Document:

Exhibit 10.7

 

EXTENSION OF TERMS OF LOAN AGREEMENT

  

THIS EXTENSION OF TERMS OF LOAN AGREEMENT (“Extension”) is entered into and executed in duplicate effective this 5th day of March, 2016 (the “Renewal Date”), by and between The Royal Country Club and Recreation Holdings, Inc., a Nevada corporation (the “Lender”); Yao-Teh International Development Co., Ltd., a Taiwanese corporation (the “Borrower”); and  Fun-Ming Lo (the “Guarantor”).

RECITALS

		A.	On or about March 6, 2015, Lender and Borrower entered into a written Loan Agreement pursuant to which Lender agreed to make available and lend to Borrower funds in an amount not to exceed $2,000,000, to be used to engage the services of a design firm to design a master plan relating to the development of a hotel to build upon that certain real property located at No. 20, First Neighborhood, Mingee Village, Touwu Township, Miaoli County, 36243, Taiwan (R.O.C.) (the “Loan Agreement”).

		B.	On or about March 6, 2015, the Guarantor entered into and delivered to the Lender a written Continuing Personal Guaranty, pursuant to the provisions of which he guarantied the payment of any and all indebtedness incurred by the Borrower pursuant to the Loan Agreement (the “Guaranty”).

		C.	Applicable provisions of the Loan Agreement specify that any and all indebtedness due and payable pursuant to the Loan Agreement (the “Indebtedness”) shall be paid on March 5, 2016.

		D.	The Borrower and Lender, and each of them, desire to extend to March 5, 2017, the due date for payment of the Indebtedness, on the terms and subject to the conditions of this Extension.

		E.	The Lender and the Guarantor, and each of them, in connection with the extension of the due date for payment of that Indebtedness, that the Guarantor ratify, restate and agree to all of his obligations created by the Guaranty.

NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL PROMISES, COVENANTS AND UNDERRTAKINGS HEREIN SPECIFIED AND THOSE SPECIFIED IN THE LOAN AGREEMENT AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, WITH THE INTENT TO BE OBLIGATED LEGALLY AND EQUITABLY, THE PARTIES AGREE WITH EACH OTHER AS FOLLOWS:

		1.	Incorporation of Recitals.	The recitals of this Extension, which are specified above, are made a part of this Extension proper as though specified specifically and completely at length in this Extension proper.

		2.	Extension of Loan Term. 	The Indebtedness shall be paid by Borrower to Lender, in lawful money and legal tender of the United States of America, on March 5, 2017.

		3.	Ratification of Terms of Loan Agreement.	Except as specified in this Extension, the terms, conditions and provisions of the Loan Agreement are hereby ratified, restated, and confirmed as the binding respective obligations of Lender and Borrower.

		4.	Continuing Guaranty by Guarantor.  By his signature below, Guarantor hereby ratifies, restates, confirms and agrees to all of his obligations created by the Guaranty.

		5.	Consent to Extension.  By executing this Extension, each party to this Extension represents that such party has read or caused to be read this Extension in all particulars and consents to the rights, conditions, duties, and responsibility and posed upon such party as provided in this Extension.  Each such party represents, warrants and covenants that such party executes and delivers this Extension of such party’s free will and with no threat, undue influence, menace, coercion or duress, whether economic or physical.  Moreover, each such party represents, warrants and covenants that such party executes this Extension acting on such party’s independent judgment.

		6.	Execution in Counterparts.  This Extension may be prepared in multiple copies and forwarded to each of the parties for execution.  The signatures of the parties may be affixed to one copy or separate copies of this Extension, and when all such copies are received and signed by all of the parties, those copies shall constitute one agreement, which is not otherwise separable or divisible.

IN WITNESS HEREOF, the parties have executed this Extension in counterparts, each of which shall have the force and effect of an original, effective as of the date specified in the preamble of this Extension.

The Royal Country Club and Recreation Holdings, Inc.,

a Nevada corporation

By: _______________________                                                                           _________________________

Its: President Fun-Ming Lo, as the “Guarantor”

Yao-Teh International Development Company Co., Ltd.,

a Taiwanese corporation

By: _______________________

Its: PresidentTHE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED
OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS SUCH
SALE, TRANSFER, PLEDGE OR HYPOTHECATION IS IN ACCORDANCE WITH SUCH ACT AND APPLICABLE STATE SECURITIES LAWS.

 

Precious
Investments, Inc.

6%
PROMISSORY NOTE

 

US
$1,500,000Toronto, Ontario

April
27, 2016

 

For
good and valuable consideration, Precious Investments, Inc., a Nevada corporation, (“Maker”), hereby
makes and delivers this 6% Promissory Note (this “Note”) in favor of Farrah Khan, or his assigns (“Holder”),
and hereby agrees as follows:

 

1.     
Principal Obligation and Interest. For value received, Maker promises to pay to Holder at __________________________________,
or at such other place as Holder may designate in writing, in currently available funds of US dollars, the principal amount of
$1,500,000. Maker’s obligation under this Note shall accrue simple interest at the rate of 6.0% per year from
the date hereof until paid in full. Interest shall be computed on the basis of a 365-day
year or 366-day year, as applicable, and actual days lapsed. Interest is payable in the Maker’s common stock.

 

		2.	Payment
                                         Terms.

 

All
principal and accrued interest then outstanding shall be due and payable by the Maker as follows:

 

                                     
i.      From time to time at the Makers discretion; or

                                   
ii.      In all other cases, thirty- six months from the issuance
of this Note (such date, the “Maturity Date”). 

 

3.     
Prepayment. Maker has the right to prepay this Note.

 

 

4.     
Representations and Warranties of Maker. Maker hereby represents and warrants the following to Holder:

 

    	 		 

     

    

 

a.      
Maker and those executing this Note on its behalf have the full right, power, and authority to execute, deliver and perform the
Obligations under this Note, which are not prohibited or restricted under the articles of incorporation or bylaws of Maker. This
Note has been duly executed and delivered by an authorized officer of Maker and constitutes a valid and legally binding obligation
of Maker enforceable in accordance with its terms.

 

b.     
The execution of this Note and Maker’s compliance with the terms, conditions and provisions hereof does not conflict with
or violate any provision of any agreement, contract, lease, deed of trust, indenture, or instrument to which Maker is a party
or by which Maker is bound, or constitute a default thereunder or result in the imposition of any lien, charge, encumbrance, claim
or security interest of any nature whatsoever upon any of the Collateral.

 

c.      
The security interest granted hereby in and to the Collateral constitutes a present, valid, binding and enforceable security interest
as collateral security for the Obligations, and, except as to leased equipment or purchase-money encumbrances existing as of the
date of this Note as expressly disclosed to Holder in writing, such interests, upon perfection, will be senior and prior to any
liens, encumbrances, charges, title defects, interests and rights of any others with respect to such Collateral.

 

d.     
The security interest granted hereby shall be a first priority lien on the Collateral and no prior or superior liens, security
interests or encumbrances exist with respect to any part of the Collateral.

 

5.     
Representations and Covenants of the Holder. The Maker has issued this Note in reliance upon the following representations
and covenants of the Holder:

 

a.      
Investment Purpose. This Note and any common stock which may be issued as payment hereunder are acquired for investment
and not with a view to the sale or distribution of any part thereof, and the Holder has no present intention of selling or engaging
in any public distribution of the same except pursuant to a registration or exemption.

 

b.     
Private Issue. The Holder understands (i) that this Note and any common stock which may be issued as payment hereunder
are not registered under the Securities Act of 1933 (the “1933 Act”) or qualified under applicable state securities
laws, and (ii) that the Maker is relying on an exemption from registration predicated on the representations set forth in
this Section 8.

 

c.      
Financial Risk. The Holder has such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of its investment, and has the ability to bear the economic risks of its investment.

 

d.     
Risk of No Registration. The Holder understands that if the Maker does not register with the Securities and Exchange Commission
pursuant to Section 12 of the Securities Exchange Act of 1934 (the "1934 Act"), or file reports pursuant to Section
15(d) of the 1934 Act, or if a registration statement covering the securities under the 1933 Act is not in effect when it desires
to sell any of the common stock issued as payment hereunder, it may be required to hold such securities for an indefinite period.
The Holder also understands that any sale of this Note or any sale of common stock in the Maker which might be made by Holder
in reliance upon Rule 144 under the 1933 Act may be made only in accordance with the terms and conditions of that Rule.

 

    	 	2	 

     

    

 

6.     
Defaults. The following events shall be defaults under this Note:

 

a.      
Maker’s failure to remit any payment under this Note on before the date due, if such failure is not cured in full within
ten (10) days of written notice of default;

 

b.     
Maker’s failure to perform or breach of any non-monetary obligation or covenant set forth in this Note or in the Agreement
if such failure is not cured in full within fifteen (15) days following delivery of written notice thereof from Holder to Maker;

 

c.      
If Maker is dissolved, whether pursuant to any applicable articles of incorporation or bylaws, and/or any applicable laws, or
otherwise;

 

d.     
The commencement of any action or proceeding which affects the Collateral or title thereto
or the interest of Holder therein, including, but not limited to eminent domain, insolvency, code enforcement or arrangements
or proceedings involving a bankrupt or decedent;

 

e.      
The entry of a decree or order by a court having jurisdiction in the premises adjudging
the Maker bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or
composition of or in respect of the Maker under the federal Bankruptcy code or any other applicable federal or state law, or appointing
a receiver, liquidator, assignee or trustee of the Maker, or any substantial part if its property, or ordering the winding up
or liquidation of its affairs, and the continuance of any such decree or order un-stayed and in effect for a period of twenty
(20) days; or

 

f.      
Maker’s institution of proceedings to be adjudicated a bankrupt or insolvent, or the
consent by it to the institution of bankruptcy or insolvency proceedings against it, or its filing of a petition or answer or
consent seeking reorganization or relief under the federal Bankruptcy Code or any other applicable federal or state law, or its
consent to the filing of any such petition or to the appointment of a receiver, liquidator, assignee or trustee of the company,
or of any substantial part of its property, or its making of an assignment for the benefit of creditors or the admission by it
in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Maker in furtherance
of any such action.

 

7. Rights
and Remedies of Holder. Upon the occurrence of an event of default by Maker under this Note, then,
in addition to all other rights and remedies at law or in equity, Holder may exercise any one or more of the following rights
and remedies:

 

    	 	3	 

     

    

 

a.      
Accelerate the time for payment of all amounts payable under this Note by written notice thereof to Maker, whereupon all such
amounts shall be immediately due and payable.

 

b.     
Pursue and enforce all of the rights and remedies provided to a secured party with respect to the Collateral under the Uniform
Commercial Code.

 

c.      
Require Maker to assemble the Collateral and make it available to the Maker at the place
to be designated by the Holder which is reasonably convenient to both parties. The Holder may sell all or any part of the Collateral
as a whole or in part either by public auction, private sale, or other method of disposition. The Holder may bid at any public
sale on all or any portion of the Collateral. Unless the Collateral threatens to decline speedily in value, Holder shall give
Maker reasonable notice of the time and place of any public sale or of the time after which any private sale or other disposition
of the Collateral is to be made, and notice given at least 10 days before the time of the sale or other disposition shall be conclusively
presumed to be reasonable.

 

d.     
Pursue any other rights or remedies available to Holder at law or in equity.

 

8.                             
Rules of Construction. This Note has been freely negotiated by Maker and Holder and any rule of construction to the
effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this
Note.

 

9.                             
Choice of Laws; Actions. This Note shall be constructed and construed in accordance with the internal substantive laws
of the State of Nevada, without regard to the choice of law principles of said State. Maker acknowledges that this Note has been
negotiated in Clark County, Nevada. Accordingly, the exclusive venue of any action, suit, counterclaim or cross claim arising
under, out of, or in connection with this Note shall be the state or federal courts in Clark County, Nevada. Maker hereby consents
to the personal jurisdiction of any court of competent subject matter jurisdiction sitting in Clark County, Nevada.

 

10.                         
Usury Savings Clause. Maker expressly agrees and acknowledges that Maker and Holder intend and agree that this Note
shall not be subject to the usury laws of any state other than the State of Nevada. Notwithstanding anything contained in this
Note to the contrary, if collection from Maker of interest at the rate set forth herein would be contrary to applicable laws,
then the applicable interest rate upon default shall be the highest interest rate that may be collected from Maker under applicable
laws at such time.

 

11.                         
Costs of Collection. Should the indebtedness represented by this Note, or any part hereof, be collected at law, in
equity, or in any bankruptcy, receivership or other court proceeding, or this Note be placed in the hands of any attorney for
collection after default, Maker agrees to pay, in addition to the principal and interest due hereon, all reasonable attorneys’
fees, plus all other costs and expenses of collection and enforcement, including any fees incurred in connection with such proceedings
or collection of the Note and/or enforcement of Holder’s rights with respect to the administration, supervision, preservation
or protection of, or realization upon, any Collateral securing payment hereof.

 

    	 	4	 

     

    

 

12.                         
Miscellaneous.

 

a.      
This Note shall be binding upon Maker and shall inure to the benefit of Holder and its successors, assigns, heirs, and legal representatives.

 

b.     
Any failure or delay by Holder to insist upon the strict performance of any term, condition, covenant or agreement of this Note,
or to exercise any right, power or remedy hereunder shall not constitute a waiver of any such term, condition, covenant, agreement,
right, power or remedy.

 

c.      
Any provision of this Note that is unenforceable shall be severed from this Note to the extent reasonably possible without invalidating
or affecting the intent, validity or enforceability of any other provision of this Note.

 

d.     
This Note may not be modified or amended in any respect except in a writing executed by the party to be charged.

 

e.      
Time is of the essence.

 

13.                         
Notices. All notices required to be given under this Note shall be given to each of the parties at such address
as a party may designate by written notice to the other party. Notices may be transmitted by facsimile, certified mail, private
delivery, or any other commercially reasonable means, and shall be deemed given upon receipt by the Party to whom they are addressed.

 

14.                         
Waiver of Certain Formalities. All parties to this Note hereby waive presentment,
dishonor, notice of dishonor and protest. All parties hereto consent to, and Holder is hereby expressly authorized to make, without
notice, any and all renewals, extensions, modifications or waivers of the time for or the terms of payment of any sum or sums
due hereunder, or under any documents or instruments relating to or securing this Note, or of the performance of any covenants,
conditions or agreements hereof or thereof or the taking or release of collateral securing this Note. Any such action taken by
Holder shall not discharge the liability of any party to this Note.

 

    	 	5	 

     

    

 

IN
WITNESS WHEREOF, this Note has been executed effective the date and place first written above.

 

	Precious
                                         Investments, Inc. “Maker”:

         

         

        By:
        /s/ Kashif Khan

        Kashif
        Khan ,         President

         

         

         
	“Holder”:

         

         

        By: /s/
        Farrah Khan

        

        Print
        name: Farrah Khan

         

    	 	6	 

     

    

 

Exhibit
“A”

 

Collateral

    	 	7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00257-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00257-of-00352.parquet"}]]