Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - INFRASTRUCTURE DEVELOPMENTS CORP. | Financial_Report.xls |
| EX-31.1 - CERTIFICATION OF CEO - INFRASTRUCTURE DEVELOPMENTS CORP. | exhibit311.htm |
| EX-32.2 - CERTIFICATION OF CFO - INFRASTRUCTURE DEVELOPMENTS CORP. | exhibit322.htm |
| EX-32.1 - CERTIFICATION OF CEO - INFRASTRUCTURE DEVELOPMENTS CORP. | exhibit321.htm |
| EX-31.2 - CERTIFICATION OF CFO - INFRASTRUCTURE DEVELOPMENTS CORP. | exhibit312.htm |
| 10-Q - INFRASTRUCTURE 10Q MARCH 2012 - INFRASTRUCTURE DEVELOPMENTS CORP. | infrastructure10q.htm |
Exhibit 10.9
DEBT SETTLEMENT AGREEMENT
This Debt Settlement Agreement (this “Agreement”) is effective April 11, 2012 between Morningstar
Corporate Communications (“Creditor”) and Infrastructure Developments Corp. (“Debtor”).
SECTION ONE
ACKNOWLEDGEMENT OF EXISTING OBLIGATION
The parties acknowledge that Debtor is indebted to Creditor in the sum of forty five thousand two
hundred and sixty dollars ($45,260) pursuant to a consulting agreement with a contractual period of May
20, 2010 through May 19, 2011 (the "Consulting Agreement").
SECTION TWO
AGREEMENT FOR DIFFERENT METHOD OF PAYMENT
Debtor and Creditor desire and agree to provide for the payment of the above-stated indebtedness in
accordance with terms and provisions different from, and in substitution of, the terms and obligations of
loan repayment as described in Section One above.
SECTION THREE
CONSIDERATION
In consideration of the mutual promises contained in this Agreement, Debtor and Creditor agree as
follows:
a.
Method of Payment: Debtor agrees to pay to Creditor and Creditor agrees to accept from
Debtor, in full satisfaction of the terms of the Consulting Agreement and the $45,260 of the
indebtedness described in Section One, three million, seventeen thousand, three hundred and
thirty four (3,017,334) shares of Debtor’s common stock, valued at $0.015 per share
.
b.
Satisfaction: On execution of this Agreement and Debtor’s board of directors resolution
authorizing the issuance of 3,017,334 shares of Debtor’s common stock to Raymond Dove
for the Creditor, any and all indebtedness of Debtor to Creditor will be forever cancelled and
discharged.
In witness whereof, the parties have executed this Agreement on the date first mentioned above.
Infrastructure Developments Corp.
/s/ Thomas Morgan
By: Thomas Morgan, chief executive officer
Morningstar Corporate Communications
/s/ Chris Dove
By: Chris Dove, president