Ugell Law Firm, P.C.
Attorneys and Counselors at Law
155 North Main Street
New City, New York
Tel (914) 639-7011
Fax (914) 639 - 7088
January 20, 2000
Nellie Tippery
219 East Wiser Lake Road
Lynden, Washington 98264
SENT VIA FACSIMILE TO 360-354-0630 & US MAIL
Dear Ms. Tippery:
In accordance with the telephone conference discussion yesterday with Teri
Nadler, Jean Hickman, Alicia Torrealba and myself of Vista Vacations
International, Inc, please allow this correspondence to memorialize our
understanding.
So as to allow for the continued orderly operation of Vista and including, but
not limited to the attempt to sell additional shares of company stock to third
parties you have agreed to release your security interest in said shares of
vista Vacations International, Inc. By signing below you authorize this office
to eliminate said security interest on the books and records of the company.
To reiterate, you are the creditor on a promissory note with Vista whereby you
have loaned $180,000 to the company as startup capital with applicable interest
due and payable on November 1, 2000. Allow this correspondence to serve to you
as an estoppel with regard to said loan.
Please fax back this agreement signed by you at the space provided below, and
send a back an original to this office at your first opportunity, as I have some
meetings with potential investors and would need this document in hand in order
to close any transactions.
As all ways should you have any questions or comments, please feel free to
contact this office.
Very truly yours,
/s/ Scott B. Ugell
Ugell Law Firm, P.C.
By:Scott B. Ugell
Vice-President & General Counsel Vista Vacations International, Inc.
cc: Teri Nadler @ Vista 954-975-8447
Above text is agreed to and accepted
/s/ Nellie R. Tippery
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Nellie Tippery
Dated January_ __,2000
202