Document:

jcap_Ex10_36

		

			Exhibit 10.36

		

		

			 

		

		
			 
		

		
			 
		

		
			INDEMNIFICATION AGREEMENT
		

		
			This INDEMNIFICATION AGREEMENT (this “Agreement”) is entered into as of December 6, 2018, by and among JERNIGAN CAPITAL, INC., a Maryland corporation (the “Company” or the “Indemnitor”) and Rebecca Owen (the “Indemnitee”). 
		

		
			WHEREAS, the Indemnitee is a member of the Board of Directors of the Company and in such capacity is performing a valuable service for the Company; 
		

		
			WHEREAS, Maryland law permits the Company to enter into contracts with its officers or members of its Board of Directors with respect to indemnification of, and advancement of expenses to, such persons; 
		

		
			WHEREAS, the Articles of Amendment and Restatement of the Company (the “Charter”) provide that the Company shall indemnify and advance expenses to its directors and officers to the maximum extent permitted by Maryland law in effect from time to time; 
		

		
			WHEREAS, the Amended and Restated Bylaws of the Company (the “Bylaws”) provide that each director and officer of the Company shall be indemnified by the Company to the maximum extent permitted by Maryland law in effect from time to time and shall be entitled to advancement of expenses consistent with Maryland law; and 
		

		
			WHEREAS, to induce the Indemnitee to provide services to the Company as a member of the Board of Directors, and to provide the Indemnitee with specific contractual assurance that indemnification will be available to the Indemnitee regardless of, among other things, any amendment to or revocation of the Charter or the Bylaws, or any acquisition transaction relating to the Company, the Indemnitor desires to provide the Indemnitee with protection against personal liability as set forth herein. 
		

		
			NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Indemnitor and the Indemnitee hereby agree as follows: 
		

			
	
			
				 1.
			

			
	
			
			DEFINITIONS.

		
			For purposes of this Agreement: 
		

			
	
			
				 (a)
			

			
	
			
			“Change in Control” shall have the meaning ascribed to it by the Company’s Amended and Restated 2015 Equity Incentive Plan or any equity incentive or stock compensation plan adopted by the Board of Directors and approved by the stockholders of the Company that may later replace the Company’s Amended and Restated 2015 Equity Incentive Plan.

			
	
			
				 (b)
			

			
	
			
			“Corporate Status” describes the status of a person who is or was a director or officer of the Company or is or was serving at the request of the Company as a director, officer, partner (limited or general), member, director, employee or agent of any other foreign or domestic corporation, partnership, joint venture, limited 

		 

 

		

			 

		

	liability company, trust, other enterprise (whether conducted for profit or not for profit) or employee benefit plan. The Company shall be deemed to have requested the Indemnitee to serve an employee benefit plan where the performance of the Indemnitee’s duties to the Company also imposes or imposed duties on, or otherwise involves or involved services by, the Indemnitee to the plan or participants or beneficiaries of the plan.

			
	
			
				 (c)
			

			
	
			
			“Expenses” shall include all attorneys’ and paralegals’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding.

			
	
			
				 (d)
			

			
	
			
			“Proceeding” includes any action, suit, arbitration, alternate dispute resolution mechanism, investigation (including any internal investigation), administrative hearing, or any other proceeding, including appeals therefrom, whether civil, criminal, administrative, or investigative, except one initiated by the Indemnitee pursuant to paragraph 8 of this Agreement to enforce such Indemnitee’s rights under this Agreement.

			
	
			
				 (e)
			

			
	
			
			“Special Legal Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, or in the past two years has been, retained to represent (i) the Indemnitor or the Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. 

			
	
			
				 2.
			

			
	
			
			INDEMNIFICATION.

		
			The Indemnitee shall be entitled to the rights of indemnification provided in this paragraph 2 and under applicable law, the Charter, the Bylaws, any other agreement, a vote of stockholders or resolution of the Board of Directors or otherwise if, by reason of such Indemnitee’s Corporate Status, such Indemnitee is, or is threatened to be made, a party to any threatened, pending, or completed Proceeding, including a Proceeding by or in the right of the Company. Unless prohibited by paragraph 13 hereof and subject to the other provisions of this Agreement, the Indemnitee shall be indemnified hereunder, to the maximum extent permitted by Maryland law in effect from time to time, against judgments, penalties, fines, liabilities, and settlements and reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection with such Proceeding or any claim, issue or matter therein; provided, however, that if such Proceeding was initiated by or in the right of the Company, indemnification may not be made in respect of such Proceeding if the Indemnitee shall have been finally adjudged to be liable to the Company. For purposes of this paragraph 2, excise taxes assessed on the Indemnitee with respect to an employee benefit plan pursuant to applicable law shall be deemed fines. 
		

			
	
			
				 3.
			

			
	
			
			EXPENSES OF A SUCCESSFUL PARTY.

		
			

		 

		

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			Without limiting the effect of any other provision of this Agreement, including the rights provided for in paragraphs 2 and 4 hereof, and without regard to the provisions of paragraph 6 hereof, to the extent that the Indemnitee is, by reason of such Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding pursuant to a final non-appealable order, such Indemnitee shall be indemnified against all reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection therewith. If the Indemnitee is not wholly successful in such Proceeding pursuant to a final non-appealable order but is successful, on the merits or otherwise, as to one or more but less than all claims, issues, or matters in such Proceeding pursuant to a final non-appealable order, the Indemnitor shall indemnify the Indemnitee against all reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection with each successfully resolved claim, issue or matter. For purposes of this paragraph and without limitation, the termination of any claim, issue or matter in such Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
		

			
	
			
				 4.
			

			
	
			
			ADVANCEMENT OF EXPENSES.

		
			Notwithstanding anything in this Agreement to the contrary, but subject to paragraph 13 hereof, if the Indemnitee is or was or becomes a party to or is otherwise involved in any Proceeding (including as a witness), or is or was threatened to be made a party to or a participant (including as a witness) in any such Proceeding, by reason of the Indemnitee’s Corporate Status, or by reason of (or arising in part out of) any actual or alleged event or occurrence related to the Indemnitee’s Corporate Status, or by reason of any actual or alleged act or omission on the part of the Indemnitee taken or omitted in or relating to the Indemnitee’s Corporate Status, then the Indemnitor shall advance all reasonable Expenses incurred by the Indemnitee in connection with any such Proceeding within twenty (20) days after the receipt by the Indemnitor of a statement from the Indemnitee requesting such advance from time to time, whether prior to or after final disposition of such Proceeding; provided that, such statement shall reasonably evidence the Expenses incurred or to be incurred by the Indemnitee and shall include or be preceded or accompanied by (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Indemnitor as authorized by this Agreement has been met and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amounts advanced if it should ultimately be determined that the standard of conduct has not been met. The undertaking required by clause (ii) of the immediately preceding sentence shall be an unlimited general obligation of the Indemnitee but need not be secured and may be accepted without reference to financial ability to make the repayment. 
		

			
	
			
				 5.
			

			
	
			
			WITNESS EXPENSES.

		
			Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason of such Indemnitee’s Corporate Status, a witness for any reason in any Proceeding to which such Indemnitee is not a named defendant or respondent, such Indemnitee shall be indemnified by the Indemnitor against all Expenses actually incurred by or on behalf of such Indemnitee in connection therewith. 
		

			
	
			
				 6.
			

			
	
			
			DETERMINATION OF ENTITLEMENT TO AND AUTHORIZATION OF INDEMNIFICATION.

		
			

		 

		

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				 (a)
			

			
	
			
			To obtain indemnification under this Agreement, the Indemnitee shall submit to the Indemnitor a written request, including therewith such documentation and information reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification. 

			
	
			
				 (b)
			

			
	
			
			Indemnification under this Agreement may not be made unless authorized for a specific Proceeding after a determination has been made in accordance with this paragraph 6(b) that indemnification of the Indemnitee is permissible in the circumstances because the Indemnitee has met the following standard of conduct: the Indemnitor shall indemnify the Indemnitee in accordance with the provisions of paragraph 2 hereof, unless it is established that: (a) the act or omission of the Indemnitee was material to the matter giving rise to the Proceeding and (x) was committed in bad faith or (y) was the result of active and deliberate dishonesty; (b) the Indemnitee actually received an improper personal benefit in money, property or services; or (c) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Upon receipt by the Indemnitor of the Indemnitee’s written request for indemnification pursuant to subparagraph 6(a), a determination as to whether the applicable standard of conduct has been met shall be made within the period specified in paragraph 6(e): (i) if a Change in Control shall have occurred, by Special Legal Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee, with Special Legal Counsel selected by the Indemnitee (the Indemnitee shall give prompt written notice to the Indemnitor advising the Indemnitor of the identity of the Special Legal Counsel so selected); or (ii) if a Change in Control shall not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of directors not, at the time, parties to the Proceeding, or, if such quorum cannot be obtained, then by a majority vote of a committee of the Board of Directors consisting solely of two or more directors not, at the time, parties to such Proceeding and who were duly designated to act in the matter by a majority vote of the full Board of Directors in which the designated directors who are parties may participate, (B) if the requisite quorum of the full Board of Directors cannot be obtained therefor and the committee cannot be established (or, even if such quorum is obtainable or such committee can be established, if such quorum or committee so directs), by Special Legal Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, with Special Legal Counsel selected by the Board of Directors or a committee of the Board of Directors by vote as set forth in clause (ii)(A) of this paragraph 6(b) (or, if the requisite quorum of the full Board of Directors cannot be obtained therefor and the committee cannot be established, by a majority of the full Board of Directors in which directors who are parties to the Proceeding may participate) (if the Indemnitor selects Special Legal Counsel to make the determination under this clause (ii), the Indemnitor shall give prompt written notice to the Indemnitee advising him or her of the identity of the Special Legal Counsel so selected) or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders of the Company. If it is so determined that the Indemnitee is entitled to indemnification, payment to the Indemnitee shall be made within ten (10) days after such determination. Authorization of indemnification and determination as to reasonableness of 

		 

		

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	Expenses shall be made in the same manner as the determination that indemnification is permissible. However, if the determination that indemnification is permissible is made by Special Legal Counsel under clause (ii)(B) above, authorization of indemnification and determination as to reasonableness of Expenses shall be made in the manner specified under clause (ii)(B) above for the selection of such Special Legal Counsel.

			
	
			
				 (c)
			

			
	
			
			The Indemnitee shall cooperate with the person or entity making such determination with respect to the Indemnitee’s entitlement to indemnification, including providing upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination. Any reasonable costs or expenses (including reasonable attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating shall be borne by the Indemnitor (irrespective of the determination as to the Indemnitee’s entitlement to indemnification) and the Indemnitor hereby indemnifies and agrees to hold the Indemnitee harmless therefrom. 

			
	
			
				 (d)
			

			
	
			
			In the event the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to paragraph 6(b) hereof, the Indemnitee, or the Indemnitor, as the case may be, may, within seven days after such written notice of selection shall have been given, deliver to the Indemnitor or to the Indemnitee, as the case may be, a written objection to such selection. Such objection may be asserted only on the grounds that the Special Legal Counsel so selected does not meet the requirements of “Special Legal Counsel” as defined in paragraph 1 of this Agreement. If such written objection is made, the Special Legal Counsel so selected may not serve as Special Legal Counsel until a court has determined that such objection is without merit. If, within twenty (20) days after submission by the Indemnitee of a written request for indemnification pursuant to paragraph 6(a) hereof, no Special Legal Counsel shall have been selected or, if selected, shall have been objected to, either the Indemnitor or the Indemnitee may petition a court for resolution of any objection which shall have been made by the Indemnitor or the Indemnitee to the other’s selection of Special Legal Counsel and/or for the appointment as Special Legal Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom an objection is so resolved or the person so appointed shall act as Special Legal Counsel under paragraph 6(b) hereof. The Indemnitor shall pay all reasonable fees and expenses of Special Legal Counsel incurred in connection with acting pursuant to paragraph 6(b) hereof, and all reasonable fees and expenses incident to the selection of such Special Legal Counsel pursuant to this paragraph 6(d). In the event that a determination of entitlement to indemnification is to be made by Special Legal Counsel and such determination shall not have been made and delivered in a written opinion within ninety (90) days after the receipt by the Indemnitor of the Indemnitee’s request in accordance with paragraph 6(a), upon the due commencement of any judicial proceeding in accordance with paragraph 8(a) of this Agreement, Special Legal Counsel shall be discharged and relieved of any further responsibility in such capacity. 

		
			

		 

		

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				 (e)
			

			
	
			
			If the person or entity making the determination whether the Indemnitee is entitled to indemnification shall not have made a determination within forty-five (45) days after receipt by the Indemnitor of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be entitled to such indemnification, absent: (i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. Such 45-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person or entity making said determination in good faith requires additional time for the obtaining or evaluating of documentation and/or information relating thereto. The foregoing provisions of this paragraph 6(e) shall not apply: (i) if the determination of entitlement to indemnification is to be made by the stockholders and if within fifteen (15) days after receipt by the Indemnitor of the request for such determination the Board of Directors resolves to submit such determination to the stockholders for consideration at an annual or special meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made at such meeting, or (ii) if the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to paragraph 6(b) of this Agreement. 

			
	
			
				 7.
			

			
	
			
			PRESUMPTIONS. 

			
	
			
				 (a)
			

			
	
			
			In making a determination with respect to entitlement or authorization of indemnification hereunder, the person or entity making such determination shall presume that the Indemnitee is entitled to indemnification under this Agreement and the Indemnitor shall have the burden of proof to overcome such presumption. 

			
	
			
				 (b)
			

			
	
			
			The termination of any Proceeding by conviction, or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a rebuttable presumption that the Indemnitee did not meet the requisite standard of conduct described herein for indemnification. 

			
	
			
				 8.
			

			
	
			
			REMEDIES. 

			
	
			
				 (a)
			

			
	
			
			In the event that: (i) a determination is made in accordance with the provisions of paragraph 6 that the Indemnitee is not entitled to indemnification under this Agreement, or (ii) advancement of reasonable Expenses is not timely made pursuant to this Agreement, or (iii) payment of indemnification due the Indemnitee under this Agreement is not timely made, the Indemnitee shall be entitled to an adjudication in an appropriate court of competent jurisdiction of such Indemnitee’s entitlement to such indemnification or advancement of Expenses.

			
	
			
				 (b)
			

			
	
			
			In the event that a determination shall have been made pursuant to paragraph 6 of this Agreement that the Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this paragraph 8 shall be conducted in all respects as a de novo trial on the merits. The fact that a determination had been 

		 

		

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	made earlier pursuant to paragraph 6 of this Agreement that the Indemnitee was not entitled to indemnification shall not be taken into account in any judicial proceeding commenced pursuant to this paragraph 8 and the Indemnitee shall not be prejudiced in any way by reason of that adverse determination. In any judicial proceeding commenced pursuant to this paragraph 8, the Indemnitor shall have the burden of proving that the Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

			
	
			
				 (c)
			

			
	
			
			If a determination shall have been made or deemed to have been made pursuant to this Agreement that the Indemnitee is entitled to indemnification, the Indemnitor shall be bound by such determination in any judicial proceeding commenced pursuant to this paragraph 8, absent: (i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

			
	
			
				 (d)
			

			
	
			
			The Indemnitor shall be precluded from asserting in any judicial proceeding commenced pursuant to this paragraph 8 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Indemnitor is bound by all the provisions of this Agreement.

			
	
			
				 (e)
			

			
	
			
			In the event that the Indemnitee, pursuant to this paragraph 8, seeks a judicial adjudication of such Indemnitee’s rights under, or to recover damages for breach of, this Agreement, if successful on the merits or otherwise as to all or less than all claims, issues or matters in such judicial adjudication, the Indemnitee shall be entitled to recover from the Indemnitor, and shall be indemnified by the Indemnitor against, any and all reasonable Expenses actually incurred by such Indemnitee in connection with each successfully resolved claim, issue or matter. 

			
	
			
				 9.
			

			
	
			
			NOTIFICATION AND DEFENSE OF CLAIMS. 

		
			The Indemnitee agrees promptly to notify the Indemnitor in writing upon being served with any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder, but the failure so to notify the Indemnitor will not relieve the Indemnitor from any liability that the Indemnitor may have to Indemnitee under this Agreement unless the Indemnitor is materially prejudiced thereby. With respect to any such Proceeding as to which Indemnitee notifies the Indemnitor of the commencement thereof: 
		

			
	
			
				 (a)
			

			
	
			
			The Indemnitor will be entitled to participate therein at its own expense. 

			
	
			
				 (b)
			

			
	
			
			Except as otherwise provided below, the Indemnitor will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee. After notice from the Indemnitor to Indemnitee of the Indemnitor’s election so to assume the defense thereof, the Indemnitor will not be liable to Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee in connection with the defense thereof other than reasonable costs of investigation or 

		 

		

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	as otherwise provided below. Indemnitee shall have the right to employ Indemnitee’s own counsel in such Proceeding, but the fees and disbursements of such counsel incurred after notice from the Indemnitor of the Indemnitor’s assumption of the defense thereof shall be at the expense of Indemnitee unless (a) the employment of counsel by Indemnitee has been authorized by the Indemnitor, (b) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Indemnitor and the Indemnitee in the conduct of the defense of such action, (c) such Proceeding seeks penalties or other relief against the Indemnitee with respect to which the Indemnitor could not provide monetary indemnification to the Indemnitee (such as injunctive relief or incarceration) or (d) the Indemnitor shall not in fact have employed counsel to assume the defense of such action, in each of which cases the fees and disbursements of counsel shall be at the expense of the Indemnitor. The Indemnitor shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Indemnitor, or as to which Indemnitee shall have reached the conclusion specified in clause (b) above, or which involves penalties or other relief against Indemnitee of the type referred to in clause (c) above.

			
	
			
				 (c)
			

			
	
			
			The Indemnitor shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action or claim effected without the Indemnitor’s written consent. The Indemnitor shall not settle any action or claim in any manner that would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. Neither the Indemnitor nor Indemnitee will unreasonably withhold or delay consent to any proposed settlement. 

			
	
			
				 10.
			

			
	
			
			NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE SUBROGATION.

			
	
			
				 (a)
			

			
	
			
			The rights of indemnification and to receive advancement of reasonable Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any other agreement, a vote of stockholders, a resolution of the Board of Directors or otherwise, except that any payments otherwise required to be made by the Indemnitor hereunder shall be offset by any and all amounts received by the Indemnitee from any other indemnitor or under one or more liability insurance policies maintained by an indemnitor or otherwise and shall not be duplicative of any other payments received by an Indemnitee from the Indemnitor in respect of the matter giving rise to the indemnity hereunder. No amendment, alteration or repeal of this Agreement or any provision hereof shall be effective as to the Indemnitee with respect to any action taken or omitted by the Indemnitee prior to such amendment, alteration or repeal.

			
	
			
				 (b)
			

			
	
			
			To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors and officers of the Company, the Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available and upon any Change in Control the Company shall use commercially reasonable efforts to obtain or arrange for 

		 

		

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	continuation and/or “tail” coverage for the Indemnitee to the maximum extent obtainable at such time.

			
	
			
				 (c)
			

			
	
			
			In the event of any payment under this Agreement, the Indemnitor shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and take all actions necessary to secure such rights, including execution of such documents as are necessary to enable the Indemnitor to bring suit to enforce such rights.

			
	
			
				 (d)
			

			
	
			
			The Indemnitor shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that the Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement, or otherwise. 

			
	
			
				 11.
			

			
	
			
			CONTINUATION OF INDEMNITY. 

			
	
			
				 (a)
			

			
	
			
			All agreements and obligations of the Indemnitor contained herein shall continue during the period the Indemnitee is an officer or a member of the Board of Directors of the Company and shall continue thereafter so long as the Indemnitee shall be subject to any threatened, pending or completed Proceeding by reason of such Indemnitee’s Corporate Status and during the period of statute of limitations for any act or omission occurring during the Indemnitee’s term of Corporate Status. This Agreement shall be binding upon the Indemnitor and its respective successors and assigns and shall inure to the benefit of the Indemnitee and such Indemnitee’s heirs, executors and administrators.

			
	
			
				 (b)
			

			
	
			
			The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance reasonably satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

			
	
			
				 12.
			

			
	
			
			SEVERABILITY. 

		
			If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (i) the validity, legality, and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provisions held invalid, illegal or unenforceable. 
		

		
			

		 

		

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				 13.
			

			
	
			
			EXCEPTIONS TO RIGHT OF INDEMNIFICATION OR ADVANCEMENT OF EXPENSES. 

		
			Notwithstanding any other provisions of this Agreement, the Indemnitee shall not be entitled to indemnification or advancement of reasonable Expenses under this Agreement with respect to (i) any Proceeding initiated by such Indemnitee against the Indemnitor other than a proceeding commenced pursuant to paragraph 8 hereof, or (ii) to the extent applicable, any Proceeding for an accounting of profits arising from the purchase and sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, rules and regulations promulgated thereunder, or any similar provisions of any federal, state or local statute. 
		

			
	
			
				 14.
			

			
	
			
			NOTICE TO THE COMPANY STOCKHOLDERS. 

		
			Any indemnification of, or advancement of reasonable Expenses, to an Indemnitee in accordance with this Agreement, if arising out of a Proceeding by or in the right of the Company, shall be reported in writing to the stockholders of the Company with the notice of the next Company stockholders’ meeting or prior to the meeting. 
		

			
	
			
				 15.
			

			
	
			
			HEADINGS.

		
			The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
		

			
	
			
				 16.
			

			
	
			
			MODIFICATION AND WAIVER. 

		
			No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 
		

			
	
			
				 17.
			

			
	
			
			NOTICES. 

		
			All notices, requests, demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, if so delivered or mailed, as the case may be, to the following addresses: 
		

		
			If to the Indemnitee, to the address set forth in the records of the 
		

		
			Company. 
		

		
			If to the Indemnitor, to: 
		

		
			Jernigan Capital, Inc. 
		

		
			6410 Poplar Avenue, Suite 650
		

		
			Memphis, TN 38119
		

		
			Attention: Chief Executive Officer 
		

		
			 
		

		
			 
		

		
			

		 

		

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			with a copy (which shall not constitute notice) to: 
		

		
			Morrison & Foerster LLP 
		

		
			2000 Pennsylvania Avenue 
		

		
			Suite 6000
		

		
			Washington, DC 20006
		

		
			Attention: David P. Slotkin 
		

		
			Fax: 202-887-1554
		

		
			Email: DSlotkin@mofo.com 
		

		
			or to such other address as may have been furnished to the Indemnitee by the Indemnitor or to the Indemnitor by the Indemnitee, as the case may be. 
		

			
	
			
				 18.
			

			
	
			
			GOVERNING LAW. 

		
			The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without application of the conflict of laws principles thereof. 
		

			
	
			
				 19.
			

			
	
			
			NO ASSIGNMENTS. 

		
			The Indemnitee may not assign its rights or delegate obligations under this Agreement without the prior written consent of the Indemnitor. Any assignment or delegation in violation of this paragraph 19 shall be null and void. 
		

			
	
			
				 20.
			

			
	
			
			NO THIRD-PARTY RIGHTS. 

		
			Nothing expressed or referred to in this Agreement will be construed to give any person other than the parties to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of its provisions are for the sole and exclusive benefit of the parties to this Agreement and their successors and permitted assigns. 
		

			
	
			
				 21.
			

			
	
			
			COUNTERPARTS. 

		
			This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together constitute an agreement binding on all of the parties hereto. 
		

		
			[Signature page follows.] 
		

		
			 
		

		
			

		 

		

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

		
			JERNIGAN CAPITAL, INC.
		

		
			 
		

		
			By: /s/ John A. Good
		

		
			Name: John A. Good
		

		
			Title: Chief Executive Officer
		

		
			 
		

		
			INDEMNITEE:
		

		
			 
		

		
			By: /s/ Rebecca Owen
		

		
			Name: Rebecca Owen 
		

		
			Title: Director
		

		
			 
		

		
			 
		

		
			 
		

		 

		

			Signature Page to Indemnification AgreementExhibit 4.33

  

  

  

  

  
    	 	
            Norwegian Shipbrokers’ Association’s

          
	 	
            Memorandum of Agreement  for sale and

          
	 	
            purchase of ships. Adopted by BIMCO in 1956.

          
	
            

                

            

          	
            Code-name

          
	 	
            SALEFORM 2012

          
	 	
            Revised 1966, 1983 and 1986/87, 1993 and 2012

          

     

      
        

        

        
          MEMORANDUM OF AGREEMENT

        

      

      

    

    
      	
              Contract No:
                    18MH01GTB6XD0023

            

       

     

      

    Dated 27th April 2018

     

    

    TEMPO MARINE CO. of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960, hereinafter called the “Sellers”, have agreed to sell, and

    

    

    GUANGZHOU HEYANG SHIPPING CO., LIMITED, register

        address of F2, No. 101 Zhucun Avenue West, Zhucun Road, Zengcheng District, Guangzhou City, China, hereinafter called the “Buyers”, have agreed
        to buy:

    

    

    Name of vessel: MAGANARI

     

    

    IMO Number: 9223497

     

    

    Classification Society: Bureau Veritas

     

    

    Class Notation:  Bulk Carrier ESP- heavycargo-nonhomload Holds n. 2,4,6, may be empty-Unrestricted navigation – MACH

     

    

    	
            Year of Build:

          	
            Builder/Yard: 2001, KANASASHI CO LTD, TOYOHASHI, JAPAN

          
	 	 	 
	
            Flag: Malta

          	
            Place of Registration: Valletta

          	
            GT/NT: 39126 / 25373

          

     

    

    hereinafter called the “Vessel”, on the following terms and conditions:

    Definitions

    “Banking Days” are days on which banks are open both in the country of the currency stipulated for the Purchase Price in
        Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8 (Documentation) [and Malta, USA, England, China and Greece].

    “Buyers’ Nominated Flag State” means P.R.C. Flag.

    “Class” means the class notation referred to above.

    “Classification Society” means the Society referred to above.

    “Deposit” shall have the meaning given in Clause 2 (Deposit)

    “Deposit Holder” means Holman Fenwick Willian, Hong Kong which shall hold and release the Deposit and Balance in accordance
        with this Agreement.

    “Buyers’ import agent” means CHINA NATIONAL MACHINERY IMP & EXP CORP .

    “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter,
        e-mail or telefax.

    “Parties” means the Sellers and the Buyers and the Buyers’ Import agent.

    “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price).

    “Sellers’ Account” means (state details of bank account) at the Seller’s Bank.

    “Sellers’ Bank” means (state name of bank, branch and details) or, if left blank, the bank notified by the Sellers to the Buyers for receipt of the Deposit and the Balance of the Purchase Price.

    
      
        	1.	
                Purchase Price

              

      

    

    The Purchase Price is USD$9,700.000 (USD Nine Million Seven Hundred Thousand)

    
      
        	2.	
                Deposit

              

      

    

    As security for the correct fulfilment of this Agreement the Buyers’ shall lodge a deposit of 10% (ten
        per cent), of the Purchase Price (the “Deposit”) via Buyers’ import agent through telegraphic transfer in an interest bearing account for the Parties with the Deposit Holder within (5) Banking Days after the date that:

    
      
        

    

    

    

    

    

    
      
        	

              	(i)	
                This Agreement has been signed by the Parties and exchanged by e-mail or telefax; and

              

      

    

    
      
        	

              	(ii)	
                The Deposit Holder has confirmed in writing to the Parties that the account has been Opened; and

                  

              

      

    

    The Deposit shall be released in accordance with joint written instructions of the Parties’.  Interest,
        if any, shall be credited to the Buyers.  Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary documentation to open and maintain the account
        without delay.

    
      
        	3.	
                Payment

              

      

    

    The 90% balance of the Purchase Price together with extra charges including but not limited to bunkers/
        luboils etc (the “Balance”) shall be remitted via Buyers' import agent through telegraphic transfer in full free of bank charges to the Deposit Holder's account one day in advance of the day of delivery and shall be hold by the Deposit Holder at
        the Buyers' sole account in accordance with the Escrow Agreement. On delivery of the Vessel, but not later than three (3) Banking Days after the vessel in every respect ready for delivery in accordance with terms and the condition of this agreement
        and Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices)

    
      
        	

              	 (i)	
                the Deposit shall be released to the Sellers bank account; and

              

      

    

    
      
        	

              	(ii)	
                the balance of the Purchase Price and all other sums payable on delivery by the Buyers to the Sellers under this Agreement shall be paid in full free of bank
                    to the Sellers’ Account.

              

      

    

    
      
        	4.	
                Inspection

              

      

    

    (a)* The Buyers have inspected and accepted the Vessel's classification records. The Buyers together
        with CCS surveyor have also inspected the Vessel at/in Hong Kong on 23'" March 2018 and further CCS inspection was carried out on 20th April 2018. The Buyers have
        accepted the Vessel following this inspection and the sale is outright and definite. subject only to the terms and conditions of this Agreement

    (b)* The Buyers shall have the right to inspect the Vessels
            classification records and declare whether same are accepted or not within _______ (State date/period).

    The Sellers shall
            make the Vessel available for inspection at/in _______ (state place/range) within ______ (state date/period).

    The Buyers shall
            undertake the inspection without undue delay to the Vessel. Should the Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred.

    The Buyers shall
            inspect the Vessel without opening up and without cost to the Sellers.

    During the
            inspection, the Vessel’s dock and engine log books shall be made available for examination by the Buyers.

    The Sale shall
            become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers within seventy two (72) hours after completion of such
            inspection or after the date/last day of the period stated in Line 59, whichever is earlier.

    Should the Buyers
            fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel’s classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned, if any, shall be
            released immediately to the Buyers, whereafter this Agreement shall be null and void.

    *4(a)
        and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4(a) to apply.

    
      
        	5.	
                Time and place of delivery and notices

              

      

    

    (a)  The Vessel shall be delivered and taken over safely afloat at a safe and always accessible drydock
        at Zhoushan Xinys Shipyard, China.  If no drydock is available according to the expected delivery schedule then tne Vessel will be delivered to he Buyers at the anchorage of the Shipyard. The expense prior to the delivery will be taken by the
        Sellers and the expense after the delivery will be responsible by the Buyers.

    Notice of Readiness shall not be tendered before: 20th May 2018

    Cancelling Date (see Clauses

            5(c), 6 (a)(i), 6 (a) (iii) and 14): 24th May 2018

    (b) The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the
        Buyers with twenty (20), fifteen (15), ten (10), seven (7), five (5) days’ notice of the expected time of delivery and 3/2/1 definite days of the date the

    
      
        

    

    

    

    

    

    Sellers intend to tender Notice of Readiness and of the intended place of delivery.

    When the Vessel is at the place of delivery and physically ready for delivery in accordance with this
        Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

    The Buyers shall take delivery of the Vessel within three (3) bankmg days
        (Saturday/Sunday/holidays in Malta/USA/Greece/EngIand/Hong Kong/China excluded) after the Sellers have tendered to the Buyers a Nouee of Readiness for Delivery, the date of tendering such notice being exclusive. The Notice of Readiness for Delivery
        shall be submitted by the Sellers to the Buyers (anytime, day and night including Saturday, Sunday and holidays) once the Vessel Is ready for delivery.

    (c)  If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel
        will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon receipt of such notification the
        Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 (Sellers’ Default) within one (1) Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date. If the Buyers have not
        declared their option within one (1) Banking Days of receipt of the Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’ notification shall be deemed to be the new Cancelling Date and shall be substituted
        for the Cancelling Date stipulated in line 79.

    If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof
        including those contained in Clauses 5(b) and 5(d) shall remain
        unaltered and in full force and effect.

    (d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without
        prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ Default) for the Vessel not being ready by the original Cancelling Date.

    (e)  Should the Vessel become an actual, constructive or compromised total loss before delivery the
        Deposit together with interest earned, if any, shall be released immediately to the Buyers whereafter this Agreement shall be null and void.

    
      
        	6.	
                Drydocking /Divers Inspection

              

      

    

    (a)*        No DryDocking shall apply.

    

    

    The Buyers also waive their right of divers inspection.  The Sellers shall issue an undertaking letter that Sellers guarantee
        the vessel does not touch the bottom/grounding from the last drydocking to the date of delivery.

    

    

    
      
        	

              	(i)	
                The Buyers shall have the option at their cost and expense to arrange for
                        an underwater inspection by a diver approved by the Classification Society prior to the delivery of the Vessel. Sellers will give notice prior the date of 7 days approximate delivery notice be issued to Buyers of the place/time they
                        intend to make the vessel available for such inspection.  Buyers’ failure to appoint divers approved by class or attent underwater inspection as per Sellers’ notification will be deemed a waiver of their right to inspect the
                        vessel’s underwater parts.  The Class surveyor to be appointed by the Sellers and all expenses to be for the Buyers’ account.

                The Sellers shall at their cost and expense make the Vessel available for
                        such inspection.  The inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by the Buyers.  The Buyers’ representative(s) shall have the
                        right to be present at the diver’s inspection as observer only without interfering with the work or decisions of the Classification Society surveyor. The extent of the inspection and the conditions under which it is performed shall
                        be to the satisfaction of the Classification Society. If the conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the Vessel available at a suitable alternative
                        place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent re-positioning.  The Sellers may not tender Notice of Readiness prior to
                        completion of the underwater inspection.

                 

                      

                 

              

      

    

    
      
        	

              	(ii)	
                If the rudder, propeller, bottom or other underwater parts below the
                        deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, then (1) unless repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the
                        Vessel to be drydocked at their expense for inspection by the Classification Society of the Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s
                        rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and
                        the Classification Society’s attendance.

              

      

    

    
      
        

    

    

    

    

    

    Notwithstanding
            anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects
            against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the Classification Society, whereafter the Buyers shall have no further rights whatsoever in
            respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair work obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be
            obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time
            then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The Sellers may not tender Notice of Readiness prior to such estimate having been established.

    
      
        	

              	(iii)	
                If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking facilities are available at
                        the port of delivery, the Sellers shall take the Vessel to a port where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within
                        the delivery range as per Clause 5(a)
                        which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum of
                        fourteen (14) days.

              

      

    

    (b) * The Sellers
            shall place the Vessel in drydock at the port of delivery for inspection by the Classification Society of the Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification
            Society’s rules. If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the Sellers’ cost and expense
            to the satisfaction of the Classification Society without condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection with putting the Vessel in and taking her out of drydock, including the drydock dues and the Classification Society’s
            fees. The Sellers shall also pay for these costs and expenses if parts of the tailshalft system are condemned or found defective or broken so as to affect the Vessel’s class. In all other cases, the Buyers shall pay the aforesaid costs and
            expenses, dues and fees.

    (c) If the Vessel
            is drydocked pursuant to Clause 6(a)(ii) or 6(b) above:

    
      
        	

              	(i)	
                The Classification Society may require survey of the tailshaft system,
                        the extent of the survey being to the satisfaction of the Classification surveyor. If such survey is not required by the Classification Society, the Buyers shall have the option to require the tailshaft to be drawn and surveyed by
                        the Classification Society, the extent of the survey being in accordance with the Classification Society’s rules for tailshaft survey and consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare
                        whether they require the tailshaft to be drawn and surveyed not later than by the completion of the inspection by the Classification Society. The drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any
                        part of the tailshaft system be condemned or found defective so as to affect the Vessel’s class, those parts shall be renewed or made good at the Sellers’ cost and expense to the satisfaction of Classification Society without
                        condition/recommendation**.

              

      

    

    
      
        	

              	 (ii)	
                The costs and expenses relating to the survey of the tailshaft system
                        shall be borne by the Buyers unless the Classification Society requires such survey to be carried out or if parts of the system are condemned or found defective or broken so as to affect the Vessel’s class, in which case the Sellers
                        shall pay these costs and expenses.

              

      

    

    
      
        	

              	(iii)	
                The Buyers’ representative(s) shall have the right to be present in the
                        drydock, as observer(s) only without interfering with the work or decisions of the Classification Society surveyor.

              

      

    

    
      
        	

              	(iv)	
                The Buyers shall have the right to have the underwater parts of the
                        Vessel cleaned and painted at their risk, cost and expense without interfering with the Seller’s or the Classification Society surveyor’s work, if any, and without affecting the Vessel’s timely delivery.  If, however, the Buyers’
                        work in drydock is still in progress when the Sellers have completed the work which the Sellers are required to do, the additional docking time needed to complete the Buyers’ work shall be for the Buyers’ risk, cost and expense. In
                        the event that the Buyers’ work required such additional time, the Sellers may upon completion of the Sellers’ work tender Notice of Readiness for delivery whilst the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance
                        with Clause 3 (Payment), whether the
                        Vessel is in drydock or not.

              

      

    

    *
            6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 6 (a) shall apply.

    

    

    
      
        

    

    

    

    **Notes

            or memoranda, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account.

    
      
        	7.	
                Spares, bunkers and other items

              

      

    

    The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board and on
        shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to
        the Vessel at the time of inspection used or unused, whether on board or not shall become the Buyers’ property, but spares on order are excluded. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers are not required to replace
        spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior
        to delivery, but the replaced items shall be the property of the Buyers. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment.

    Library and forms exclusively for use in the Sellers’ vessel(s) and captain’s, officers’ and crew’s
        personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items:

    
      	
              -

            	
              All Log Books for Deck, Engine and Radio.

               

                

            

    

    
      	
              -

            	
              All lSPS, ISM and quality documentation and correspondence. SSP (Ship Security Plan) Training video library. books.

               

                

            

    

    
      	
              -

            	
              Crew/Officers library/walport videos

               

                

            

    

    
      	
              -

            	
              All Master's Slopchest/Bonded stores. all Master's and crew's personal belongings

               

                

            

    

    
      	
              -

            	
              Personal lap-top computers

               

                

            

    

    
      	
              -

            	
              Personal cell phones

                  

                

            

    

    
      	
              -

            	
              
                Contents of Master's safe

                 

                  

              

            

    

    
      	
              -

            	
              Certificates/documents to be returned to authorities

            

    

    
      	
              -

            	
              Training video library, books.

            

    

    Logbooks shall be retained by the Sellers. However, the Buyers have the right to take photocopies/copy
        of the logbooks onboard before delivery at the Buyers’ cost.

    Items on board which are on hire or owned by third parties, listed as follows, are excluded from the
        sale without compensation: INFINITY Communication Box

    Items on board at the time of inspection which are on hire or owned by third parties, not listed above,
        shall be replaced by the Sellers prior to delivery at their cost and expense.

    Buyers to pay extra for remaining bunkers at Sellers' actual net price (excluding barging expenses),
        which to be evidenced by invoices/vouchers/hire statements. In case invoices/vouchers/hire statements are not available then pnces to be paid at Singapore platts prices available one (1) day before vessel's delivery to the Buyers. Also. Buyers to
        pay extra for vessel’s unused/sealed lubricants and greases that have not passed through vessel's systems in designated storage tanks and sealed drums/pails at Seller's last prices evidenced by invoices/vouchers.

    The Sellers guarantee that tne quantity of the HFO, MOO (including LSMGO) remaining on board at time of
        delivery shall not exceed 25% of total tank capacity (including daily service tank, settling tank and designated fuel oil tanks) of each type If the last port prior to the delivery port is Hong Kong Macau or Taiwan, the quantity limit shall be not
        exceeding 5% of total tank capacity.

     (a)  *the actual
            net price (excluding barging expenses) as evidenced by invoices or vouchers; or

    (b)  *the current
            net market price (excluding barging expenses) at

            the port and date of delivery of the Vessel or, if unavailable, at the nearest bunkering port, for the quantities taken over.

    Payment under this Clause shall be made at the same time and place and in the same currency as the
        Purchase Price.

    “inspection” in this Clause 7, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b)
        (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date.

    *(a) and (b) are alternatives, delete whichever is not applicable. In the absence of
        deletions alternative (a) shall apply.

    
      
        	8.	
                Documentation

              

      

    

    The

          place of closing: Holman Fenwick Willan, Hong Kong

    (a)

            In exchange for payment of the Purchase Price shall provide the Buyers with the following delivery documents Documents to be
          mutually agreea between Buyers and Sellers and to be incorporated as an Addendum to the MOA, but in any case. failure to agree documentation shall not be a reason to invalidate the MOA. The drafts of delivery documents shall be sent to each party
          for mutually check prior to 20 days approximate delivery notice be issued.

    
      
        	

              	(i)	
                Legal Bill(s) of Sale in a form recordable in the Buyers’ Nominated Flag
                        State, transferring title of the Vessel and stating that the Vessel is free from all mortgages, encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and legalised or apostilled, as required by the
                        Buyers’ Nominated Flag State;

              

      

    

    
      
        	

              	(ii)	
                Evidence that all necessary corporate, shareholder and other action has
                        been taken by the Sellers to authorise the execution, delivery and performance of this Agreement;

              

      

    

    
      
        	

              	(iii)	
                Power of Attorney of the Sellers appointing one or more representatives
                        to act on behalf of the Sellers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate);

              

      

    

    
      
        	

              	(iv)	
                Certificate or Transcript of Registry issued by the competent authorities
                        of the flag state on the date of delivery evidencing the Sellers’ ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by such authority to the closing meeting with
                        the original to be sent to the Buyers as soon as possible after delivery of the Vessel;

              

      

    

    
      
        	

              	(v)	
                Declaration of Class or (depending on the Classification Society) a Class
                        Maintenance Certificate issued within three (3) Banking Days prior to delivery confirming that the Vessel is in Class free of condition/recommendation;

              

      

    

    
      
        	

              	(vi)	
                Certificate of Deletion of the Vessel from the Vessel’s registry or other
                        official evidence of deletion appropriate to the Vessel’s registry at the time of delivery, or, in the event that the registry does not as a matter of practice issue such documentation immediately a written undertaking by the
                        Sellers to effect deletion from the Vessel’s registry forthwith and provide a certificate or other official evidence of deletion to the Buyers promptly and latest within four (4) weeks after the Purchase Price has been paid and the
                        Vessel has been delivered;

              

      

    

    
      
        	

              	(vii)	
                A copy of the Vessel’s Continuous Synopsis Record certifying the date on
                        which the Vessel ceased to be registered with the Vessel’s registry, or, in the event that the registry does not as a matter of practice issue such certificate immediately, a written undertaking from the Sellers to provide the copy
                        of this certificate promptly upon it being issued together with evidence of submission by the Sellers of a duly executed Form 2 stating the date on which the Vessel shall cease to be registered with the Vessel’s registry;

              

      

    

    
      
        	

              	(viii)	
                Commercial Invoice for the Vessel;

              

      

    

    
      
        	

              	(ix)	
                Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and
                        greases;

              

      

    

    
      
        	

              	(x)	
                A copy of the Sellers’ letter to their satellite communication provider
                        cancelling the Vessel’s communication contract which is to be sent immediately after delivery of the Vessel;

              

      

    

    
      
        	

              	(xi)	
                Any such additional documents as may reasonably be required by the
                        competent authorities of the Buyers’ Nominated Flag State for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement; and

              

      

    

    
      
        	

              	(xii)	
                The Sellers’ letter of confirmation that to the best of their knowledge,
                        the Vessel is not black listed by any nation or international organisation.

              

      

    

    (b) At the time of
            delivery the Buyers shall provide the Sellers with:

    
      
        	

              	(i)	
                Evidence that all necessary corporate, shareholder and other action has
                        been taken by the Buyers to authorise the execution, delivery and performance of this Agreement; and

              

      

    

    
      
        	

              	(ii)	
                Power of Attorney of the Buyers appointing one or more representatives to
                        act on behalf of the Buyers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate).

              

      

    

    (c) If any of the
            documents listed in Sub clauses (a) and (b) above the documentary addendum are not in the English language they shall be accompanied by an English translation by an authorised translator or certified by a lawyer qualified to practice in the
            country of the translated language.

    (d) The Parties
            shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) the documentary addendum above for review and comment by the other party not later than _ (state number of days), or if left blank, nine
            (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.

    
      
        

    

    

    

    

    

    (e) Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers
        shall also hand to the Buyers the classification certificate(s) as well as all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certificates which are on board the Vessel shall also be handed over to
        the Buyers unless the Sellers are required to retain same, in which case the Buyers have the right to take copies.

    (f) Other technical documentation which may be in the Sellers’ possession shall promptly after delivery
        be forwarded to the Buyers at their expense, if they so request. The Sellers may keep the Vessel’s log books but the Buyers have the right to take copies of same.

    (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance confirming
        the date and time of delivery of the Vessel from the Sellers to the Buyers.

    
      
        	9.	
                Encumbrances

              

      

    

    The Vessel shall be delivered free from all charters, encumbrances, mortgages and maritime liens or any
        other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers
        against all consequences of claims made against the Vessel which have been incurred prior to the time of delivery.

    
      
        	10.	
                Taxes, fees and expenses

              

      

    

    Any taxes, fees and expenses in connection with the purchase and registration in the Buyers’ Nominated
        Flag State shall be for the Buyers’ account, whereas similar charges in connection with the closing of the Sellers’ register shall be for the Sellers’ account.

    
      
        	11.	
                Condition on delivery

              

      

    

    The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is
        delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be delivered and taken over as she was at the time of inspection, fair wear and tear excepted.

    However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained
        without condition/recommendation*, free of average damage affecting the Vessel’s class, and with her classification certificates and national certificates, as well as all other certificates the Vessel had at the time of inspection, valid and
        without condition/ recommendation* by the Classification Society or the relevant authorities at the time of delivery. Buyers acknowledge that vessels next bottom survey in Dry Dock is due by May 23rd, 2018 and accept to take delivery with such survey due.

    For the avoidance of doubt Sellers list hereinbelow Vessel’s major survey due dates which are as follows.

    - Annual Surveys -are due by 20th May 2018,

    - Bottom Survey in Dry Dock-is due by 23rd May 2018,

    - Aux Oil-fired Boiler 1 - Internal - is due by 23rd May 2018"

    “inspection” in this Clause 11, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b)
        (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date.

    *Notes and memoranda, if any, in the surveyor’s report which are accepted by the
        Classification Society without condition/recommendation are not to be taken into account.

    
      
        	12.	
                Name/markings

              

      

    

    Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings.

    
      
        	13.	
                Buyers’ default

              

      

    

    Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to
        cancel this Agreement, and they shall be entitled to claim compensation for their losses and for all expenses incurred together with interest.

    Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers have the right
        to cancel this Agreement, in which case the Deposit together with interest earned, if any, shall be released to the Sellers.  If the Deposit does not cover their loss, the Sellers shall be entitled to claim further compensation for their losses and
        for all expenses incurred together with interest.

    
      
        	14.	
                Sellers’ default

              

      

    

    Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be ready
        to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically
        ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together
        with interest earned, if any, shall be released to them immediately.

    
      
        

    

    

    

    

    

    Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to
        validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this
        Agreement.

    
      
        	15.	
                Buyers’ representatives

              

      

    

    After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the
        right to place two (2) representatives on board the Vessel at their sole risk and expense.

    These representatives are on board for the purpose of familiarisation and in the capacity of observers
        only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of indemnity prior to their embarkation.

    Said Buyers representatives to be allowed to use vessel's communication equipment and said charges will
        be settled by Buyers representatives on board and to the Master directly, but before delivery Buyers' representatives to pay a victualling daily rate cf usd 10 per rep.

    
      
        	16.	
                Law and Arbitration

              

      

    

    (a) *This Agreement shall be governed by and construed in accordance with English law and any dispute
        arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the
        provisions of this Clause.

    The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA)
        Terms current at the time when the arbitration proceedings are commenced.

    The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall
        appoint its arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as
        sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the
        fourteen (14) days specified, the party referring a dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The
        award of a sole arbitrator shall be binding on both Parties as if the sole arbitrator had been appointed by agreement.

    In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration
        shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

    (b) *This Agreement
            shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law rules) of the State of New York and any dispute arising out of or in connection with this Agreement
            shall be referred to three (3) persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any award,
            judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.

    In cases where
            neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc.

    (c) This Agreement shall be governed by and construed in accordance with the laws of ______(state place) and any dispute arising out of or in connection with this Agreement shall be referred to arbitration at ___(state place), subject to the procedures applicable there.

    *16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable, In the
        absence of deletions, alternative 16(a) shall apply.

    
      
        	17.	
                Notices

              

      

    

    All notices to be provided under this Agreement shall be in writing.

    For the Buyers     Mrs. Lulu Zheng

    Lorentzen & Stemoco Shanghai

    Email:  lul.zheng@lorstem.com

    Mobile:  86 186 1612 5061

    

    

    

    

    
      
        

    

    For the Seller:      Mr. George
        Kaklamanos

    Shipinvest Brokers Ltd.

    Email:  SnP@shipinvest.qr

    Tel: +30 210 80 23 341

    

    

    
      
        	18.	
                Entire Agreement

              

      

    

    The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in
        relation to the sale and purchase of the Vessel and supersede all previous agreements whether oral or written between the Parties in relation thereto.

    Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall
        have no right or remedy in respect of any statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement.

    Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent
        that such exclusion can legally be made. Nothing in this Clause shall limit or exclude any liability for fraud.

    
      
        	19.	
                The Vessel shall be delivered with her cargo holds clean swept. and free of cargo However, Sellers have the option to deliver the vessel with her cargo holds
                    as they are left by the Slevedores after completion of discharge of cargo on board by paying Buyers a lump-sum amount of USD 4,500 in lieu of
                    cargo holds cleaning.

              

      

    

    

    

    
      
        	20.	
                P&C: All details of these negotiations and any eventual sale shall be kept strictly private and confidential among all parties concerned, except where
                    required by statutory or requirements for stock listed companies

              

      

    

    

    

    

    

    	
            For and on behalf of the Sellers

          	
            For and on behalf of the Buyers

          
	 	 
	/s/ Georgios A. Kuklamanos 

          	
            /s/ Linxue Jun

          
	
            Name: Georgios A. Kuklamanos

          	
            Name: Linxue Jun

          
	
            Title: Attorney-in-Fact

          	
            Title: Attorney-in-Fact

          

    

    

    

    

    	 	
            For and on behalf of the Buyers’ import agent

          
	 	 
	 	
            /s/ Huang Xy Dong

          
	 	
            Name: Huang Xy Dong

          
	 	
            Title:   Attorney-n-Fact

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