Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Star Resorts Development Inc. - Exhibit 10.1

OFFSHORE SECURITIES SUBSCRIPTION AGREEMENT 

              
This Offshore Securities Subscription Agreement ("Agreement") is executed this
_____ day of _______________ in reliance upon the transaction exemption afforded
by Regulation S as promulgated by the United States Securities and Exchange
Commission ("SEC"), under authority of the Securities Act of 1933, as amended
("1933 Act").

              
This Agreement has been executed by the undersigned in connection with the sale
of the common stock, $.00001 par value per share (the “Common Stock”) of Star
Resorts Development Inc. a corporation organized under the laws of Nevada
(hereinafter referred to as the "Company"). 

              
The undersigned, Banque SCS Alliance SA, a corporation organized under the laws
of Switzerland, a non-USA jurisdiction (hereinafter referred to as the
"Purchaser"), hereby subscribes to purchase <> units (“Units”) consisting
of one share (“Shares”) of Common Stock and a warrant (exercisable for a period
of 5 years from issuance) with a conversion price of $<> for a total
amount of US $<>. The Purchaser hereby represents and warrants to, and
agrees with the Company as follows: 

	1. 	
      Agreement to Subscribe; Payment of Purchase
      Price

	 	 	 	 
		a. 	
      The Purchaser hereby subscribes for the purchase of
      <> Units at the purchase price of approximately US $<> per
      Unit (the "Purchase Price").

	 	 	 	 
		b. 	
      The Purchaser shall pay the Purchase Price for the Shares
      by delivering good funds in United States Dollars to the
Company.

	 	 	 	 
	2. 	
      Issuance of Securities. The Company shall instruct
      its transfer agent to issue the Shares subscribed for in the name and at
      the address provided by the Purchaser. The Shares will bear a restrictive
      legend.

	 	 	 	 
	3. 	
      Representations and Warranties of
  Purchaser.

	 	 	 	 
		a. 	
      Purchaser represents and warrants to the Company as
      follows:

	 	 	 	 
			(i) 	
      Purchaser is not a "U.S. person" as that term is defined
      under Regulation S as promulgated by the Securities and Exchange
      Commission ("SEC") under authority of the Securities Act of 1933, as
      amended (the "1933 Act"). "U.S. person" is defined by Regulation S
    as:

	 	 	 	 
				
      a.      Any natural person
      resident in the United States;

b.      Any
partnership or corporation organized or incorporated under the laws of the
United States; 

c.      Any
estate of which any executor or administrator is a U.S. person; 

d.      Any
trust of which any trustee is U.S. person; 

e.      Any
agency or branch of a foreign entity located in the United States; 

f.      Any
non-discretionary account or similar account (other than an estate or trust)
held by a dealer or other fiduciary for the benefit or account of a U.S. person;

g.      Any
discretionary account or similar account (other than an estate or trust) held by
a dealer or other fiduciary organized, incorporated, or (if an individual)
resident in the United States; and 

h.      Any
partnership or corporation if organized under the laws of any foreign
jurisdiction and formed by a U.S. person principally for the purpose of
investing in securities not registered under the 1933 Act, unless it is
organized, incorporated, and owned, by accredited investors (as defined in Rule
501(a) under the 1933 Act) who are not natural persons, estates or trusts. 

	 	(ii) 	
      At the time the buy order for the Shares was originated,
      Purchaser was outside the United States;

	 	 	 
	 	(iii) 	
      Purchaser is purchasing the Shares for his own account
      and not on behalf of any U.S. person, and the sale has not been
      pre-arranged with a purchaser in the United States;

	 	 	 
	 	(iv) 	
      To the best knowledge of the Purchaser, each distributor
      participating in the offering of the securities, if any, has agreed in
      writing that all offers and sales of the securities prior to the
      expiration of a period commencing on the date of the transaction and
      ending forty days thereafter shall be made in compliance with the Issuer
      Safe Harbor, pursuant to registration of securities under the 1933 Act or
      pursuant to an exemption from registration; and

	 	 	 
	 	(v) 	
      All offering documents received by the Purchaser include
      statements to the effect that the securities have not been registered
      under the 1933 Act and may not be offered or sold in the United States or
      to U.S. persons unless the securities are registered
  under

the 1933 Act or an exemption from the
registration requirements is available. 

	 	b. 	
      The Purchaser represents and warrants and hereby agrees
      that no offers or sales of the Shares acquired hereby shall be made except
      in compliance with Rule 903 of Regulation S, pursuant to the registration
      requirements of the 1933 Act or pursuant to an applicable exemption from
      such registration; and further agrees not to engage in hedging
      transactions with regard to the Shares unless in compliance with the 1933
      Act;

	 	 	 
	 	c. 	
      The Purchaser understands that (1) the Shares have not
      been registered under the 1933 Act and may not be offered or sold in the
      United States or to U.S. persons absent registration in accordance with,
      or an applicable exemption from, the registration requirements of the 1933
      Act, and (2) the Company is not obligated to file a registration statement
      registering the resale of the Shares;

	 	 	 
	 	d. 	
      The Purchaser is not relying on the Company or any of its
      representatives with respect to tax or other economic or suitability
      considerations involved in its decision to make the purchase of the Shares
      and is fully aware of the risks associated with its purchase of the
      Shares.

	 	 	 
	 	e. 	
      If the Purchaser is a corporation, partnership, trust,
      estate or other entity other than a natural person, (A) it is duly
      organized, validly existing and in good standing under the laws of its
      jurisdiction of organization; (B) the execution and delivery by it of this
      Agreement and completion by it of the purchase of the Shares are within
      its powers, have been duly authorized by all necessary action on its
      behalf, and require no filing with, or action by, or in respect of any
      governmental body, agency or official; and (C) each person signing this
      Agreement on behalf of the Purchaser has been duly authorized by the
      Purchaser for the purpose.

	 	 	 
	 	f. 	
      The execution and delivery of this Agreement by the
      Purchaser and the completion by it of the purchase of the Shares do not
      contravene or constitute a default under any provision of any applicable
      law or regulation, Purchaser's certificate of incorporation or other
      organizational documents, if applicable, or any other agreement, judgment,
      injunction, order, decree or other instrument binding on the Purchaser or
      any of its property.

	 	 	 
	 	g. 	
      The Purchaser is not purchasing any of the Shares as a
      result of or in connection with any activity that would constitute
      "directed selling efforts" (within the meaning given that term in
      Regulation S) in the United States and the Purchaser will not undertake
      any such "directed selling efforts" in connection with the Shares in the
      future.

	 	h. 	
      The Purchaser is acquiring the Shares for investment for
      his, her or its own account and will sell the Shares via a broker/dealer
      once an exemption is available or the Shares have been
  registered.

	 	 	 
	 	i. 	
      I understand that all documents, records and books
      pertaining to this investment have been made available by the Company for
      inspection by me or my attorney, accountant or Purchaser Representative. I
      am familiar with the Company’s business objectives and the financial
      arrangements in connection therewith and I believe that the Shares I am
      purchasing are the kind of securities that I wish to hold for investment
      and that the nature and amount of the Shares are consistent with my
      investment program. I and my advisor(s) have had a reasonable opportunity
      to ask questions of and receive answers from the Company concerning the
      Company and the Shares and all such questions have been answered to my
      full satisfaction. I, or my representatives, have made such investigation
      of the facts and circumstances regarding my purchase of the Shares as I
      have deemed necessary.

	 	 	 
	 	j. 	
      Subject to the terms and conditions hereof, the Purchaser
      hereby irrevocably tenders this Subscription Agreement for the purchase of
      the number of Shares indicated herein. Payment of US $<> accompanies
      the delivery of this Subscription Agreement for the purchase of <>
      Units at approximately US $<> per Unit. If the subscription is not
      accepted for any reason whatsoever, the Purchaser’s money will be returned
      in full, without interest thereon or deduction therefrom, and the Company
      will be relieved of any responsibility or liability which might be deemed
      to arise out of my offer to subscribe for the Units.

	 	 	 
	 	k. 	
      The Purchaser understands that no federal or state agency
      has passed on or made any recommendation or endorsement of the
    Shares.

	 	 	 
	 	l. 	
      The Purchaser hereby indemnifies and holds the Company,
      and its officers, directors and agents harmless from and against any
      damages, including reasonable attorney's fees, that result from or arise
      out of any misrepresentations or violation of this Agreement by the
      Purchaser.

	 	 	 
	 	m. 	
      The Purchaser represents prior to the purchase of the
      Shares sold hereby that the Purchaser is not the beneficial owner of any
      Shares of the Company.

	 	 	 
	 	n. 	
      The Purchaser understands and acknowledges that he, she
      or it does not have the right to require registration of the resale of the
      Shares under the Act or under any state securities
laws.

	4. 	
      Representations and Warranties of the Company. The
      Company represents and warrants to, and agrees with, the Purchaser
      that:

	 	 	 	 
		a. 	
      The Company has been duly incorporated and validly exists
      as a corporation in good standing under the laws of the State of
      Nevada.

	 	 	 	 
		b. 	
      This agreement has been duly authorized, executed and
      delivered by the Comp!ny and is a valid and binding agreemeft enforceable
      in accordance with its terls, subject to bankruptcy, insolvency,
      fraudulent transfer, seorganization, moratorium and similar laws of
      general applicability relating to or affecting creditors' rights generally
      and to general princitles of equity; and the Company has full corporate
      power and authority necessary to enter into tHis Agreement and to perform
      its obligations her%under.

	 	 	 	 
		c. 	
      Neither the sale of the Shares pursuant to, nor the
      performance of its"obligations under, this Agreement by the Company will
      violate, conflict with, result in a breach of, or constitute a default (or
      an event which with the giving of notice or the lapse of time or both
      would be reasonably likely to constitute a default) under the articles of
      incorporation of the Company.

	 	 	 	 
		d. 	
      The Shares:

	 	 	 	 
			(i) 	
      are being issued free and clear of any security interest,
      liens, claims or other encumbrances;

	 	 	 	 
			(ii) 	
      have been duly and validly authorized and when issued,
      delivered and paid for in the manner set forth in this Agreement, will be
      duly and validly issued, fully paid and non-assessable;

	 	 	 	 
			(iii) 	
      will not have been, individually and collectively, issued
      or sold in violation of any pre-emptive or other similar rights of the
      holder of any securities of the Company; and

	 	 	 	 
			(iv) 	
      will not subject the holders thereof to personal
      liability by reason of being such holders.

	 	 	 	 
		f. 	
      Except as provided in paragraph herein, the Company has
      not issued, and after the Closing Date will not issue, any stop transfer
      order impeding the sale and delivery of the
Shares.

	 	g. 	
      With respect to the Shares offered:

	 	 	 	 
	 		(i) 	
      the Company has not offered the Shares to any person in
      the United States or to any "U.S. person" as that term is defined in
      Regulation S;

	 	 	 	 
	 		(ii) 	
      at the time the buy order was originated, the Company
      and/or its agent reasonably believed the Purchaser was outside of the
      United States and was not a "U.S. person;"

	 	 	 	 
	 		(iii) 	
      the Company and/or its agents reasonably believe that the
      transaction has not been pre-arranged with a purchaser in the United
      States; and

	 	 	 	 
	 		(iv) 	
      pursuant to this Agreement, the Company will refuse to
      register any transfer of the Shares not made in accordance with the
      provisions of Regulation S, pursuant to a registration under the 1933 Act,
      or pursuant to an available exemption from registration, provided however,
      that if the Shares are in bearer form or foreign law prevents the Company
      from making such refusal, the Company will implement other reasonable
      procedures (such as placing a legend on the transferred Shares) to prevent
      any subsequent transfer of the Shares not made in accordance with
      Regulation S.

	 	 	 	 
	 	h. 	
      In regard to this transaction, the Company has not
      conducted any "directed selling efforts" as that term is defined in Rule
      902 of Regulation S nor has the Company conducted any general solicitation
      relating to the offer and sale of the Shares to persons resident within
      the United States or elsewhere. No underwriters or distributing agents
      have been involved or in any way connected with this
transaction.

	 	 	 	 
	 	i. 	
      The Company hereby indemnifies and holds the Purchaser
      harmless from and against any and all damages including reasonable
      attorney's fees that result from or arise out of any misrepresentations or
      violations of this Agreement by the Company.

	5. 	
      Closing Date. The date of closing of the sale of
      the Shares (the "Closing Date") shall be at the earliest mutually
      acceptable date.

	 	 	 
	6. 	
      Conditions to the Company's Obligation to Sell Shares.
      The Purchaser understands that the Company's obligation to sell the
      Shares is conditioned upon:

	 	 	 
		a. 	
      The receipt and acceptance by the Company of a
      satisfactory subscription agreement; and

	 	b. 	
      Delivery by the Purchaser to the Company of good funds as
      set forth in this Agreement.

	7. 	
      Conditions to the Purchaser's Obligation to Purchase
      Shares. The Company understands that the Purchaser's obligation to
      purchase the Shares is conditioned upon delivery of the securities
      comprising the Shares with appropriate instructions to the transfer agent
      as described herein.

	 	 
	8. 	
      Survival of Representations and Warranties. The
      representations, warranties, acknowledgements and agreements of the
      parties to this Agreement shall survive the offering and purchase of the
      Shares.

	 	 
	9. 	
      Waiver, Amendment and Termination. Neither this
      Agreement nor any provision hereof shall be modified, waived, changed,
      discharged or terminated except by an instrument in writing signed by the
      parties or, in the case of a waiver, by the party granting it.

	 	 
	10. 	
      Notices. All notices or other communications
      required or permitted to be given pursuant to this Agreement shall be
      given by telex or cable or by notice in writing, hand-delivered or sent by
      facsimile transmission, or by airmail, postage prepaid. All such notices
      shall be sent to the Company and the Purchaser at the addresses specified
      herein, or to such other address as the intended recipient of the notice
      may have last specified by notice to the other parties. All such notices
      shall be effective upon receipt.

	 	Notice to the Company: 	Star Resorts Development Inc.
  
	 	  	701 Brickell Avenue 
	 	 	Suite 1550 
	 	  	Miami, FL, 33131 
	 	  	Tel (305) 728 5254 – Fax (305)
      728 5288 
	 	  	  
	 	Notice to Purchaser: 	Banque SCS Alliance SA 
	 	  	Route de Chancy 6B 
	 	  	Case Postal 64 
	 	  	CH 12111 – Geneva 8 
	 	 	Switzerland
  

	11. 	
      Successors and Assigns: Nonassignability. Except
      as otherwise provided herein, this Agreement and all the terms and
      provisions hereof shall be binding upon and inure to the benefit of the
      parties and their respective successors, assigns by law, trustees and
      legal representatives. The parties’ respective interests under this
      Agreement are not transferable and any purported transfer in violation of
      this provision shall be void.

	12. 	
      Counterparts; Entire Agreement. This Agreement may
      be executed in counterpart copies, each of which shall be considered an
      original. This Agreement contains the entire agreement of the parties
      relating to the subject matter hereof.

	 	 
	13. 	
      Applicable Law; Jurisdiction. THIS SUBSCRIPTION
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
      OF THE STATE OF FLORIDA WITHOUT REFERENCE TO ITS CHOICE OF LAW PRINCIPLES.
      Any action or proceeding relating to this Agreement may be brought and
      enforced in the courts of the State of Texas and each of the parties
      irrevocably submits to the nonexclusive jurisdiction of each court in
      respect of any such action or proceeding.

	 	 
	14. 	
      Purchaser Certification. The Purchaser hereby
      acknowledges that the Company and its counsel will rely upon the
      representations contained herein in issuing the Securities comprising the
      Shares and rendering appropriate legal opinions in connection with such
      issuance pursuant to Regulation S and hereby certifies that the
      representations of the Purchaser contained herein are true and correct and
      may be relied upon in rendering such opinions and
  instructions.

[Remainder of page intentionally left blank] 

IN WITNESS WHEREOF, this Offshore Securities Subscription
Agreement is duly executed and delivered on the date first above set forth. 

PURCHASER: 

Banque SCS Alliance SA 

Signature: 

Printed Name: C. Marechal

                         
M. Bringold 

Address:

               
Route de Chancy
6B 
               
Case Postal
64 
               
CH 12111 – Geneva
8 
               
Switzerland 

Country of Organization or

Residence: Switzerland 

Title, if applicable: Senior VP,
Deputy VP 

Units Subscribed For:
______________

Purchase Price Delivered:
___________

Subscription Accepted By: 

STAR RESORTS DEVELOPMENT INC. 

By: 
 __________________________

           ENRIQUE ABAROA

           Chief
Financial Officer

Date:Filed by Automated Filing Services Inc. (604) 609-0244 - Star Resorts Development Inc. - Exhibit 10.2

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT").

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED
UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S.
PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

THESE WARRANTS WILL EXPIRE AND BECOME NULL AND VOID 
AT
4:30 P.M. (EASTERN TIME) ON _______________. 

SHARE PURCHASE WARRANTS 
TO PURCHASE COMMON SHARES OF

STAR RESORTS DEVELOPMENT INC. 

incorporated in the State of Nevada 

                        
THIS COMMON SHARE PURCHASE WARRANT CERTIFICATE (“WARRANT CERTIFICATE”) CERTIFIES
THAT Banque SCS Alliance SA, (the “Holder”) of Route de Chancy 6B, Case
Postal 64, CH 12111 Geneva 8, Switzerland, has the right to purchase, upon and
subject to the terms and conditions hereinafter referred to, up to
__________ fully paid and non-assessable common shares (the “Shares”) in
the capital of Star Resorts Development Inc. (hereinafter called the “Company”)
on or before 4:30 p.m. (Eastern Time) on _______________ (the “Expiry Date”) at
a price per Share (the “Exercise Price”) of US$_____ on the terms and conditions
attached hereto as Appendix “A” (the “Terms and Conditions”). 

	1. 	
      ONE (1) WARRANT AND THE EXERCISE PRICE ARE REQUIRED TO
      PURCHASE ONE SHARE. THIS WARRANT CERTIFICATE REPRESENTS __________
      WARRANTS.

	 	 
	2. 	
      These Warrants are issued subject to the Terms and
      Conditions, and the Warrant Holder may exercise the right to purchase
      Shares only in accordance with those Terms and Conditions.

	 	 
	3. 	
      Nothing contained herein or in the Terms and Conditions
      will confer any right upon the Holder hereof or any other person to
      subscribe for or purchase any Shares at any time subsequent to the Expiry
      Date, and from and after such time, this Warrant and all rights hereunder
      will be void and of no value.

                        
IN WITNESS WHEREOF the Company has executed this Warrant Certificate this _____
day of _______________. 

STAR RESORTS DEVELOPMENT INC. 

Per:   ____________________________________________
         
Authorized Signatory 

- 2 - 

PLEASE NOTE THAT ALL SHARE CERTIFICATES MUST BE LEGENDED AS
FOLLOWS DURING THE CURRENCY OF APPLICABLE HOLD PERIODS: 

  
    
      THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN
        AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED
        HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT
        OF 1933, AS AMENDED (THE "1933 ACT").

      NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED
        UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
        REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE
        UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE
        WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN
        EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
        AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
        REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH
        APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING
        THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933
        ACT. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S
        UNDER THE 1933 ACT.

    

  

APPENDIX “A” 

TERMS AND CONDITIONS dated _______________ , attached to the
Warrants issued by Star Resorts Development Inc. 

1.                        INTERPRETATION

1.1                       Definitions

In these Terms and Conditions, unless there is something in the
subject matter or context inconsistent therewith: 

	 	(a) 	
      “Company” means Star Resorts Development Inc. until a
      successor corporation will have become such as a result of consolidation,
      amalgamation or merger with or into any other corporation or corporations,
      or as a result of the conveyance or transfer of all or substantially all
      of the properties and estates of the Company as an entirety to any other
      corporation and thereafter “Company” will mean such successor
      corporation;

	 	 	 
	 	(b) 	
      “Company’s Auditors” means an independent firm of
      accountants duly appointed as auditors of the Company;

	 	 	 
	 	(c) 	
      “Director” means a director of the Company for the time
      being, and reference, without more, to action by the directors means
      action by the directors of the Company as a Board, or whenever duly
      empowered, action by an executive committee of the Board;

	 	 	 
	 	(d) 	
      “herein”, “hereby” and similar expressions refer to these
      Terms and Conditions as the same may be amended or modified from time to
      time; and the expression “Article” and “Section,” followed by a number
      refer to the specified Article or Section of these Terms and
      Conditions;

	 	 	 
	 	(e) 	
      “person” means an individual, corporation, partnership,
      trustee or any unincorporated organization and words importing persons
      have a similar meaning;

	 	 	 
	 	(f) 	
      “shares” means the common shares in the capital of the
      Company as constituted at the date hereof and any shares resulting from
      any subdivision or consolidation of the shares;

	 	 	 
	 	(g) 	
      “Warrant Holders” or “Holders” means the holders of the
      Warrants; and

	 	 	 
	 	(h) 	
      “Warrants” means the warrants of the Company issued and
      presently authorized and for the time being
outstanding.

1.2                      
Gender 

Words importing the singular number include the plural and vice
versa and words importing the masculine gender include the feminine and neuter
genders. 

1.3                      
Interpretation not affected by Headings 

The division of these Terms and Conditions into Articles and
Sections, and the insertion of headings are for convenience of reference only
and will not affect the construction or interpretation thereof. 

1.4                      
Applicable Law 

The Warrants will be construed in accordance with the laws of
the State of Nevada. 

- 2 - 

2.                       
 ISSUE OF WARRANTS 

2.1                       Additional
Warrants 

The Company may at any time and from time to time issue
additional warrants or grant options or similar rights to purchase shares of its
capital stock. 

2.2                       Warrant
to Rank Pari Passu 

All Warrants and additional warrants, options or similar rights
to purchase shares from time to time issued or granted by the Company, will rank
pari passu whatever may be the actual dates of issue or grant thereof, or
of the dates of the certificates by which they are evidenced. 

2.3                       Issue
in substitution for Lost Warrants 

	 	(a) 	
      In case a Warrant becomes mutilated, lost, destroyed or
      stolen, the Company, at its discretion, may issue and deliver a new
      Warrant of like date and tenor as the one mutilated, lost, destroyed or
      stolen, in exchange for and in place of and upon cancellation of such
      mutilated Warrant, or in lieu of, and in substitution for such lost,
      destroyed or stolen Warrant and the substituted Warrant will be entitled
      to the benefit hereof and rank equally in accordance with its terms with
      all other Warrants issued or to be issued by the Company.

	 	 	 
	 	(b) 	
      The applicant for the issue of a new Warrant pursuant
      hereto will bear the cost of the issue thereof and in case of loss,
      destruction or theft furnish to the Company such evidence of ownership and
      of loss, destruction, or theft of the Warrant so lost, destroyed or stolen
      as will be satisfactory to the Company in its discretion and such
      applicant may also be required to furnish indemnity in amount and form
      satisfactory to the Company in its discretion, and will pay the reasonable
      charges of the Company in connection therewith.

2.4                       Warrant
Holder Not a Shareholder 

The holding of a Warrant will not constitute the Holder thereof
a shareholder of the Company, nor entitle him to any right or interest in
respect thereof except as in the Warrant expressly provided. 

3.                        
NOTICE 

3.1                       Notice
to Warrant Holders 

Any notice required or permitted to be given to the Holders
will be in writing and may be given by prepaid registered post, electronic
facsimile transmission or other means of electronic communication capable of
producing a printed copy to the address of the Holder appearing on the Holder’s
Warrant or to such other address as any Holder may specify by notice in writing
to the Company, and any such notice will be deemed to have been given and
received by the Holder to whom it was addressed if mailed, on the third day
following the mailing thereof, if by facsimile or other electronic
communication, on successful transmission, or, if delivered, on delivery; but if
at the time or mailing or between the time of mailing and the third business day
thereafter there is a strike, lockout, or other labour disturbance affecting
postal service, then the notice will not be effectively given until actually
delivered. 

- 3 - 

3.2                      
Notice to the Company 

Any notice required or permitted to be given to the Company
will be in writing and may be given by prepaid registered post, electronic
facsimile transmission or other means of electronic communication capable of
producing a printed copy to the address of the Company set forth below or such
other address as the Company may specify by notice in writing to the Holder, and
any such notice will be deemed to have been given and received by the Company to
whom it was addressed if mailed, on the third day following the mailing thereof,
if by facsimile or other electronic communication, on successful transmission,
or, if delivered, on delivery; but if at the time or mailing or between the time
of mailing and the third business day thereafter there is a strike, lockout, or
other labour disturbance affecting postal service, then the notice will not be
effectively given until actually delivered: 

                            
Star Resorts Development
Inc. 
                            
1221 Brickell Avenue, 9th
Floor 
                            
Miami FL 33131 

                            
Attention: Enrique Abaroa Martinez 

                            
Fax No. (305) 432-2363 

                            
with a copy to: 

                            
Clark Wilson
LLP 
                            
Barristers and
Solicitors 
                            
800 – 885 West Georgia
Street 
                            
Vancouver, British
Columbia 
                            
Canada V6C 3H1 

                            
Attention: Bernard Pinsky 

                            
Fax: (604) 687-6314 

4.                       
 EXERCISE OF WARRANTS 

4.1                      
Method of Exercise of Warrants 

The right to purchase shares conferred by the Warrants may be
exercised by the Holder surrendering the Warrant Certificate representing same,
with a duly completed and executed subscription in the form attached hereto and
a bank draft or certified cheque payable to or to the order of the Company, in
Miami, Florida, for the purchase price applicable at the time of surrender in
respect of the shares subscribed for in lawful money of the United States of
America, to the Company at the address set forth in, or from time to time
specified by the Company pursuant to, Section 3.2. 

4.2                      
Effect of Exercise of Warrants 

	 	(a) 	
      Upon surrender and payment as aforesaid the shares so
      subscribed for will be deemed to have been issued and such person or
      persons will be deemed to have become the Holder or Holders of record of
      such shares on the date of such surrender and payment, and such shares
      will be issued at the subscription price in effect on the date of such
      surrender and payment.

	 	 	 
	 	(b) 	
      Within ten business days after surrender and payment as
      aforesaid, the Company will forthwith cause to be delivered to the person
      or persons in whose name or names the shares so subscribed for are to be
      issued as specified in such subscription or mailed to him or them at his
      or their respective addresses specified in such subscription, a
      certificate or certificates for the appropriate number of shares not
      exceeding those which the Warrant Holder is entitled to purchase pursuant
      to the Warrant surrendered.

- 4 - 

4.3                       
Subscription for Less Than Entitlement 

The Holder of any Warrant may subscribe for and purchase a
number of shares less than the number which he is entitled to purchase pursuant
to the surrendered Warrant. In the event of any purchase of a number of shares
less than the number which can be purchased pursuant to a Warrant, the Holder
thereof upon exercise thereof will in addition be entitled to receive a new
Warrant in respect of the balance of the shares which he was entitled to
purchase pursuant to the surrendered Warrant and which were not then purchased.

4.4                       
Warrants for Fractions of Shares 

To the extent that the Holder of any Warrant is entitled to
receive on the exercise or partial exercise thereof a fraction of a share, such
right may be exercised in respect of such fraction only in combination with
another Warrant or other Warrants which in the aggregate entitle the Holder to
receive a whole number of such shares. 

4.5                       
Expiration of Warrants 

After the expiration of the period within which a Warrant is
exercisable, all rights thereunder will wholly cease and terminate and such
Warrant will be void and of no effect. 

4.6                       
Time of Essence Time will be of the essence hereof. 

4.7                       
Subscription Price 

Each Warrant is exercisable at a price per share (the “Exercise
Price”) of US$_____. One (1) Warrant and the Exercise Price are required to
subscribe for each share during the term of the Warrants. 

4.8                       
Adjustment of Exercise Price 

	 	(a) 	
      The Exercise Price and the number of shares deliverable
      upon the exercise of the Warrants will be subject to adjustment in the
      event and in the manner following:

	 	 	 	 
	 		(i) 	
      If and whenever the shares at any time outstanding are
      subdivided into a greater or consolidated into a lesser number of shares
      the Exercise Price will be decreased or increased proportionately as the
      case may be; upon any such subdivision or consolidation the number of
      shares deliverable upon the exercise of the Warrants will be increased or
      decreased proportionately as the case may be.

	 	 	 	 
	 		(ii) 	
      In case of any capital reorganization or of any
      reclassification of the capital of the Company or in the case of the
      consolidation, merger or amalgamation of the Company with or into any
      other Company (hereinafter collectively referred to as a
      “Reorganization”), each Warrant will after such Reorganization confer the
      right to purchase the number of shares or other securities of the Company
      (or of the Company’s resulting from such Reorganization) which the Warrant
      Holder would have been entitled to upon Reorganization if the Warrant
      Holder had been a shareholder at the time of such
Reorganization.

	 	 	 	 
	 			
      In any such case, if necessary, appropriate adjustments
      will be made in the application of the provisions of this Article Four
      relating to the rights and interest thereafter of the Holders of the
      Warrants so that the provisions of this Article Four will be made
      applicable as nearly as reasonably possible to any shares or other
      securities deliverable after the Reorganization on the exercise of the
      Warrants.

- 5 - 

The subdivision or consolidation of
shares at any time outstanding into a greater or lesser number of shares
(whether with or without par value) will not be deemed to be a Reorganization
for the purposes of this clause 4.8(a)(ii) . 

	 	(b) 	
      The adjustments provided for in this Section 4.8 are
      cumulative and will become effective immediately after the record date or,
      if no record date is fixed, the effective date of the event which results
      in such adjustments.

4.9                       
Determination of Adjustments 

If any questions will at any time arise with respect to the
Exercise Price or any adjustment provided for in Section 4.8 of this Warrant
Certificate, such questions will be conclusively determined by the Company’s
Auditors, or, if they decline to so act any other firm of certified public
accountants in the United States of America that the Company may designate and
who will have access to all appropriate records and such determination will be
binding upon the Company and the Holders of the Warrants. 

5.                         
COVENANTS BY THE COMPANY 

5.1                       
Reservation of Shares 

The Company will reserve and there will remain unissued out of
its authorized capital a sufficient number of shares to satisfy the rights of
purchase provided for herein and in the Warrants should the Holders of all the
Warrants from time to time outstanding determine to exercise such rights in
respect of all shares which they are or may be entitled to purchase pursuant
thereto and hereto. 

6.                         
WAIVER OF CERTAIN RIGHTS 

6.1                       
Immunity of Shareholders, etc. 

The Warrant Holder, as part of the consideration for the issue
of the Warrants, waives and will not have any right, cause of action or remedy
now or hereafter existing in any jurisdiction against any past, present or
future incorporator, shareholder, Director or Officer (as such) of the Company
for the issue of shares pursuant to any Warrant or on any covenant, agreement,
representation or warranty by the Company herein contained or in the Warrant.

7.                         
MODIFICATION OF TERMS, MERGER, SUCCESSORS 

7.1                       
Modification of Terms and Conditions for Certain Purposes 

From time to time the Company may, subject to the provisions of
these presents, modify the Terms and Conditions hereof, for the purpose of
correction or rectification of any ambiguities, defective provisions, errors or
omissions herein. 

7.2                       
Warrants Not Transferable 

The Warrant and all rights attached to it are not transferable.

- 6 - 

DATED as of the date first above written in these Terms and
Conditions. 

STAR RESORTS DEVELOPMENT INC.

By:        
__________________________________________
               Authorized
Signatory 

FORM OF SUBSCRIPTION 

	TO: 	Star Resorts Development Inc. 
	  	1221 Brickell Avenue, 9th Floor 
	  	Miami FL 33131 

The undersigned Holder of the within Warrants hereby subscribes
for ____________ common shares (the “Shares”) of Star Resorts Development Inc.
(the “Company) pursuant to the within Warrants at US$_____ per Share on the
terms specified in the said Warrants. This subscription is accompanied by a
certified cheque or bank draft payable to or to the order of the Company for the
whole amount of the purchase price of the Shares. 

The undersigned Holder hereby certifies that the undersigned is
not a U.S. person and is not subscribing for the Shares on Behalf of a U.S.
person. 

The undersigned hereby directs that the Shares be registered as
follows: 

	NAME(S) IN FULL 	 	ADDRESS(ES) 	 	NUMBER OF SHARES 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	  	 	TOTAL: 	 	 
    

(Please print full name in which share certificates are to be
issued, stating whether Mr., Mrs. or Miss is applicable). 

DATED this ________ day of __________________, ______. 

In the presence of: 

	 	 	 
	Signature of Witness 	 	Signature of Warrant Holder

Please print below your name and address in full. 

	Name (Mr./Mrs./Miss) 	 	 
	 	 	 
	Address 	 	 
	 	 	 
	 	 	 

INSTRUCTIONS FOR SUBSCRIPTION 

The signature to the subscription must correspond in every
particular with the name written upon the face of the Warrant without alteration
or enlargement or any change whatever. If there is more than one subscriber, all
must sign. 

In the case of persons signing by agent or attorney or by
personal representative(s), the authority of such agent, attorney or
representative(s) to sign must be proven to the satisfaction of the Company.

If the Warrant certificate and the form of subscription are
being forwarded by mail, registered mail must be employed.

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