Document:

Exhibit 10.5

 

LEASE AGREEMENT

AND

SALE OF PLANTATION

THE UNDERSIGNED, CRAIG FRANK, with just one last name due to his American nationality, of legal age, married, executive, bearer of the US Passport number 047083580, with domicile in 2131 Hollywood Blvd, Hollywood, FL, 33020, acting in his condition of legal representative of the company ALTERNATIVE FUELS AMERICAS, INC a corporation registered under the laws of the State of Delaware, United States of America, hereinafter and for the legal purposes of this Agreement referred as "LESSEE" and CLAUDIO CERDAS DINARTE, of legal age, Agriculture Engineer, married twice, bearer of the ID number 5-230-847,with domicile in Pozos, Santa Ana,1.5 km west of Bank HSBC, Residential Parque Valle del Sol, suite # 241, acting in his condition of President with full powers of attorney of the company named TEMPATE S. A., with corporate ID number 3-101-047722, hereinafter and for the legal purposes of this Agreement referred as "LESSOR", have agreed to execute and enforce this Lease Agreement of Agricultural Parcels with plantations of "Jatropha Curcas", this Agreement will be regulated by the Civil Code of the Republic of Costa Rica and the following terms and conditions:

 

FIRST: Description. The Lessor has an extensive expertise in the development of Agricultural projects. Thus, the Lessee has an extensive expertise in the production and sale of the "Jatropha Curcas" and its derivatives.

 

SECOND: The Properties. The Lessor is the possessor and owner of the following properties, which are located in the District of Tempate, County of Santa Cruz, Province of Guanacaste:

 

CHART 1

PROPERTIES OWNED BY THE LESSOR

 

1-Property 1: Cadastral survey number G-1063649-2006, with an area of 7 hectares 6761,86 m2

 

2-Property 2: Cadastral survey number G-1066217-2006, with an area of 10 hectares 6892,85 m2

 

3-Property 3: Cadastral survey number G-1040500-2005, with an area of 789,575.17 m2.

 

4-Property 4: Cadastral survey number G-1515587-201 1, with an area of 3 hectares 3180 m2

 

  

  

  

THIRD: Plantation Areas.  Since August 2009, the Lessor began the plantation process of Jatropha Curcas, in certain areas of the Properties described above, in the following proportions:

 

CHART 2

THE PLANTATION AREAS

 

The Lessor has planted the amount of 40,000 trees of Jatropha that are currently in great productive conditions with a technical management program.

 

FOURTH: The Objective.  The Lessor agrees to lease the Plantation Areas to Lessee who accepts the lease of the areas indicated in Chart 1 above, equivalent to 104,121 m2 of the Properties, hereinafter and for the legal purposes of this Agreement referred as "Leased Areas".  Annex 1 has been attached to this Agreement, including the cadastral surveys of the 4 properties indicated in Chart 2 above, indicating the exact Leased Areas of Plantation.  The Lessee understands and accepts that the Leased Areas, are the only areas the Lessee will have access to and will not have access and/or rights over any other portion of the Properties that are not areas indicated in Annex 1.

 

FIFTH: The Lessor agrees to sell to Lessee who accepts the sale of the right of commercial use, of investigation and complete management of the Plantation of 40,000 Jatropha trees, for the amount of US$4 dollars per tree.

 

SIXTH: The Term. The term of this Agreement is 10 years. Once the term of 10 years expires, this Agreement could be renewed for an additional term of 10 years. However, in this event the parties shall execute a new Lease Agreement with new terms and conditions. The parties will have the right to terminate this Agreement at any moment during the period of this Agreement, in the event of force majeure, acts of God or in the event any of the parties is on default with any of the terms and conditions established in this Agreement. In the event, Lessor terminates this Agreement due to Lessee's default, he must permit the Jatropha trees purchased to date by Lessee to be removed from the property. Such purchases are to be recorded by both parties as payments for the trees, in accordance with Section 8 of this document.

 

SEVENTH: Lease price and method of payment. The lease price of the Leased Areas will be paid yearly and it will be prorated as described below in this clause. Any payments to Lessor must be deposited at the bank account of the Lessor at Banco de Costa Rica number 001-0270304-1, Cuenta Cliente 15201001027030411 owned by Tempate S A, with corporate ID number 3-101-047722. The Lease price shall be paid on November 15th of each year during the term of this Agreement as follows:

 

	
  

	
·

	
From year 1 to 3, the lease price per hectare is the amount of US$350.00, for a total yearly Lease price of US$3,500.00 legal tender of the United States of America.

  

2

  

	
  

	
·

	
From year 4 to 6, the lease price per hectare is the amount of US$450.00, for a total yearly Lease price of US$4,500.00 legal tender of the United States of America.

 

	
  

	
·

	
From year 7 to 10, the lease price per hectare is the amount of US$550.00, for a total yearly Lease price of US$5,500.00 legal tender of the United States of America.

 

The Lessee does the deposit of the first year of Lease at the execution of this Agreement.

 

EIGHT: Sale price of the Jatropha trees. The sale price of the Jatropha trees is the amount of US$160,000.00 legal tender of the United States of America, which will paid as follows:

 

	
  

	
·

	
First year: The Lessee will pay to Lessor the amount of US$40,000.00 by means of 12 monthly and consecutive payments of US$3,333.33 each, doing the first 2 payments on November 15th 2011.

 

	
  

	
·

	
Second year: The Lessee will pay to Lessor the amount of US$30,000.00 on November 15th, 2012.

 

	
  

	
·

	
Third year: The Lessee will pay to Lessor the amount of US$30,000.00 on November 15th, 2013.

 

	
  

	
·

	
Fourth year: The Lessee will pay to Lessor the amount of US$30,000.00 on November 15th, 2013.

 

	
  

	
·

	
Fifth year: The Lessee will pay to Lessor the amount of US$30,000.00 on November 15th, 2014.

 

NINETH.  Duties of the Lessee.

 

The Lessee hereby agrees to comply with the following duties and conditions:

 

1.           Do the payments on the exact dates established in this Agreement and comply with the duties established hereto.

 

2.           Keep the Leased Areas in excellent conditions, the Lessee shall provide the periodic maintenance needed.

 

3.           In the event the Lessee requires to perform an improvement to the Leased Areas of the Properties, the Lessee must notify via email to Lessor such circumstance and must have the approval of the Lessor prior to perform the improvement needed.

 

The Lessee will be solely responsible for the employees hired to work at the Leased Areas and therefore, release the Lessor of further liabilities regarding the Lessee's employees. The Lessee must register its own employees before the Costa Rican Social Security Board (CCSS) and shall execute the Labor Risk Insurance for their employees before the Insurance Board (INS). This last condition will not apply to subcontractors hired by the Lessee.

 

  

3

  

Lessee shall not perform any of the following activities at the Leased Areas, without the prior consent of the Lessor:

 

a.           Land movements

 

b.           Handling of dangerous materials or chemicals.

 

c.           Cut trees that are not Jatropha trees.

 

d.           Modification of property boundaries

 

	
  

	
e.

	
Modification of the environment that could create an environmental damage to the Leased Areas.

 

In the event, Lessee infringe any of the obligations indicated in this Clause or in any other clause of this Agreement, it will be fair cause to automatically terminate this Agreement by Lessor who will be released of further liabilities. Lessor shall not indemnify Lessee for any damages or losses this anticipated termination could create. In this event, Lessee must evict the Leased Areas immediately.

 

Lessee cannot allege any possession or property rights over the Leased Areas, or over the Jatropha Plantation, except for the trees that have been purchased, fact that must be properly documented. In the event, Lessee decides to terminate this Agreement, Lessee shall notify by email to Lessor such decision, 3 months prior to the date the Lessee is planning to evict the Leased Areas, otherwise, Lessee must pay an indemnification of 3 months of rent applicable to that moment to Lessor.

 

Lessee expressly accepts this Agreement is for the sole purpose of purchasing the Jatropha trees and the corresponding use of the Leased Areas. Therefore, in the event the Lessee decides to terminate this Agreement, the Lessee hereby releases the Lessor of further liabilities or indemnifications for the improvements done to the Leased Areas if applicable. Lessee will not have the right to request any indemnification regarding the Jatropha trees plantation, due to the fact, Lessor has planted the Jatropha trees by his own means and economic resources and did not receive any assistance from Lessee. In this event, Lessee must evict the Leased Areas within a term of 30 days and must return the Leased Areas in the same conditions they were granted at the date of execution of this Agreement, with the exception of the trees that were purchased and removed by the Lessee.

 

Lessee should purchase the insurances needed in order to protect the Plantation in the event of Force Majeure or Acts of God, in any case, Lessor will not be responsible for the damages caused to the Plantation.  Agreement, it will consider as fair cause of eviction and termination of this Agreement. In the event of termination, the parties shall follow the provisions as detailed in Section Six of this document.

 

  

4

  

The Lessee will be authorized to install publicity, logos, banners or any other kind of design that has direct relation with the Lessee and or its products. The Lessee is not authorized to use publicity, logos, banners or any other kind of design related to third parties.

 

Lessor will not in any way hinder, restrict, or obstruct Lessee's legitimate and standard use of the land and the purchased Jatropha trees, including but not limited to diversion of resources, blocking of access, and planting of crops around leased property in a manner that restricts or obstructs the access.

 

TENTH: Restrictions to sublease. The Lessee will not be authorize to sublease, submit into trust or transfer the rights granted to by this Agreement over the Leased Areas without prior written consent of the Lessor. In the event of infringement of this clause, the Lessee must evict the Leased Areas and the Lessor will terminate this Agreement with no further responsibility for the Lessor. Lessee will have the right to assign the lease contract to its own subsidiary in Costa Rica.

 

ELEVENTH: Breach of Contract. The breach of contract of any of the obligations stated in this Agreement, will grant the right to the fulfilling party to request the termination of the Agreement and request an indemnification for the damages and losses caused by the breach of contract of the other party.

 

TWELFTH: Applicable law.  Any other situation or agreements related to this Agreement, but not regulated by this Agreement, will be regulated by the Civil Code and any other applicable laws of the Republic of Costa Rica.

 

THIRTEENTH: Resolution of controversies.  Any controversy and/or claim derived from this Agreement, or related to the Agreement and its non completion, termination or enforceability will be resolved by the Civil Court of Costa Rica.

 

FOURTEENTH: General Conditions and Tolerance.  The decision of any of the parties refusing to enforce the rights granted by this Agreement or any of its annexes, will be considered as Tolerance, but it will not modify, alter or diminish in any way the rights established in this Agreement and its Annexes and they can enforced at any moment.

 

Entire Agreement. This Agreement is the result of negotiations and concessions that benefit both parties.

 

Severability. The parties agree that if any part, or provision of this Agreement shall be found illegal or in conflict with any valid controlling law, the validity of the remaining provisions shall not be affected thereby.

 

  

5

  

Notices.  Any notices to be given hereunder shall be given in written to the following emails:

 

The Lessee:  to the email address gerencia@aaronegocioscr.com to the attention to Mr. Carlos Blair.

 

The Lessor:  to the email address claudiocerdas@racsa.co.cr to the attention to Mr. Claudio Cerdas.

 

CONTRACT WORTH.  For the corresponding legal purposes the worth of this Agreement is the amount US$163,500.00 legal tender of the United States of America.

 

LEGALIZATION.  The parties mutually agree to appear before Notary Public of their election in order to legalize this Agreement.

 

TRANSLATION.  This contract is executed in both Spanish and English. The versions are considered identical and neither version is considered more correct. Both must be considered equally in the event of a dispute.

 

The parties warrant they have sufficient powers and authority to execute this Agreement. The parties declare their statements and compromises are sufficient and valid.

 

IN WITNESS WHEREOF, the parties have executed this Agreement in Tamarindo, Guanacaste, on the 4th day of November of 2011.

 

CLAUDIO CERDAS DINARTE TEMPATE S A

 

	
THE LESSOR:

	  	
THE LESSEE:

	
TEMPATE S.A.

	  	
ALTERNATIVE FUELS AMERICAS, INC.

	  	  	  	  	  
	
By:

	
/s/ Claudio Cerdas Dinarte

	  	
By:

	
/s/ Craig Frank

	  	
Claudio Cerdas Dinarte, President

	  	  	
Craig Frank

 

  

6Exhibit 10.6

 

SECURED CONVERTIBLE PROMISSORY NOTE

 

	
$650,000.00

	
Date:  02/26/07

 

1.           FUNDAMENTAL PROVISIONS.

 

The following terms will be used as defined terms in this Note:

 

Holder:                                   MINNESOTA INVESTMENT GROUP, LLC

 

Maker:                                    NETSPACE INTERNATIONAL, INC.

 

Principal Amount:       Line of Credit (Bridge Note) up to $500,000  $1,000,000  7/18/2007

 

Interest Rate:                          Eight percent (8%) per annum

 

Maturity Date:                        Upon Merger

 

	
Business Day:

	
Any day of the year other than Saturdays, Sundays, or legal holidays in the State of Minnesota.

 

	
Line of Credit Documents:

	
The Note and Security Agreement executed in connection with the Line of credit and the assignment of assets.

 

	
Line of Credit:

	
The line of credit from Holder to Maker in the Principal Amount and evidenced by this Note.

 

	
Terms:

	
The Holder is executing line of credit consistent with its obligations under a separate investment banking agreement.  This promissory note is consistent with the terms of that agreement.

 

	
2.

	
PROMISE TO PAY.

 

For value received, Maker, whose address is 2801 NE 208th Terrace, Miami, Florida 33180 promises to pay to the order of Holder at its principal place of business located at 7760 France Avenue, South, Floor #11, Bloomington, Minnesota 55435 or at such other place as the Holder hereof may from time to time designate in writing, the Principal Amount of Five Hundred Thousand Dollars ($500,000).

 

	
3.

	
PAYMENTS.

 

	
  

	
(a)

	
All payments due hereunder shall be made (i) without deduction of any present and future taxes, levies, imposts, deductions, charges or withholdings, which amounts shall be paid by Maker, and (ii) without any other set off. Maker will pay the amounts necessary such that the Principal Amount and Interest received by the Holder hereof is not less than that required by this Note.

 

  

  

  

 

	
  

	
(b)

	
The Note shall be repaid in full on the Maturity Date with a payment consisting of the Principal Amount plus the Interest.

 

	
  

	
(c)

	
If any payment to be made by Maker hereunder shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day.

 

	
  

	
(d)

	
Holder may opt to convert the value of the principal amount and interest owed into company stock at its sole discretion.

 

4.           LAWFUL MONEY.

 

All payments made under this Note are payable in lawful money of the United States of America.

 

5.           APPLICATION OF PAYMENTS/LATE CHARGE.

 

Absent the occurrence of an Event of Default hereunder any payments received by the Holder hereof pursuant to the terms hereof shall be applied first to sums, other than the Principal Amount and Interest, due the Holder hereof pursuant to the Line of credit Documents, next to the payment of all Interest, and the balance, if any, to the payment of the Principal Amount.

 

6.           SECURITY.

 

This Note has been guaranteed by Maker Assets as an accommodating guarantor and the guarantor has executed an assignment of assets (the "Assignment") to be held by counsel for the Holder (the "Escrow Agent") subject to satisfaction of all amounts due under this Note obligation.

 

7.           EVENT OF DEFAULT.

 

The occurrence of any of the following shall constitute an event of default ("Event of Default"):

 

	
  

	
(a)

	
Failure to Pay.  Maker fails to pay, when due, any of the payment obligations provided for in this Note at their due date or under any other note or obligations of Maker to the Holder;

 

	
  

	
(b)

	
Denominated Events.  The occurrence of any event expressly denominated as an Event of Default in this Note;

 

	
  

	
(c)

	
Failure to Perform.  Maker fails to perform or observe any material covenant, term or condition of this Note, or any other note or obligation issued or owing in respect to Holder and to be performed or observed by Maker, and such failure continues unremedied for a period of five (5) days after written or facsimile notice from Holder to Maker of such failure; or

 

  

  

  

 

	
  

	
(d)

	
Petition By or Against Maker.  There is filed by or against Maker any petition or complaint with respect to its own financial condition under any state or federal bankruptcy law or any amendment thereto or under any other similar or insolvency laws providing for the relief of debtors.

 

	
  

	
(e)

	
Upon Merger.  A default will be initiated upon the Company's merger or acquisition with or of another company.

 

	
  

	
(f)

	
Failure to Adhere to Terms.  Failure of the Company to adhere to the terms and conditions of the investment banking agreement signed by the parties.

 

8.           CONVERSION OPTION.

 

If the Company becomes public through a reverse merger the Holder may, at its sole discretion, convert note into a 504 or 506 offering.

 

9.           REMEDIES.

 

	
  

	
(a)

	
Acceleration, Proceed Against Collateral. Upon the occurrence of an Event of Default and for so long as such default is continuing:

 

	
  

	
(1)

	
The total amount of this Note and all other sums owing to Holder which are then due and unpaid or thereafter to become due and payable; and interest on the foregoing sums, at the rate of fourteen percent (14%) per annum from said occurrence until paid in full (the "Default Amount") shall, at the option of Holder, become immediately due and payable without notice or demand;

 

	
  

	
(2)

	
In lieu of any monetary damages, the Holder may instruct the Escrow Agent to release the Assignment and the Holder shall have the right in its sole and absolute discretion to file the assignment with the United States Patent and Trademark office. It is agreed and understood that the release from Escrow of the Assignment will be in full satisfaction of all amounts due and owed under this Promissory Note.

 

	
  

	
(3)

	
Holder may exercise any of the other remedies provided under applicable laws.

 

	
  

	
(b)

	
Cumulative Remedies; Waivers.  No remedy referred to herein is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to above or otherwise available to Holder at law or in equity. No express or implied waiver by Holder of any default or Event of Default hereunder shall in any way be, or be construed to be, a waiver of any future or subsequent default or event of Default. The failure or delay or Holder in exercising any rights granted it hereunder under any occurrence of any of the contingencies set forth herein shall not constitute a waiver of any such right upon the continuation or recurrence of any such contingencies or similar contingencies, and any single or partial exercise of any particular right by Holder shall not exhaust the same or constitute a waiver of any other right provided herein.

 

  

  

  

 

	
  

	
(c)

	
Costs and Expenses. Maker shall be liable for all costs, charges and expenses incurred by Holder by reason of the occurrence of any Event of Default or the exercise of Holder's remedies with respect thereto including legal fees.

 

	
  

	
(d)

	
No Marshalling.  Holder shall be under no obligation to proceed against any or all of the collateral before proceeding directly against Maker. Holder shall be under no obligation whatsoever to proceed first against any of the Collateral. It is expressly understood and agreed that all of the Collateral stands as equal security for all obligations described above, and that Holder shall have the right to proceed against any or all of the Collateral in any order, or simultaneously, as in its sole discretion it shall determine. It is further understood and agreed that Holder shall have the right, as it, in its sole discretion, shall determine, to retain, sell or dispose of any or all of the Collateral in any order or simultaneously.

 

	
  

	
(e)

	
Other Remedies. The remedies granted to Holder herein upon an Event of Default are not restrictive of any and all other rights and remedies of Holder provided for by this Agreement, any of the relevant documents and applicable law.

 

10.          WAIVER.

 

Maker, endorsers, guarantors, and sureties of this Note hereby waives diligence, demand for payment, presentment for payment, protest, notice of nonpayment, notice of protest, notice of non payment, notice of intent to accelerate, notice of acceleration, notice of dishonor, any notice of nonpayment, and all other notices or demands of any kind (except notices specifically provided for in the Line of credit Documents) and expressly agrees that, without in any way affecting the liability of Maker, endorsers, guarantors, or sureties, the Holder hereof may extend any maturity date or the time for payment of any installment due hereunder, otherwise modify the Line of credit Documents, accept additional security, release any person liable, and release any security or guaranty. Maker, endorsers, guarantors, and sureties waive, to the full extent permitted by law, the right to plead any and all statutes of limitations as a defense.

 

	
11.

	
CHANGE, DISCHARGE, TERMINATION, OR WAIVER.

 

No provision of this Note may be changed, discharged, terminated, or waived except in writing signed by the party against whom enforcement of the change, discharge, termination or waiver is sought. No failure on the part of the Holder hereof to exercise and no delay by the Holder hereof in exercising any right or remedy under this Note or under the law shall operate as a waiver thereof.

 

  

  

  

 

12.          ATTORNEYS' FEES.

 

If this Note is not paid when due or if any Event of Default occurs, Maker promises to pay all costs of enforcement and collection and preparation thereof, including but not limited to, reasonable attorneys' fees, whether or not any action or proceeding is brought to enforce the provisions hereof (including, without limitation, all such costs incurred in connection with any bankruptcy, receivership, or other court proceedings (whether at the trial or appellate level).

 

13.          SEVERABILITY.

 

If any provision of this Note is unenforceable, the enforceability of the other provisions shall not be affected and they shall remain in full force and effect.

 

14.          INTEREST RATE LIMITATION.

 

Maker hereby agrees to pay an effective rate of interest that resulting from the Interest provided for herein, together with any additional rate of interest resulting from any other charges in the nature of interest paid or to be paid in connection with the Line of credit, including, without limitation, any fees to be paid by maker pursuant to the provisions of the Line of credit Documents. Holder and Maker agree that none of the terms and provisions contained herein or in any of the Line of credit Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate in excess of the maximum interest rate permitted to be charged by the laws of the State of Minnesota. In such event, if any Holder of this Note shall collect monies which are deemed to constitute interest which would otherwise increase the effective interest rate on this Note to a rate in excess of the maximum rate permitted to be charged by the laws of the State of Minnesota, all such sums deemed to constitute interest in excess of such maximum rate shall, at the option of the Holder, be credited to the payment of other amounts payable under the Line of credit Documents or returned to Maker.

 

15.          NUMBER AND GENDER.

 

In this Note the singular shall include the plural and the masculine shall include the feminine and neuter gender, and vice versa.

 

16.          HEADINGS.

 

Headings at the beginning of each numbered section of this Note are intended solely for convenience and are not part of this Note.

 

17.          CHOICE OF LAW.

 

This Note shall be governed by and construed in accordance with the laws of the State of Florida without giving effect to conflict of laws principles. In the event of any litigation, the parties agree to the jurisdiction of the courts located in Bloomington, Minnesota.

 

  

  

  

 

18.          INTEGRATION.

 

The Line of credit Documents contain the complete understanding and agreement of the Holder hereof and Maker and supersede all prior representations, warranties, agreements, arrangements, understandings, and negotiations.

 

19.          BINDING EFFECT.

 

The Line of credit Documents will be binding upon, and inure to the benefit of, the Holder hereof, Maker, and their respective successors and assigns. Maker may not delegate its obligations under the Line of credit Documents.

 

20.          TIME IS OF THE ESSENCE.

 

Time is of the essence with regard to each provision of the Line of credit Documents as to which time is a factor.

 

21.          SURVIVAL.

 

The representations, warranties, and covenants of the Maker in the Line of credit Documents shall survive the execution and delivery of the Line of credit Documents and the making of the Line of credit.

 

22.          FACSIMILE COPIES.

 

The parties agree that the Holder may rely on facsimile copies of the Note and the facsimile copies shall be deemed an original copy of the Note. Maker may not challenge the authenticity of the facsimile copy of the Note.

 

23.          WAIVER OF JURY TRIAL.

 

MAKER HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS NOTE OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT, OR AGREEMENT DELIVERED (OR WHICH MAY IN THE FUTURE BE DELIVERED) IN CONNECTION HEREWITH OR ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH THIS NOTE. MAKER AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE THE COURT AND NOT BEFORE A JURY.

 

MAKER:

 

NETSPACE INTERNATIONAL, INC.

 

	
/s/

	
Chris Arthman

	  
	
BY:

	
Chris Arthman

	  
	
ITS:

	
Chief Executive Officer

	  

PAY TO THE ORDER OF ILAN SARID

 

	
/s/  Paul J. Everett

	  
	
By:  Paul J. Everett

	  

 

  

  

  

 

ASSIGNMENT OF PROMISSORY NOTE

 

THIS ASSIGNMENT OF PROMISSORY NOTE (the “Agreement") is made and dated this 4th day of January, 2010, by and among MINNESOTA INVESTMENT GROUP, LLC., a Minnesota limited liability company ("Assignor") and ILAN SARID ("Assignee").

 

Assignor hereby assigns, transfers and conveys to Assignee all of its rights, title and interest in and to that certain promissory note between Minnesota Investment Group and Netspace International Holdings. A true copy of all said note is attached hereto as Exhibit A and made a part hereof as if fully stated herein (hereinafter referred to as the "Note").

 

Assignee hereby accepts the Note from Assignor.

 

Assignor shall endorse the Note to the Assignee.

 

IN WITNESS WHEREOF, the parties hereby have executed this Agreement as of the date first above written.

 

	  	
ASSIGNOR:

	  	  
	  	
MINNESOTA INVESTMENT GROUP,

	  	
a Minnesota Limited Liability Company

	  	  
	  	
/s/  Paul J. Everett

	  	
By:  Paul J. Everett

	  	  
	  	
ASSIGNEE:

	  	  
	  	
ILAN SARID

	  	  
	  	
/s/  Ilan Sarid

	  	
By:  Ilan Sarid

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