Document:

Unassociated Document

COMMERCIAL LEASE AGREEMENT

 

This Lease Agreement (this “Lease”) is entered by and between EGA Research LLC (“Landlord”) and Empowered Products, Inc. (“Tenant”) as of March l, 2010.  Landlord and Tenant may collectively be referred to as the “Parties.”  This Lease creates joint and several liability in the case of multiple Tenants.

 

The Parties agree as follows:

 

1.       PREMISES.

 

A.      Premises.  Landlord hereby leases the property located at: 3355 and 3367 West Oquendo Rd., Las Vegas, Nevada, 89118 (the “Premises”) to Tenant.  The total square footage of the Premises is approximately 10,974.

 

B.      Parking.  Tenant shall be entitled to use all parking space(s) for the parking of motor vehicle(s) located at the Premises.  The parking space(s) will be used exclusively for the parking of passenger vehicles and is not to be used for washing, painting or servicing of vehicles.  Tenant’s vehicles will occupy the parking space(s) entirely at the risk of Tenant.  If Tenant shall dispose of his vehicle or not require parking accommodation for any other reason, Tenant shall not assign or sublet the parking space unless expressly granted prior permission by Landlord.

 

C.      Utilities & Services.  Renter shall be responsible for paying for all utilities and services

 

2.       LEASE TERM.  The lease will start as of March 1, 2010 and will end on February 28, 2012 (the “Initial Lease Term”).  The Rent for the Initial Lease Term shall be as set forth in the schedule in Section 3 below.

 

3.       PAYMENTS.

 

A.      Rent Amount.  Tenant agrees to pay to Landlord as rent for the Premises the following amounts (the “Rent”):

 

	
Year

	
Annual Rent

	
Monthly Rent

	
1

	
$84,000.00

	
$7,000.00

	
2

	
$84,000.00

	
$7,000.00

 

B.      Payment.  The rental payment as described above shall be due and payable in full on the first day of each month of the Term.

 

C.      Late Charges & Insufficient Funds.  If any amounts due under this Lease are more than 15 days late, Tenant agrees to pay a late fee of $1,000.00.  Tenant agrees to pay the charge of $50 for each check provided by Tenant to Landlord that is returned to Landlord for lack of sufficient funds.

 

  

  

  

4.       SECURITY DEPOSIT.

 

A.      Security Deposit.  At the signing of this Lease, Tenant shall deposit with Landlord, in trust, a security deposit of $7,000.00 as security for the performance by Tenant of the terms under this Lease and for any damages that may be caused by Tenant, its employees, agents and/or visitors to the Premises during the Lease Term (the “Deposit”).  Landlord may use part or all of the Deposit to repair any damage to the Premises caused by Tenant, its employees, agents and/or visitors to the Premises.  However, Landlord is not limited to the Deposit to recoup damages, and Tenant remains liable for any balance.  Tenant shall not apply or deduct any portion of the Deposit from any month’s Rent, including the last month of the rental term.  Tenant shall not use or apply the Deposit in lieu of payment of Rent.  If Tenant breaches any terms or conditions of this Lease, Tenant shall forfeit the Deposit, as permitted by law.

 

B.      Return of Deposit.  In the event that Tenant shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Lease, the Deposit shall be returned to Tenant after the date fixed as the end of the Lease and after delivery of entire possession of the Premises to Landlord.

 

5.       USE.

 

A.      Permitted Use.  Tenant shall occupy and use the Premises for: operating a personal lubricant business, consistent with Tenant’s lawful business operations.  If there is any change to the use of the Premises, Tenant must first obtain Landlord’s written consent, which shall not be unreasonably withheld.

 

B.      Prohibited Use.  Notwithstanding anything to the contrary, Tenant is not to use the Premises for any illegal purposes, nor will Tenant use the Premises for the storing, manufacture, selling or distribution of any dangerous, noxious or hazardous substance.  Furthermore, Tenant shall not use the Premises for any purpose that would cause Landlord’s insurance cost to increase at any time during the Lease Term.

 

C.      Noise.  Tenant shall not cause or allow any unreasonably loud noise or activity in the Premises that might disturb the rights, comforts and conveniences of other tenants or neighbors.

 

D.      Signage.  Tenant is permitted to install and display signage identifying the Tenant and Tenant’s business activities.  Such signage shall be placed: in the front windows of each unit.  Additional signage may only be displayed with Landlord’s prior written consent.

 

E.      Building Rules & Regulations.  Landlord may adopt reasonable building rules, which will become part of this Lease

 

6.       ALTERATION, DAMAGE & REPAIR.

 

A.      Alterations and Improvements.  Tenant agrees not to make any improvements or alterations to the Premises without the prior written consent of Landlord.  If any alterations, improvements or changes are made to or built on or around the Premises, with the exception of fixtures and personal property that can be removed without damage to the Premises, they shall become the property of Landlord and shall remain at the expiration of the Lease, unless otherwise agreed in writing.

 

  

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B.      Damage to the Premises.  If the Premises or any part of the Premises are damaged or destroyed by fire or other casualty not due to Tenant’s negligence, the Rent will be abated during the time that the Premises are rendered unfit for occupancy.  If the Premises are rendered partially unfit because of damage or destruction not due to Tenant’s Negligence, the Rent will be abated in proportion to the percentage of the Premises that are and remain unfit for occupancy.  If Landlord decides not to repair or rebuild the Premises, then this Lease shall terminate and the Rent shall be prorated up to the time of the damage.  Any unearned rent paid in advance shall be refunded to Tenant.

 

C.      Condition of Premises.  Tenant or Tenant’s agent has inspected the Premises, the fixtures, the grounds, building and improvements and acknowledges that the Premises are in good and acceptable condition and are fit for occupancy.  If in Tenant’s opinion, the condition of the Premises has changed at any time during the Lease Term, Tenant shall promptly provide reasonable notice to Landlord.

 

D.      Maintenance and Repair.  Tenant will, at Tenant’s sole expense, keep and maintain the Premises in good, clean and sanitary condition and repair during the term of this Lease and any renewal thereof.  Tenant shall be responsible to make all repairs to the Premises, fixtures, appliances and equipment therein that may have been damaged by Tenant’s misuse, waste, or neglect, or that of the Tenant’s agents, associates, employees, or visitors.  Tenant agrees that no painting will be done on or about the Premises without the prior written consent of Landlord.  Tenant shall promptly notify Landlord of any damage, defect or destruction of the Premises, or in the event of the failure of any of the appliances or equipment.  Landlord will use his best efforts to repair or replace any such damaged or defective area, appliance or equipment.

 

7.       SECURITY, INSURANCE & INDEMNIFICATION.

 

A.      Security.  Tenant understands that Landlord [mark one] q does q does not provide a security alarm system or other security for Tenant or the Premises.  In the event any alarm system is provided, Tenant understands that such alarm system is not warranted to be complete in all respects or to be sufficient to protect Tenant or the Premises.  Tenant releases Landlord from any loss, damage, claim or injury resulting from the failure of any alarm system, security or from the lack of any alarm system or security.

 

B.      Insurance.  Landlord and Tenant shall each be responsible for maintaining appropriate insurance for their respective interests in the Premises and property located on the Premises.  Tenant understands that Landlord will not provide any insurance coverage for Tenant’s property.  Landlord will not be responsible for any loss of Tenant’s property, whether by theft, fire, riots, strikes, acts of God or otherwise.  Notwithstanding anything to the foregoing, Tenant shall, at its own expense, maintain a policy of comprehensive general liability with respect to its activities at the Premises which will afford protection of not less than $3 million combined single limit coverage of bodily damage, property damage, or combination thereof.  In addition, Landlord shall be listed as an additional insured on Tenant’s general liability insurance policy.

 

  

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C.      Indemnification.  To the extent permitted by law, Tenant hereby indemnifies and holds Landlord and Landlord’s property, including the Premises, free and harmless from any liability for losses, claims, injury to or death of any person, including Tenant, or for damage to property arising from Tenant using and occupying the Premises or from the acts or omissions of any person or persons, including Tenant, in or about the Premises with Tenant’s express or implied consent, except where such loss, claim or injury is due to Landlord’s act or negligence.

 

8.       POSSESSION & INSPECTION.

 

A.      Possession and Surrender of Premises.  Tenant shall be entitled to possession of the Premises on the first day of the Lease Term.  At the expiration of the Lease Term, Tenant shall peaceably surrender the Premises to Landlord or Landlord’s agent in as good of condition as it was at the commencement of the Lease, reasonable wear and tear excepted.

 

B.      Quiet Enjoyment.  Tenant shall be entitled to quiet enjoyment of the Premises, and Landlord will not interfere with that right, as long as Tenant pays the Rent in a timely manner and performs all other obligations under this Lease.

 

C.      Right of Inspections.  Tenant agrees to make the Premises available to Landlord or Landlord’s agents to inspect, to make repairs or improvements, to supply agreed services, to show the Premises to prospective buyers or tenants, or to address an emergency.  Except in an emergency situation, Landlord shall give Tenant reasonable notice of intent to enter.  For these purposes, twenty-four (24) hour notice shall be deemed reasonable.  Tenant shall not, without Landlord’s prior written consent, add, alter or re-key any locks to the Premises.  At all times Landlord shall be provided with a key or keys capable of unlocking all such locks and permitting entry.  Tenant further agrees to notify Landlord in writing if Tenant installs any burglar alarm system, including instructions on how to disarm it in case of emergency entry.

 

9.       DEFAULTS.

 

A.      Event of Default.  If Tenant fails to fulfill or obey any of the covenants of this Lease, Tenant shall be in default of this Lease (“Event of Default”).  During any Event of Default, subject to any statute, ordinance or law to the contrary, and upon Landlord serving a written seven (7) days notice upon Tenant specifying the nature of said default and upon the expiration of said seven (7) days, if Tenant does not cure a default of which he has been notified, or if the default cannot be completely cured or remedied in seven days, Landlord may at Landlord’s option: (i) cure such default and add the cost of such cure to Tenant’s financial obligations under the Lease; or (ii) declare Tenant in default and terminate the Lease.

 

B.      Physical Remedies.  If the notice provided for in Section 9(A) has been given, and the term shall expire as noted, or if Tenant shall make default in the payment of Rent, then Landlord may without notice, as permitted by law, re-enter the Premises either by force or otherwise, dispossess Tenant by summary proceedings or otherwise, and retake possession of the Premises.  Tenant hereby waives the service of notice of intention to re-enter or institute legal proceedings to that end.

 

  

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C.      Financial Remedies.  In the event of any default, re-entry, expiration and/or dispossession by summary proceedings or otherwise, (i) the Rent shall become due thereupon and be paid up to the time of such re-entry, dispossession or expiration, together with such expenses Landlord may incur for legal expenses, attorneys’ fees, brokerage, and/or putting the Premises in good order; (ii) Landlord may re-let the Premises or any part or parts thereof; and/or (iii) Tenant shall also pay Landlord liquidated damages for his failure to observe and perform the covenants in this Lease.  Landlord may, at his sole option, hold Tenant liable for any difference between the Rent payable under this Lease during the balance of the Lease Term, and any rent paid by a successive Tenant if the Premises are re-let.  In the event that after default by Tenant Landlord is unable to re-let the Premises during any remaining term of this lease, Landlord may at his option hold Tenant liable for the balance of the unpaid Rent under the Lease for the remainder of the Lease Term.  Landlord shall be responsible for mitigating its damages.

 

10.       ASSIGNMENT & SUBORDINATION.

 

A.      Assignment by Tenant.  Tenant shall not assign or sublet any interest in this Lease without prior written consent of the Landlord, which consent shall not be unreasonably withheld.  Any assignment or sublease without Landlord’s written prior consent shall, at Landlord’s option, terminate this Lease.

 

B.      Assignment by Landlord.  Nothing in this Lease shall restrict the Landlord’s ability to sell, assign, convey or otherwise encumber the Premises, subject only to the rights of the Tenant under this Lease.

 

C.      Subordination.  This lease is and shall be subordinate in any and all respects to all mortgages now or hereafter placed on the Premises, and all extensions, renewals, or modifications thereof.  The Tenant agrees to promptly execute any instruments of subordination as may be requested.

 

11.       MISCELLANEOUS.

 

A.      Severability.  If any part or parts of this Lease shall be held unenforceable for any reason, the remainder of this Lease shall continue in full force and effect.  If any provision of this Lease is deemed invalid or unenforceable by any court of competent jurisdiction, and if limiting such provision would make the provision valid, then such provision shall be deemed to be construed as so limited.

 

B.      Binding Effect.  The covenants and conditions contained in the Lease shall apply to and bind the parties and the heirs, legal representatives, successors and permitted assigns of the parties.

 

  

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C.      Governing Law.  This Lease shall be governed by and construed in accordance with the laws of the State of Nevada.

 

D.      Entire Agreement.  This Lease constitutes the entire agreement between the Parties and supersedes any prior understanding or representation of any kind preceding the date of this Lease.  There are no other promises, conditions, understandings or other agreements, whether oral or written, relating to the subject matter of this Lease.  This Lease may be modified in writing and must be signed by both Landlord and Tenant.

 

E.      Notice.  Any notice required or otherwise given pursuant to this Lease shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service, if to Tenant, at the Premises and if to Landlord, at the address for payment of Rent.  Either party may change such addresses from time to time by providing notice as set forth above.

 

F.      Waiver.  The failure of either party to enforce any provisions of this Lease shall not be deemed a waiver or limitation of that party’s right to subsequently enforce and compel strict compliance with every provision of this Lease.  The acceptance of Rent by Landlord does not waive Landlord’s right to enforce any provisions of this Lease.

 

12.       ADDITIONAL TERMS & CONDITIONS.

 

  (Specify “none” if there are no additional provisions.)

 

	
NONE.

	  
	  
	  
	  
	  

 

IN WITNESS WHEREOF, the parties have caused this Lease to be executed the day and year first above written.

 

	
LANDLORD:

	  	
TENANT:

	  	  	  
	
/s/ Scott Fraser

	  	
/s/ Christopher Schaaf

	
(Signature)

	  	
(Signature)

	  	  	  
	
By:           Scott S. Fraser, President

	  	
By:          Christopher Schaaf,

	  	  	
Chief Administrative Officer

 

  

-6-ESCROW DEPOSIT AGREEMENT

 

This ESCROW DEPOSIT AGREEMENT (this “Agreement”) dated as of this 7th day of July, 2011, by and among Excel Corporation., a Delaware corporation (the “Company”), having an address at 1384 Broadway, New York, New York 10018, and SIGNATURE BANK (the “Escrow Agent”), a New York State chartered bank, having an office at 950 Third Avenue 9th Floor, New York, NY 10022.  All capitalized terms not herein defined shall have the meaning ascribed to them in the Prospectus contained in that certain Registration Statement, dated July 7, 2011, as amended or supplemented from time-to-time, including all attachments, schedules and exhibits thereto (the “Prospectus”).

 

WITNESSETH:

 

WHEREAS, pursuant to the terms of the Prospectus the Company desires to sell (the “Offering”) 1,000,000 shares of common stock, $.0001 par value (“Shares”) in the amount of $400,000 (“Total Amount”). Each Share is being sold at a price of $.40 per Share, with no minimum investment required; and

 

WHEREAS, unless the Total Amount is sold within ninety (90) days of the effective date of the Prospectus (“Termination Date”), the Offering shall terminate and all funds shall be returned to the Investors in the Offering; and WHEREAS, the Company desires to establish an escrow account with the Escrow Agent into which the Company shall instruct Investors (the “Investors”) to deposit checks and other instruments for the payment of money made payable to the order of “Signature Bank as Escrow Agent for Excel Corporation,” and Escrow Agent is willing to accept said checks and other instruments for the payment of money in accordance with the terms hereinafter set forth; and

 

WHEREAS, the Company represents and warrants to the Escrow Agent that it has not stated to any individual or entity that the Escrow Agent’s duties will include anything other than those duties stated in this Agreement; and

 

WHEREAS, the Company warrants to the Escrow Agent that a copy of each document that has been delivered to Investors and third parties that include Escrow Agent’s name and duties, has been attached hereto as Schedule I.

 

NOW, THEREFORE, IT IS AGREED as follows:

 

1.           Delivery of Escrow Funds.

 

(a) The Company shall instruct Investors to deliver to Escrow Agent checks made payable to the order of “Signature Bank, as Escrow Agent for Excel Corporation,” or wire transfer to Signature Bank, 950 Third Avenue 9th Floor, New York, NY 10022.  ABA No. 026013576 for credit to Signature Bank, as Escrow Agent for Excel Corporation, Account No. 1501555122, in each case, with the name, address and social security number or taxpayer identification number of the individual or entity making payment.  In the event any Subscriber’s address and/or social security number or taxpayer identification number are not provided to Escrow Agent by the Subscriber, then the Company agrees to promptly provide Escrow Agent with such information in writing.  The checks or wire transfers shall be deposited into a non interest-bearing account at Signature Bank entitled “Signature Bank, as Escrow Agent for Excel Corporation]” (the “Escrow Account”).

  

 

  

(b)           The collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

 

(c)           The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow Account.  If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole duty of the Escrow Agent shall be to return the check to the Subscriber and advise the Company promptly thereof.

 

(d)           The Company shall provide immediate written notice to the Escrow Agent of the Termination Date upon establishing the effective date of the Prospectus.

 

2.           Release of Escrow Funds.  The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

 

(a)           In the event that the Company advises the Escrow Agent in writing that the Offering has been terminated (the “Termination Notice”), the Escrow Agent shall promptly return the funds paid by each Subscriber to said Subscriber without interest or offset.

 

(b) Provided that the Escrow Agent does not receive the Termination Notice in accordance with paragraph 2(a) and further provided the Total Amount deposited into the Escrow Account on or prior to the Termination Date and received by the Escrow Agent has cleared the banking system, the Escrow Agent shall, upon receipt of written instructions, in the form of Exhibit B, attached hereto and made a part hereof, or in a form and substance satisfactory to the Escrow Agent, received from the Company, pay the Escrow Funds in accordance with such written instructions, such payment or payments to be made by wire transfer within one (1) business day of receipt of such written instructions.  Such instructions must be received by the Escrow Agent no later than 3:00 PM Eastern Time on a Banking Day for the Escrow Agent to process such instructions that Banking Day.

 

(c)           If by 3:00 P.M. Eastern time on the Termination Date the Escrow Agent has not received in accordance with paragraph 2(b) above, written instructions from the Company regarding the disbursement of the Escrow Funds or the total amount of the Escrow Funds is less than the Total Amount, then the Escrow Agent shall promptly return the Escrow Funds to the Investors without interest or offset.  The Escrow Funds returned to each Subscriber shall be free and clear of any and all claims of the Escrow Agent.

 

(d)           The Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

  

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(e)           If the Termination Date, or any date that is a deadline under this Agreement for giving the Escrow Agent notice or instructions or for the Escrow Agent to take action is not a Banking Day, then such date shall be the Banking Day that immediately preceding that date. A Banking Day is any day other than a Saturday, Sunday or a day that a New York State chartered bank is not legally obligated to be opened.

 

3.           Acceptance by Escrow Agent.  The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that:

 

(a)           The Escrow Agent may act in reliance upon any signature believed by it to be genuine, and may assume that any person who has been designated by the Company to give any written instructions, notice or receipt, or make any statements in connection with the provisions hereof has been duly authorized to do so.  Escrow Agent shall have no duty to make inquiry as to the genuineness, accuracy or validity of any statements or instructions or any signatures on statements or instructions.  The names and true signatures of each individual authorized to act singly on behalf of the Company are stated in Schedule II, which is attached hereto and made a part hereof. The Company may remove or add one or more of its authorized signers stated on Schedule II by notifying the Escrow Agent of such change in accordance with this Agreement, which notice shall include the true signature for any new authorized signatories.

 

(b)           The Escrow Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith.  The Escrow Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless caused by its willful misconduct or gross negligence.

 

(c)           The Company agrees to indemnify and hold the Escrow Agent harmless from and against any and all claims, losses, costs, liabilities, damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed against or incurred by Escrow Agent arising out of or related, directly or indirectly, to this Escrow Agreement unless caused by the Escrow Agent’s gross negligence or willful misconduct.

 

(d)           In the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to (i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of competent jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(e)           The Escrow Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than Escrow Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered to the Escrow Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not prohibited by applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to the Escrow Agent for the Escrow Account and deposit said checks and wire transfers into the non-interest bearing Escrow Account, and (ii) to disburse or refrain from disbursing the Escrow Funds as stated above, provided that the checks received by the Escrow Agent have been collected and are available for withdrawal.

  

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4.           Escrow Account Statements and Information. The Escrow Agent agrees to send to the Company a copy of the Escrow Account periodic statement, upon request in accordance with the Escrow Agent’s regular practices for providing account statements to its non-escrow clients and to also provide the Company, or its designee, upon request other deposit account information, including Account balances, by telephone or by computer communication, to the extent practicable. The Company agrees to complete and sign all forms or agreements required by the Escrow Agent for that purpose.  The Company consents to the Escrow Agent’s release of such Account information to any of the individuals designated by Company, which designation has been signed in accordance with paragraph 3(a) by any of the persons in Schedule II.  Further, the Company has an option to receive e-mail notification of incoming and outgoing wire transfers.  If this e-mail notification service is requested and subsequently approved by the Escrow Agent, the Company agrees to provide a valid e-mail address and other information necessary to set-up this service and sign all forms and agreements required for such service.  The Company and consents to the Escrow Agent’s release of wire transfer information to the designated e-mail address(es).  The Escrow Agent’s liability for failure to comply with this section shall not exceed the cost of providing such information.

 

5.           Resignation and Termination of the Escrow Agent.  The Escrow Agent may resign at any time by giving 30 days’ prior written notice of such resignation to the Company.  Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold as depositary the Escrow Funds that it receives until the end of such 30-day period.  In such event, the Escrow Agent shall not take any action, other than receiving and depositing Investors checks and wire transfers in accordance with this Agreement, until the Company has designated a banking corporation, trust company, attorney or other person as successor.  Upon receipt of such written designation signed by the Company, the Escrow Agent shall promptly deliver the Escrow Funds to such successor and shall thereafter have no further obligations hereunder.  If such instructions are not received within 30 days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Funds held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor.  In either case provided for in this paragraph, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds.

 

5.           Termination.  The Company may terminate the appointment of the Escrow Agent hereunder upon written notice specifying the date upon which such termination shall take effect, which date shall be at least 30 days from the date of such notice.  In the event of such termination, the Company shall, within 30 days of such notice, appoint a successor escrow agent and the Escrow Agent shall, upon receipt of written instructions signed by the Company, turn over to such successor escrow agent all of the Escrow Funds; provided, however, that if the Company fails to appoint a successor escrow agent within such 30-day period, such termination notice shall be null and void and the Escrow Agent shall continue to be bound by all of the provisions hereof.  Upon receipt of the Escrow Funds, the successor escrow agent shall become the escrow agent hereunder and shall be bound by all of the provisions hereof and Signature Bank shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds and under this Agreement.

  

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6.                      Investment.  All funds received by the Escrow Agent shall be invested only in non-interest bearing bank accounts at Signature Bank.

 

7.                      Compensation.  Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $3,500, which fee shall be paid by the Company upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent for all fees, costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account, including reasonable attorney’s fees.  Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation or termination of the Escrow Agent shall affect the right of Escrow Agent to retain the amount of any fee which has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any such modification, cancellation, termination, resignation or rescission.  To the extent the Escrow Agent has incurred any such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall direct all such amounts to be paid directly at any such closing.

 

8.                      Notices.  All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 

If to the Company:

 

Excel Corporation

1384 Broadway, 17th Floor

New York, New York 10018

Attention: Ruben Azrak

Fax: 212-382-3392

If to Escrow Agent:

 

Signature Bank

950 Third Avenue 9th Floor,

New York, NY 10022.  Attention: John D. Gonzalez

Fax: 646-822-1520

  

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9.                      General.

 

(a)This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements made and to be entirely performed within such State, without regard to choice of law principles and any action brought hereunder shall be brought in the courts of the State of New York, located in the County of New York.  Each party hereto irrevocably waives any objection on the grounds of venue, forum nonconveniens or any similar grounds and irrevocably consents to service of process by mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts.  Each of the parties hereto hereby waives all right to trial by jury in any action, proceeding or counterclaim arising out of the transactions contemplated by this Agreement.

 

(b)           This Agreement sets forth the entire agreement and understanding of the parties with respect to the matters contained herein and supersedes all prior agreements, arrangements and understandings relating thereto.

 

(c)           All of the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties hereto, as well as their respective successors and assigns.

 

(d)           This Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance.  The failure of any party at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to enforce the same.  No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement.  No party may assign any rights, duties or obligations hereunder unless all other parties have given their prior written consent.

 

(e)           If any provision included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining provisions.

 

(f)           This Agreement and any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

10.                      Form of Signature. The parties hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided, however, that each party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission of his or her signature by fax, a true and correct original copy of his or her signature in overnight mail to the address of the other party.

  

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IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first set forth above.

 

EXCEL CORPORATION

 

	
By:

	
    /s/ Ruben Azrak

	  
	  	
Name: Ruben Azrak 

	  
	  	
Title: CEO

	  

SIGNATURE BANK

 

	
By:

	
           /s/ Marisol Figueroa

	  
	  	
Name:Mariso Figueroa

	  
	  	
Title: Associate Group Director VP

	  

 

	
By:

	
           /s/

	  
	  	
Name:

	  
	  	
Title: Group Director SVP

	  

  

 

  

Schedule I

OFFERING DOCUMENTS

  

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Schedule II

 

The Escrow Agent is authorized to accept instructions signed or believed by the Escrow Agent to be signed by any one of the following on behalf of the Company.

	
Excel Corporation

	  	  	  
	
Name

	  	
True Signature

	  	  	  
	
Ruben Azrak

	
  

	
    

  

 

  

Exhibit B

FORM OF ESCROW RELEASE NOTICE

Date:

Signature Bank

950 Third Avenue 9th Floor,

New York, NY 10022.

Attention: John D. Gonzalez

Dear _________:

In accordance with the terms of paragraph 2(c) of an Escrow Deposit Agreement dated as of ________ __, 2011 (the "Escrow Agreement"), by and between Excel Corporation (the "Company") and Signature Bank (the "Escrow Agent"), the Company hereby notifies the Escrow Agent that the Excel Corporation closing will be held on ___________ for gross proceeds of $400,000.

PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER AS FOLLOWS (wire instructions attached):

	
________________________:

	
$

	  	  
	
________________________:

	
$

	  	  
	
________________________:

	
$

Very truly yours,

	
EXCEL CORPORATION

	  
	
By:

	  	  
	
Name: Ruben Azrak

	  
	
Title: CEO

	  

  

10

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