Document:

exhibit_10-30.htm

Exhibit 10.30

 

FORM OF PROMISSORY NOTE

 

 

	
$1,000,000.00 

	
October 24, 2014

For value received, MASSIVE INTERACTIVE, INC., a Nevada corporation (the “Company”), promises to pay to Mr. Gil Orbach, a resident of Stamford, CT (the “Holder”), or its registered assigns, in lawful money of the United States of America the principal sum of One million dollars ($1,000,000.00).  Interest shall accrue from the date of this unsecured promissory note (this “Note”) on the unpaid principal amount at a rate equal to ten percent (10.0%) per annum, simple interest.  This Note is subject to the following terms and conditions:

 

1.           Payments; Principal and Interest.  All outstanding and unpaid principal, together with any then unpaid and accrued interest and other amounts payable hereunder, shall be due and payable on October 24, 2015 (the “Maturity Date”).  Interest shall accrue and be payable quarterly on the dates that are 3, 6, 9, and 12 months from the date of this promissory note. This Note may not be prepaid, unless approved in writing by the Holder, and any prepayment will equal the full aggregate outstanding and unpaid principal, together with any then unpaid and accrued interest, as well as the future interest that would have accrued between the date of prepayment and the original maturity date and other amounts payable hereunder.

 

2.           Events of Default.  Promptly following the Company becoming aware of an occurrence of any Event of Default, the Company shall furnish to the Holder written notice of the occurrence thereof.  The occurrence of any of the following shall constitute an “Event of Default” under this Note:

 

(a)           Failure to Pay.  The Company shall fail to pay (i) when due any principal or interest payment on any due date hereunder or (ii) any other payment required under the terms of this Note within fifteen (15) days after written demand therefore; or

 

(b)           Voluntary Bankruptcy or Insolvency Proceedings.  The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) be unable to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v) become insolvent (as such term may be defined or interpreted under any applicable statute), or (vi) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it; or

 

 

 

  

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(c)           Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be challenged, dismissed or discharged within thirty (30) days of commencement; or

 

(d)           Dissolution; Liquidation.  The dissolution, liquidation, winding up of the Company.

 

3.           Ranking and Security Interest.  This Note will be held first in precedence with regard to any other creditors, instruments, or contractual obligations of the Company, and cannot be subordinated without the written approval of the Investor, provided, however, that this Note and any other Notes issued under that certain Note.

 

4.           Change of Control.  In the event that a party other than Holder or his affiliate (which specifically includes any entity controlled by Zachary Venegas or Scott Ogur) acquires 20% or more of the equity or assets of the company then the holder may demand that the principal and interest for one year shall become immediately due and payable to the Holder by the Company, and the number of warrants issued by the Company to the Holder shall increase from 100,000 to 550,000 and the exercise price of such warrants shall decrease from $0.25 per share to $0.05 per share.

 

5.           Transfer; Successors and Assigns.  The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties.  Notwithstanding the foregoing, the Holder may not assign, pledge, or otherwise transfer this Note without the prior written consent of the Company, except for transfers to affiliates.  Subject to the preceding sentence, this Note may be transferred only upon surrender of the original Note for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company.  Thereupon, a new note for the same principal amount and interest will be issued to, and registered in the name of, the transferee.  Interest and principal are payable only to the registered holder of this Note.

 

6.           Governing Law.  This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to principles of conflicts of law.

 

7.           Notices.  Any notice required or permitted by this Note shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by a nationally-recognized delivery service (such as Federal Express or UPS), or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party to be notified at such party’s address as set forth below or as subsequently modified by written notice.

 

 

 

 

 

 

  

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8.           Amendments and Waivers.  Any term of this Note may be amended or waived only with the written consent of the Company and the Holder. Any amendment or waiver effected in accordance with this Section 7 shall be binding upon the Company, the Holder and each transferee of the Note.

 

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The Company has caused this Note to be issued as of the date first written above.

 

	 	
COMPANY:

MASSIVE INTERACTIVE, INC.,

a Nevada corporation

	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Antaine Furlong	 
	 	Name:	Antaine Furlong	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 
	 	Address: 6th Floor, 10 Lower Thames Street London EC3R 6AF, United Kingdom	 

 

 

 

	

AGREED TO AND ACCEPTED:

 

Mr Gil Orbach,

a resident of Stamford, CT

	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
By: 

	/s/ Gil Orbach	 
	 	
 

 

 

	 
	Address:	 

 

 

 

 

 

 

4HCR3 8K111414 Exh 10.1

FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT AND
ESCROW INSTRUCTIONS

THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS (“First Amendment”) is made and entered into effective as of this 10th day of November, 2014 by and among KADIMA MEDICAL PROPERTIES, LLC, a Delaware limited liability company (“Seller”), GAHC3 INDEPENDENCE MOB PORTFOLIO, LLC, a Delaware limited liability company (“Buyer”), and FIRST AMERICAN TITLE INSURANCE COMPANY (“Escrow Agent”).

Recitals

WHEREAS, Seller and Buyer entered into that certain Purchase and Sale Agreement and Escrow Instructions, dated as of October 15, 2014 (the “Purchase Agreement”); and

WHEREAS, Seller and Buyer seek to amend the Purchase Agreement as set forth below.

Agreement

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer hereby agree as follows:

1.    Recitals.  The recitals set forth above are true and correct and are hereby incorporated in their entirety.  Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement.  
2.    Allocated Purchase Prices.  Schedule 1.3 of the Purchase Agreement is hereby deleted in its entirety and replaced with Schedule 1.3 attached hereto and made a part hereof.
3.    Lessor Estoppels.  Pursuant to Section 3.5(b) of the Purchase Agreement, Buyer has identified certain changes to the forms of Lessor Estoppels that are specific to such Ground Leases and Parking Lease; provided, however, the same remaining subject to the Lessor obligations under such Ground Leases and Parking Leases and the other caveats and conditions set forth in Section 3.5(b) of the Purchase Agreement.   The revised forms of Lessor Estoppels are attached hereto as Exhibit 3.
4.    Closing Date.  The first sentence of Section 4.1(a) of the Purchase Agreement is hereby deleted in its entirety and replaced with the following:
“The Closing (as hereinafter defined) of the transaction contemplated hereby shall be consummated on January 6, 2015 (the “Closing Date”) TIME BEING OF THE ESSENCE, subject to the express adjournment rights granted in this Agreement.”  
5.    Ground Lease Property.  Section 4.2(b) of the Purchase Agreement is hereby amended to provide that with respect to the Ground Lease Property, Seller will deliver (i) a duly 

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executed assignment and assumption of ground lessee’s interest in the applicable ground lease in the form attached hereto as Exhibit H-1; and (ii) a duly executed special warranty deed conveying the Improvements located on the Ground Lease Property to Buyer in the form attached hereto as Exhibit H-2, but with such changes thereto as are required by any applicable laws in the jurisdiction where such Ground Lease Property is located, together, if expressly required pursuant to the terms of such Ground Lease, with written consent of the applicable ground lessor to the Assignment of Ground Lease.
6.    Intentionally omitted.
7.    Recognition Agreement.  Pursuant to Section 5.3(j) of the Purchase Agreement, Buyer is requesting a recognition and non-disturbance agreement from the prime ground lessor under the Ground Lease affecting a portion of the Morristown Property, in the form attached hereto as Exhibit 5.  The terms and conditions of Section 5.3(j) remain unmodified including, without limitation, that the failure to obtain such recognition and non-disturbance agreement shall not be (a) a failure of a condition to Purchaser’s obligations to close the transaction or (b) deemed to be a breach by Seller under the Purchase Agreement.
8.    Verona Property Covenants.  The Purchase Agreement is hereby amended to insert the following new Section 5.3(o), which shall read in its entirety as follows:
“(o)  Verona Property Covenants.  Seller acknowledges that Buyer is exercising its rights under Section 3.1(c) of the Agreement to conduct a Phase II Environmental Assessment (including any reasonably recommended ground water sampling) on the Verona Property prior to Closing with respect to the metallic, cylindrical anomaly suspected of being an inactive underground storage tank as identified by Partner Engineering and Science, Inc. in that certain Geophysical Investigation Report dated October 6, 2014 (the “Anomaly”).   Buyer shall be responsible for all costs of removal, investigation and remediation relating to the Anomaly.  Buyer shall have the right (but shall not be required) to obtain environmental insurance in connection with or related to the Property, which insurance will (i) be on the Basic Terms (as hereinafter defined), (ii) name Seller as an additional insured and (iii) shall be at Buyer’s sole cost and expense (“Environmental Insurance”), subject to reimbursement as set forth below.  Prior to Closing, Buyer will obtain written bindable quotes from at least two (2) unaffiliated third party reputable insurance companies for the Environmental Insurance, from such unaffiliated third parties, and shall promptly thereafter (within three (3) Business Days) notify Seller in writing of the bindable Environmental Insurance quotes received by Buyer, which Environmental Insurance shall (a) be for a term of five (5) years, (b) with an aggregate coverage limit of $5,000,000.00, (c) be subject to a deductible of not more than $50,000.00, per occurrence, and (d) be written by insurers having a rating not less than A XV ((a)-(d) shall collectively be referred 

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to as the “Basic Terms”).  Notwithstanding anything set forth in this Agreement to the contrary, Seller agrees that Buyer may provide copies of Buyer’s Phase I Environmental Assessment, Phase II Environmental Assessment, and this Agreement to Buyer’s insurance broker and to the insurance agents and companies providing quotes for the Environmental Insurance.  If Seller believes it can obtain Environmental Insurance at a lower cost, Seller shall have a period of ten (10) Business Days after such notification from Buyer to obtain a bindable written quote for Environmental Insurance in substantially the same form, with materially similar coverage and deductible, as the Environmental Insurance selected by Buyer, issued by an insurer having the same or better rating as the insurer selected by Buyer.  If Seller obtains such bindable written quote for Environmental Insurance satisfying the foregoing requirements during the ten (10) Business Day period, and if Buyer has elected to obtain Environmental Insurance, Buyer shall purchase the Environmental Insurance through Seller’s selected insurer.  If Seller fails to provide such bindable written quote during ten (10) Business Day period, Buyer may purchase the Environmental Insurance Buyer selected.  On or prior to the Outside Claim Date, Seller shall reimburse Buyer from the Holdback Escrow Fund for the cost of the Environmental Insurance obtained by Buyer (the “Seller Reimbursement Obligation”).  Notwithstanding the foregoing, if the remediation costs, as required by applicable law to be incurred by Buyer or to be incurred by Buyer pursuant to a written binding estimate (from a reputable, third party, unaffiliated environmental consultant regularly engaged in the business of remediation for the Anomaly of the type required for the Verona Property), in connection with the investigation, removal and remediation of the Anomaly, exclusive of the cost of the premium for the Environmental Insurance (the “Remediation Costs”), is less than Three Hundred Thousand and No/100 Dollars ($300,000.00) in the aggregate (the “Expense Threshold”), or if there are no costs in the event that no remediation is required, i.e. that the Remediation Costs would be equal to zero (0), the Seller shall receive a credit against the Seller Reimbursement Obligation in the amount of the difference between the Remediation Costs and the Expense Threshold, up to the total cost of the Environmental Insurance.  
Seller agrees to cooperate with Buyer (at no cost to Seller, except as otherwise expressly set forth above) in connection with the Phase II Environmental Site Assessment and Buyer obtaining the agreed upon Environmental Insurance.  Notwithstanding anything set forth in this Agreement to the contrary, the provisions of this Section 5.3(o) shall survive Closing until the Outside Claim Date.” 

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9.    Supplementing Section 9.1 of the Purchase Agreement, as of the Closing hereunder, except as to Section 5.3(o) with respect to the Seller Reimbursement Obligation, only, and 5.1(k) of the Purchase Agreement, Buyer hereby releases and covenants not to sue Seller with respect to any claims, costs, suits, proceedings, natural resource damages or the like relating to the environmental condition of the Verona Property, including, but not limited to, any such claims, etc. based on common law or statute, and all federal, state and local laws, rules, ordinances, etc. which relate to the environmental condition of the Verona Property or hazardous substances at or emanating therefrom.
10.    Davis Square Property Covenants. The Purchase Agreement is hereby amended to insert the following new Section 5.3(p), which shall read in its entirety as follows:
“(p)    Seller agrees to cooperate with Buyer in connection with having the Land Court enter the Certificate of Title vesting title in the Davis Square Property in Seller, having the Land Court enter the Certificate of Title vesting title in the Davis Square Property in Buyer, and withdrawing the Davis Square Property from Land Registration, all at no cost to Seller; provided, however, the failure of Buyer to complete any of the foregoing shall not be deemed either (a) a failure of a condition under the Purchase Agreement to Buyer’s obligation to close or (b) a breach by Seller under the Purchase Agreement.  The provisions of this Section 5.3(p) shall survive Closing.”
11.    Notice of Settlement.  Seller acknowledges that the recordation of Notices of Settlement with respect to the Morristown Property and Verona Property is required prior to Closing by NJSA 46:26A-11 et seq.  Seller agrees that Buyer or the Title Company may record such Notices of Settlement, in form and substance reasonable acceptable to Seller and the Title Company, and Seller agrees to cooperate with the recordation at no cost to Seller.
12.    Ratifications.  Except as specifically herein amended, all terms, provisions, conditions and exhibits contained in the Purchase Agreement are hereby confirmed, ratified and restated and shall remain unmodified and in full force and effect.  In the event that any provision of this First Amendment shall conflict with the terms, provisions, conditions, and exhibits of the Purchase Agreement, the terms of this First Amendment shall govern and control.
13.    Counterparts; Signatures.  This First Amendment may be executed in any number of counterparts and by each of the undersigned on separate counterparts, and each such counterpart shall be deemed to be an original, but all such counterparts when taken together shall constitute but one and the same First Amendment.  Signatures to this First Amendment transmitted in .pdf (portable document format) via electronic mail or other electronic means shall be treated as originals in all respects for purposes of this First Amendment.  Seller and Buyer further agree that the acknowledgement of this First Amendment by Escrow Agent is not required for this First Amendment to be binding and effective as between Seller and Buyer.
14.    Successors and Assigns.  This First Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

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15.    Governing Law.  This Agreement shall be governed by, interpreted under, and construed and enforced in accordance with, the laws of the State of New York.

{Signatures appear on the following pages}

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IN WITNESS WHEREOF, the parties have executed this First Amendment as of the date indicated in the preamble above.

BUYER:
GAHC3 INDEPENDENCE MOB PORTFOLIO, LLC, a Delaware limited liability company

By:      Griffin-American Healthcare REIT III 
Holdings, LP, a Delaware limited partnership
Its:       Sole Member

By:      Griffin-American Healthcare REIT 
III, Inc., a Maryland corporation
Its:       General Partner

By:     /s/ Shannon K S Johnson     
Name:   Shannon K S Johnson       
Title:      Chief Financial Officer    
            

[Signature Page to First Amendment – Signatures Continue on Following Pages]

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SELLER:
KADIMA MEDICAL PROPERTIES, LLC, 
a Delaware limited liability company

By:       /s/ Juda Chetrit                                
Name:         Juda Chetrit                                
Its:           Co-President                               

By:       /s/ Joshua Dolgin                            
Name:         Joshua Dolgin                            
Its:              Co-President                               

[Signature Page to First Amendment – Signatures Continue on Following Page]

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The undersigned Escrow Agent acknowledges the foregoing First Amendment:

	
		
	DATED: 11/10/14  

	First American Title Insurance Company

By:         /s/ Kris Klask                                  
Name:         Kris Klask for Brian Serikaku    
Its:              Escrow Officer                            

	 
	 

[Signature Page to First Amendment]

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