the Common Stock pursuant to the charter in the event of
such  liquidation,  dissolution  or  winding  up,  plus all other  amounts to be
payable  per share in  respect  of the  Common  Stock in  liquidation  under the
charter,  assuming for the purposes of this clause (d) that all of the shares of
Common Stock then issuable upon exercise of the Warrant are  outstanding  at the
Determination Date.

                                       2
<PAGE>

            1.3 Company  Acknowledgment.  The Company  will,  at the time of the
exercise of the Warrant,  upon the request of the holder hereof  acknowledge  in
writing its  continuing  obligation to afford to such holder any rights to which
such holder shall continue to be entitled after such exercise in accordance with
the  provisions  of this  Warrant.  If the  holder  shall  fail to make any such
request,  such failure shall not affect the continuing obligation of the Company
to afford to such holder any such rights.

            1.4 Trustee for Warrant  Holders.  In the event that a bank or trust
company  shall have been  appointed  as trustee  for the  holders of the Warrant
pursuant to Section 3.2,  such bank or trust  company  shall have all the powers
and duties of a warrant agent (as  hereinafter  described) and shall accept,  in
its own name for the account of the Company or such  successor  person as may be
entitled  thereto,  all  amounts  otherwise  payable  to  the  Company  or  such
successor,  as the case may be, on  exercise  of this  Warrant  pursuant to this
Section 1.

2. Procedure for Exercise.

            2.1 Delivery of Stock Certificates,  Etc., on Exercise.  The Company
agrees that the shares of Common Stock  purchased  upon exercise of this Warrant
shall be deemed to be issued to the Holder as the record owner of such shares as
of the close of  business  on the date on which  this  Warrant  shall  have been
surrendered  together with the Form of Exercise duly  completed and executed and
payment  made for such shares in  accordance  herewith.  As soon as  practicable
after the exercise of this  Warrant in full or in part,  and in any event within
three (3) business days  thereafter,  the Company at its expense  (including the
payment by it of any applicable issue taxes) will cause to be issued in the name
of and  delivered to the Holder,  or as such Holder (upon payment by such Holder
of any  applicable  transfer  taxes) may direct in  compliance  with  applicable
securities  laws,  a  certificate  or  certificates  for the  number of duly and
validly issued,  fully paid and  nonassessable  shares of Common Stock (or Other
Securities)  to which such Holder shall be entitled on such  exercise,  plus, in

                                       3
<PAGE>

lieu of any fractional  share to which such holder would  otherwise be entitled,
cash equal to such fraction multiplied by the then Fair Market Value of one full
share, together with any other stock or other securities and property (including
cash,  where  applicable)  to which such Holder is entitled  upon such  exercise
pursuant to Section 1 or otherwise.

            2.2 Exercise. Payment may be made either (i) in cash or by certified
or  official  bank  check  payable  to the  order  of the  Company  equal to the
applicable  aggregate  Exercise  Price,  or (ii) by wire transfer of immediately
available  funds,  (iii) by delivery of the  Warrant,  or shares of Common Stock
and/or Common Stock  receivable  upon exercise of the Warrant in accordance with
Section (b) below, or (iv) by a combination of any of the foregoing methods, for
the number of Common Shares  specified in such Exercise Notice (as such exercise
number shall be adjusted to reflect any adjustment in the total number of shares
of Common  Stock  issuable to the Holder per the terms of this  Warrant) and the
Holder  shall  thereupon  be entitled to receive the number of duly  authorized,
validly issued,  fully-paid and non-assessable  shares of Common Stock (or Other
Securities) determined as provided herein. Notwithstanding any provisions herein
to the  contrary,  if the Fair  Market  Value of one  share of  Common  Stock is
greater than the Exercise Price (at the date of calculation as set forth below),
in lieu of  exercising  this  Warrant for cash,  the Holder may elect to receive
shares equal to the value (as determined  below) of this Warrant (or the portion
thereof being exercised) by surrender of this Warrant at the principal office of
the Company together with the properly  endorsed  Exercise Notice in which event
the  Company  shall  issue to the  Holder a number of  shares  of  Common  Stock
computed using the following formula:

      X=Y (A-B)
          -----
            A

      Where X = the number of shares of Common Stock to be issued to the Holder

      Y     = the number of shares of Common Stock purchasable under the Warrant
            or, if only a portion of the Warrant is being exercised, the portion
            of the Warrant being exercised (at the date of such calculation)

      A     = the Fair Market Value of one share of the  Company's  Common Stock
            (at the date of such calculation)

      B     = Exercise Price (as adjusted to the date of such calculation)

Notwithstanding the foregoing, no more than fifty percent (50%) of the shares of
Common  Stock  purchasable  upon the  exercise  of this  Warrant may be acquired
pursuant to a "cashless exercise" pursuant to Section 2.2(iii) above.

3.       Effect of Reorganization, Etc.; Adjustment of Exercise Price.

            3.1 Reorganization,  Consolidation, Merger, Etc. In case at any time
or from  time to time,  the  Company  shall  (a)  effect a  reorganization,  (b)
consolidate  with or  merge  into  any  other  person,  or (c)  transfer  all or
substantially all of its properties or assets to any other person under any plan
or arrangement  contemplating the dissolution of the Company, then, in each such
case,  as a condition  to the  consummation  of such a  transaction,  proper and
adequate  provision  shall be made by the  Company  whereby  the  Holder of this
Warrant,  on the exercise  hereof as provided in Section 1 at any time after the
consummation of such  reorganization,  consolidation  or merger or the effective
date of such  dissolution,  as the case may be,  shall  receive,  in lieu of the
Common  Stock (or Other  Securities)  issuable  on such  exercise  prior to such
consummation or such effective date, the stock and other securities and property
(including  cash) to which  such  Holder  would  have  been  entitled  upon such
consummation or in connection with such dissolution, as the case may be, if such
Holder had so exercised this Warrant,  immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 4.

            3.2  Dissolution.  In the event of any  dissolution  of the  Company
following the transfer of all or substantially  all of its properties or assets,
the Company,  concurrently with any distributions  made to holders of its Common
Stock,  shall at its expense  deliver or cause to be delivered to the Holder the
stock and other  securities  and property  (including  cash,  where  applicable)
receivable  by the Holder of the  Warrant  pursuant to Section  3.1,  or, if the
Holder shall so instruct the Company,  to a bank or trust  company  specified by
the Holder as trustee for the Holder of the Warrant (the "Trustee").

                                       4
<PAGE>

            3.3 Continuation of Terms. Upon any  reorganization,  consolidation,
merger or transfer (and any dissolution  following any transfer)  referred to in
this  Section 3, this  Warrant  shall  continue in full force and effect and the
terms hereof shall be applicable to the shares of stock and other securities and
property  receivable on the exercise of this Warrant after the  consummation  of
such   reorganization,   consolidation  or  merger  or  the  effective  date  of
dissolution  following  any such  transfer,  as the case  may be,  and  shall be
binding upon the issuer of any such stock or other securities, including, in the
case of any such transfer,  the person acquiring all or substantially all of the
properties  or assets of the  Company,  whether  or not such  person  shall have
expressly  assumed  the terms of this  Warrant as  provided in Section 4. In the
event  this  Warrant  does not  continue  in full  force  and  effect  after the
consummation of the transactions described in this Section 3, then the Company's
securities and property  (including  cash, where  applicable)  receivable by the
Holders  of  the  Warrant  will  be  delivered  to  Holder  or  the  Trustee  as
contemplated by Section 3.2.

      4. Extraordinary Events Regarding Common Stock.

      4.1  Stock  Dividends.  In the  event  that the  Company  shall  (a) issue
additional  shares of the Common  Stock as a dividend or other  distribution  on
outstanding  Common Stock, (b) subdivide its outstanding shares of Common Stock,
or (c) combine its outstanding  shares of the Common Stock into a smaller number
of shares of the Common  Stock,  then,  in each such event,  the Exercise  Price
shall,  simultaneously  with  the  happening  of  such  event,  be  adjusted  by
multiplying the then Exercise Price by a fraction,  the numerator of which shall
be the number of shares of Common Stock  outstanding  immediately  prior to such
event and the denominator of which shall be the number of shares of Common Stock
outstanding  immediately  after such event,  and the  product so obtained  shall
thereafter  be the  Exercise  Price then in effect.  The Exercise  Price,  as so
adjusted,  shall be  readjusted  in the same  manner upon the  happening  of any
successive  event or  events  described  herein  in this  Section  4.

            4.2 Share  Issuances.  If the Company shall at any time prior to the
expiration  of this  Warrant  issue any  shares of  Common  Stock or  securities
convertible  into  Common  Stock  to a  person  other  than  the  Holder  for  a
consideration  per share (the "Offer  Price"),  less than the Exercise  Price in
effect  at the  time  of  such  issuance,  then  the  Exercise  Price  shall  be
immediately reset to such lower Offer Price. The Exercise Price, as so adjusted,
shall be  readjusted  in the same manner upon the  happening  of any  successive
event or  events  described  herein in this  Section  4.2.  Notwithstanding  the
foregoing,  no  adjustment  will be made under this  Section 4 in respect of any
Excluded Stock. Excluded Stock" means any shares of Common Stock or Common Stock
equivalents issued or issuable to the persons and entities described on Schedule
4.3 of the Securities Purchase Agreement.  This exclusion shall not apply to any
future  issuances of Common Stock unless issued to one of the named  individuals
or entities on such Schedule.

                                       5
<PAGE>

            4.3 EBITDA  Adjustment.  In the event the Borrower's  EBITDA for its
calendar  quarter  ended  September 30, 2006  is not at  least  $5,000,000,  the
Exercise  Price shall be reset as of September  30, 2006 to the closing price of
the  Common  Stock  on the  Principal  Market  on the last  trading  day in such
calendar  quarter,  if such  closing  price is less than the  Exercise  Price in
effect on such last trading day.

      4.4 Number of Shares Adjusted.

      (a) The number of shares of Common  Stock that the holder of this  Warrant
shall be entitled to receive upon exercise of this Warrant after the  occurrence
of any issuance or event  specified in Section 4.1,  Section 4.2 and Section 4.3
shall be increased to a number determined by multiplying the number of shares of
Common Stock that would  otherwise  (but for the provisions of this Section 4.4)
be issuable on such  exercise  by a fraction of which (i) the  numerator  is the
Exercise  Price that would  otherwise  (but for the  provisions  of Section 4.1,
Section  4.2 or  Section  4.3  (as  applicable))  be in  effect,  and  (ii)  the
denominator is the Exercise Price in effect on the date of such exercise.

      (b) If the  Securities  and  Exchange  Commission  has  not  declared  the
Registration  Statement (as defined in the Registration Rights Agreement between
Holder and the Company to be entered into concurrently with the issuance of this
Warrant)  effective in accordance with the time period set forth in Section 2(b)
of the Registration Rights Agreement,  the number of shares of Common Stock that
the holder of this Warrant  shall be entitled to receive  upon  exercise of this
Warrant  shall be increased by 20,000  shares for each thirty (30) day period of
delay (prorated for partial periods) at the Exercise Price in effect immediately
prior to such increase.

      5.  Certificate  as to  Adjustments.  In each  case of any  adjustment  or
readjustment  in the  Exercise  Price or the  shares of  Common  Stock (or Other
Securities)  issuable on the exercise of the Warrant, the Company at its expense
will promptly cause its Chief Financial Officer or other appropriate designee to
compute such  adjustment or  readjustment  in  accordance  with the terms of the
Warrant and prepare a certificate  setting forth such adjustment or readjustment
and showing in detail the facts upon which such  adjustment or  readjustment  is
based,  including a statement of (a) the consideration received or receivable by
the  Company for any  additional  shares of Common  Stock (or Other  Securities)
issued or sold or deemed to have been  issued or sold,  (b) the number of shares
of Common Stock (or Other  Securities)  outstanding or deemed to be outstanding,
and (c) the  Exercise  Price and the  number  of  shares  of Common  Stock to be
received  upon  exercise of this Warrant,  in effect  immediately  prior to such
adjustment  or  readjustment  and as adjusted or  readjusted as provided in this
Warrant.  The Company will forthwith mail a copy of each such certificate to the
holder of the Warrant and any Warrant agent of the Company  (appointed  pursuant
to Section 10 hereof).

                                       6
<PAGE>

      6.  Reservation  of Stock,  Etc.,  Issuable on  Exercise  of Warrant.  The
Company will at all times  reserve and keep  available,  solely for issuance and
delivery  on the  exercise  of the  Warrant,  shares of  Common  Stock (or Other
Securities) from time to time issuable on the exercise of the Warrant.

      7.  Assignment; Exchange of Warrant. Subject to compliance with applicable
securities  laws,  this  Warrant,  and  the  rights  evidenced  hereby,  may  be
transferred  by any  registered  holder hereof (a  "Transferor")  in whole or in
part.  On the  surrender  for exchange of this  Warrant,  with the  Transferor's
endorsement  in  the  form  of  Exhibit  B  attached  hereto  (the   "Transferor
Endorsement  Form") and together with evidence  reasonably  satisfactory  to the
Company  demonstrating  compliance with applicable  securities laws, which shall
include,  without limitation,  a legal opinion from the Transferor's counsel (at
the  Company's  expense)  that such  transfer  is exempt  from the  registration
requirements of applicable securities laws, the Company at its expense (but with
payment by the  Transferor  of any  applicable  transfer  taxes)  will issue and
deliver  to or on the  order of the  Transferor  thereof a new  Warrant  of like
tenor, in the name of the Transferor and/or the transferee(s)  specified in such
Transferor  Endorsement Form (each a "Transferee"),  calling in the aggregate on
the face or faces thereof for the number of shares of Common Stock called for on
the  face  or  faces  of  the  Warrant  so   surrendered   by  the   Transferor.
Notwithstanding  the  foregoing,  any  transfer  in whole or in part to a lineal
descendant of Edward D. and Anna Mitchell and their  affiliates as  contemplated
by the Securities Purchase Agreement between the Company and the original Holder
of this Warrant shall be approved without delivery of any legal opinion or other
condition.

      8.  Replacement of Warrant. On receipt of evidence reasonably satisfactory
to the Company of the loss,  theft,  destruction  or  mutilation of this Warrant
and, in the case of any such loss,  theft or  destruction  of this  Warrant,  on
delivery of an indemnity agreement or security  reasonably  satisfactory in form
and amount to the Company or, in the case of any such  mutilation,  on surrender
and  cancellation  of this Warrant,  the Company at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9.  Registration  Rights.  The  Holder of this  Warrant  has been  granted
certain  registration  rights by the Company.  These registration rights are set
forth  in a  Registration  Rights  Agreement  entered  into by the  Company  and
Purchaser dated as of even date of this Warrant.

      10. Warrant  Agent.  The Company may, by written notice to the each Holder
of the  Warrant,  appoint an agent for the purpose of issuing  Common  Stock (or
Other  Securities)  on the  exercise  of this  Warrant  pursuant  to  Section 1,
exchanging  this  Warrant  pursuant  to Section 7, and  replacing  this  Warrant
pursuant  to  Section  8,  or any of the  foregoing,  and  thereafter  any  such
issuance,  exchange or  replacement,  as the case may be,  shall be made at such
office by such agent.

                                       7
<PAGE>

      11. Transfer on the Company's Books.  Until this Warrant is transferred on
the books of the Company,  the Company may treat the registered holder hereof as
the absolute  owner hereof for all purposes,  notwithstanding  any notice to the
contrary.

      12. Notices, Etc. All notices and other communications from the Company to
the  Holder  of this  Warrant  shall be  mailed  by first  class  registered  or
certified mail,  postage prepaid,  at such address as may have been furnished to
the Company in writing by such Holder or, until any such Holder furnishes to the
Company an  address,  then to, and at the  address  of, the last  Holder of this
Warrant who has so furnished an address to the Company.

      13.  Miscellaneous.  This  Warrant  and any term  hereof  may be  changed,
waived,  discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought.  This Warrant shall be governed by and  construed in accordance  with
the laws of State of Florida  without regard to principles of conflicts of laws.
Any action brought  concerning  the  transactions  contemplated  by this Warrant
shall be brought  only in the state  courts of Florida or in the federal  courts
located in the State of Florida;  provided,  however, that the Holder may choose
to waive this  provision and bring an action  outside the State of Florida.  The
individuals  executing  this Warrant on behalf of the Company agree to submit to
the  jurisdiction  of such courts and waive trial by jury. The prevailing  party
shall be entitled to recover from the other party its reasonable attorney's fees
and  costs.  In the event  that any  provision  of this  Warrant  is  invalid or
unenforceable  under any applicable  statute or rule of law, then such provision
shall be deemed  inoperative  to the extent that it may conflict  therewith  and
shall be deemed  modified to conform  with such statute or rule of law. Any such
provision  which  may prove  invalid  or  unenforceable  under any law shall not
affect the validity or  enforceability  of any other  provision of this Warrant.
The headings in this Warrant are for purposes of reference  only,  and shall not
limit  or  otherwise  affect  any  of  the  terms  hereof.   The  invalidity  or
unenforceability  of any provision hereof shall in no way affect the validity or
enforceability  of any other provision  hereof.  The Company  acknowledges  that
legal counsel  participated in the  preparation of this Warrant and,  therefore,
stipulates  that the rule of  construction  that  ambiguities are to be resolved
against the drafting  party shall not be applied in the  interpretation  of this
Warrant to favor any party against the other party.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
                            SIGNATURE PAGE FOLLOWS.]

                                       8
<PAGE>

      IN WITNESS  WHEREOF,  the Company has executed this Warrant as of the date
first written above.

                                 AGU Entertainment Corp., a Delaware corporation

                                 By:/s/ David C. Levy
                                    --------------------------------------------
                                    David C. Levy, President and Secretary

                                       9
<PAGE>

                                    EXHIBIT A

                              FORM OF SUBSCRIPTION

                   (To Be Signed Only On Exercise Of Warrant)

TO:      AGU Entertainment Corp.
         3200 West Oakland Park Boulevard
         Lauderdale Lakes, Florida  33311
         Attention:        Chief Financial Officer

      The  undersigned,  pursuant to the  provisions  set forth in the  attached
Warrant (No.____), hereby irrevocably elects to purchase (check applicable box):

________ ________ shares of the Common Stock covered by such Warrant; or

________ the maximum  number of shares of Common  Stock  covered by such Warrant
      pursuant to the cashless exercise procedure set forth in Section 2.

      The undersigned herewith makes payment of the full Exercise Price for such
shares  at  the  price  per  share  provided  for  in  such  Warrant,  which  is
$___________. Such payment takes the form of (check applicable box or boxes):

________ $__________ in lawful money of the United States; and/or

________ the  cancellation  of  such  portion  of  the  attached  Warrant  as is
      exercisable  for a total of _______  shares of Common  Stock (using a Fair
      Market  Value of $_______  per share for  purposes  of this  calculation);
      and/or

________ the  cancellation  of such  number  of  shares  of  Common  Stock as is
      necessary,  in  accordance  with the formula set forth in Section  2.2, to
      exercise  this  Warrant  with  respect to the maximum  number of shares of
      Common Stock purchasable  pursuant to the cashless exercise  procedure set
      forth in Section 2.

The undersigned  requests that the certificates for such shares be issued in the
name of, and  delivered  to  ____________________________________________  whose
address is ____________________________________________.

      The  undersigned  represents and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933,  as amended  (the  "Securities  Act") or  pursuant  to an  exemption  from
registration under the Securities Act.

Dated:
      -------------------------   ----------------------------------------------
                                  (Signature must conform to name of holder as
                                  specified on the face of the Warrant)

                                  Address:
                                          --------------------------------------

                                       10
<PAGE>

                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT

                   (To Be Signed Only On Transfer Of Warrant)

      For value received,  the undersigned hereby sells,  assigns, and transfers
unto the  person(s)  named  below  under  the  heading  "Transferees"  the right
represented  by the within  Warrant to  purchase  the  percentage  and number of
shares of Common Stock of AGU Entertainment  Corp. into which the within Warrant
relates  specified  under the  headings  "Percentage  Transferred"  and  "Number
Transferred," respectively,  opposite the name(s) of such person(s) and appoints
each such person  Attorney to transfer its respective  right on the books of AGU
Entertainment Corp. with full power of substitution in the premises.

                                           Percentage        Number
Transferees       Address                 Transferred   Transferred
------------      ----------        -----------------   -----------

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

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

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

Dated
     ----------------------------   --------------------------------------------
                                   (Signature must conform to name of holder as
                                   specified on the face of the Warrant)

                                    Address:
                                            ------------------------------------

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

                                   SIGNED IN THE PRESENCE OF:

                                    --------------------------------------------
                                                    (Name)
ACCEPTED AND AGREED:
[TRANSFEREE]

-----------------------------
       (Name)

                                       11PROMISSORY NOTE

$7,000,000.00                                           Fort Lauderdale, Florida
                                                            December 20, 2004

      The  undersigned,   AGU  ENTERTAINMENT   CORP.,  a  Delaware   corporation
(hereinafter  called  "Maker" or  "Borrower"),  promises  to pay to the order of
CHARLEY  ZECHES,  in her  capacity  as  Trustee  of LAKES  HOLDING  TRUST  under
Agreement  dated July 27, 2001  (hereinafter,  together with any holder  hereof,
called "Payee" or "Lender"),  at her office at 3200 West Oakland Park Boulevard,
Fort Lauderdale,  Florida  33311-1245,  or at such other place as Payee may from
time to time  designate,  the principal sum of Seven Million and 00/100  Dollars
($7,000,000.00),  together  with  interest  thereon  from the date hereof at the
interest rate set forth below, which sums are to be repaid as follows:

      This Note shall bear interest at a fixed interest rate of six and one half
percent (6.5%) per annum.  Payments of interest only shall be due and payable on
a  monthly  basis,  with the first  payment  due and  payable  on the 1st day of
December, 2004, with monthly payments of interest due and payable in the 1st day
of each month  thereafter  until the 1st day of  November,  2005 (the  "Maturity
Date") on which date the entire principal balance of the Note, together with all
accrued and unpaid interest thereon and all other  applicable  changes should be
due and payable in full. A principal  payment in the amount of Two Hundred Fifty
Thousand and 00/100 Dollars  ($250,000.00) shall be due and payable on April 25,
2005.

      Maker has deposited into an interest  bearing  escrow account  established
with Payee (the "Tax and Interest  Escrow  Account") the amount of  $150,000.00,
which shall be used to pay the next three  monthly  interest  payments due under
this Note and the excess,  if any, shall be held by Payee and applied to pay any
real estate taxes due in connection with the Real Property.  Maker shall deposit
into the Tax and Interest Escrow Account,  additional  quarterly  prepayments of
interest  and  estimated  real estate  taxes,  to be applied as described in the
previous  sentence,  each in the amount of $145,000,  on January 25, 2005, April
25, 2005 and August 25, 2005.  Payee will remit from the Tax and Interest Escrow
Account, the payment of real estate taxes, however,  prior thereto, Maker shall,
if the amount in such Tax and Interest  Escrow Account  allocated to real estate
taxes is  deficient,  pay the  shortfall  to Payee  immediately  upon receipt of
notice  of such  deficiency  from  Payee.  All  interest  earned  in the Tax and
Interest  Escrow  Account  shall be  allocated to the benefit of and be the sole
property of Maker.  Maker has furnished  Payee with its FEIN in connection  with
the  establishment of the Tax and Interest Escrow Account.  The Tax and Interest
Escrow Account shall be held in accordance with the terms and provisions of that
certain Mortgage Deed and Security Agreement executed by Maker in favor of Payee
of even date herewith.

      Interest  charged  under  this Note  shall be  computed  on the basis of a
360-day year for the actual number of days elapsed. All payments hereunder shall
be made in such coin or currency of the United  States of America as at the time
of payment  shall be legal  tender for the payment of public and private  debts,
and shall be applied  first to interest  and lawful  charges and  expenses  then
accrued and then to principal.

<PAGE>

      In order to compensate  Payee for loss and expense  occasioned by handling
delinquent  payments,  which  include,  but  are not  limited  to,  the  cost of
processing and collecting  delinquencies,  Maker shall pay to Payee, in addition
to any interest or other sums payable under this Note, a service charge equal to
five percent  (5%) of the amount of any payment  received by Payee ten (10) days
or more after the due date thereof.

      The  outstanding  principal  balance of this Note or any  portion  thereof
shall be  convertible,  at any time, at the sole option of Payee into the common
stock, no par value, of Maker (the "Conversion Shares") at a conversion price of
$2.50 per share.  The  Conversion  Shares  shall be  restricted  securities,  in
accordance  with  applicable  securities  laws,  and  shall  include  "piggyback
registration"  rights, in accordance with that certain Stock Purchase  Agreement
by and between Maker and Payee of even date  herewith.  Additionally,  upon five
(5) days prior written notice  ("Prepayment  Notice") to Payee, this Note may be
prepaid  in full by Maker at any time  during  the term of this Note in the sole
discretion of Maker,  without any prepayment  penalty.  Such  Prepayment  Notice
shall not preclude Payee's  conversion  option, as described above, if exercised
prior to the later of: (i) the date of Payee's  receipt  of such  prepayment  or
(ii) the date of Payee's receipt of the Prepayment Notice.

      From and after the date upon which any  payment of  principal  or interest
hereunder  becomes due and payable (whether by acceleration or otherwise) if the
same is not timely paid, or upon the  occurrence of any other default under this
Note or any  default  under  any of the  Loan  Documents  (as  defined  herein),
interest  shall be payable on all sums  outstanding  hereunder at the lesser of:
(i) the maximum  rate  permitted  by  applicable  law or (ii) 18% per annum (the
"Default Rate"),  and shall be due and payable ON DEMAND.  Any judgment obtained
by Payee  against  Maker as to any  amounts  due under this Note shall also bear
interest at the Default Rate.

      This  Note is  secured  by  certain  security  documents  encumbering  the
property described therein, including, without limitation, the following:

      A.    Mortgage Deed and Security Agreement.
      B.    UCC-1 Financing Statements.
      C.    Associated   affidavits,    disclosures   and   miscellaneous   loan
            documentation.

This Note,  all documents  listed  above,  and any other  documents  executed in
connection with this Note, are hereinafter collectively referred to as the "Loan
Documents".

      In the event of the  continuation  of any  default  in the  payment of any
interest,  principal  or  escrows  under this Note for a period of ten (10) days
after such  payment  becomes due, or upon the  occurrence  of any other event of
default  under  the  terms  and  provisions  of  this  Note  or any of the  Loan
Documents,  or any other  documents  delivered to Payee in connection  with this
Note,  or any other  obligation  of Maker to Payee,  then Payee may  declare the
entire unpaid principal  amount  outstanding  hereunder,  together with interest
accrued thereon and any other lawful charges accrued hereunder,  immediately due
and payable.

                                       2
<PAGE>

      Maker and any endorsers,  sureties, guarantors, and all others who are, or
at some future date may become, liable for the payments required hereunder grant
a continuing first lien security interest in and to, and authorize Payee, in its
sole discretion at any time after an event of default  hereunder,  in such order
as Payee  may  elect,  to apply to the  payment  of  obligations  due and  owing
hereunder,  or to the  payment  of any and  all  indebtedness,  liabilities  and
obligations of such parties to Payee, whether now existing or hereafter created,
any and all monies,  general or specific  deposits,  or collateral of whatsoever
nature of any of the above noted parties,  now or hereafter in the possession of
Payee. All property  described in this paragraph above,  along with all property
secured by the Loan  Documents,  including  all  proceeds  thereof and rights in
connection therewith, together with additions and substitutions, are hereinafter
collectively referred to as the "Collateral".

      Additions to, releases,  reductions,  or exchanges of or substitutions for
the  Collateral,  payments on account of this Note, or increases of the same, or
other loans made partially or wholly upon the Collateral,  may from time to time
be made without  affecting the provisions of this Note or the liabilities of any
party  hereto.  If any of the  Collateral  is  personal  property,  Payee  shall
exercise  reasonable  care in the custody and  preservation of the Collateral in
its  possession,  and shall be deemed to have  exercised  reasonable  care if it
takes such action for that purpose as Maker shall reasonably request in writing,
but no  omission to comply with any request of Maker shall of itself be deemed a
failure to exercise  reasonable care. Payee shall not be bound to take any steps
necessary to preserve any rights in the Collateral  against prior  parties,  and
Maker shall take all  necessary  steps for such  purposes.  Payee or its nominee
need not collect  interest on or principal of any  Collateral or give any notice
with respect thereto.

      In the event Payee deems itself  insecure or upon the  happening of any of
the following events,  each of which shall constitute a default  hereunder,  all
sums due hereunder  shall thereupon or thereafter,  at Payee's  option,  without
notice or demand, become immediately due and payable: (a) failure of any Obligor
(which term shall mean and  include  each Maker,  endorser,  surety,  guarantor,
general  partner  of Maker or other  party  liable for  payment  of or  pledging
collateral  or security  under this Note) to pay any sum due hereunder or due by
any  Obligor  to Payee  under any other  promissory  note or under any  security
instrument or written  obligation of any kind now existing or hereafter created;
(b)  occurrence  of default  (other  than a default  relating to any payment due
hereunder)  under any of the Loan  Documents  or any  other  loan  agreement  or
security  instrument now or hereafter in effect which, by its terms, covers this
Note or the indebtedness evidenced hereby, provided, however, if such default by
its nature can be cured,  then  Borrower  shall have a period of 30 days  ("Cure
Period") after Borrower  receives  notice of such default to cure the same and a
default  shall not be deemed to exist during the Cure Period;  provided  further
that if Borrower  commences to cure such  failure  during the Cure Period and is
diligently,  and in good faith,  attempting to effect such cure, the Cure Period
shall be extended for so long as Borrower shall diligently  pursue completion of
such Cure,  up to a maximum of 90 days;  (c)  filing of any  petition  under the
Bankruptcy  Code or any  similar  federal or state  statute  by or  against  any
Obligor or the insolvency of any Obligor;  (d) making of a general assignment by
any Obligor for the benefit of creditors, appointment of or taking possession by
a receiver,  trustee or custodian or similar official for any Obligor or for any
assets of any such Obligor or  institution by or against any Obligor of any kind
of insolvency  proceedings or any  proceeding for  dissolution or liquidation of
any Obligor;  (e) entry of a judgment against any Obligor,  which results in the
filing of a lien against any of the collateral securing this Note, which lien is
not released or terminated  within 30 days of the filing  thereof;  (f) material
falsity in any certificate, statement, representation,  warranty or audit at any
time  furnished  to Payee  by or on  behalf  of any  Obligor  pursuant  to or in
connection  with this Note, the Loan Documents or any loan agreement or security
agreements now or hereafter in effect which,  by its terms,  covers this Note or
the  indebtedness  evidenced  hereby or  otherwise  including  any  omission  to
disclose any  substantial  contingent or liquidated  liabilities or any material
adverse  change  in  any  facts   disclosed  by  any   certificate,   statement,
representation,  warranty or audit furnished to Payee;  (h) issuance of any writ
of  attachment  or writ  of  garnishment  or  filing  of any  lien  against  any
Collateral  or the  property of any  Obligor;  (i) taking of  possession  of any
material Collateral or of any substantial part of the property of any Obligor at
the  instance  of any  governmental  authority;  (j)  dissolution,  termination,
merger, consolidation,  or reorganization of any Obligor; (k) assignment or sale
by any  Obligor of any equity in any  Collateral  securing  payment of this Note
without the prior written  consent of Payee;  (l)  cancellation  of any guaranty
with  respect  hereto  without  the prior  written  consent  of  Payee;  (m) the
determination  by Payee that a material adverse change has occurred with respect
to the  property  encumbered  by the  Loan  Documents  (financial,  physical  or
otherwise) or in the  financial  condition of any Obligor from the condition set
forth  in the  most  recent  financial  statements  of such  Obligor  heretofore
furnished  to Payee or from the  condition of such  Obligor as  heretofore  most
recently  disclosed  to Payee in any manner;  or (n)  occurrence  of any default
under any guaranty executed in connection with this Note or under any obligation
of Maker or of any Obligor to Payee.

                                       3
<PAGE>

      Payee shall have all of the rights and  remedies of a creditor,  mortgagee
and secured party under all applicable law.  Without  limiting the generality of
the  foregoing,  upon the  occurrence  of any default  hereunder or in the event
Payee, at any time, deems itself insecure, Payee may, at its option, and without
notice or demand (i) declare the entire unpaid  principal  and accrued  interest
accelerated  and due and  payable  at  once,  together  with  any and all  other
liabilities  of Maker or any of such  liabilities  selected  by Payee;  and (ii)
set-off  against  this Note all monies  owed by Payee in any  capacity to Maker,
whether or not due, and also set-off  against all other  liabilities of Maker to
Payee all monies  owed by Payee in any  capacity  to Maker,  and Payee  shall be
deemed  to have  exercised  such  right of  set-off,  and to have  made a charge
against any such money immediately upon the occurrence of such default, although
made or entered on the books subsequent  thereto.  To the extent that any of the
Collateral  is personal  property and Payee elects to proceed with respect to it
in accordance with the Uniform  Commercial Code then,  unless that collateral is
perishable  or  threatens  to  decline  speedily  in  value,  or  is  of a  type
customarily sold on a recognized market, Payee will give Maker reasonable notice
of the time and place of any public or private sale thereof.  The requirement of
reasonable  notice shall be met if such notice is, at the option of Payee,  hand
delivered,  sent via expedited courier, or mailed, postage pre-paid to Maker, at
the  address  given to Payee by  Maker,  or at any  other  address  shown on the
records  of Payee  at  least  five  (5)  days  before  the  time of  sale.  Upon
disposition  of any Collateral  after the  occurrence of any default  hereunder,
Maker  shall be and shall  remain  liable for any  deficiency;  and Payee  shall
account to Maker for any surplus, but Payee shall have the right to apply all or
part of such surplus (or to hold the same as reserve)  against any and all other
liabilities of Maker to Payee.

                                       4
<PAGE>

      Payee may,  at any time,  whether  or not this Note is due:  (i) pledge or
transfer  this Note and its interest in the  Collateral,  and the pledgee or the
transferee shall, for all purposes, stand in the place of Payee and have all the
rights of Payee set forth  herein;  (ii)  transfer  the whole or any part of the
Collateral  into the name of itself or its nominee;  (iii) vote the  Collateral;
(iv) notify  Maker to make  payment to Payee of any amounts due or to become due
thereon;  (v) demand, sue for, collect,  or make any compromise or settlement it
deems  desirable  with  reference to the  Collateral;  (vi) take  possession  or
control of any proceeds of the  Collateral;  and (vii) exercise all other rights
necessary or required, in Payee's discretion,  in order to protect its interests
hereunder.

      In no event shall Payee be entitled to unearned or  unaccrued  interest or
other  charges or rebates,  except as may be  authorized  by law, and should any
interest or other charges paid by Maker or other parties  liable for the payment
of this Note result in the  computation  or earning of interest in excess of the
maximum rate of interest that is legally  permitted  under  applicable law, then
any and all such excess shall be and the same is hereby waived by Payee, and any
and all such  excess  shall be  automatically  credited  against  and reduce the
balance  due under  this  indebtedness,  and the  portion of said  excess  which
exceeds the balance due under this indebtedness, shall be paid by Payee to Maker
and parties liable for the payment of this Note.  Payee may, in determining  the
maximum rate permitted  under  applicable law in effect from time to time,  take
advantage of (i) the maximum  rate of interest  permitted  under  Florida law or
federal law,  whichever is higher,  including  any laws  regarding  parity among
lenders;  and (ii) any other law, rule or regulation in effect from time to time
available to Payee, which exempts Payee from any limit upon the rate of interest
it may charge,  or grants to Payee the right to charge a higher rate of interest
than that permitted by Chapter 687, Florida Statutes.  In determining whether or
not the  interest  paid or payable  under any specific  contingency  exceeds the
highest  lawful  rate,  Payee  shall,  to the  maximum  extent  permitted  under
applicable law (a) characterize any non-principal  payment as an expense, fee or
premium  rather than as  interest,  (b) exclude  voluntary  prepayments  and the
effects  thereof,  and (c) "spread" the total amount of interest  throughout the
maximum term of the  obligation so that the interest rate is uniform  throughout
the entire term of the obligation.

      The  provisions  of this Note and the Loan  Documents  shall be  construed
according to the internal  laws (and not the laws of  conflicts) of the State of
Florida;  except as set forth  above,  if Federal law would allow the payment of
interest  hereunder  at a higher  maximum  rate than would be  applicable  under
Florida law, in which case such Federal law shall apply to the  determination of
the highest applicable lawful rate of interest hereunder.

      No  delay  or  omission  on the part of  Payee  in  exercising  any  right
hereunder  shall  operate as a waiver of such right or of any other rights under
this  Note.  Presentment,  demand,  protest,  notice of  dishonor  and all other
notices are hereby waived by Maker.  Maker  promises and agrees to pay all costs
of collection and attorneys'  fees,  which shall include  reasonable  attorneys'
fees in  connection  with any  suit,  out of  court,  in trial,  on  appeal,  in
bankruptcy proceedings or otherwise, incurred or paid by Payee in enforcing this
Note or preserving  any right or interest of Payee set forth herein.  Any notice
to Maker shall be  sufficiently  served for all  purposes if placed in the mail,
postage prepaid, addressed to, or left upon the premises at the address of Maker
as provided to Payee.

                                       5
<PAGE>

      This Note is not assumable  without Payee's prior written  consent,  which
consent may be granted by Payee or denied by Payee, in Payee's sole and absolute
discretion.

      Maker agrees that Broward  County,  Florida  shall be the proper venue for
any and all  legal  proceedings  arising  out of  this  Note or any of the  Loan
Documents.

      WAIVER  OF TRIAL BY JURY.  MAKER  AND PAYEE  HEREBY  MUTUALLY,  KNOWINGLY,
WILLINGLY AND VOLUNTARILY  WAIVE THEIR RIGHT TO TRIAL BY JURY AND NO PARTY,  NOR
ANY ASSIGNEE,  SUCCESSOR,  HEIR, OR LEGAL  REPRESENTATIVE OF THE PARTIES (ALL OF
WHOM ARE  HEREINAFTER  REFERRED TO AS THE "PARTIES")  SHALL SEEK A JURY TRIAL IN
ANY LAWSUIT, PROCEEDING,  COUNTERCLAIM, OR ANY OTHER LITIGATION PROCEEDING BASED
UPON OR  ARISING  OUT OF THIS  NOTE OR THE  LOAN  DOCUMENTS,  OR ANY  INSTRUMENT
EVIDENCING,  SECURING,  OR RELATING TO THE  INDEBTEDNESS  AND OTHER  OBLIGATIONS
EVIDENCED  HEREBY OR ANY RELATED  AGREEMENT OR INSTRUMENT,  ANY OTHER COLLATERAL
FOR THE  INDEBTEDNESS  EVIDENCED  HEREBY  OR ANY  COURSE  OF  ACTION,  COURSE OF
DEALING,  STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS RELATING TO THE LOAN
OR TO THIS NOTE. THE PARTIES ALSO WAIVE ANY RIGHT TO  CONSOLIDATE  ANY ACTION IN
WHICH A JURY TRIAL HAS BEEN WAIVED,  WITH ANY OTHER ACTION IN WHICH A JURY TRIAL
HAS NOT BEEN WAIVED. THE PROVISIONS OF THIS PARAGRAPH HAVE BEEN FULLY NEGOTIATED
BY THE  PARTIES.  THE WAIVER  CONTAINED  HEREIN IS  IRREVOCABLE,  CONSTITUTES  A
KNOWING AND VOLUNTARY WAIVER,  AND SHALL BE SUBJECT TO NO EXCEPTIONS.  PAYEE HAS
IN NO WAY  AGREED  WITH OR  REPRESENTED  TO MAKER OR ANY  OTHER  PARTY  THAT THE
PROVISIONS OF THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

      THE  PROPER  FLORIDA  DOCUMENTARY  STAMP TAX HAS BEEN PAID AND THE  PROPER
DOCUMENTARY STAMPS HAVE BEEN AFFIXED TO THE MORTGAGE DEED AND SECURITY AGREEMENT
SECURING THIS PROMISSORY NOTE.

                                               AGU ENTERTAINMENT CORP., a
                                               Delaware corporation

                                               By: /s/ David Levy
                                                   -----------------------------
                                                   David Levy, President

                                       6

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