Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 4 TO PURCHASE AND SALE AGREEMENT 

This Amendment No. 4 (the “Amendment”) is made and entered into this 13th day of January, 2015 by and between Dover
Motorsports, Inc. and Nashville Speedway, USA, Inc. (collectively, the “Seller”) and NeXovation, Inc. (the “Purchaser”). 

WHEREAS, Seller and Purchaser entered into a Purchase and Sale Agreement (the “Agreement”) dated May 28, 2014, as amended by
Amendment No. 1 dated August 26, 2014, Amendment No. 2 dated October 7, 2014 and Amendment No. 3 dated December 15, 2014 (the “Previous Amendments”), in which the Purchaser agreed to purchase from Seller the
property known as Nashville Superspeedway; 
 WHEREAS, unless otherwise defined herein, terms shall have the meaning ascribed to them in the
Agreement; 
 WHEREAS, the parties agree to extend the date for Closing, subject to the terms and conditions of this Amendment No. 4
(which shall supersede the Previous Amendments); 
 NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Purchaser do hereby agree as follows: 
  

	1.	Closing shall take place on or before February 25, 2015. Proration of real estate taxes shall be calculated as if closing had occurred on September 25, 2014. 

 

	2.	The Inspection Period has expired and Purchaser makes no objections under Section 5 (a) to the Agreement. 

  

	3.	Purchaser shall wire $200,000 to Seller on or before January 14, 2015. This payment is in consideration of this Amendment, is non-refundable and will not be applied against the Purchase Price. If Closing occurs,
the non-refundable payments made under the Previous Amendments (totaling $1,700,000) will be applied against the Purchase Price. Any references in the Agreement to the possible refunding of Earnest Money are stricken. 

 

	4.	With respect to Item 13 of the Agreement, (1) the Bonds have a remaining balance of $18,000,000 at September 30, 2014, (2) Purchaser’s obligation to assume the obligations of Seller under the
Bonds shall extend to the Indemnity Agreement dated September 1, 1999 among Seller, the Sports Authority and the Bond Trustee and Seller shall be released from any further liability thereunder, (3) Purchaser bears the risk that its
Alternate Security will not be acceptable to the Sports Authority or the Bond Trustee. 

  

	5.	Except as expressly modified above, the Agreement shall remain in full force and effect. 

 IN
WITNESS WHEREOF, Seller and Purchaser have executed this Amendment the day and year first written above. 
  

			
	Purchaser: NeXovation, Inc.
		
	By:	 	 /s/ Michael B. Kinnard

		 	Michael B. Kinnard, EVP - General Counsel
	
	Seller: Nashville Speedway, USA, Inc.
		
	By:	 	 /s/ Klaus Belohoubek

		 	Klaus Belohoubek,
		 	Senior Vice President - General Counsel
	
	Seller: Dover Motorsports, Inc.
		
	By:	 	 /s/ Klaus Belohoubek

		 	Klaus Belohoubek,
		 	Senior Vice President - General CounselExhibit 10.1

 

 

Commercial Contract

 

 

	1.
    PARTIES AND PROPERTY:	Jay Coleman, Inc. or Assigns	(”Buyer”)

 

	agrees to buy and	MAGNEGAS CORPORATION	("Seller")

 

	agrees to sell the
    property described as: Street Address:  	1500 Rainville Road	 

 

	Tarpon Springs, FL 34689

 

	Legal Description:	To be provided by seller. County Property ID#:
    01-27-15-00000-310-0200 & 01-27-15-00000-310-0210.

 

	and the following Personal Property:	N/A.	 

 

	 

 

	(all collectively referred to as the “Property”) on the terms and conditions set forth below.

 

	2. PURCHASE PRICE:	 	$	675,000.00

 

	     (a) Deposit held
    in escrow by	Seller’s title company or attorney 	$	67,000.00
	 	(“Escrow Agent”) (checks are subject to actual and final collection)	 	 

 

	     Escrow Agent’s address:	 	 Phone: 	 

 

	     (b) Additional deposit
    to be made to Escrow Agent within            days after
    Effective Date	$	 
	 	 	 
	    (c) Additional deposit
    to be made to Escrow Agent within            days after
    Effective Date	$	 
	 	 	 
	    (d) Total financing
    (see Paragraph 5)	$	 
	 	 	 
	    (e) Other	Deposit to be made within 24 hours of the Effective Date	 	$	 

 

	(f) All deposits
    will be credited to the purchase price at closing. Balance to close, subject to adjustments and prorations, to be paid with
    locally drawn cashier’s or official bank  check(s) or wire transfer.	$	608,000.00

 

3. TIME FOR ACCEPTANCE;
EFFECTIVE DATE; COMPUTATION OF TIME: Unless this offer is signed by Seller and Buyer and an executed copy delivered
to all parties on or before January 9, 2015, this offer will be withdrawn and the Buyer’s deposit, if
any, will be returned. The time for acceptance of any counter offer will be 3 days from the date the counter offer is delivered.
The “Effective Date” of this Contract is the date on which the last one of the Seller and Buyer has signed or initialed
and delivered this offer or the final counter offer. Calendar days will be used when computing time periods, except time periods
of 5 days or less. Time periods of 5 days or less will be computed without including Saturday, Sunday, or national legal holidays.
Any time period ending on a Saturday, Sunday, or national legal holiday will extend until 5:00 p.m. of the next business day.
Time is of the essence in this Contract.

 

4. CLOSING DATE AND LOCATION:

 

(a)
Closing Date: This transaction will be closed on See 22 Additional (Closing Date), unless specifically extended by other provisions
of this Contract. The Closing Date will prevail over all other time periods including, but not limited to, Financing and Due Diligence
periods. In the event insurance underwriting is suspended on Closing Date and Buyer is unable to obtain property insurance,
Buyer may postpone closing up to 5 days after the insurance underwriting suspension is lifted.

 

Buyer ()
(_______) and Seller () (_______) acknowledge receipt of a copy of this page, which is Page
8 of 8 Pages.

 

CC-4 Rev. 12/10 ©2010
Florida Association of Realtors© All Rights Reserved

 

Industrial Realty Solutions,
Inc, 2232 Cypress Hollow Court Safety Harbor. FL 34695

	Phone: 727-724-3300	Fax:	Deron Thomas	Rainville Road

 

Produced with
zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com

 

    	 

    	 

    

 

(b) Location: Closing
will take place in Pinellas County, Florida. (If left blank, closing will take place in the county
where the property is located.) Closing may be conducted by mail or electronic means.

 

5. THIRD PARTY FINANCING:

 

BUYER’S OBLIGATION: Within______days
(5 days if left blank) after Effective Date, Buyer will apply for third party financing in an amount not to exceed 0.00%
of the purchase price or $                        ,
with a fixed interest rate not to exceed 0.00% per year with an initial variable interest rate not to exceed
0.00%, with points or commitment or loan fees not to exceed           %
of the principal amount, for a term of________________  years, and amortized over             
 years, with additional terms as follows:

                                                                                                                                                                                                                          .

Buyer will timely provide
any and all credit, employment, financial and other information reasonably required by any lender. Buyer will use good
faith and reasonable diligence to (i) obtain Loan Approval within            days
(45 days if left blank) from Effective Date (Loan Approval Date), (ii) satisfy terms and conditions of the Loan Approval, and
(iii) close the loan. Buyer will keep Seller and Broker fully informed about loan application status and authorizes
the mortgage broker and lender to disclose all such information to Seller and Broker. Buyer will notify Seller
immediately upon obtaining financing or being rejected by a lender. CANCELLATION: If Buyer, after using good
faith and reasonable diligence, fails to obtain Loan Approval by Loan Approval Date, Buyer may within              days
(3 days if left blank) deliver written notice to Seller stating Buyer either waives this financing contingency or
cancels this Contract. If Buyer does neither, then Seller may cancel this Contract by delivering written notice
to Buyer at any time thereafter. Unless this financing contingency has been waived, this Contract shall remain subject
to the satisfaction, by closing, of those conditions of Loan Approval related to the Property. DEPOSIT(S) (for purposes of
Paragraph 5 only): If Buyer has used good faith and reasonable diligence but does not obtain Loan Approval by Loan
Approval Date and thereafter either party elects to cancel this Contract as set forth above or the lender fails or refuses to
close on or before the Closing Date without fault on Buyer’s part, the Deposit(s) shall be returned to Buyer,
whereupon both parties will be released from all further obligations under this Contract, except for obligations stated herein
as surviving the termination of this Contract. If neither party elects to terminate this Contract as set forth above or Buyer
fails to use good faith or reasonable diligence as set forth above, Seller will be entitled to retain the Deposit(s)
if the transaction does not close.

 

6.
TITLE: Seller has the legal capacity to and will convey marketable title to the Property by x
statutory warranty deed  ̈
other                                ,
free of liens, easements and encumbrances of record or known to Seller, but subject to property taxes for the year of closing;
covenants, restrictions and public utility easements of record; existing zoning and governmental regulations; and (list any other
matters to which title will be subject)                                                                                          

                                                                                                                                                                                                                         ;

provided
there exists at closing no violation of the foregoing and none of them prevents Buyer’s intended use of the Property
as under its current zoning classification.

 

(a)
Evidence of Title: The party who pays the premium for the title insurance policy will select the closing agent and pay for
the title search and closing services. Seller will, at (check one) x
Seller’s  ̈
Buyer’s expense and within 8 days x
after Effective Date  ̈
or at least             days
before Closing Date deliver to Buyer (check one)

x
(i.) a title insurance commitment by a Florida licensed title
insurer setting forth those matters to be discharged by Seller at or before Closing and, upon Buyer recording the
deed, an owner’s policy in the amount of the purchase price for fee simple title subject only to exceptions stated above.
If Buyer is paying for the evidence of title and Seller has an owner’s policy, Seller will deliver
a copy to Buyer within 15 days after Effective Date.

 ̈
(ii.) an abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an existing
firm. However, if such an abstract is not available to Seller, then a prior owner’s title policy acceptable to
the proposed insurer as a base for reissuance of coverage may be used. The prior policy will include copies of all policy
exceptions and an update in a format acceptable to Buyer from the policy effective date and certified to Buyer or Buyer’s closing
agent together with copies of all documents recited in the prior policy and in the update. If such an abstract or prior
policy is not available to Seller then (i.) above will be the evidence of title.

 

Buyer ()
(_______) and Seller () (_______) acknowledge receipt of a copy of this page, which is Page
8 of 8 Pages.

 

CC-4 Rev. 12/10 ©2010
Florida Association of Realtors© All Rights Reserved

 

	 	Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com	Rainville Road

  

    	 

    	 

    

 

 

(b) Title Examination: Buyer
will, within 15 days from receipt of the evidence of title deliver written notice to Seller of title defects. Title
will be deemed acceptable to Buyer if (1) Buyer fails to deliver proper notice of defects or (2) Buyer delivers
proper written notice and Seller cures the defects within 15 days from receipt of
the notice (“Curative Period”). If the defects are cured within the Curative Period, closing will occur within 10 days
from receipt by Buyer of notice of such curing. Seller may elect not to cure defects if Seller reasonably
believes any defect cannot be cured within the Curative Period. If the defects are not cured within the Curative Period, Buyer
will have 10 days from receipt of notice of Seller’s inability to cure the defects to elect whether to terminate
this Contract or accept title subject to existing defects and close the transaction without reduction in purchase price.

 

(c)   Survey: (check
applicable provisions below)

x
(i.)Seller will, within 7 days from Effective Date, deliver to Buyer copies of prior surveys, plans,
specifications, and engineering documents, if any, and the following documents relevant to this transaction:

________________________________________________________________________________________,

prepared for Seller or
in Seller’s possession, which show all currently existing structures. In the event this transaction does not close,
all documents provided by Seller will be returned to Seller within 10 days from the date this Contract is terminated.

x Buyer will,
at  ̈ Seller’s x Buyer’s expense
and within the time period allowed to deliver and examine title evidence, obtain a current certified survey of the Property
from a registered surveyor. If the survey reveals encroachments on the Property or that the improvements encroach on the
lands of another,  ̈ Buyer will
accept the Property with existing encroachments x
such encroachments will constitute a title defect to be cured within the Curative Period.

 

(d) Ingress and Egress:
Seller warrants that the Property presently has ingress and egress.

 

7. PROPERTY CONDITION: Seller will
deliver the Property to Buyer at the time agreed in its present “as is” condition, ordinary wear and tear
excepted, and will maintain the landscaping and grounds in a comparable condition. Seller makes no warranties other
than marketability of title. In the event that the condition of the Property has materially changed since the expiration of
the Due Diligence Period, Buyer may elect to terminate the Contract and receive a refund of any and all deposits paid,
plus interest, if applicable. By accepting the Property “as is”, Buyer waives all claims against Seller for
any defects in the Property. (Check (a) or (b))

 

 ̈ (a)
As Is: Buyer has inspected the Property or waives any right to inspect and accepts the Property in its “as
is” condition.

 

x (b)
Due Diligence Period: Buyer will, at Buyer’s expense and within 60days from Effective Date (“Due
Diligence Period”), determine whether the Property is suitable, in Buyer’s sole and absolute discretion,
for Buyer’s intended use and development of the Property as specified in Paragraph 6. During the Due Diligence
Period, Buyer may conduct any tests, analyses, surveys and investigations (“Inspections”) which Buyer deems
necessary to determine to Buyer’s satisfaction the Property’s engineering, architectural, environmental
properties; zoning and zoning restrictions; flood zone designation and restrictions; subdivision regulations; soil and grade;
availability of access to public roads, water, and other utilities; consistency with local, state and regional growth
management and comprehensive land use plans; availability of permits, government approvals and licenses; compliance with
American with Disabilities Act; absence of asbestos, soil and ground water contamination; and other inspections that Buyer deems
appropriate to determine the suitability of the Property for Buyer’s intended use and development. Buyer will
deliver written notice to Seller prior to the expiration of the Due Diligence Period of Buyer’s determination
of whether or not the Property is acceptable. Buyer’s failure to comply with this notice requirement will
constitute acceptance of the Property in its present “as is” condition. Seller grants to Buyer, its
agents, contractors and assigns, the right to enter the Property at any time during the Due Diligence Period for the purpose
of conducting Inspections; provided, however, that Buyer, its agents, contractors and assigns enter the Property and
conduct Inspections at their own risk. Buyer will indemnify and hold Seller harmless from losses,
damages, costs, claims and expenses of any nature, including attorneys’ fees at all levels, and from liability to any
person, arising from the conduct of any and all inspections or any work authorized by Buyer. Buyer will not
engage in any activity that could result in a mechanic’s lien being filed against the Property without Seller’s prior
written consent. In the event this transaction does not close, (1) Buyer will repair all damages to the Property
resulting from the Inspections and return the Property to the condition it was in prior to conduct of the Inspections, and
(2) Buyer will, at Buyer’s expense release to Seller all reports and other work generated as a
result of the Inspections. Should Buyer deliver timely notice that the Property is not acceptable, Seller agrees
that Buyer’s deposit will be immediately returned to Buyer and the Contract terminated.

 

(c) Walk-through Inspection:
Buyer may, on the day prior to closing or any other time mutually agreeable to the parties, conduct a final “walk-through”
inspection of the Property to determine compliance with this paragraph and to ensure that all Property is on the premises.

 

Buyer ()
(_______) and Seller () (_______) acknowledge receipt of a copy of this page, which is Page
8 of 8 Pages.

 

CC-4 Rev. 12/10 ©2010
Florida Association of Realtors© All Rights Reserved

 

	 	Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com	Rainville Road

 

    	 

    	 

    

 

8.
OPERATION OF PROPERTY DURING CONTRACT PERIOD: Seller will continue to operate the Property and any business conducted
on the Property in the manner operated prior to Contract and will take no action that would adversely impact the
Property, tenants, lenders or business, if any. Any changes, such as renting vacant space, that materially affect the
Property or Buyer’s intended use of the Property will be permitted x
only with Buyer’s consent  ̈
without Buyer’s consent.

 

9. CLOSING PROCEDURE: Unless
otherwise agreed or stated herein, closing procedure shall be in accordance with the norms where the Property is located.

 

(a) Possession and Occupancy: Seller will
deliver possession and occupancy of the Property to Buyer at closing. Seller will provide keys, remote controls,
and any security/access codes necessary to operate all locks, mailboxes, and security systems.

 

(b) Costs: Buyer will pay Buyer’s attorneys’
fees, taxes and recording fees on notes, mortgages and financing statements and recording fees for the deed. Seller will
pay Seller’s attorneys’ fees, taxes on the deed and recording fees for documents needed to cure title
defects. If Seller is obligated to discharge any encumbrance at or prior to closing and fails to do so, Buyer may
use purchase proceeds to satisfy the encumbrances.

 

(c) Documents: Seller will provide the
deed; bill of sale; mechanic’s lien affidavit; originals of those assignable service and maintenance contracts that
will be assumed by Buyer after the Closing Date and letters to each service contractor from Seller advising
each of them of the sale of the Property and, if applicable, the transfer of its contract, and any assignable warranties or
guarantees received or held by Seller from any manufacturer, contractor, subcontractor, or material supplier in
connection with the Property; current copies of the condominium documents, if applicable; assignments of leases, updated rent
roll; tenant and lender estoppels letters; tenant subordination, non-disturbance and attornment agreements (SNDAs) required
by the Buyer or Buyer’s lender; assignments of permits and licenses; corrective instruments; and letters
notifying tenants of the change in ownership/rental agent. If any tenant refuses to execute an estoppels letter, Seller will
certify that information regarding the tenant’s lease is correct. If Seller is an entity, Seller will
deliver a resolution of its Board of Directors authorizing the sale and delivery of the deed and certification by the
appropriate party certifying the resolution and setting forth facts showing the conveyance conforms to the requirements of
local law. Seller will transfer security deposits to Buyer. Buyer will provide the closing statement,
mortgages and notes, security agreements, and financing statements.

 

(d) Taxes and Prorations: Real estate
taxes, personal property taxes on any tangible personal property, bond payments assumed by Buyer, interest, rents
(based on actual collected rents), association dues, insurance premiums acceptable to Buyer, and operating expenses
will be prorated through the day before closing. If the amount of taxes for the current year cannot be ascertained, rates for
the previous year will be used with due allowance being made for improvements and exemptions. Any tax proration based on an
estimate will, at request of either party, be readjusted upon receipt of current year’s tax bill; this provision will
survive closing.

 

(e) Special Assessment Liens: Certified,
confirmed, and ratified special assessment liens as of the Closing Date will be paid by Seller. If a certified, confirmed,
and ratified special assessment is payable in installments, Seller will pay all installments due and payable on or before
the Closing Date, with any installment for any period extending beyond the Closing Date prorated, and Buyer will assume
all installments that become due and payable after the Closing Date. Buyer will be responsible for all assessments of any
kind which become due and owing after Closing Date, unless an improvement is substantially completed as of Closing Date. If an
improvement is substantially completed as of the Closing Date but has not resulted in a lien before closing, Seller will
pay the amount of the last estimate of the assessment. This subsection applies to special assessment liens imposed by a public
body and does not apply to condominium association special assessments.

 

(f) Foreign Investment in Real Property Tax
Act (FIRPTA): If Seller is a “foreign person” as defined by FIRPTA, Seller and Buyer agree
to comply with Section 1445 of the Internal Revenue Code. Seller and Buyer will complete, execute, and deliver
as directed any instrument, affidavit, or statement reasonably necessary to comply with the FIRPTA requirements, including
delivery of their respective federal taxpayer identification numbers or Social Security Numbers to the closing agent. If Buyer does
not pay sufficient cash at closing to meet the withholding requirement, Seller will deliver to Buyer at closing
the additional cash necessary to satisfy the requirement.

 

Buyer ()
(_______) and Seller () (_______) acknowledge receipt of a copy of this page, which is Page
8 of 8 Pages.

 

CC-4 Rev. 12/10 ©2010
Florida Association of Realtors© All Rights Reserved

 

	 	Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com	Rainville Road

 

    	 

    	 

    

 

10.ESCROW AGENT: Seller and Buyer authorize
Escrow Agent or Closing Agent (collectively “Agent”) to receive, deposit, and hold funds and other property in
escrow and, subject to collection, disburse them in accordance with the terms of this Contract. The parties agree that Agent
will not be liable to any person for misdelivery of escrowed items to Seller or Buyer, unless the misdelivery
is due to Agent’s willful breach of this Contract or gross negligence. If Agent has doubt as to Agent’s duties or
obligations under this Contract, Agent may, at Agent’s option, (a) hold the escrowed items until the parties mutually
agree to its disbursement or until a court of competent jurisdiction or arbitrator determines the rights of the parties or
(b) deposit the escrowed items with the clerk of the court having jurisdiction over the matter and file an action in
interpleader. Upon notifying the parties of such action, Agent will be released from all liability except for the duty to
account for items previously delivered out of escrow. If Agent is a licensed real estate broker, Agent will comply with
Chapter 475, Florida Statutes. In any suit in which Agent interpleads the escrowed items or is made a party because of acting
as Agent hereunder, Agent will recover reasonable attorney’s fees and costs incurred, with these amounts to be paid
from and out of the escrowed items and charged and awarded as court costs in favor of the prevailing party.

  

11.CURE PERIOD: Prior
to any claim for default being made, a party will have an opportunity to cure any alleged default. If a party fails to comply
with any provision of this Contract, the other party will deliver written notice to the non complying party specifying the non-compliance.
The non-complying party will have 5days (5 days if left blank) after delivery of such notice to cure the non-compliance. Notice
and cure shall not apply to failure to close.

 

12.RETURN OF DEPOSIT: Unless
otherwise specified in the Contract, in the event any condition of this Contract is not met and Buyer has timely given any
required notice regarding the condition having not been met, Buyer’s deposit will be returned in accordance with applicable
Florida Laws and regulations.

 

13.DEFAULT:

 

(a)In the event the sale is not closed due
to any default or failure on the part of Seller other than failure to make the title marketable after diligent effort, Buyer
may either (1) receive a refund of Buyer’s deposit(s) or (2) seek specific performance. If Buyer elects
a deposit refund, Seller will be liable to Broker for the full amount of the brokerage fee.

 

(b)In the event the sale is not closed due
to any default or failure on the part of Buyer, Seller may either (1) retain all deposit(s) paid or agreed to be
paid by Buyer as agreed upon liquidated damages, consideration for the execution of this Contract, and in full settlement
of any claims, upon which this Contract will terminate or (2) seek specific performance. If Seller retains the deposit,
Seller will pay the Brokers named in Paragraph 20 fifty percent of all forfeited deposits retained by Seller (to
be split equally among the Brokers) up to the full amount of the brokerage fee. If Buyer fails to timely place a deposit
as required by this Contract, Seller may either (1) terminate the Contract and seek the remedy outlined in this subparagraph
or (2) proceed with the Contract without waiving any remedy for Buyer’s default.

 

14.ATTORNEY’S FEES AND COSTS: In
any claim or controversy arising out of or relating to this Contract, the prevailing party, which for purposes of this
provision will include Buyer, Seller and Broker, will be awarded reasonable attorneys’ fees, costs, and
expenses.

 

15.NOTICES: All notices will be in writing
and may be delivered by mail, overnight courier, personal delivery, or electronic means. Parties agree to send all notices to addresses
specified on the signature page(s). Any notice, document, or item given by or delivered to an attorney or real estate licensee
(including a transaction broker) representing a party will be as effective as if given by or delivered to that party.

 

16.DISCLOSURES:

 

(a)Commercial Real Estate Sales Commission Lien
Act: The Florida Commercial Real Estate Sales Commission Lien Act provides that a broker has a lien upon the owner’s
net proceeds from the sale of commercial real estate for any commission earned by the broker under a brokerage agreement. The lien
upon the owner’s net proceeds is a lien upon personal property which attaches to the owner’s net proceeds and does
not attach to any interest in real property. This lien right cannot be waived before the commission is earned.

 

Buyer ()
(_______) and Seller () (_______) acknowledge receipt of a copy of this page, which is Page
8 of 8 Pages.

 

CC-4 Rev. 12/10 ©2010
Florida Association of Realtors© All Rights Reserved

 

	 	Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com	Rainville Road

 

    	 

    	 

    

 

(b)Special Assessment Liens Imposed by Public
Body: The Property may be subject to unpaid special assessment lien(s) imposed by a public body. (A public body includes a
Community Development District.) Such liens, if any, shall be paid as set forth in Paragraph 9(e).

 

(c)Radon Gas: Radon is a naturally occurring
radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are
exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional
information regarding radon and radon testing may be obtained from your county public health unit.

 

(d)Energy-Efficiency Rating Information: Buyer
acknowledges receipt of the information brochure required by Section 553.996, Florida Statutes.

 

17.RISK OF LOSS:

 

(a)If, after the Effective
Date and before closing, the Property is damaged by fire or other casualty, Seller will bear the risk of loss and Buyer
may cancel this Contract without liability and the deposit(s) will be returned to Buyer. Alternatively, Buyer will
have the option of purchasing the Property at the agreed upon purchase price and Seller will credit the deductible, if any
and transfer to Buyer at closing any insurance proceeds, or Seller’s claim to any insurance proceeds payable
for the damage. Seller will cooperate with and assist Buyer in collecting any such proceeds. Seller shall
not settle any insurance claim for damage caused by casualty without the consent of the Buyer.

 

(b)If, after the Effective Date and before
closing, any part of the Property is taken in condemnation or under the right of eminent domain, or proceedings for such taking
will be pending or threatened, Buyer may cancel this Contract without liability and the deposit(s) will be returned to Buyer.
Alternatively, Buyer will have the option of purchasing what is left of the Property at the agreed upon purchase price and
Seller will transfer to the Buyer at closing the proceeds of any award, or Seller’s claim to any award
payable for the taking. Seller will cooperate with and assist Buyer in collecting any such award.

 

18.ASSIGNABILITY; PERSONS BOUND: This
Contract may be assigned to a related entity, and otherwise  ̈  is
not assignable  x is assignable. If this Contract may be assigned, Buyer shall
deliver a copy of the assignment agreement to the Seller at least 5 days prior to Closing. The terms “Buyer,”
“Seller” and “Broker” may be singular or plural. This Contract is binding upon Buyer, Seller and
their heirs, personal representatives, successors and assigns (if assignment is permitted).

 

19.MISCELLANEOUS: The terms of this Contract
constitute the entire agreement between Buyer and Seller. Modifications of this Contract will not be binding unless
in writing, signed and delivered by the party to be bound. Signatures, initials, documents referenced in this Contract, counterparts
and written modifications communicated electronically or on paper will be acceptable for all purposes, including delivery, and
will be binding. Handwritten or typewritten terms inserted in or attached to this Contract prevail over preprinted terms. If any
provision of this Contract is or becomes invalid or unenforceable, all remaining provisions will continue to be fully effective.
This Contract will be construed under Florida law and will not be recorded in any public records.

 

20.BROKERS: Neither Seller nor Buyer
has used the services of, or for any other reason owes compensation to, a licensed real estate Broker other than:

 

	(a) Seller’s Broker:	Industrial Realty Solutions, Inc. (IRS) 	Deron Thomas,
	 	(Company Name)	(Licensee)

 

	P.O. Box 1485, Safety Harbor, FL	dt@industrialrealtysolutions.com
	34695-1485	(727) 724-3300	(727) 499-6900 
	(Address, Telephone, Fax, E-mail)

 

who  ̈
is a single agent x is
a transaction broker  ̈
has no brokerage relationship and who will be compensated by x
Seller  ̈
Buyer  ̈ both parties
pursuant to x a listing
agreement  ̈ other
(specify)  

 

____________________________________________________________________________________________

 

Buyer ()
(_______) and Seller () (_______) acknowledge receipt of a copy of this page, which is Page
8 of 8 Pages.

 

CC-4 Rev. 12/10 ©2010
Florida Association of Realtors© All Rights Reserved

 

	 	Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com	Rainville Road

 

    	 

    	 

    

 

	(b) Buyer’s Broker:	F.I. Grey & Son, Inc.	Jeff Grey,
	 	(Company Name)	(Licensee)

 

	(727)
    849-2424             (727) 842-6596 jeff@figrey.com
	(Address, Telephone, Fax, E-mail)

 

who
 ̈ is a single agent
 x  is a transaction
broker  ̈ has no
brokerage relationship and who will be compensated by  ̈ Seller’s
Broker  x 
Seller  ̈ Buyer
 ̈ both parties
pursuant to  ̈ an
MLS offer of compensation  x 
other (specify)

	F.I. Grey shall be paid a two (2) percent commission upon a
    successful Closing.

(collectively referred to as “Broker”) in
connection with any act relating to the Property, including but not limited to inquiries, introductions, consultations, and negotiations
resulting in this transaction. Seller and Buyer agree to indemnify and hold Broker harmless from and against losses,
damages, costs and expenses of any kind, including reasonable attorneys’ fees at all levels, and from liability to any person,
arising from (1) compensation claimed which is inconsistent with the representation in this Paragraph, (2) enforcement action to
collect a brokerage fee pursuant to Paragraph 10, (3) any duty accepted by Broker at the request of Seller or Buyer,
which is beyond the scope of services regulated by Chapter 475, Florida Statutes, as amended, or (4)recommendationsof
or services provided and expenses incurred by any third party whom Broker refers, recommends,or retains for or on behalf of
Seller or Buyer.

 

	21. OPTIONAL CLAUSES: (Check if any of the following clauses are applicable and are attached as an addendum to this Contract):
	 ̈ Arbitration	 ̈ Seller Warranty 	 ̈ Existing Mortgage
	 ̈ Section 1031 Exchange	 ̈ Coastal Construction Control Line	 ̈ Buyer’s Attorney Approval
	 ̈ Property Inspection and Repair	 ̈ Flood Area Hazard Zone 	 ̈ Seller’s Attorney Approval
	 ̈ Seller Representations	 ̈ Seller Financing 	 ̈ Other	 

 

22. ADDITIONAL TERMS:

 

	1.) The Closing Date shall be seventy (70) days from the Effective Date.
	2.) The deposit shall be “non-refundable” after successful completion
    or waiver of the Due Diligence Period.
	3.) This Contract is assignable, but only to a related entity of Jay Coleman, Inc.
	 
	 
	 
	 
	 
	 
	 

 

THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT.
IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. BROKER ADVISES BUYER AND SELLER TO VERIFY ALL FACTS AND
REPRESENTATIONS THAT ARE IMPORTANT TO THEM AND TO CONSULT AN APPROPRIATE PROFESSIONAL FOR LEGAL ADVICE (FOR EXAMPLE, INTERPRETING
CONTRACTS, DETERMINING THE EFFECT OF LAWS ON THE PROPERTY AND TRANSACTION, STATUS OF TITLE, FOREIGN INVESTOR REPORTING REQUIREMENTS,
ETC.) AND FOR TAX, PROPERTY CONDITION, ENVIRONMENTAL AND OTHER ADVICE. BUYER ACKNOWLEDGES THAT BROKER DOES NOT OCCUPY THE PROPERTY
AND THAT ALL REPRESENTATIONS (ORAL, WRITTEN OR OTHERWISE) BY BROKER ARE BASED ON SELLER REPRESENTATIONS OR PUBLIC RECORDS UNLESS
BROKER INDICATES PERSONAL VERIFICATION OF THE REPRESENTATION. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND
GOVERNMENTAL AGENCIES FOR VERIFICATION OF THE PROPERTY CONDITION, SQUARE FOOTAGE AND FACTS THAT MATERIALLY AFFECT PROPERTY VALUE.

 

Buyer ()
(_______) and Seller () (_______) acknowledge receipt of a copy of this page, which is Page
8 of 8 Pages.

 

CC-4 Rev. 12/10 ©2010
Florida Association of Realtors© All Rights Reserved

 

	 	Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com	Rainville Road

 

    	 

    	 

    

 

Each person signing this Contract on behalf of a party
that is a business entity represents and warrants to the other party that such signatory has full power and authority to enter
into and perform this Contract in accordance with its terms and each person executing this Contract and other documents on behalf
of such party has been duly authorized to do so.

 

	 	 	Date:	1-9-2015 
	 (Signature of Buyer)	 	 	 
	 	 	 	 
	Jay Coleman, Inc. or Assigns	 	Tax ID No:	 59-2956955
	 (Typed or Printed Name
    of Buyer)	 	 	 
	 	 	 	 
	Title:	OWQR / Pres 	 	Telephone:	 727-638-5046
	 	 	 	 
		 	Date:	 
	(Signature
    of Buyer)	 	 	 
	 	 		 
	 	 	Tax ID No:	 
	(Typed or Printed Name
    of Buyer)	 	 	 
	 	 	 	 
	 	 	 	 
	Title:	 	 	Telephone:	 

 

	Buyer’s Address for purpose of notice:	 

 

	Facsimile:	     	 	Email	        

 

	 	 	Date	1-12-15
	(Signature of Seller)	 	 	 
	 	 	 	 
	MAGNEGAS CORPORATION	 	Tax ID No:	26-0250418
	(Typed or Printed Name of Seller)	 	 	 
	 	 	 	 
	Title:	CFO	 	Telephone:	727-934-3448
	 	 	 	 
	 	 	Date:	 
	(Signature of Seller)	 	 	 
	 	 	 	 
	 	 	Tax ID No:	 
	(Typed or Printed Name of Seller)	 	 	 
	 	 	 	 
	Title:	 	 	Telephone:	 

 

	Seller’s Address for purpose of notice:	 

 

	Facsimile:	     	 	Email	        

 

The Florida Association of Realtors®
makes no representation as to the legal validity or adequacy of any provision of this form in any specific transaction.
This standardized form should not be used in complex transactions or with extensive riders or additions. This form is available
for use by the entire real estate industry and is not intended to identify the user as a Realtor®.
Realtor® is a registered collective membership mark which may be
used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF Realtors®
and who subscribe to its Code of Ethics.

The copyright laws of the United
States (17 U.S. Code) forbid the unauthorized reproduction of this form by any means including facsimile or computerized forms.

 

Buyer ()
(_______) and Seller () (_______) acknowledge receipt of a copy of this page, which is Page
8 of 8 Pages.

 

CC-4 Rev. 12/10 ©2010
Florida Association of Realtors© All Rights Reserved

 

	 	Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com	Rainville Road

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