Document:

Exhibit 10.13

    Exhibit
      10.13

     

    

      CONSULTING
        AGREEMENT

      

      

      

      This
        Agreement is made and entered into as of the 13th
        day of
        October 2006 by and between Larson Elmore, an individual residing at 18 Ninth
        Fairway Loop, Maumelle, Arkansas 72113 (the“Consultant”),
        and
        Myriad Entertainment and Resorts, Inc., a Delaware corporation, with its
        place
        of business located at 2565 Horizon Lake Drive, Suite 110, Memphis, TN 38133
        (the "Company").

       

       

          WHEREAS,
        the
        Company has issued to the Consultant a convertible debenture in the principal
        face amount of $1,050,000 with interest thereon at eight percent (8%) per
        annum
        and convertible into shares of the Company’s common stock at $0.10 per
        share;

       

          WHEREAS,
        the
        Company has issued to the Consultant a warrant to purchase up to five million
        (5,000,000) shares of the Company’s common stock at exercise prices ranging from
        $0.30 to $3.00 per share at various dates from October 2006 to October 2009,
        as
        more fully provided in that Warrant;

       

          WHEREAS,
        the
        Company is in the process of developing and constructing a world class resort
        in
        Tunica, Mississippi (the “Resort”);

       

          WHEREAS,
        the
        Consultant has experience and knowledge in matters pertaining to the development
        and construction of the Resort; and

       

          WHEREAS,
        the
        Company seeks the services of the Consultant and the Consultant agrees to
        provide it services to the Company, on the terms and conditions contained
        in
        this Agreement.

       

          In
        consideration of the mutual promises made herein and for other good and valuable
        consideration, the receipt and sufficiency of which is hereby acknowledged,
        the
        parties hereto agree as follows:

       

             
        1. Purpose:
        The
        Company hereby engages the Consultant for the term specified in Paragraph
        2
        hereof to render certain management services and advice to the Company relating
        to the Company’s development and construction of the Resort.

      

      2. Term:
        Except
        as otherwise specified in Paragraph 4 hereof, this Agreement shall be effective
        from October 14, 2006 to October 14, 2010.

      

      3. Duties
        of the Consultant:
        During
        the term of this Agreement, the Consultant shall provide advice and opinions
        to
        the Company on subjects relating to the Resort. Specifically, Consultant
        intends
        to provide services in connection with the development, construction, and
        funding of the Resort.

       

      Consultant
        will determine in its sole discretion the time, place and manner of the services
        it renders as well as the overall amount of time Consultant expends in providing
        services under this Agreement. Such advice and opinions will most often be
        given
        orally. However, the Company may occasionally and reasonably request that
        advice
        or opinions be provided in writing. The Consultant’s management team will be
        made available to assist the Company in its strategic planning.

      

      4. Compensation:
        In
        consideration for the services rendered by the Consultant to the Company
        pursuant to this Agreement (and in addition to the expenses provided for
        in
        Paragraph 5 hereof), the Company shall compensate the Consultant as
        follows:

       

          (a) The
        Company shall pay the Consultant a fee of $150,000/year for the entire term
        of
        this Agreement, unless extended. The fee shall be payable monthly and shall
        accrue from the date of this Agreement until such time as the Company is
        in
        receipt of sufficient funding as determined by the Board of Directors of
        the
        Company. 

       

          (b)
         In
        addition to the compensation set forth in section 4(a), the Consultant shall
        be
        entitled to receive a development fee equal to one and a half percent (1.5%)
        of
        the total amount received pursuant to one or more loans obtained specifically
        for the construction and development of the Resort (the “Development Fee”). The
        payment of the Development Fee shall be paid monthly to the Consultant and
        subject to at all times the Company’s budget for the construction and
        development of the Resort, as provided more fully on the attached Exhibit
        A. All
        fees paid pursuant to Section 4(a) hereof shall be applied to any amounts
        owing
        to the Consultant pursuant to the Development Fee.

       

          (c)
         In
        the
        event that this Agreement shall not be renewed or if terminated for any reason,
        notwithstanding any such non-renewal or termination, the Consultant shall
        be
        entitled to the full fees set forth in Section 4(a) and 4(b) through the
        date of
        termination of this Agreement and a full fee and repayment of all expenses
        as
        provided under Paragraph 5 hereof. 

       

      5. Expenses
        of the Consultant:
        In
        addition to the fees payable hereunder, the Company shall reimburse the
        Consultant for all reasonable fees and disbursements of the Consultant including
        travel and out-of-pocket expenses incurred in connection with the services
        performed pursuant to this Agreement, including without limitation, hotels,
        food
        and associated expenses and long-distance telephone calls, except that (a)
        all
        fees and disbursements exceeding $1,000 must be pre-approved in writing by
        the
        Company, and (b) the aggregate of such fees and disbursements not requiring
        pre-approval by the Company shall not exceed $1,000.00 per month.

      

      6. Liability
        of the Consultant:
        The
        Company acknowledges that all opinions and advice (written or oral) given
        by the
        Consultant to the Company in connec-tion with the Consultant's engagement
        are
        intended solely for the benefit and use of the Company, and the Company agrees
        that no person or entity other than the Company shall be entitled to make
        use of
        or rely upon the advice of the Consultant to be given hereunder, and no such
        opinion or advice shall be used for any other purpose or reproduced,
        disseminated, quoted or referred to at any time, in any manner or for any
        purpose, in
        each case,
        without
        the Consultant's prior written consent.

      

      7. The
        Consultant's Services to Others:
        The
        Company acknowledges that the Consultant or its affiliates are in the business
        of providing management services and advice to others, including businesses
        that
        may be involved in the resort or destination experience fields. Nothing herein
        contained shall be construed to limit or restrict the Consultant in conducting
        such business with respect to others, or in rendering such advice to
        others.

      

      8. Company
        Information:
        

      (a) The
        Company recognizes and confirms that, in advising the Company and in fulfilling
        its engagement hereunder, the Consultant will use and rely on data, material
        and
        other information furnished to the Consultant by the Company. The Company
        acknowledges and agrees that in performing its services under this engagement,
        the Consultant may rely upon the data, material and other information supplied
        by the Company without independently verifying the accuracy, completeness
        or
        veracity of same.

      (b) Except
        as
        contemplated by the terms hereof or as required by applicable law in the
        opinion
        of counsel to the Company, the Consultant shall keep confidential all non-public
        information provided to it by the Company, and shall not disclose such
        information to any third party without the Company's prior written consent,
        other than such of its employees and Consultants as the Consultant determines
        to
        have a need to know. In the event that the Consultant discloses such information
        to its employees or Consultants, it will cause such employees or Consultants
        to
        be bound by the provisions of this Section 8(b).

      

      9. Indemnification:
        

       

          (a) The
        Company shall indemnify and hold harmless the Consultant against any and
        all
        liabilities, claims, lawsuits, including any and all awards and/or judgments
        to
        which it may become subject under the Securities Act of 1933 (the "1933 Act"),
        the Securities Exchange Act of 1934, (the "Act") or any other federal or
        state
        statute, at common law or otherwise, insofar as said liabilities, claims
        and
        lawsuits (including costs, expenses, awards and/or judgments) arise out of
        or
        are in connection with the services rendered by the Consultant or any
        transactions effected in connection with this Agreement, except for any
        liabilities, claims and lawsuits (including awards and/or judgments), arising
        out of acts or omissions of the Consultant. In addition, the Company shall
        also
        indemnify and hold harmless the Consultant against any and all costs and
        expenses, including reasonable counsel fees, incurred or relating to the
        foregoing.

       

          The
        Consultant shall give the Company prompt notice of any such liability, claim
        or
        lawsuit which the Consultant contends is the subject matter of the Company's
        indemnification and the Company thereupon shall be granted the right to take
        any
        and all necessary and proper action, at its sole cost and expense, with respect
        to such liability, claim and lawsuit, including the right to settle, compromise
        and dispose of such liability, claim or lawsuit, excepting therefrom any
        and all
        proceedings or hearings before any regulatory bodies and/or
        authorities.

       

          The
        Consultant shall indemnify and hold harmless the Company against any and
        all
        liabilities, claims and lawsuits, including any and all awards and/or judgments
        to which it may become subject under the 1933 Act, the Act or any other federal
        or state statute, at common law or otherwise, insofar as said liabilities,
        claims and lawsuits (including costs, expenses, awards and/or judgments)
        arise
        out of or are based upon any untrue statement or alleged untrue statement
        of a
        material fact or the omission to disclose a material fact required to be
        stated
        or necessary to make the statement not misleading, which statement or omission
        was made in reliance upon information furnished in writing to the Company
        by or
        on behalf of the Consultant for inclusion in any registration statement,
        prospectus or other document or any amendment or supplement thereto in
        connection with any transaction to which this Agreement applies. In addition,
        the Consultant shall also indemnify and hold harmless the Company against
        any
        and all costs and expenses, including reasonable counsel fees, incurred or
        relating to the foregoing.

       

          The
        Company
        shall give the Consultant prompt notice of any such liability, claim or lawsuit
        which the Company contends is the subject matter of the Consultant's
        indemnifica-tion and the Consultant thereupon shall be granted the right
        to a
        take any and all necessary and proper action, at its sole cost and expense,
        with
        respect to such liability, claim and lawsuit, including the right to settle,
        compromise or dispose of such liability, claim or lawsuit, excepting therefrom
        any and all proceedings or hearings before any regulatory bodies and/or
        authorities.

       

          (b) In
        order
        to provide for just and equitable contribution in any case in which (i) any
        person entitled to indemnification under this Paragraph 9 makes claim for
        indemnification pursuant hereto but it is judicially determined (by the entry
        of
        a final judgment or decree by a court of competent jurisdiction and the
        expiration of time to appeal or the denial of the last right of appeal) that
        such indemnification may not be enforced in such case notwithstanding the
        fact
        that this Paragraph 9 provides for indemnification in such case, or (ii)
        contribution may be required on the part of any such person in circumstances
        for
        which indemnification is provided under this Paragraph 9, then, and in each
        such
        case, the Company and the Consultant shall contribute to the aggregate losses,
        claims, damages or liabilities to which they may be subject (after any
        contribution from others); provided, however that Consultant’s maximum
        contribution shall be the amount earned by the Consultant pursuant to Section
        4
        hereof, and provided, that, in any such case, no person guilty of a fraudulent
        misrepresentation (within the meaning of Section 11(f) of the Securities
        Act of
        1933, as amended) shall be entitled to contribution from any person who was
        not
        guilty of such fraudulent misrepresentation.

       

          Within
        15
        days after receipt by any party to this Agreement (or its representative)
        of
        notice of the commencement of any action, suit or proceeding, such party
        will,
        if a claim for contribution in respect thereof is to be made against another
        party (the "Contributing Party"), notify the Contributing Party of the
        commencement thereof, but the omission to so notify the Contributing Party
        will
        not relieve it from any liability which it may have to any other party other
        than for contribution hereunder. In case any such action, suit or proceeding
        is
        brought against any party, and such party notifies a Contributing Party or
        his
        or its representative of the commencement thereof within the aforesaid 15
        days,
        the Contributing Party will be entitled to participate therein with the
        notifying party and any other Contributing Party similarly notified. Any
        such
        Contributing Party shall not be liable to any party seeking contribution
        on
        account of any settlement of any claim, action or proceeding effected by
        such
        party seeking contribution without the written consent of the Contributing
        Party. The indemnification provisions contained in this Paragraph 9 are in
        addition to any other rights or remedies which either party hereto may have
        with
        respect to the other or hereunder.

      

      10. The
        Consultant as an Independent Contractor:
        The
        Consultant shall perform its services hereunder as an independent contractor
        and
        not as an employee of the Company or affiliates thereof. It is expressly
        understood and agreed to by the parties hereto that the Consultant shall
        have no
        authority to act for, represent or bind the Company or any affiliate thereof
        in
        any manner, except as may be agreed to expressly by the Company in writing
        from
        time to time.

      

      11. Miscellaneous:

       

          (a) This
        Agreement between the Company and the Consultant constitutes the entire
        agreement and understanding of the parties hereto, and supersedes any and
        all
        previous agreements and understandings, whether oral or written, between
        the
        parties with respect to the matters set forth herein.

       

          (b) Any
        notice or communication permitted or required hereunder shall be in writing
        and
        shall be deemed sufficiently given if hand-delivered or sent (i) postage
        prepaid
        by registered mail, return receipt requested, or (ii) by facsimile, to the
        respective parties as set forth below, or to such other address as either
        party
        may notify the other in writing:

      

      If
        to the
        Company, to:     Myriad
        Entertainment and Resorts, Inc.

      2565
        Horizon Lake Drive, Suite 110

      Memphis,
        TN 38133 

      Attention:
        John Meeske, CEO 

       

      

      If
        to    Whitmore & Associates, LLC to: Larson
        Elmore

      18
        Ninth
        Fairway Loop

      Maumelle,
        Arkansas 72113

      

       

      With
        a
        copy to:    Gersten
        Savage LLP

      600
        Lexington Avenue, 9th
        Floor

      New
        York,
        New York 10022

      Attention:
        Peter J. Gennuso, Esq.

      

      (c) This
        Agreement shall be binding upon and inure to the benefit of each of the parties
        hereto and their respective successors, legal representatives and
        assigns.

      (d) This
        Agreement may be executed in any number of counterparts, each of which together
        shall constitute one and the same original document.

      (e) No
        provision of this Agreement may be amended, modified or waived, except in
        a
        writing signed by all of the parties hereto.

      (f) This
        Agreement shall be construed in accordance with and governed by the laws
        of the
        State of New York, without giving effect to conflict of law principles. The
        parties hereby agree that any dispute which may arise between them arising
        out
        of or in connection with this Agreement shall be adjudicated before a court
        located in New York City, and they hereby submit to the exclusive jurisdiction
        of the courts of the State of New York located in New York, New York and
        of the
        federal courts in the Southern District of New York with respect to any action
        or legal proceeding commenced by any party, and irrevocably waive any objection
        they now or hereafter may have respecting the venue of any such action or
        proceeding brought in such a court or respecting the fact that such court
        is an
        inconvenient forum, relating to or arising out of this Agreement, and consent
        to
        the service of process in any such action or legal proceeding by means of
        registered or certified mail, return receipt requested, in care of the address
        set forth in Paragraph 11(b) hereof.

      

      IN
        WITNESS WHEREOF,
        the
        parties hereto have caused this Agreement to be duly executed, as of the
        day and
        year first above written.

      

      

      CONSULTANT      

      

      /s/
        Larson Elmore

      Name:
        Larson Elmore

       

      

      

      Myriad
        Entertainment & Resorts, Inc.

      

      

      By:
        John
        Meeske

      Name: John
        Meeske

      Title: Chief
        Executive Officer

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      

      EXHIBIT
        A

      Construction
        and Development BudgetExhibit 10.14

    Exhibit
      10.14

     

    

       

      MYRIAD
        ENTERTAINMENT & RESORTS, INC.

      (A
        Delaware Corporation)

       

      8%
        CONVERTIBLE DEBENTURE

       

      NEITHER
        THIS DEBENTURE NOR THE SECURITIES UNDERLYING THIS DEBENTURE, NOR ANY SECURITIES
        ISSUABLE UPON ITS CONVERSION, IF ANY, HAVE BEEN REGISTERED UNDER THE SECURITIES
        ACT OF 1933, AS AMENDED (THE “ACT’), OR QUALIFIED UNDER APPLICABLE STATE

       

       

      SECURITIES
        LAWS AND MAY ONLY BE ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A
        VIEW
        TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. THIS DEBENTURE
        AND
        THE SECURITIES UNDERLYING THIS DEBENTURE, OR THE SECURITIES ISSUABLE UPON
        ITS
        CONVERSION, IF ANY, MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
        IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES
        UNDER THE ACT AND QUALIFICATION UNDER APPLICABLE STATE LAW WITHOUT AN OPINION
        OF
        COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION
        ARE
        NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES
        AND EXCHANGE COMMISSION.

       

      Stated
        Amount $1,050,000

      October
        13, 2006 

      Memphis,
        Tennessee

       

      FOR
        VALUE RECEIVED, MYRIAD ENTERTAINMENT & RESORTS, INC., a
        Delaware corporation (“Company”),
        hereby unconditionally promises to pay subject to the provisions stated herein
        to the order of Larson Elmore (“Holder”),
        in
        lawful money of and within the United States of America and in immediately
        available funds, up to $1,050,000, together with accrued and unpaid interest
        thereon, at the Maturity Date (herein defined). It is understood by the Holder
        hereof that any and all of the amounts owed as stated herein shall be subject
        to, and confirmed by, an audit to be performed by the Company, or a
        representative designated by the Company (the “Audit”). The Company will only be
        obligated to repay those amounts that are in fact confirmed by the Audit
        (the
“Principal
        Amount”).
        The
        rights and obligations of the Company and the Holder shall only extend to
        the
        Principal Amount that is in fact confirmed by the Audit. The Company further
        agrees to pay interest on the Principal Amount at the rate per annum of eight
        percent (8%) without compounding (the “Stated
        Interest Rate”)
        on
        the
        outstanding Principal Amount. Interest shall be calculated from and including
        the date of this Debenture until such Principal Amount has been repaid in
        full
        or until the Debenture has been converted in full in accordance with the
        provisions of this Debenture (the “Conversion
        Date”).
        Concurrently with the payment or conversion in full of all principal hereunder
        and the payment of all accrued interest, Holder shall surrender this Debenture
        to the Company for cancellation. Interest shall be paid in arrears on the
        Maturity Date (herein defined) and shall be calculated on the basis of a
        365-day or
        366-day year, as the case may be, for the actual number of days
        elapsed.

       

       

      1.  Principal
        Repayment; Interest Repayment.

       

       

      (a)  Repayment
        of the Principal Amount and interest thereon by the Company to the Holder
        shall
        be made in full no later than the Maturity Date (as defined below) and shall
        be
        payable $100,000 per month plus interest thereon. 

       

       

      (b)  This
        Debenture may be converted into shares of Company’s Common Stock, as provided
        herein, at a conversion price equal to $0.10 per share at any time prior
        to the
        date the Principal Amount is payable.

       

       

      (c)  The
        Company shall have the right to prepay in whole or in part any outstanding
        portion of the Principal Amount of this Debenture without penalty.

       

       

      (d)  This
        Debenture is unsecured.

       

       

      (e)  The
        Maturity Date of this Debenture is October 13, 2007.

       

       

      2. Place
        of Payment; Application of Payments.
        All
        amounts due hereunder shall be payable to Holder, at Company’s option but
        subject to Section 3 below, (a) in United States dollars or (b) with
        shares of Company’s common stock, valued at $0.10 per share. Payments in cash
        shall be made to
        such
        bank account as shall be designated by Holder in immediately available funds
        or
        as otherwise specified to the Company in writing. Payments
        with shares of common stock shall be made at
        Holder’s address set forth in Company’s books and records or at any other
        address specified by Holder in writing.
        All
        other amounts due hereunder shall
        be
        payable to Holder in United States dollars.  Payment
        on this Debenture shall be applied first to any expenses of collection, then
        to
        accrued interest, and thereafter to the outstanding principal balance
        hereof.

       

       

      3.
        Default.
        The
        occurrence of any of the following events of default shall each constitute
        and
        be an “Event of Default” under this Debenture: 

       

       

      (a) bankruptcy
        or insolvency of Company;

       

       

      (b) Company’s
        failure to pay any of the Principal Amount due under this Debenture on the
        date
        the same becomes due and payable, or any accrued interest or other amounts
        due
        under this Debenture after the same becomes due and payable;

       

       

      (c) breach
        of
        any material covenant or agreement contained in this Debenture and 

       

       

      such
        breach remains uncured for a period of fifteen (15) days after written notice
        thereof is received by Company from Holder;

       

       

      (d) the
        dissolution of Company or any vote in favor thereof by the board of directors
        (or similar governing body) and/stockholders of Company;

       

       

      (e) Company
        makes an assignment for the benefit of creditors, or files an application
        for
        the appointment of a receiver or similar official with respect to it or any
        substantial part of its assets;

       

       

      (f) Company
        admits in writing its inability to pay its debts as they mature;

       

       

      (g) one
        or
        more proceedings are commenced to foreclose one or more security interests
        or
        liens in any property or assets of Company as a result of a default in the
        payment or performance of any debt in excess of $100,000 in the aggregate
        and
        secured by such property or assets of Company;

       

       

      (h) one
        or
        more attachments or garnishments are levied against the assets or properties
        of
        Company involving an amount in excess of $100,000 in the aggregate and such
        levies are not vacated, bonded or otherwise terminated within thirty (30)
        days
        after the date of their effectiveness;

       

       

      (i) Company
        defaults in the payment (regardless of amount) when due of the principal
        of,
        interest on, or any other liability or liabilities on account of any
        indebtedness of Company having a face or principal amount in excess of $100,000
        in the aggregate, or a default or defaults occur in the performance or
        observance by Company of any covenant or condition (other than for the payment
        of money) contained in any note or agreement evidencing or pertaining to
        any
        such indebtedness, which causes the maturity of such indebtedness to be
        accelerated or permits the holder or holders of such indebtedness to declare
        the
        same to be due prior to the stated maturity thereof.

       

       

      Upon
        the
        occurrence of an Event of Default, the unpaid Principal Amount, all unpaid
        accrued interest thereon and all other amounts owing hereunder may, at the
        option of Holder, become immediately due and payable to Holder and the Holder
        may, at his option, convert the principal and interest owing under this
        Debenture into shares of the Company’s common stock as provided herein,
provided,
        however, that
        upon
        the occurrence of an Event of Default described in Section 3(a), all
        indebtedness of Company to Holder shall become immediately due and payable
        without any action of Holder. Effective upon an Event of Default that is
        not
        cured for a period of thirty (30) days after such Event of Default, the interest
        rate on this Note shall increase to 3% per annum in excess of the Stated
        Interest Rate. 

       

       

      4.
        Covenants.

       

       

      (a) Use
        of Proceeds.
        Company
        shall use the net cash proceeds loaned to Company pursuant to this Debenture
for
        working capital and general corporate purposes, provided however, Company
        shall
        have broad discretion in the application of the net proceeds allocated to
        working capital and general corporate purposes.

       

       

      (b) Compliance
        with Agreements.
        Company
        shall perform and observe, or cause to be performed or observed, as the case
        may
        be, all of the provisions in its certificate of incorporation, its by-laws,
        and
        the obligations pursuant to the terms, agreements, and covenants of this
        Debenture and all documents and agreements executed or delivered in connection
        with this Debenture. Company expressly represents that Company has the full
        power and authority to deliver this Debenture that this Debenture has been
        duly
        authorized, executed, and delivered by Company, and that Company’s obligations
        under this Debenture are legal, valid, binding, and enforceable, absolute,
        and
        unconditional.

       

       

      (c) Preservation
        of Corporate Existence and Business.
        Company
        shall use its best efforts to preserve intact its present business organization,
        rights, and privileges and present goodwill and, to the best of its ability,
        its
        relationships existing with other parties and shall at all times cause to
        be
        done all things necessary to maintain, preserve, and renew its corporate
        existence and shall observe and conform with all valid requirements of all
        governmental authorities relating to the conduct of the business of Company,
        the
        failure of which would have a material adverse effect upon Company’s business or
        financial condition.. Company shall maintain and keep in force all material
        licenses, permits and agreements necessary to the conduct of its
        businesses.

       

       

      (d) Maintenance
        of Properties.
        Company
        shall maintain and keep its properties, real and personal, in good repair,
        working order, and condition, and from time to time make all necessary or
        desirable repairs, renewals, and replacements, so that its business may be
        properly and advantageously conducted at all times. 

       

       

      (e) Taxes
        and Other
        Obligations. Company
        shall pay and discharge all taxes, assessments,
        interest, and installments on mortgages and governmental charges against
        it (or
        on any of its subsidiaries), its income and profits (or on any of its
        subsidiaries) or against any of its (or on any of its subsidiaries) properties,
        upon the respective dates when due, as well as any claims for labor, materials,
        and supplies which, if unpaid, might become a lien or charge upon such
        properties or any part thereof; except to the extent that such taxes,
        assessments, interest, installments, and governmental charges are contested
        in
        good faith and by appropriate proceedings.

       

       

      (f) Compliance
        with Obligations, Laws, etc.
        Company
        shall comply with all of the obligations which it has incurred or to which
        it
        becomes subject pursuant to any contract or agreement, whether oral or written,
        express or implied, the breach of which might have a material adverse effect
        upon its business or financial condition, unless and to the extent that the
        same
        are being contested in good faith and by appropriate proceedings and adequate
        reserves have been set aside on its books with respect thereto. Company shall
        comply with all applicable laws, rules, and regulations of all governmental
        authorities.

       

       

      (g) No
        Loans to Related Parties.
        Company
        will not make any loan to any person who is or becomes a stockholder, executive,
        or employee of Company, other than for reasonable advances for expense in
        the
        ordinary course of business.

       

       

      (h) Adequate
        Insurance.
        Company
        will keep adequately insured, by financially sound and reputable insurers,
        all
        property of a character customarily insured by similar companies and shall
        carry
        such other insurance as is usually carried by similar companies.

       

       

      (i) Books
        of Account.
        Company
        will, and will cause each of its subsidiaries to, at all times maintain books
        of
        account in which its financial transactions are duly recorded in conformance
        with generally accepted accounting principles.

       

       

      (j) Unconditional
        Obligation; No Waiver.
        The
        obligations to make payments provided for in this Debenture are absolute
        and
        unconditional and are not subject to any defense, set-off counterclaim,
        rescission, recoupement, or adjustment whatsoever. No forbearance, indulgence,
        delay, or failure to exercise any right or remedy with respect to this Debenture
        shall operate as a waiver or as an acquiescence in any default, nor shall
        any
        single or partial exercise of any right or remedy preclude any other or further
        exercise thereof or exercise of any other right or remedy.

       

       

      5.
        Waiver.  TO
        THE
        FULLEST EXTENT PERMITTED BY LAW, HOLDER AND COMPANY AGREE THAT NEITHER OF
        THEM
        NOR ANY ASSIGNEE OR SUCCESSOR SHALL (i) SEEK A JURY TRIAL IN ANY LAWSUIT,
        PROCEEDING, COUNTERCLAIM OR ANY OTHER ACTION BASED UPON, OR ARISING OUT OF,
        THIS
        DEBENTURE, ANY RELATED INSTRUMENTS OR THE DEALINGS OR THE RELATIONSHIP BETWEEN
        THEM, (ii) SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH
        A
        JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED, OR (iii) MAKE ANY CLAIM FOR
        CONSEQUENTIAL, PUNITIVE, OR SPECIAL DAMAGES. THE PROVISIONS OF THIS PARAGRAPH
        HAVE BEEN FULLY DISCUSSED BY HOLDER AND COMPANY, AND THESE PROVISIONS SHALL
        BE
        SUBJECT TO NO EXCEPTIONS. NEITHER HOLDER NOR COMPANY HAS AGREED WITH OR
        REPRESENTED TO THE OTHER THAT THE PROVISIONS OF THIS PARAGRAPH WILL NOT BE
        FULLY
        ENFORCED IN ALL INSTANCES. COMPANY WAIVES PRESENTMENT AND WRITTEN DEMAND
        FOR
        PAYMENT, NOTICE OF DISHONOR, PROTEST, AND NOTICE OF PROTEST OF THIS
        DEBENTURE.

       

       

      6.
         Attorney’s
        Fees; Collection
        Costs.
        If there
        has been an Event of Default by Company hereunder, Holder shall be entitled
        to
        receive and Company agrees to pay all costs of enforcement and collection
        incurred by Holder, including, without limitation, reasonable attorneys fees
        relating thereto.

       

       

      7.
         Notices.
        Unless
        otherwise specified herein, all notices hereunder shall be in writing and
        shall
        be deemed to have been given when delivered by hand, or on the third business
        day after properly deposited with the United States Postal Service, as certified
        mail, return receipt requested, postage prepaid, or on the first business
        day
        after properly deposited with an overnight courier of national standing,
        addressed to the address indicated below: 

       

       

      If
        to the
        Company, at: 

       

      Myriad
        Entertainment & Resorts, Inc.

      2565
        Horizon Lake Drive, Suite 110

      Memphis,
        Tennessee 38133

      Attention:
        John Meeske, Chief Executive Officer

       

      With
        a
        copy to: 

       

      Gersten
        Savage LLP 

      600
        Lexington Avenue, 9 Floor
        

      New
        York,
        NY 10022-6018 

      Attention:
        Peter J. Gennuso, Esq. 

       

       

      If
        to the
        Holder, at Holder’s address set forth in Company’s books and records or at any
        other address specified by Holder in writing.

       

       

      8.
         Expenses.
        If,
        after maturity, this Debenture is placed in the hands of an attorney for
        collection or if it is collected through judicial, probate, bankruptcy, or
        receivership proceedings, Company agrees to pay all reasonable costs and
        expenses, including, without limitation, attorneys' fees and expenses expended
        or incurred by the Holder in connection with the enforcement of this Debenture,
        the collection of any sum due hereunder, any action for declaratory relief
        in
        any way related to this Debenture, or the protection or preservation of any
        right of the Holder hereunder, whether or not suit is brought.

       

       

      9. 
        No Waivers of Holder’s Rights.
        No
        failure or delay by Holder in exercising any right, power, or privilege
        hereunder or under any other documents or agreements executed in connection
        herewith shall operate as a waiver thereof nor shall any single or partial
        exercise thereof preclude any other or further exercise thereof or the exercise
        of any other right, power or privilege The rights and remedies in this Debenture
        provided are cumulative and not exclusive of any rights or remedies otherwise
        provided by agreement or law. 

       

       

      10.  Amendments.
        Neither
        this Debenture nor any provision hereof may be amended, waived, discharged
        or
        terminated except by a written instrument signed by the Holder and, in the
        case
        of amendments, by the Company, 

       

       

      11.
         Transferability.
        This
        Debenture has been issued by Company for the sole benefit of Holder and may
        not
        be sold, transferred or otherwise assigned without the prior written consent
        of
        Company, and the Holder agrees not to take any actions which would cause
        any
        third party to have such an interest in this Debenture.

       

       

      12. Assignment.
        The
        rights and obligations of Company and Holder shall be binding upon any entity
        which becomes the successor of the Company such as the Public Company Successor
        or which otherwise assumes the Company's obligations hereunder.

       

       

      13. Voluntary
        Conversion.
        This
        Debenture may be converted in principal amounts of $1,000 into the shares
        of
        Common Stock of the Company. This Debenture shall be convertible into the
        number
        of shares of the Common Stock of the Company at a price of $1.00 per share.
        

       

       

      14. Notice
        of Conversion/Conversion Procedure.
        In order
        to convert this Debenture in to Common Stock, the Holder must deliver a dated
        and signed notice of conversion (the “Notice
        of Conversion”),
        a
        copy of which is attached to this Debenture as Exhibit A, stating its intention
        to convert the full principal amount of this Debenture into the Conversion
        Shares, Notices of Conversion shall be deemed delivered on the date sent,
        if
        personally delivered, to the Company’s Chief Executive Officer at the Company’s
        principal place of business, or when actually received if sent by another
        method. The Notice of Conversion shall be accompanied by the original Debenture.
        The Company shall use its reasonable best efforts to issue or cause its transfer
        agent to issue the Conversion Shares within three (3) business days after
        the
        Company receives a fully executed and completed Notice of Conversion and
        original Debenture. The Company shall
        bear the cost associated with the issuance of the Conversion Shares, Such
        Conversion Shares shall be issued with a restrictive legend indicating that
        the
        Conversion Shares were issued in a transaction which is exempt from registration
        under the Securities Act of 1933, as amended, and that the Conversion Shares
        cannot be transferred
        unless they are so registered, or an exemption from registration is available,
        in the opinion of counsel to the Company. The Conversion Shares shall be
        issued
        in the same name as the person who is the Holder unless, in the opinion of
        counsel to the Company, such transfer can be made in compliance with applicable
        securities laws. The person in whose name the certificates of Conversion
        Shares
        are so registered shall be treated as a stockholder of the Company on the
        date
        such Conversion Shares are so issued.

       

       

      Notwithstanding
        the above, the Company shall not be obligated to issue to the Holder such
        certificates evidencing shares of the Conversion Shares upon conversion of
        this
        Debenture unless this Debenture is delivered to the Company for cancellation
        (or
        the Holder notifies the Company that such Debenture has been lost, stolen,
        or
        destroyed and executes an agreement reasonably satisfactory to the Company,
        together’ with reasonably requested surety, to indemnify the Company from any
        such loss incurred in connection with the loss of such Debenture).

       

       

      15.
        Partial
        Invalidity.
        The
        invalidity or unenforceability of any one or more phrases, clauses or sections
        of this Debenture shall not affect the validity or enforceability of the
        remaining portions of it. 

       

       

      16.
        Captions.
        The
        captions and headings of the various sections and subsections of this Debenture
        are provided for’ convenience only and shall not be construed to modify the
        meaning of such sections or’ subsections.

       

       

      17.
        Entire
        Agreement.
        This
        Debenture and the documents and any agreements executed in connection herewith
        constitute the ‘final agreement of the parties hereto and supersede any prior
        agreement or understanding, written or oral, with respect to the matters
        contained herein and therein.

       

      18.
        Registration
        Rights.
        In the
        event that the Holder converts this Note, or any portion hereof, into shares
        of
        the Company’s common stock, the Holder shall have the right to demand the
        registration of its shares at any time under the Securities Act of 1933,
        as
        amended, for sale to the public, whether for its own account or for the account
        of other security holders or both (other than a registration statement on
        Form-S-4, Form S-8 or other limited purpose form) provided,
        however, that
        for
        the purposes of this sentence, the Company shall treat the Holder hereof
        in the
        same manner and in
        pari passu
        with all
        other holders of unregistered capital stock of the Company who (i) have
        registration rights with respect to such stock or (ii) presently or at any
        time
        hereafter are officers, directors, or 5% shareholders of the Registrant,
        or any
        affiliate, successor, or assign thereof. Upon the written demand of Holder
        to
        register the shares (which request shall state the intended method of
        disposition thereof), the Company will use its best efforts to cause the
        shares
        of common stock underlying this note as to which registration shall have
        been so
        requested to be covered by the registration statement proposed to be filed
        by
        the Company all to the extent requisite to permit the sale or other disposition
        by the Holder (in accordance with its written request) of such common stock
        so
        registered. The Company may withdraw any such registration statement before
        it
        becomes effective or postpone the offering of securities contemplated by
        such
        registration statement without any obligation to the Holder of any of the
        shares
        of common stock underlying this Note.

       

      THIS
        DEBENTURE HAS BEEN EXECUTED AND DELIVERED IN THE STATE OF NEW YORK, UNITED
        STATES OF AMERICA. THIS DEBENTURE SHALL BE GOVERNED
        BY, AND
        CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
        LAWS OF THE STATE OF DELAWARE, EXCLUDING CONFLICT OF LAWS PRINCIPLES
        THAT WOULD CAUSE THE APPLICATION OF LAWS OF ANY OTHER
        JURISDICTION.

       

       

      MYRIAD
        ENTERTAINMENT & RESORTS, INC.

       

      By:
        /s/
        John Meeske

      Name:
        John Meeske

      Title:
        Chief Executive Officer 

       

       

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      EXHIBIT
        A

       

       

      NOTICE
        OF CONVERSION

       

       

      (To
        Be
        Signed Only Upon Conversion of the Debenture)

       

       

      The
        undersigned, the holder of the foregoing Debenture, hereby surrenders such
        Debenture for conversion into shares of Common Stock of Myriad Entertainment
        & Resorts, Inc., to the extent of $ _______________ unpaid principal amount
        of such Debenture, and requests that the certificates for such shares be
        issued
        in the name of, and delivered to _________________ whose address is
        _________________.

       

       

      Dated:
        ________

       

      ______________________________________

      (Signature
        must conform in all respects to name of holder as specified on the
        face
        of the Debenture)

      

      

      _______________________________________

      (Address)

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