Document:

amexdrug10kexh1013.htm

 

Exhibit 10.13

 

 

Document Reference Date: January 18, 2012

Tenant Code: flalI4

Property, Building and Suite I.D.:  fl2204, 2500 I & J

 

FIRST AMENDMENT TO LEASE

EXTENDING LEASE TERM

It is hereby agreed by the undersigned that the Lease dated the 1st day of March, 2011, as amended by that certain First Amendment to Lease, dated as of January 18, 2012, (collectively, the “Lease”) by and between Fullerton Business Center, LLC., a Delaware limited liability company, “Lessor”, and Allied Med, Inc., an Oregon Corporation, “Lessee”, for the Premises commonly known as  2500 E. Fender Avenue, Suite “I” and “J”, consisting of approximately 3,520 rentable square feet, including the overhang, shall be extended for a period of one (1) year, commencing March 1, 2012, and ending February 28, 2013.

All other terms and conditions of said Lease are incorporated herein by reference and shall remain in full force and effect during the Lease term, except as follows:

1.  RENT: Lessee agrees to pay to Lessor in advance at such places as may be designated from time to time by Lessor, without deduction or offset, and Lessor agrees to accept as Rent for the Premises, together with such other assessments additions and pass throughs as are described in the Lease, Rent for the Extended Lease Term pursuant to the following schedule:

	
  

	
·

	
March 1, 2012 through February 28, 2013 = $2,464.00 Per Month

2.  FIXED-RENTAL INCREASES:

The-Base-Rent shall be increased annually by _______ Percent (    )% on the dates set forth below:

	
·  

	
         - $________ Per Month

3.  ESTIMATED COMMON AREA OPERATING EXPENSES: Lessee agrees to pay to Lessor, in advance, on a monthly basis for its pro-rata share for Estimated Common Area Operating Expenses, Currently, $211.20 per month. Amounts subject to increase based on cost to Lessor.

4.      SECURITY DEPOSIT INCREASE: Commencing March 1, 2012, the Security Deposit shall be adjusted to equal $7,758.00*, Lessee shall pay to Lessor the sum of $0.00 concurrent with the commencement of this Amendment representing the Increase in Security Deposit. Balance Due: $0.00.

*Transfer Security Deposit on hand of $7,758.00. Apply to move-in costs.

5     .MONIES DUE UPON COMMENCEMENT:

 

	
Rent for March 1, 2012 through March 31, 2012

	
= $2,464.00

	
Monthl Common Area Operating Exp.

	
= $    211.20

	
Security Deposit Increase

	
= $     n/a     

	
Total Due Upon Commencement:

	
    $2,675.20

6.  There are no suite improvements nor rent concessions associated with this extension.

7.  Lessee warrants and represents that there has been no change in ownership of Lessee's Business as described in the Lease Agreement since the original execution of said Lease document.

8.      Lessee warrants and represents that there are no present and outstanding breaches of Lease by Lessor and that Lessee has no claims or offset of any kind or nature against Lessor,

 

EXCEPT AS HEREINABOVE AMENDED, the Lease Agreement shall remain unchanged and shall continue in full force and effect.

 

THIS OFFER AND ANY SUBSEQUENT OFFERS SHALL BE CONSIDERED BINDING ONLY WHEN DOCUMENTS ARE FULLY EXECUTED BY LESSOR AND LESSEE.

 

Dated this 18th day of January, 2012

Attachments: n/a

	
LESSOR:

	
LESSEE:

	
FULLERTON BUSINESS CENTER, LLC,

	Allied Med, Inc.
	
a Delaware limited liability company, By The

	
An Individual

	
Ezralow Company, LLC, a Delaware limited

	  
	
Liability company, dba Mid Valley Management,

	  
	
Its Managing Agent

	  
	  	  
	
By:_/s/ Terri Rhoades________________________

	
By:_/s/ Jack Amin_________________________

	
        Terri Rhoades

	
        Jack Amin

	
Its: Authorized Agent

	
Its: President

	
Date:         2/16/12

	
Date:         2/10/12

	  	  
	  	
By:_/s/ Jack Amin__________________________

	  	
        Jack Amin

	  	
Its:  Secretary

	  	
Date:         2/10/12

 

 

 

Page 1 of 1amexdrug10kexh1014.htm

Exhibit 10.14

 

CHANGE IN TERMS AGREEMENT

 

	
Principal

$700,000.00

	
Loan Date

12-21-2011

	
Maturity

06-09-2012

	
Loan No.

930610000

	
Call/Coll

	
Account

	
Officer

RK

	
Initials

/s/

References in the boxes above are for Lender’s Use only and do not limit the applicability of this document to any particular loan or item.

Any Item above containing “***” has been omitted due to text length limitations.

	
Borrower:

	
Amexdrug Corporation, Dermagen, Inc.;

	Lender:	National Bank of California
	  	
Biorx Pharmaceuticals, Inc.; Royal

	 	
Corporate Banking Department

	  	
Health Care, Inc.; and Allied Med Inc.

	 	
12121 Wilshire Boulevard

	  	
7251 Condor Street

	 	
14th Floor

	  	
Commerce, CA 90040

	 	
Brentwood, CA 90025

 

	
Principal Amount:  $700,000.00

	  	
Date of Agreement:  December 12, 2011

DESCRIPTION OF EXISTING INDEBTEDNESS:   The Promissory Note dated June 23, 2008 in the principal amount of $150,000.00 and Business Loan Agreement (Asset Based) dated June 9, 2011 and subsequent Change in Terms Agreements dated March 3, 2009, June 9, 2009, June 9, 2010 and June 9, 2011, with an outstanding principal balance of $81,806.94 as of December 12, 2011.

DESCRIPTION OF CHANGE IN TERMS:  The Principal Amount of the Note is hereby increased from $500,000.00 to $700,000.00.

The “AFFIRMATIVE COVENANTS” section of the Business Loan Agreement (Asset Based) is hereby deleted in its entirety and the following is inserted in its place:

Tangible Net Worth Requirements.  Other Net Worth requirements are as follows:  Borrower shall maintain a minimum Net Worth of $250,000.00 as of each Fiscal Year End.  Borrower shall maintain profitability at each Fiscal Year End.

The “DEFINITIONS” section of the Business Loan Agreement (Asset Based) is hereby amended as follows:

Borrowing Base.  The words “Borrowing Base” mean, as determined by Lender from time to time, the lesser of (1) $700,000.00 or (2) 80.000% of the aggregate amount of Eligible Accounts.

Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any late charges; then to any escrow or reserve account payments as required under any mortgage, deed of trust, or other security instrument or security agreement securing this Note; and then to any unpaid collection costs.  Borrower will pay Lender at Lender’s address shown above or at such other place as Lender may designate in writing.

CONTINUING VALIDITY.  Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect.  Consent by Lender to this Agreement does not waive Lender’s right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms.  Nothing in this Agreement will constitute a satisfaction of the obligation(s).  It is the intention of Lender to retain as liable parties all makers or endorsers including accommodation makers, will not be released by virtue of this Agreement.  If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledged that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it.  This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.

PRIOR TO SIGNING THIS AGREEMENT, BORROWERS READ AND UNDERSTAND ALL PROVISIONS OF THIS AGREEMENT.  BORROWERS AGREE TO THE TERMS OF THE AGREEMENT.

AMEXDRUG CORPORATION

By:__/s/ Jack N. Amin                                           

      Jack N. Amin, President/ Secretary of Amexdrug Corporation

DERMAGEN, INC.

By:__/s/ Jack N. Amin                                           

      Jack N. Amin, President/ Secretary of Dermagen, Inc.

BIORX PHARMACEUTICALS, INC.

By:__/s/ Jack N. Amin                                           

      Jack N. Amin, President/ Secretary of  Biorx Pharmaceuticals, Inc.

ROYAL HEALTH CARE, INC.

By:__/s/ Jack N. Amin                                           

      Jack N. Amin, President/ Secretary of Royal Health Care, Inc.

ALLIED MED INC.

By:__/s/ Jack N. Amin                                          

      Jack N. Amin, President/ Secretary of Allied Med Inc.

See next page for additional signers

  

  

  

CHANGE IN TERMS AGREEMENT

(Continued)

 

	
Loan No. 930610000

	
Page 2

 

PRIOR TO SIGNING THIS AGREEMENT, GUARANTORS READ AND UNDERSTAND ALL PROVISIONS OF THIS AGREEMENT.  GUARANTORS AGREE TO THE TERMS OF THE AGREEMENT.

GUARANTORS:

x__/s/ Jack N. Amin                                         

  Jack N. Amin

x__/s/ Nora Y Amin                                           

  Nora Y Amin

 

LASER PRO LENDING VER. 5.58.20.001 Copr. Harland Financial Solutions, Inc. 1997, 2011.  All rights reserved.

1096.Amexdrug Change in Terms Agreementfccnex10-1.htm

Property Acquisition Option Agreement and

Definitive Financing Agreement Rescission

This Property Acquisition Option Agreement and Definitive Financing Agreement Rescission (“Agreement”) is entered into by and between International Asset Holding Corp., a Marshall Islands corporation (“IAHC”) and Spectral Capital Corporation, a Nevada corporation (“Spectral”) and the parent company of Extractive Resources Corporation, a Delaware corporation (“Extractive”) effective as of December 31, 2011.

Recitals

IAHC holds a 65% undivided interest in mineral properties in the Republic of Kazakhstan as designated under that certain Exploration and Mining Contract within the basin of the River Bayankol, Rayimbek District, Almaty Region, dated 4/13/2001 (“Mining Contract”) as specified in the definition of the Mining Allotment as defined in the Mining Contract which it received via contract with a third party Kazakhstan joint stock corporation.  These mineral properties (“Mineral Properties”) are licensed by the competent Kazakh authority for the extraction of ore containing gold.

 

On January 14, 2011, Spectral, through its subsidiary Extractive and IAHC entered into that certain Definitive Financing Agreement (“DFA”) whereby Spectral agreed to acquire a 65% interest in the Mining Contract in exchange for a financing commitment of $200,000,000 at no more than a 10% annual interest rate to be provided within 60 months of the date thereof.  In addition, on January 14, 2011, Spectral entered issued a Common Stock Purchase Warrant to IAHC to purchase 5,000,000 shares of Spectral Capital Corporation at a per share exercise price of $3.50.

 

Also, on January 14, 2011, Spectral and other parties entered into that Definitive Joint Venture Agreement (“JVA”), which was an agreement dependent on and predicated upon the DFA and which spelled out the process by which exploration and production operations would be carried out on the Mineral Properties.

 

In the nearly 14 months since Spectral and IAHC entered into the above referenced agreements (“Agreements”), Spectral has expended significant energies to attempt to secure and transfer appropriate title to the Mineral Properties into a Special Purpose Vehicle, a Kazakh entity formulated for the purpose of holding the rights granted under the Mining Contract.  IAHC has experienced significant difficulties in obtaining necessary assurances of title and transfer of title as well as obtaining necessary geological information.  Spectral has also received advice that the structure contemplated under the Agreements is not optimal for the type of financing contemplated by
the parties and that instead Spectral should hold its interest as an option to acquire an interest in the mineral properties rather than as a direct owner and that such an option shall be exercisable and exercised only when ownership of the Mineral Properties is transferred to an appropriate Special Purpose Vehicle with proper verification of title and appropriate governmental approvals.  Furthermore, for tax and regulatory reasons, Spectral should hold its ownership interests in the property upon exercise through a wholly-owned Kazakh subsidiary that is in turn owned directly by Spectral.

  

  

  

The Parties desire to rescind all of the Agreements and instead replace them with this Agreement, which will specify that Spectral has an option to acquire a 65% interest in the Mineral Properties in exchange for the grant of 1,000,000 common shares of Spectral stock, to be escrowed pending appropriate delivery of title to the Mineral Properties to the Special Purpose Vehicle referenced below.  Spectral agrees that upon exercise of the option, its ownership in the Mineral Properties shall be contingent on its providing the financing requirements of the Mineral Properties up to $200,000,000 at an interest rate not to exceed 10% APR and that
if Spectral should fail to provide such financing, its ownership interest shall be reduced in proportion to Spectral’s actual funding of the project as a percentage of the total required funding, up to $200,000,000, as specified below.

 

Therefore, the Parties agree as follows:

	
  

	
1.

	
Recitals.  The recitals listed above are explicitly incorporated as a binding part of this Agreement.

 

	
  

	
2.

	
Rescission.  The Definitive Financing Agreement dated January 14, 2011 and the Common Stock Purchase Warrant of even date thereof are hereby rescinded, voided and of no force and effect, as if they had never been entered into.  The common stock warrants themselves are rescinded and cancelled.  The only obligations of any kind or character that the Parties may have to each other are contained in this Agreement.

 

	
  

	
3.

	
Release.  Except as otherwise agreed to in this Agreement, the Parties hereby forever release each other and their respective agents, successors, assigns, employees, shareholders, service providers, officers, directors, subsidiaries and affiliates for any and all obligations, liabilities and claims of any kind or character whatsoever related in any way to the subject matter of this Agreement, known or unknown, from the beginning of time until the date hereof.

 

	
  

	
4.

	
Option.  IAHC hereby grants to Spectral and Spectral hereby accepts an option to purchase an undivided 65% interest in the Mineral Properties, exercisable when IAHC has successfully caused the Mining Contract to be successfully transferred to a newly formed Special Purpose Vehicle (“SPV”), consisting of a Kazakh Joint Stock Company with 65% of the SPV being owned by a Kazakh entity whose ownership will be transferred 100% to Spectral at the point of exercise.  IAHC shall notify Spectral that the Option is exercisable in writing.  IAHC must provided such a notice within 24 months of the date hereof, or this Agreement shall be cancelled and of no further force and effect and the 1,000,000
shares in payment of the option, as listed in Section 5 hereof shall be returned from Escrow, as defined below, to Spectral.  Furthermore, IAHC shall pay the penalty/indemnity listed in Section 5 hereof, in the event that it is unable to deliver the Option by the date specified herein.  In the event that IAHC provides notice that the option is exercisable, Spectral must, within 120 days thereof, provide a written notice to IAHC of exercise.  If IAHC properly provides such notice that the option is exercisable and if Spectral wishes to exercise such an option and take delivery of its shares in the SPV, Spectral must demonstrate either sufficient assets or a third party financing commitment in an aggregate amount of at least $20,000,000, to begin development on the property.  Should IAHC be able to verify proper title and exercisability of the
option hereunder, it shall be entitled to a release of the escrow shares immediately and should Spectral fail to exercise the option hereunder or fail to provide sufficient proof of financing as required hereunder, IAHC may cancel the option and this agreement and retain the payment in Section 5, which shall be immediately released from escrow. Furthermore, if Spectral successfully exercises the Option, it must still provide the required project funding for up to $200,000,000, at an interest rate of no more than 10%, either financed directly by Spectral or through a third party.  This commitment shall expire on the fifth anniversary of the exercise of the option.  In the event that Spectral shall fail to provide all such required financing and IAHC shall secure such financing form a third party, Spectral’s ownership shall be reduced proportionately in the
SPV.  For example, if Spectral shall only provide $90,000,000 of $150,000,000 required for the property and IAHC shall provide third party financing for the remaining $60,000,000, Spectral shall lose 40% of its 65% interest in the SPV. This reduction shall only occur up to the maximum financing amount of $200,000,000.  Such third party financing provided by IAHC must also be at an interest rate of 10% or less.

  

  

  

	
  

	
5.

	
Payment.  Spectral hereby agrees to pay IAHC a fee of 1,000,000 shares (“Option Shares”) of common stock as consideration under this Agreement for the Option listed in Section 4 hereof.  Such Option Shares shall be issued in the name of IAHC or its designee(s) and shall be held in escrow by the escrow agent and governed by the escrow letter attached hereto of even date hereof.  The Option Shares shall be released as described in Section 4 hereof.

 

	
  

	
6.

	
IAHC Penalty.  Should IAHC not be able to deliver the exercisable option within 24 months as specified in Section 4, or should title to the Mineral Property prove deficient, the Option Shares shall be returned to Spectral from Escrow and shall be cancelled.  Furthermore, IAHC shall pay a penalty to Spectral equal to 100% of the costs and expenses, including legal fees, consultants, geologists, development and exploration costs, etc. that Spectral incurs or has incurred in pursuit of the Mineral Properties and in reliance on IAHC’s representations, in an amount not to exceed $5,000,000.  Such an amount shall be due within 30 days of proper demand hereof.

 

	
  

	
7.

	
Misc. This Agreement shall be governed by the laws of the State of Nevada (including all conflicts of law) in the United States of America and the parties hereby irrevocably submit themselves to the exclusive jurisdiction of the courts of such State and country.  This Agreement may be executed (by original or facsimile transmission) in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts together shall constitute but one and the same instrument.

 

 

 

  

  

  

 

Accepted and Agreed to as of the date first written above by:

	
/s/ Jenifer Osterwalder                                                         

	
/s/ Igor Rybakov                                                                 

	
Jenifer Osterwalder

	
Igor Rybakov

	
President and CEO

	
Managing Director

	
Spectral Capital Corporation

	
International Assets Holding Corp.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}]]