Document:

Exhibit
10.3

 

SECURITY
AGREEMENT, PLEDGE AND ASSIGNMENT

 

This
SECURITY AGREEMENT, PLEDGE AND ASSIGNMENT (this “Agreement”), dated as of the 7th day of
May, 2020, entered into by GSRX Industries Inc, a corporation organized and existing under the laws of the State of Nevada (“Company”),
in favor of Natural Ventures PR, LLC a limited liability company organized and existing under the laws of the Commonwealth of
Puerto Rico (the “NVPR”).

 

WITNESSETH:

 

WHEREAS,
the Company and NVPR have entered into that certain Option Agreement of even date herewith (as the same may be amended or otherwise
modified from time to time, the “Option Agreement”) pursuant to which NVPR may acquire, subject to the completion
of the milestones therein, from the Company 100% of the issued and outstanding membership interests in its wholly-owned subsidiary
Project 1493, LLC, a limited liability company formed and existing under the laws of the Commonwealth of Puerto Rico (“1493”).

 

WHEREAS,
the execution and delivery of this Agreement by Company is required under the Option Agreement.

 

NOW,
THEREFORE, in consideration of the premises and the agreements herein, Company hereby agrees with NVPR, as follows:

Section
1. Definitions. Reference is hereby made to the Option Agreement for a statement of the terms thereof. All capitalized
terms used herein that are not otherwise defined shall have the meanings set forth in the Option Agreement.

 

Section
2. Pledge, Assignment and Grant of Security. The Company hereby assigns and pledges to NVPR, and hereby grants to
NVPR a security interest in, all of the Company’s right, title and interest in and to the following (the “Collateral”):
100% of the issued and outstanding membership interest of 1493 (the “Pledged Instruments”).

 

Section
3. Security for Obligations. This Agreement secures the indefeasible payment in full in cash and the performance
of all obligations of every kind and character now or hereafter existing (whether matured or unmatured, contingent or liquidated)
of the Company under the Option Agreement as it may hereafter be amended, restated, extended or otherwise modified from time to
time.

 

Section
4. Company Remains Liable. Nothing set forth in this Agreement (i) shall relieve the Company from the performance
of any term, covenant, condition or agreement on the Company’s part to be performed or observed under or in respect of any
of the Collateral or from any liability to any Person under or in respect of any of the Collateral or (ii) shall impose any obligation
on NVPR to perform or observe any such term, covenant, condition or agreement on the Company’s part to be so performed or
observed or (iii) shall impose any liability on NVPR for any act or omission on the part of the Company relating thereto or for
any breach of any representation or warranty on the part of the Company contained in this Agreement or the Option Agreement or
under or in respect of the Collateral or made in connection herewith or therewith. The exercise by NVPR of any of the rights hereunder
shall not release the Company from any of its duties or obligations under the Collateral, and NVPR shall not have any obligation
or liability under the Collateral by reason of this Agreement, nor shall NVPR be obligated to take any action to collect or enforce
any claim for payment assigned hereunder. The obligations of the Company contained in this Section 4 shall survive the termination
of this Agreement and the discharge of the obligations of the Company under this Agreement, the Option Agreement and any other
Transaction Document.

 

    	1

     

    

 

Section
5. Representations, Warranties and Covenants. The Company represents, warrants and covenants to NVPR as follows:

 

(a)
Upon the completion of the deliveries, filings and other actions contemplated in Section 6 hereof, the pledge, assignment and
security interest granted to NVPR pursuant to this Agreement in and to the Collateral will constitute a perfected security interest
therein, superior and prior to the rights of all other Persons therein.

 

(b)
The Company is, as of the date hereof the sole, direct legal and beneficial owner of all Collateral pledged by it hereunder free
from any lien or other right, title or interest of any Person, and the Company shall defend the Collateral pledged by it hereunder
against all claims and demands of all Persons at any time claiming any interest therein adverse to NVPR. There is no agreement,
and the Company shall not enter into any agreement or take any other action, that would result in the imposition of any other
lien, restrict the transferability of any of the Collateral or otherwise impair or conflict with the Company’s obligations
or the rights of NVPR hereunder except to the extent expressly permitted by the Option Agreement.

 

(c)
There is no financing statement (or similar statement or instrument or registration under the law of any jurisdiction) covering
or purporting to cover any interest of any kind in the Collateral, and so long as any of the obligations remain unpaid, the Company
shall not execute, authorize or permit to be filed in any public office any financing statement (or similar statement or instrument
of registration under the law of any jurisdiction) or statements relating to the Collateral, except (i) financing statements filed
or to be filed in respect of and covering the security interests granted by the Company in favor of NVPR pursuant to this Agreement.

 

(d)
All information set forth herein, and all information contained in any documents, schedules and lists heretofore delivered to
NVPR in connection with this Agreement, in each case relating to the Collateral, is accurate and complete in all material respects.
The Collateral described on the schedules attached hereto constitutes all of the property of such type of Collateral owned or
held by the Company.

 

(e)
The Company shall not (i) sell, convey, assign or otherwise dispose of, or grant any option with respect to, any of the Collateral
pledged by it hereunder except as expressly permitted by the Option Agreement, or (ii) create or permit to exist any lien upon
or with respect to any of the Collateral pledged by it hereunder.

 

Section
6. Perfection; Supplements; Further Assurances.

 

(a)
All certificates or instruments representing or evidencing the Collateral, to the extent not previously delivered to NVPR, shall
immediately upon receipt thereof by the Company be delivered to and held by or on behalf of NVPR pursuant hereto, and all certificated
Pledged Instruments shall be in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of
transfer or assignment in blank, all in form and substance reasonably satisfactory to NVPR.

 

(b)
If any of the Pledged Instruments are at any time not evidenced by certificates or writings, then the Company shall, to the extent
permitted or required by applicable law to perfect, continue and maintain a legal valid, enforceable, first priority security
interest in the Pledged Instruments, record such pledge on the register or the books of the issuer, cause the issuer to execute
and deliver to NVPR an acknowledgment, in form and substance reasonably acceptable to NVPR of the pledge of such Pledged Instruments,
execute any customary pledge forms or other documents, in form and substance reasonably acceptable to NVPR necessary or appropriate
to complete the pledge, and give NVPR the right to transfer such Pledged Instruments under the terms hereof.

 

    	2

     

    

 

(c)
The Company agrees that at any time and from time to time, it will execute and, the cost and expense of which will be shared equally
by the Company and NVPR, file and refile, or permit NVPR to file and refile, such financing statements, continuation statements
and other documents (including, without limitation, this Agreement), in form and substance reasonably acceptable to NVPR, in such
offices as NVPR may reasonably deem necessary or appropriate in order to perfect, continue and maintain a valid, enforceable,
first priority lien in the Collateral and to preserve the other rights and interests granted to NVPR hereunder with respect to
the Collateral. The Company authorizes NVPR to file any such financing or continuation statement or other document without the
signature of the Company where permitted by law. A photocopy or other reproduction of this Agreement or any financing statement
covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law.

 

(d)
The Company agrees to do such further acts and things, and to execute and deliver to NVPR such additional assignments, agreements,
supplements, powers and instruments, as NVPR may reasonably deem necessary or appropriate in order to perfect, preserve and protect
the security interest in the Collateral as provided herein and the rights and interests granted to NVPR hereunder, to carry into
effect the purposes of this Agreement or better to assure and confirm unto NVPR or permit NVPR to exercise and enforce its respective
rights, powers and remedies hereunder with respect to the Collateral.

 

Section
7. Intentionally Omitted 

 

Section
8. Intentionally Omitted 

 

Section
9. Intentionally Omitted

 

Section
10. Intentionally Omitted.

 

Section
11. Investor May Perform. If Company fails to perform any agreement contained herein, NVPR may itself perform, or
cause the performance of, such agreement or obligation, and the expenses of NVPR incurred in connection therewith shall be payable
by Company pursuant to Section 14 hereof and shall constitute obligations secured hereby.

 

Section
12. NVPR’ Duties. The powers conferred on NVPR under this Agreement are solely to protect the interest of
NVPR in the Collateral and shall not impose any duty or obligation of any kind upon it or any of them to exercise any such powers.
Except for the safe custody of the Collateral in its possession, NVPR shall not have any liability or duty as to the Collateral
or as to the taking of any necessary steps to preserve rights against prior parties or any rights pertaining to the Collateral.
Neither NVPR, nor any of its directors, officers, employees, attorneys, agents, advisors, attorneys-in-fact, experts and Affiliates
shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so
nor shall be under any obligation to sell or otherwise dispose of the Collateral upon the request of the Company or otherwise.

 

Section
14. Indemnity and Expenses. (a) The Company agrees to defend, indemnify and hold harmless NVPR, its directors, officers,
employees, attorneys, agents, advisors, attorneys-in-fact, experts and affiliates (each an “Indemnified Party”) in
accordance with the terms of the Option Agreement.

 

(b)
The Company will upon demand pay to NVPR the amount of any and all reasonable out-of-pocket costs and expenses, including the
reasonable fees and expenses of their respective counsel and of any experts and agents, which NVPR may incur in connection with
(i) the custody, preservation, use or operation of, or the sale of, collection from, or other realization upon, the Collateral,
(iii) the exercise or enforcement of any of the rights of NVPR or NVPR hereunder, or (iv) the failure by the Company to perform
or observe any of the provisions hereof. Such costs, expenses and fees shall be secured by this Agreement.

 

    	3

     

    

 

(c)
The indemnities and other agreements contained in this Section 14 are in addition to any indemnities and other agreements, but
in no event shall NVPR be entitled to any duplicative payment other than with respect to any payment which NVPR is required to
return.

 

 

Section
15. Pledge, Assignment and Security Interest Absolute. To the extent permitted by applicable law, all rights of
NVPR hereunder and the pledge, assignment and security interest created hereunder, and all obligations of Company hereunder, shall
be absolute and unconditional, and shall not be affected or released in any way, irrespective of:

 

(a)
any change in the time, manner or place of payment of, or in any other term of, all or any of the obligations, or any other amendment
or waiver of, or any mutual consent to departure from, this Agreement, the Option Agreement, or any other agreement or instrument,
including, but not limited to, (i) any increase or decrease in any such obligations and (ii) any amendment of the Option Agreement;

 

(c)
any taking and holding of collateral (which term for purposes of this Agreement includes but is not limited to the Collateral)
or additional guaranties for all or any of the obligations; or any amendment, alteration, exchange, substitution, transfer, enforcement,
waiver or subordination of any collateral or such guaranties; or the termination, release or non-perfection of any collateral
(other than with respect to the Collateral expressly released by NVPR) or such guaranties or any consent to departure from any
security agreement or guaranty with respect thereto;

 

(d)
any manner of application of collateral, or proceeds thereof, to all or any of the obligations, or the manner of sale of any collateral;
or

 

(e)
any consent by NVPR to (i) the change, restructuring or termination of the organizational or entity structure or existence, as
the case may be, of the Company or any of its Affiliates and (ii) any corresponding restructuring of, or any other restructuring
or refinancing of, the obligations or any portion thereof.

 

Without
limiting the generality of the foregoing, the Company hereby consents to, and hereby agrees, that the rights of NVPR hereunder,
and the liability of the Company hereunder, shall not be affected by any and all releases of any collateral (other than Collateral
expressly released by NVPR) from the liens created by Option Agreement or any other agreement or instrument.

 

Section
16. Notices. All notices and other communications provided for hereunder shall be in writing and shall be given
in the manner, and shall be effective, as provided in the Option Agreement.

 

Section
17. Miscellaneous. (a) No amendment of any provision of this Agreement shall be effective unless it is in writing
and signed by Company and NVPR, and no waiver of any provision of this Agreement, and no consent to any departure by Company therefrom,
shall be effective unless it is in writing and signed by NVPR and then such waiver or consent shall be effective only in the specific
instance and for the specific purposes for which given.

 

(b)
No failure on the part of NVPR to exercise, and no delay in exercising, any right hereunder, under the Option Agreement shall
operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise
thereof or the exercise of any other right. The rights of NVPR hereunder and under the Option Agreement against any party are
not conditional or contingent on any attempt by NVPR to exercise any of its rights under the Option Agreement against such party
or against any other Person.

 

    	4

     

    

 

(c)
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or thereof or affecting
the validity or enforceability of such provision in any other jurisdiction.

 

(d)
This Agreement creates a continuing lien and security interest in the Collateral and shall (i) remain in full force and effect
until the completion of the transactions set forth in the Option Agreement, (ii) be binding upon the Company, its successors and
assigns, and (iii) inure, together with the rights and remedies of NVPR hereunder, to the benefit of NVPR and its successors,
transferees and assigns.

 

(e)
This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Puerto Rico, except to the
extent that the validity or perfection of the liens hereunder, or remedies hereunder, in respect of any particular Collateral,
are governed by the laws of a jurisdiction other than the Commonwealth of Puerto Rico. Unless otherwise defined herein or in the
Option Agreement, the terms used in Chapter 9 of the UCC are used herein as therein defined.

 

(f)
Notwithstanding anything in this Agreement to the contrary, in the event of any inconsistency between the terms of this Agreement
and the terms of the Option Agreement, the terms hereof shall be controlling as necessary to create, preserve and/or maintain
a valid, enforceable and perfected lien upon the Collateral, but, otherwise, the provisions of the Option Agreement shall be controlling
and the provisions hereof shall be subject or subordinate to those of the Option Agreement.

 

(g)
THE COMPANY AND NVPR EACH HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE OPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

 

(h)
ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT MAY BE TRIED AND LITIGATED IN, AND THE COMPANY HEREBY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF, THE COURTS OF THE STATE OF NEVADA AND THE FEDERAL COURT LOCATED IN LAS VEGAS, NEVADA,
UNLESS SUCH ACTIONS OR PROCEEDINGS ARE REQUIRED TO BE BROUGHT IN ANOTHER COURT TO OBTAIN SUBJECT MATTER JURISDICTION OVER THE
MATTER IN CONTROVERSY. THE COMPANY WAIVES ANY RIGHT IT MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS, TO ASSERT THAT
IT IS NOT SUBJECT TO THE JURISDICTION OF SUCH COURTS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE
WITH THIS SECTION.

 

(i)
The Recitals set forth in the Preamble to this Agreement are hereby incorporated herein and made to form an integral part hereof.

 

[SIGNATURE
PAGE FOLLOWS; REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 

    	5

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the date first above
written.

 

	 	GSRX
    INDUSTRIES INC.
	 	 	 
	 	By:	             
	 	Name:	 
	 	Title:	 

 

Affidavit
Number: -________-

 

Acknowledged
and subscribed to before me in ______________, _____________, on this __ day of May, 2020, by the following person:________________,
of legal age, married, executive and resident of _____________, ______________, in his capacity as  _________________of____________________,
whom I have identified pursuant to his driver’s license issued by the _________________ No. ___________________.

 

	 	 
	 	Notary
    Public

 

ACKNOWLEDGED
AND ACCEPTED,

as
of the date first set forth above:

 

NATURAL
VENTURES PR, LLC

 

	By:	                      	 
	Name:	 	 
	Title:	 	 

 

    	6

     

    

 

 EXHIBIT
A

 

FORM
OF PLEDGE SUPPLEMENT

 

PLEDGE
SUPPLEMENT dated ________________, _____ (the “Pledge Supplement”), made by GSRX Industries Inc., a
corporation organized and existing under the laws of the State of Nevada (the “Company”), in favor of NVPR
International Inc., a corporation organized and existing under the laws of the Province of British Columbia, Canada (the “NVPR”)
(as such term is used in the Security Agreement hereinafter referred to).

 

	 	1.	This
    Pledge Supplement is executed and delivered pursuant to the terms of the Security Agreement, Pledge and Assignment, dated
    as of May __, 2020 (as supplemented by this Pledge Supplement and as the same has been and may hereafter be supplemented by
    any other Pledge Supplement or otherwise amended or modified, the “Security Agreement”), between the Company
    and NVPR.  Terms defined in the Security Agreement are used herein as therein defined.
	 	 	 
	 	2.	The
    Company confirms and reaffirms the security interest in the Pledged Instruments granted to NVPR under the Security Agreement,
    and as collateral security for the prompt and complete payment and performance when due of all of the obligations, the Company
    hereby delivers to NVPR and hereby pledges, assigns, hypothecates, transfers and grants to NVPR a first priority security
    interest in the Pledged Instruments listed on Schedule A annexed hereto and all proceeds thereof and any collateral
    security securing the same.
	 	 	 
	 	3.	The
    Company hereby represents and warrants that the representations and warranties set forth in Section 5 of the Security Agreement
    are true and correct as of the date of this Supplement, and acknowledges and agrees that all references in the Security Agreement
    to “Pledged Instruments” shall include the Pledged Instruments listed on Schedule A hereto and on Schedule
    A to each Pledge Supplement executed prior to the date hereof and all references therein to “this Security Agreement”
    shall mean the Security Agreement as supplemented hereby.  In addition, the Company represents and warrants that
    this Pledge Supplement has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation
    of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited
    by bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting creditors’
    rights.
	 	 	 
	 	4.	This
    Pledge Supplement is supplemental to the Security Agreement, forms a part thereof and is subject to all the terms thereof.  

 

    	1 | Exh. A

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the date first above
written.

 

	 	GSRX
    INDUSTRIES INC.
	 	 	 
	 	By:	                            
	 	Name:	 
	 	Title:	 

 

Affidavit
Number: -________-

 

Acknowledged
and subscribed to before me in ______________, _____________, on this __ day of May, 2020, by the
following person:_____________________, of legal age, married, executive and resident of __________, ____________,
in his capacity as ________________ of ___________________, whom I have identified pursuant to his driver’s license
issued by the _______________ No. ___________________.

 

	 	 
	 	Notary
    Public

 

ACKNOWLEDGED
AND ACCEPTED,

as
of the date first set forth above:

 

NATURAL
VENTURES PR, LLC

 

	By:	             	 
	Name:	 	 
	Title:	 	 

 

    	2 | Exh. AExhibit
10.4

 

AMENDED
AND RESTATED LOAN AGREEMENT

 

THIS
AGREEMENT dated for reference this 6th day of May, 2020, is between:

 

ANDALUCIA
511, LLC, a limited liability company existing under the laws of Puerto Rico and having an office at 1301 E Debbie Lane 102-160,
Mansfield, Texas 76063

 

(the
“Lender”)

 

AND:

 

CHEMESIS
INTERNATIONAL INC., a company existing under the laws of the Province of British Columbia and having an office at Suite 2710
– 200 Granville Street, Vancouver, British Columbia V6C 1S4

 

(the
“Borrower”)

 

WHEREAS
the Lender has agreed to provide a loan in the sum of $277,839.43 (the “Loan”) to the Borrower, on the
terms and subject to the conditions of this agreement (the “Agreement”).

 

FOR
GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which each party acknowledges, the parties agree as follows:

 

	1.	Definitions.  In
    this Agreement:

 

	 	(a)	“Business
    Day” means a day which is not a Saturday, Sunday or a statutory holiday in the Province of British Columbia;
	 	 	 
	 	(b)	“Default”
    has the meaning set forth in section 5 below; and 
	 	 	 
	 	(c)	“Maturity
    Date” has the meaning set forth in subsection 3(a) below; and 
	 	 	 
	 	(d)	“Notice”
    has the meaning set forth in section 9.
	 	 	 
	 	(e)	“Prime
    Rate” means the prime rate of interest as per the Bank of Canada on the date of this Agreement set forth in the
    recitals.
	 	 	 
	 	(f)	“Transaction”
    means the sale of 51 McCleary St. building. 

 

	2.	Loan.
     For value received, the Borrower acknowledges itself indebted and promises to pay to the Lender, its successors
    and assigns, by the Maturity Date, the Loan as hereinafter provided.
	 	 
	3.	Term
    and Prepayment. 

 

	 	(a)	Subject
    to the rights of the Lender under Section 6 to accelerate payment of all monies owing hereunder, (i) $100,000 of the Loan
    will be immediately due and payable by the Borrower to the Lender on May 30, 2020, and (ii) the balance of the Loan, being
    $177,839.43, will be immediately due and payable in full by the Borrower to the Lender on November 6, 2020 (the “Maturity
    Date”).

 

    	 

    	 	2	 

    

 

	 	(b)	Upon
    written notice, the Borrower may prepay the Loan in its entirety or any part of the Loan at any time prior to the Maturity
    Date without penalty, premium, or bonus.

 

	4.	Interest.
    Interest shall accrue on the Loan at the Prime Rate plus 1.0% per annum. Interest shall continue to accrue on the Loan
    in the event it is not repaid in full on the Maturity Date.
	 	 
	5.	Default.  Each
    and every of the following shall be a default under this Agreement (“Default”):

 

	 	(a)	the
    Borrower makes default in payment of the Loan when the same becomes due under any provision hereof;
	 	 	 
	 	(b)	if
    there should occur a default in any term or condition of this Agreement (other than as set out in subsection (a) hereof);
    
	 	 	 
	 	(c)	if
    the Borrower shall become insolvent or shall make a bulk sale of its assets or a general assignment for the benefit of its
    creditors or a proposal under any bankruptcy or insolvency legislation or if a bankruptcy petition shall be filed or presented
    or if a custodian or a receiver and manager or any other officer with similar powers shall be appointed of its property, or
    any part thereof; and
	 	 	 
	 	(d)	if
    an encumbrancer shall lawfully take possession of the property, assets, or undertaking of the Borrower or any part thereof.

 

	6.	Effect
    of Default.  If any one or more of the Defaults occur or occurs and is or are continuing, the Lender may without
    limitation, subject to any other rights it may have in law or pursuant to this Agreement or any other document or instrument
    delivered hereunder, demand immediate payment of all monies owing hereunder.
	 	 
	7.	Lender’s
    Expenses.  The Lender shall be responsible for all of its expenses incurred in furtherance of the transactions
    contemplated herein.
	 	 
	8.	Governing
    Law.  This Agreement is governed by, and is to be interpreted, construed and enforced in accordance with, the
    laws of British Columbia and the federal laws of Canada applicable therein. The parties irrevocably attorn to the exclusive
    jurisdiction of the Courts of British Columbia over any matter or dispute arising out of this Agreement.
	 	 
	9.	Notices.  Any
    notice, consent or approval required or permitted to be given in connection with this Agreement (in this section referred
    to as a “Notice”) shall be in writing and shall be sufficiently given if delivered (whether in person,
    by courier service or other personal method of delivery), or if transmitted by e-mail:

 

	 	(a)	in
    the case of a Notice to the Lender at:

 

Andalucia
511, LLC

1301
E Debbie Land 102-106

Mansfield,
TX 76073

 

Attention:
Tom Gingerich

E-mail:
tom@gsrxindustries.com

 

    	 

    	 	3	 

    

 

	 	(b)	in
    the case of a Notice to the Borrower at:

 

Chemesis
International Inc.

Suite
2710 – 200 Granville Street,

Vancouver,
British Columbia V6C 1S4

 

Attention:
Aman Parmar 

E-mail: amanparmar@chemesis.com

 

	 	(c)	Any
    Notice delivered or transmitted to a party as provided above shall be deemed to have been given and received on the day it
    is delivered or transmitted, provided that it is delivered or transmitted on a Business Day prior to 5:00 p.m. local time
    in the place of delivery or receipt. However, if the Notice is delivered or transmitted after 5:00 p.m. local time or if such
    day is not a Business Day then the Notice shall be deemed to have been given and received on the next Business Day.
	 	 	 
	 	(d)	Any
    party may, from time to time, change its address by giving Notice to the other parties in accordance with the provisions of
    this section.

 

	10.	Currency.  All
    sums of money to be paid or calculated pursuant to this Agreement shall be paid or calculated in currency of U.S. dollars.
    All references to “$” are references to U.S. dollars.
	 	 
	11.	Assignment.  The
    Borrower may not assign this Agreement or any part of the Loan without the prior written consent of the Lender, which such
    consent may not be unreasonably withheld.
	 	 
	12.	Enurement.  This
    Agreement will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted
    assigns.
	 	 
	13.	Further
    Assurances.  Each of the parties hereto hereby covenants and agrees to execute such further and other documents
    and instruments and do such further and other things as may be necessary or desirable to implement and carry out the intent
    of this Agreement.
	 	 
	14.	Entire
    Agreement.  This Agreement constitutes the entire agreement between the parties with respect to the subject
    matter hereof and shall supersede all previous expectations, understandings, communications, representations and agreements
    whether verbal or written between the parties with respect to the subject matter hereof. For greater clarity, any agreement
    between the parties pertaining to any debt owed by the Borrower to the Lender is supersede and replaced in its entirety by
    this Agreement. This Agreement does not confer any rights or remedies upon any person other than the parties and their respective
    successors and permitted assigns.
	 	 
	15.	Waiver;
    Amendment.  No indulgence or forbearance by the Lender hereunder shall be deemed to constitute a waiver of the
    Lender’s rights to insist on performance in a full and in a timely manner of all covenants of the Borrower hereunder
    and any such waiver, in order to be binding upon the Lender, must be express and in writing and signed by the Lender, and
    then such waiver shall be effective only in the specific instance and for the purpose for which it is given, and no waiver
    of any provision, condition or covenant shall be deemed to be a waiver of the Lender’s right to require full and timely
    compliance with the same provision, condition or covenant thereafter, or with any other provision, covenant or condition of
    this Agreement at any time.  No amendment to this Agreement shall be valid unless it is evidenced by a written agreement
    executed by all of the parties hereto.

 

    	 

    	 	4	 

    

 

	16.	Independent
    Advice.  The Lender hereby acknowledges that this Agreement has been prepared by Cassels Brock & Blackwell
    LLP, as counsel to the Borrower, and that it has been advised to seek independent legal advice in connection with the entering
    into of this Agreement.  Cassels Brock & Blackwell LLP in no way represents the interests of the Lender, and
    by executing this Agreement, the Lender confirms that they have either sought the requisite independent advice, or have waived
    their right thereto.
	 	 
	17.	Invalidity.  If
    at any time any one or more of the provisions hereof is or becomes invalid, illegal or unenforceable in any respect under
    any law, the validity, legality and enforceability of the remaining provisions hereof will not in any way be affected or impaired
    thereby to the fullest extent possible by law.
	 	 
	18.	Counterparts.  This
    Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which together
    shall constitute one and the same agreement.  This Agreement will be considered fully executed when all parties
    have executed an identical counterpart, notwithstanding that all signatures may not appear on the same counterpart.  This
    Agreement may be executed and delivered by facsimile or other electronic signature and shall be binding on all parties hereto
    as if executed by original signature and delivered personally.

 

In
witness whereof the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	ANDALUCIA
    511, LLC
	 	 
	 	By:	                 
	 	Name:	 
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	 	CHEMESIS
    INTERNATIONAL INC.
	 	 
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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}]]