Document:

LEASE

 

THIS LEASE is entered into by and between ICC REALTY PARTNERSHIP LLC, a Massachusetts limited liability corporation, with a principal place of business at 343 Manley Street, West Bridgewater, MA 02379 (hereinafter the "Landlord") and Powerdyne International, Inc. a Delaware corporation, with a place of business at 300 Centerville Road, Ste. 100E, Warwick, RI 02886 (hereinafter the "Tenant").

 

IT IS MUTUALLY covenanted and agreed by and between the parties as follows:

 

	
  

	
1.

	
Definitions and Construction.

1.01. For the purposes of this Lease, the following words and phrases are defined as set forth below -

 

	
The Building:

	
the structures located on the Leased Premises.

	  	  
	
Leased Premises:

	
the premises described as follows:

	  	  
	  	
A portion of this certain Real Estate located with all building and improvements thereon, situated at 343 MANLEY STREET, WEST BRIDGEWATER , MASSACHUSETTS consisting of approximately 1,800 square feet adjacent to the rear loading dock and two loading dock exterior doors and the parties shall hereafter divide by a partition  which shall be represented by a sketch or diagram attached hereto.

1.02. The word "person" refers to partnerships (including limited partnerships), corporations, trusts and other legal entities, as well as natural persons. The title of this Lease, as well as the paragraph and subparagraph titles, are for convenience of reference only and will not be considered in the interpretation or construction of any of the provisions hereof. Words in the singular may be construed to include the plural, and vice versa, as the context may require. Any consent, approval or acceptance required or permitted to be given by a party to this Lease will be in writing and will not be unreasonably withheld or delayed. Any notice required or permitted to be given by a party to this Lease will be in writing and will be given within the time provided for herein.

	 	
2.

	
Leasing.

The Landlord demises and leases to the Tenant and the Tenant leases and takes from the Landlord the Leased Premises. 

 

  

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3.

	
Initial Term and Option Term.

The Initial Term shall be one (1) - three (3) month term, beginning on January 1, 2012 and ending on March 31, 2012. Tenant shall have an option to renew the Lease for an additional three (3) month term beginning April 1, 2012 and ending on July 31, 2012.  Tenant shall exercise this option by written notice to Landlord on or before March 15, 2012. In addition  Tenant shall leave the option to renew for successive terms and successive options to renew the lease in minimum renewal term of no less than three (3) month with the last renewal due to expire by December 31, 2017.

	 	
4.

	
Rent.

During EachTerm, Tenant will pay to the Landlord, at the address hereinafter specified, rent at the annual rate of THREE THOUSAND SIX HUNDRED ($3,600.00) DOLLARS, in equal monthly installments of THREE HUNDRED ($300.00) DOLLARS each, payable in advance on the first business day of each month, beginning January 1, 2012.  Provided, however, if that the Tenant’s financial condition is such that it is unable to pay the rent, in full, as due, then it may pay rent in such amount as it is able to pay, in the sole opinion of its accountant, and any unpaid rent shall accrue and may be paid by Tenant, either in cash or in corporate stock, in its discretion, at the soonest opportunity as its financial condition will permit.

	 	
5.

	
Quiet Enjoyment.

Upon paying the rent and all other payments required to be made by the Tenant hereunder, and upon the Tenant's performing and fulfilling all terms, conditions or agreements on its part to be performed and fulfilled, the Tenant will quietly have and enjoy the Leased Premises during the term of this Lease without lawful hindrance by any person claiming by, through or under the Landlord.

	 	
6.

	
Waivers.

The failure of the Landlord to insist in anyone or more instances upon the strict and literal performance of any of the agreements, terms, or conditions of this Lease or to exercise any option of the Landlord herein contained, will not be construed as a waiver for the future of such term, condition, agreement or option. The receipt by the Landlord of rent with knowledge of the breach of any term, condition, or agreement will not be deemed to be a waiver of such breach. The receipt by the Landlord of rent after the giving of any notice required to be given to the Tenant by law or by the terms of this Lease will not in any way affect the operation of such notice.

	 	
7.

	
Notices.

No notice, approval, consent or other communication permitted or required to be given by this Lease will be effective unless the same is sent postage prepaid, by United States registered or certified mail, return receipt requested, to the other party at the following addresses:

	
Landlord:

	
ICC REALTY PARTNERSHIP LLC

	  	
343 MANLEY STREET

	  	
WEST BRIDGEWATER, MA 02379

  

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If to the Tenant:

	
POWERDYNE INTERNATIONAL, INC.

	  	
300 CENTERVILLE RD, SUITE 100E

	  	
WARWICK, RI 02886-0229

or to such other address as either party may designate by notice to the other party.

	 	
8.

	
Governing Law.

This Lease and the performance thereof will be governed, interpreted, construed and regulated by the laws of the State of Rhode Island.

	 	
9.

	
Successors and Assigns.

This Lease will bind and inure to the benefit of the parties hereto and their respective successors and permitted assigns. References herein to the parties will be deemed to include their respective successors and permitted assigns.

	 	
10.

	
Entire Agreement.

This Lease contains all of the agreements of the parties and may not be modified or amended except by written agreement.

	 	
11.

	
Arbitration.

Landlord and Tenant agree that any controversies arising out of this Lease will be settled by means of binding Arbitration with the American Arbitration Association.

IN WITNESS WHEREOF, the Landlord and Tenant have executed this instrument this 1st day of October, 2011.

	 	
ICC REALITY PARTNERSHIP LLC

	 	
Landlord

	 	  
	 	
BY:

	\s\ Edwin S. Barton
	 	  	
EDWIN S. BARTON, III

	 	  	
IT’S MANAGER

	 	  
	 	
POWERDYNE INTERNATIONAL INC

	 	
Tenant

	 	  
	 	
BY:

	\s\ Dale P. Euga
	 	  	
DALE P. EUGA

	 	  	
IT’S PRESIDENT

  

3Unassociated Document

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT") AND IS A "RESTRICTED SECURITY" AS THAT TERM IS DEFINED IN RULE 144 UNDER THE ACT.  THE NOTE MAY NOT BE OFFERED FOR SALE, SOLD OR TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE COMPANY.

PROMISSORY NOTE

	
$100,000.00

	
November 18, 2010

For value received, the undersigned MUSCLEPHARM CORPORATION (the “Obligor”)  promises  to pay to the order of Bradley Pyatt ("Payee"), in lawful money of the United States at the address of Payee set forth below, the principal sum of One Hundred Thousand Dollars ($100,000.00) together with interest at the rate of eight percent (8%), such principal and interest to be payable on December 18, 2010.

If a payment on this Note shall become due on a Saturday, Sunday or public holiday under the laws of the State of Colorado, such payment shall be made on the next succeeding business day.

Immediately upon the occurrence of an "Event of Default" (as defined below), Payee may, at his option, declare immediately due and payable the entire unpaid principal amount of this Note, plus any other amounts payable at the time of such declaration pursuant to this Note.  An Event of Default shall be defined as each of the following: (i) failure of Obligor to make any payment of interest or principal within ten (10) days after the due date; (ii) Obligor shall admit in writing its inability to pay its debts as they become due, shall make a general assignment for the benefit of creditors or shall file any petition for action for relief under any bankruptcy, reorganization, insolvency or moratorium law, or any other law or laws for the relief of, or relating to, debtors; (iii) an involuntary petition shall be filed against Obligor under any bankruptcy, reorganization, insolvency or moratorium law, or any other law or laws of for the relief of, or relating to, debtors unless such petition shall be dismissed or vacated within thirty (30) days of the date thereof; or (iv) Obligor fails to comply with any term, obligation, covenant or condition of the Security Agreement of the same date between the parties to this Note, within 10 days after receipt of written notice from the Payee demanding such compliance.

Obligor hereby waives diligence, presentment, protest and demand and also notice of protest, demand, dishonor and nonpayment of this Note and expressly agrees that this Note, or any payment hereunder, may be extended from time to time, all without in any way affecting the liability of Obligor.

If Payee should institute collection efforts, of any nature whatsoever, to attempt to collect  any and all amounts due hereunder upon the default of Obligor, Obligor shall be liable to pay to holder immediately and without demand all reasonable costs and expenses of collection incurred by Payee, including, without limitation, reasonable attorney fees, whether or not suit or other action or proceeding be instituted and specifically including but not limited to collection efforts that may be made through a bankruptcy court.

 

 

  

  

  

Any notice or other communication, except for payment hereunder, required or permitted hereunder shall be in writing and shall be deemed to have been given upon delivery if personally delivered or one day after deposit if deposited in the United States mail for mailing by certified mail, postage prepaid, and addressed as follows:

If to Obligor:

MUSCLE CORPORATION

4721 Ironton Street

Denver, Colorado 80239

(800) 210-7369

If to Payee:

Bradley Pyatt

Any payment shall be deemed made upon receipt by Payee.  Payee or Obligor may change their address for purposes of this paragraph by giving to the other party notice in conformance with this paragraph of such new address.

This Note may be executed simultaneously in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

This Note shall be construed in accordance with the laws of the State of Colorado.

IN WITNESS WHEREOF, the parties hereto have executed this Note as of the day and year first above written.

"OBLIGOR"

MUSCLEPHARM CORPORATION

By:  /s/ Cory Gregory 

Cory Gregory, President

ACKNOWLEDGED AND AGREED TO:

"PAYEE"

By:  /s/ Bradley Pyatt 

Bradley Pyatt

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