Document:

ex101.htm

Exhibit 10.1

 

 

PREMIUM HOMES, LLC

SALE OF MEMBERSHIP INTEREST AGREEMENT

 

This SALE OF MEMBERSHIP INTEREST AGREEMENT is made and entered into on this day of August, 2010 by Terry L. Lee and Lee Holding Company, L.P. ("Seller") and Lee Oil Company, lnc. ("Purchaser") of Premium Homes, LLC a Kentucky limited liability company ("Company") filed with the Kentucky Secretary of State File # 0659473.06.

 

WITNESSETH:

 

WHEREAS, Seller, Terry L, Lee (50% ownership interest) and Lee Holding Company, L.P. (50% ownership interest), wish to sell, assign and transfer all of their right, title and interest (100% ownership) in and to the Company to Purchaser, Lee Oil Company, Inc. for the sum on one hundred and forty thousand dollars ($140,000.00) payable in $10,000.00 cash and 650,000 shares of Heartland, Inc common stock. This transfer shall become effective as of the date first mentioned in this agreement (August 01, 2010).

 

NOW, THEREFORE, for and in consideration of one dollar ($140,000.00) the Seller, Terry L Lee and Lee Holding Company, L.P. sells their 100% interest in Premium Homes, LLC a Kentucky limited liability company to Purchaser, Lee Oil Company, Inc, In addition to this ownership transfer by signing this agreement the Members appoint Terry L. Lee as Chief Manager and shall exercise all power authorized as Chief Manager of Premium Homes, LLC.Unassociated Document

Exhibit 10.2

 

 

SHARES FOR DEBT AGREEMENT

This agreement is made and entered into as of November 01, 2010, by and between HEARTLAND, INC., a Maryland corporation, whose address is 1005 North 19th Street, Middlesboro, Kentucky 40965, (“Company”), and, GARY LEE (“Creditor Gary Lee”) and LEE HOLDING COMPANY, L.P. (“Creditor Lee Holding Company, L.P.”) with offices at P.O. Box 23580, Middleboro, Kentucky 40965 (collectively Creditor Gary Lee and Creditor Terry Lee, "Creditors");

WHEREAS,

A.     Creditor Lee Holding Company, L.P., General Partner Terry Lee is an officer and director of Company and the Creditors have provided credit to the Company, and at the Company's request;

B.     the Company is indebted to the Creditors in the aggregate amount of U.S.    $3,108,481.18 as of October 1, 2010, (the "Debt"); and

C.     the Company has agreed to issue to the Creditors and the Creditors have agreed to accept 11,111,112 (5,555,556 each) restricted shares of the Company's common stock as partial settlement of the Debt;

NOW THEREFORE, in consideration of the mutual covenants and promises contained herein, and for valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, the parties to this agreement (collectively, "parties" and individually a "party") agree as follows:

1.     The Company agrees to issue to the Creditor Gary Lee, and the Creditor Gary Lee agrees to accept, 5,555,556 restricted shares of the Company's common stock (the "Shares") as partial payment of the Debt, leaving the balance owed from Company to Creditor Gary Lee as of October 2, 2010 at $554,240.59.

2.     The Company agrees to issue to the Creditor Lee Holding Company, L.P., and the Creditor Lee Holding Company, L.P. agrees to accept, 5,555,556 restricted shares of the Company's common stock (the "Shares") as partial payment of the Debt, leaving the balance owed from Company to Creditor Lee Holding Company, L.P. as of October 2, 2010 at $554,240.59

 

 

  

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3.     Upon issuance of the Shares to the Creditors hereby, the Company for itself and its past and present agents, executors, administrators, trustees, partners, representatives, controlled entities and affiliates, successors and assigns, ratifies that the Company remains indebted the Creditors in the aggregate amount of $1,108,481.18 pursuant to the terms of the two (2) promissory notes attached hereto as Exhibit “A” and “B” that remain in full force and effect.

4.     This Agreement shall in all respects be interpreted, enforced and governed under the laws of the Commonwealth of Kentucky. The language and all parts of this agreement shall be in all cases construed as a whole according to its very meaning and not strictly for or against any individual party.

5.     Representations and Warranties of the Creditors. The Creditors hereby represents and warrants to the Company that:

5.1           The Creditors have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares.

5.2           The Creditors acknowledge that the certificates for the Shares will contain a legend substantially as follows:

	
  

	
THE SECURITIES WHICH ARE REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT").  THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, TRANSFERRED, MADE SUBJECT TO A SECURITY INTEREST, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS AND UNTIL REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AS AMENDED, OR EVIDENCE SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER SUCH ACT.

 

The Creditors further acknowledge that a stop transfer order will be placed upon the certificates for the securities in accordance with the Securities Act of 1933, as amended (the “Act”).  The Creditors further acknowledge that the Company is under no obligation to aid the undersigned in obtaining any exemption from registration requirements.

5.3           The Creditors represents that they are “accredited investors” as that term is defined under the Act.

5.4           The Creditors expressly acknowledges and agrees that the Company is relying upon the representations contained herein.

  

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6.   Representations and Warranties of the Company. The Company hereby represents and warrants to Creditors that:

6.1   Organization,   Good   Standing   and   Qualification.   The   Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Maryland and has all requisite corporate power and authority to carry on its business. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure so to qualify would have a material adverse effect on its business or properties.

6.2   Authorization.   All corporate action on the part of the Company, its officers, directors and shareholders necessary for the authorization, execution and   delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the shares of Common Stock at Closing has been taken or will be taken prior to the Closing.

6.3 Valid Issuance of Shares.  The shares of Common Stock, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under applicable federal and state securities laws.

7.     The parties shall hereafter execute all documents and do all that is necessary, convenient or desirable in the reasonable opinion of the other party to effect the provisions of this agreement.

8.     For the convenience of the parties to this agreement, this document may be executed by facsimile signatures and in counterparts which shall together constitute the agreement of the parties as one and the same instrument. It is the intent of the parties that a copy of this agreement signed by any party shall be fully enforceable against that party.

9.     Should any provision of this agreement be declared or determined by any court to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and, in lieu of such illegal or invalid provision, there shall be added a provision as similar in terms and amount to such illegal or invalid provision as may be possible and, if such illegal or invalid provision cannot be so modified, then it shall be deemed not to be a part of this agreement.

  

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IN WITNESS WHEREOF the parties have executed this agreement as of the date first above written.

 

 

 

 

	 
HEARTLAND, INC.

	 	 	 	 
	 	 	 	 	 
	By Thomas C. Miller	 	 	 	 
	 Its Vice President	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
/s/Gary Lee

	 	 	
/s/ 

	 
	
Gary Lee  

	 	 	
Lee Holding Company, L.P.

	 
	
 

	 	 	
 

	 

 

 

 

 

 

 

 

 

4ex49.htm

Exhibit 4.9

NOTE

 

	 $6,500.00   	 July 21, 2010

 

                                                                                                   

FOR VALUES RECEIVED on March 30, 2010 of Four Thousand Dollars ($4,000.00), on June 7, 2010 of Five Hundred Dollars ($500.00), and July 21, 2010 of Two Thousand Dollars ($2,000), the undersigned DOVER HOLDING CORPORATION, a Delaware corporation, having an address at 1818 North Farwell Avenue, Milwaukee, Wisconsin 53202 (hereinafter referred to as “Borrower”) hereby promises to pay to the order of IRREVOCABLE CHILDREN’S TRUST NO.2 (hereinafter referred to as “Payee”, Payee and its successors and assigns being referred to as “Holder”) at 1818 North Farwell Avenue, Milwaukee, Wisconsin 53202, or at such other place as Holder may from time to time designate to Borrower in writing, the principal sum of Five Thousand Dollars ($6,500.00), on the unpaid principal balance thereof at the rate and on the terms hereinafter set forth, together with interest thereon at the rate of 8% per annum on any unpaid balance, to be paid in lawful money of the United States of America, as follows:

	
1.  

	
Maturity. The term “Maturity” shall mean July 21, 2011.

All payments made hereunder shall be applied to payment of the reduction of the outstanding principal.

This Note may be prepaid, in whole or in part, at any time, without premium or penalty of any kind. Any partial prepayment shall be applied to the last installments due under the terms of this Note and shall not reduce monthly payments due hereunder.

To the fullest extent permitted by law, Borrower and each endorser and guarantor of this Note, for itself and themselves and their respective heirs, personal representatives, successors and assigns, hereby jointly and severally: (a) waive notice of maturity, demand, presentment for payment, diligence in collection, and notice of non-payment and protest; (b) waive all applicable execution, valuation, and appraisal rights with respect to any demand or action on this Note; (c) consent and agree to any extension of time, whether one or more, for the payment hereof and/or to any and all renewals hereof; and (d) consent and agree that Holder may release any party liable for the payment hereof, and otherwise amend this Note, and that any such extension, release, or amendment may be without notice to and without discharging or effecting the liability of any party liable hereunder.

Borrower and each endorser and guarantor of this Note, for itself and themselves and their respective heirs, personal representatives, successors and assigns, hereby agree that if this Note is placed in the hands of an attorney for collection or to defend or enforce any of the rights of Holder, then Borrower and each endorser and guarantor hereof shall be jointly and severally obligated to pay, in addition to any and all costs and disbursement otherwise allowed, all costs and expenses, including, but not limited to reasonable attorney’s fees incurred by Holder in connection therewith, whether or not suit is filed.

If any term, covenant or condition of this Note or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, then the remainder of this Note, or the application of such term, covenant or condition to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby. Each term, covenant, and condition of this Note shall be valid and enforceable to the fullest extent permitted by law. This Note shall be governed, in all respects, by the internal laws of the State of Wisconsin.

IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed, under seal, and delivered in Milwaukee, Wisconsin, as of the day and year first above written.

	 	 	 
	 	 	 	 
	
 

	
 

	 	 
	 	 	David M. Marks, President	 
	 	 	Dover Holding Corporation

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