Document:

Exhibit
10.23

 

SERVICES AGREEMENT

 

THIS SERVICES AGREEMENT (this “Agreement”)
is made and entered into as of the        day of
                ,
2010, by and between STAG MANAGER, LLC,
a Delaware limited liability company having a principal place of business at 99
Chauncy Street, Boston, MA 02111 (herein called “Manager”), and STAG INDUSTRIAL MANAGEMENT, LLC, a Delaware limited
liability company having a principal place of business at 99 Chauncy Street,
Boston, MA 02111 (herein called “STAG”).

 

W I T N E S S E T H

 

WHEREAS, the Manager serves as manager of STAG Investments IV, LLC, a
Delaware limited liability company (the “Fund”), which Fund was formed
in accordance with the terms of a certain Limited Liability Company Agreement
dated as of May 8, 2008 (the “Operating Agreement”);

 

WHEREAS, STAG’s business is and its employees focus on, among other
things, providing asset and property management services, including contracting
and subcontracting as necessary, managing tenant matters, supervising real
property assets and providing bookkeeping and accounting services in connection
with such assets;

 

WHEREAS, Manager has requested that STAG assist Manager in implementing
its purpose by performing the Administrative Management Services (each as
hereinafter defined) on behalf of Manager and STAG has agreed to provide such
services, in accordance with the terms hereof;

 

NOW, THEREFORE, in consideration of the foregoing recitals and mutual
obligations of the parties contained herein, the parties agree as follows:

 

1.   Appointment
of STAG.  Manager hereby designates
and appoints STAG to provide and perform the Administrative Management Services
for each Property.  STAG hereby accepts
such designation and appointment, which designation and acceptance are subject
to the terms and conditions contained in this Agreement.

 

2.  Term.  The
term of this Agreement shall be for a term of not more than five (5) years,
commencing on the date hereof and expiring on
                      ,
2015; provided, however, this Agreement shall terminate
automatically if the Fund liquidates its assets prior to the expiration of the
term.  In any event, either Manager or
STAG may terminate this Agreement at any time with thirty (30) days prior
written notice without cause and immediately upon written notice by cause.

 

3.  Responsibilities and Duties of STAG.  With respect to the members of the Fund, STAG
agrees to: (a) provide copies of all public filings related to the Fund’s
investment in STAG Industrial, Inc., and (b) provide administrative support
to the members of the Fund including any and all bookkeeping data related to
tracking the Fund’s investments (collectively, the “Administrative
Management Services”). With respect to the bookkeeping and accounting
services under this section, STAG will report accounting data on an entirely
separate set of books from its own books, and will provide summaries of all
purchases, revenues and other accounting data. 
STAG will provide all accounting functions including, but not limited
to, the preparation 

 

1

 

of such reports as the Fund’s lender may reasonably request, using such
method of accounting as currently used by STAG.

 

4.  Compensation Payable to STAG by Manager.  In consideration of the Administrative
Management Services, Manager will pay STAG an annual fee of $20,000, payable
quarterly in advance.

 

5.  Assignment. 
Except with respect to assignments to affiliates, which is expressly
permitted upon written notice, neither party shall have the right to assign
this Agreement without the prior written consent of the other party, which
consent shall not be unreasonably withheld.

 

6.  No Joint Venture/Independent Contractor.  Nothing herein contained shall be deemed or
construed by the parties hereto, or by any third party, as creating the
relationship of principal and agent or of partnership or of joint venture
between the parties hereto.  In the
performance of its obligations hereunder, each party shall be an independent
contractor with regard to the other.

 

7.  Notices. Any notice or document required or
permitted to be delivered hereunder shall be deemed to be delivered at 10:00
am. on the third business day after deposit in the United States mail, postage
prepaid, registered or certified mail, return receipt requested, addressed to
the parties hereto at the respective addresses set forth in the preamble of
this Agreement or at such other addresses as they may have theretofore
specified written notice delivered in accordance with this paragraph.

 

8. Terms Binding.  The
terms and conditions of this Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective successors and assigns.

 

9.  Counterparts.  This Agreement may be executed in any number
of counterparts and all of such counterparts taken together shall be deemed to
constitute one and the same instrument.

 

[space intentionally left blank — signature page follows]

 

2

 

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

 

 

	
   

  	
  STAG
  MANAGER, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  STAG
  INDUSTRIAL MANAGEMENT, LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

3Maverick Minerals Corporation - Exhibit 10.1 - Filed by newsfilecorp.com

LOAN AGREEMENT 

                       THIS
AGREEMENT dated for reference the 20 day of September, 2010 and made, 

BETWEEN: 

  
    
      MAVERICK MINERALS CORPORATION, a Nevada
        

        corporation, having an office at 2501 Lansdowne Avenue, 

        Saskatoon, SK S7J 1H3; 

        (the “Borrower”) 

    

  

AND: 

  
    
      ART BROKERAGE, INC., a Nevada corporation,
        having an 

        office at 2245 N. Green Valley Pkwy, Ste. 429, Henderson, 

        Nevada 89014; 

        (the “Lender”) 

    

  

                   
WITNESSES THAT WHEREAS:

A.                
The Lender has agreed to make the Loan available to the Borrower; and

B.               
The parties wish to provide for the terms and conditions upon which the
Loan shall be made available to the Borrower. 

                    THEREFORE
in consideration of the premise and of the mutual covenants and agreements
hereinafter set forth, the Lender and the Borrower warrant and represent to and
covenant and agree with each other as set forth below. 

1.                
  DEFINITIONS; INTERPRETATION

1.1              
For the purpose of this Agreement, the following words and phrases will
have meanings set forth below unless the parties or the context otherwise
require(s): 

	 	(a) 	
      “Advance” means an advance on account of the
      Loan;

	 	 	 
	 	(b) 	
      “Agreement” and “this Agreement” means this
      agreement and all schedules hereto as the same may be amended, modified,
      replaced or restated from time to time;

	 	 	 
	 	(c) 	
      “Borrower” means the party so described above and
      its successors and permitted assigns, whether immediate or
    derivative;

	 	 	 
	 	(d) 	
      “Borrower’s Indebtedness” means all present and
      future indebtedness and liability, direct and indirect, of the Borrower to
      the Lender arising under and pursuant to the Loan Documents (including,
      without limitation, at any point in time the principal amount outstanding
      under the Loan, all unpaid accrued interest thereon, and all fees and costs and expenses then payable
  in connection therewith);

- 2 - 

	 	(e) 	
      “Business Day” means any day (other than a
      Saturday or Sunday) on which commercial banks in Vancouver, British
      Columbia, Canada, are open for business;

	 	 	 
	 	(f) 	
      “Event of Default” means any of the events
      specified in Section 11, and “Default” mean any of such
    events;

	 	 	 
	 	(g) 	
      “Fiscal Year End” in respect of the Borrower means
      December 31;

	 	 	 
	 	(h) 	
      “GAAP” means United States generally accepted
      accounting principles, applied on a consistent basis;

	 	 	 
	 	(i) 	
      “Interest Payment Date” means the 1st day of each
      calendar month, commencing on May 1, 2011 and continuing on the 1st day of
      each calendar month until the Borrower’s Indebtedness is repaid in
      full;

	 	 	 
	 	(j) 	
      “Interest Rate” means the rate of 5% per annum,
      calculated and compounded monthly, not in advance as well after as before
      maturity, default and judgment on the outstanding daily balance of the
      Loan based on the number of days elapsed in a 365 day year;

	 	 	 
	 	(k) 	
      “Lender” means the party so described above and
      its successors and assigns, whether immediate or derivative;

	 	 	 
	 	(l) 	
      “Lien” means, with respect to any Person, any
      mortgage, lien, pledge, hypothecation, charge, security interest
      (including, without limitation, an assignment, notice, or security
      interest filed pursuant to applicable law) or other encumbrance, or any
      interest or title of any vendor, lessor, or lender to or other secured
      party of such Person under any conditional sale or other title retention
      agreement, upon or with respect to any property asset or undertaking of
      such Person, including any agreement to create any of the
  foregoing;

	 	 	 
	 	(m) 	
      “Loan” means the non-revolving term loan in the
      principal amount of $2,400,000 established by the Lender in favour of the
      Borrower pursuant to this Agreement;

	 	 	 
	 	(n) 	
      “Loan Documents” means this Agreement and the
      Security Documents;

	 	 	 
	 	(o) 	
      “material adverse effect” means a material adverse
      effect on:

	 	(i) 	
      the business, operations, affairs, financial condition,
      property, assets, prospects or undertakings of the Borrower; or

	 	 	 
	 	(ii) 	
      the validity, priority or enforceability of any agreement
      (including this Agreement) to which the Borrower is a party or by which
      any of its property, assets and undertakings are
bound;

- 3 - 

	 	(p) 	
      “material” means material in relation to the
      business, operations, affairs, financial condition, assets, properties, or
      prospects of the Borrower;

	 	 	 	 
	 	(q) 	
      “Maturity Date” means April 1, 2015, unless sooner
      determined due to the occurrence of an Event of Default;

	 	 	 	 
	 	(r) 	
      “Other Obligant” means any other Person who is
      liable for the payment, observance or performance of the Borrower’s
      Indebtedness, either in whole or in part;

	 	 	 	 
	 	(s) 	
      “Permitted Liens” means:

	 	 	 	 
	 		(i) 	
      the Security Documents granted in favour of the Lender
      pursuant to this Agreement;

	 	 	 	 
	 		(ii) 	
      Liens in favour of other Persons which have been approved
      by the Lender in writing in its sole and absolute discretion;

	 	 	 	 
	 		(iii) 	
      any Lien which arises or is deemed to arise by virtue of
      applicable personal property security laws under any operating or true
      lease of any motor vehicles leased by the Borrower for use in the ordinary
      course of business to the extent that such Lien relates only to the motor
      vehicle(s) which is or are the subject of such lease; and

	 	 	 	 
	 		(iv) 	
      minor Liens, provided that such Liens are not incurred in
      connection with the borrowing of money and that such Liens in the
      aggregate (A) do not materially detract from the value of the affected
      assets or (B) materially impair the use thereof in the operation of the
      business;

	 	 	 	 
	 	(t) 	
      “Person” means and includes an individual, a
      partnership, a joint venture, a corporation, a limited liability company,
      a trust, an unincorporated organization and a government or any department
      or agency thereof; and

	 	 	 	 
	 	(u) 	
      “Security Documents” means the security documents
      set out in Section 10 to this Agreement and any other security document
      from time to time taken by the Lender from the Borrower and/or any Other
      Obligant as security for the payment, observance and performance of the
      Borrower’s Indebtedness in whole or in part.

2.                 LOAN

2.1             
Subject to the terms and conditions of this Agreement, the Lender hereby
establishes and agrees to make a non-revolving term loan in the principal amount
of $2,400,000 available to the Borrower. 

3.                
  TERM

3.1             
The outstanding principal amount of the Loan together with all accrued
and unpaid interest and all other amounts outstanding hereunder shall become due
and payable in full on the Maturity Date unless sooner determined by the Lender
due to the occurrence of an Event of Default. 

- 4 - 

4.                 INTEREST
  AND FEES

4.1             
Calculation of Interest. The outstanding daily principal balance of the
Loan will bear interest at the Interest Rate until paid in full. 

4.2             
Interest Payment Date. On each Interest Payment Date the Borrower will
pay the Lender all interest which has accrued on account of the outstanding
balance of the Loan and then remains unpaid. 

4.3             
Overdue Interest. All overdue and unpaid interest and all fees, costs,
and other amounts payable by the Borrower hereunder or under any of the Security
Documents will be added to principal and will bear interest at the Interest Rate
until paid in full. 

4.4             
Transaction Fees. The Borrower will pay the Lender’s standard loan
amendment, cancellation fees and security processing fees, which are charged for
the administrative handling of the file including amending loan terms and
conditions, switching interest rate plans, changes related to the amalgamation
of the Borrower and the provision of discharges. The Borrower will pay the
Lender for returned cheque handling. These fees may change from time to time
without notice. 

4.5             
Expenses. The Borrower is responsible for third party expenses, fees and
disbursements including fees, disbursement and charges for the services of the
Lender’s attorneys that are incurred in arranging and placing of the Loan and
perfecting and registering the security for the Loan and the Borrowers
authorizes the Lender to pay same out of proceeds of the Loan or as an
additional advance under the Loan. 

5.                 REPAYMENT

5.1             
Principal Payments. In addition to the monthly interest payments, the
Borrower will make monthly principal payments in the amount of $50,000
commencing on May 1, 2011 and continuing on the 1st day of each month until the
Borrower’s Indebtedness is repaid in full. 

5.2             
No Set-off. All amounts payable by the Borrower under this Agreement
will be paid without set-off or counterclaim, and without any deductions or
withholdings whatsoever. 

5.3             
Application of Payments. Subject to the provisions hereof, all payments
received by the Lender on account of the Borrower’s Indebtedness will be applied
first in payment of outstanding interest and secondly in reduction of the
principal balance of the Loan then outstanding. If any payment is received at
any time while an Event of Default remains outstanding, the Lender may
appropriate such payment to such part or parts of the Borrower’s Indebtedness as
the Lender in its sole discretion may determine and the Lender may from time to
time revoke and change any such appropriation. 

5.4             
Records of Advances, Payments, Etc. The Lender is hereby authorized to
open and maintain books of account and other books and records evidencing all
advances under the Loan, interest accruing thereon, fees, charges, and other
amounts from time to time charged to the Borrower under the Loan Documents; and
amounts from time to time owing, paid, or repaid by the Borrower under this
Agreement. All such books, accounts, and records will constitute prima facie
evidence of the amount owing by the Borrower under the Loan Documents; but the
failure to make any entry or recording in such books, accounts,
and records will not limit or otherwise affect the obligations of the Borrower
under the Loan Documents. 

- 5 - 

5.5             
Business Day. Notwithstanding anything in this Agreement to the
contrary, any payment of principal of or interest on the Borrower’s Indebtedness
that is due on a date other than a Business Day will be made on the next
succeeding Business Day. If the date for any payment on the Borrower’s
Indebtedness is extended to the next succeeding Business Day by reason of the
preceding sentence, the period of such extension will not be included in the
computation of the interest payable on such Business Day. 

5.6             
Payments to be Made. The Borrower will make all payments due hereunder,
when due to the Lender at 2245 N. Green Valley Pkwy, Ste. 429, Henderson, Nevada
89014 or at such address as the Lender may advise the Borrower in writing from
time to time. All monies received after 2:00 p.m. Nevada local time will be
deemed received on the next Business Day. 

6.                 PREPAYMENT

6.1             
The Borrower may prepay the Loan in whole or in part without penalty or
prepayment compensation. 

7.                
  CONDITIONS PRECEDENT TO THE ADVANCE UNDER THE LOAN

7.1             
The Lender’s obligation to make the Advance is subject to the following
conditions precedent having been met to the Lender’s sole satisfaction or waived
by the Lender in writing at the time of the Advance, namely: 

	 	(a) 	
      the Lender having received a properly executed original
      of this Agreement and the Security Documents then in effect together with
      an opinion from its solicitors, acceptable to the Lender in its
      discretion, with respect to the validity, priority and enforceability
      thereof;

	 	 	 
	 	(b) 	
      the representations and warranties contained herein and
      in the Security Documents then in effect then being true and correct in
      all material respects;

	 	 	 
	 	(c) 	
      there then being no outstanding Default or Event of
      Default and no outstanding condition, event or act which with or without
      the giving of notice could become an Event of Default; and

	 	 	 
	 	(d) 	
      there then being no outstanding condition, event or act
      which has had or would reasonably be expected to have a material adverse
      effect.

8.                
REPRESENTATIONS AND WARRANTIES 

8.1              
The Borrower represents and warrants to the Lender at the time of its execution
and delivery of this Agreement and at the time of each Advance, as follows: 

	 	(a) 	
      it is a corporation duly organized, validly existing and
      in good standing under the laws of Nevada;

- 6 - 

	 	(b) 	
      it has the (corporate) power and capacity to carry on
      business, own property or interests therein, borrow and lend money,
      provide financial assistance, grant security, make, keep, observe and
      perform representations, warranties, covenants and agreements and incur
      obligations and liabilities, all as contemplated hereby; and

	 	 	 	 
	 	(c) 	
      the execution and delivery by it of this Agreement and
      the Security Documents to which it is a party and the performance by it of
      its obligations hereunder and thereunder, do not and will not conflict
      with or result in a breach of any of the terms, conditions, or provisions
      of:

	 	 	 	 
	 		(i) 	
      its charter documents,

	 	 	 	 
	 		(ii) 	
      any law, regulation, or decree applicable or binding on
      it or any of its property, assets and undertaking, or

	 	 	 	 
	 		(iii) 	
      any agreement or instrument to which it or any of its
      property assets or undertakings is a party or bound, the breach of which
      could reasonably be expected to have a material adverse effect or result
      in, or require or permit the imposition of any Lien in or with respect to
      the property, assets and undertakings now owned or hereafter acquired by
      it.

8.2             
The Borrower represents and warrants to the Lender at the time of its execution
and delivery of this Agreement and at the time of each Advance, as follows: 

	 	(a) 	
      there is no action, suit, investigation or proceeding
      outstanding or pending or, to its knowledge, threatened against it or any
      of its property, assets or undertakings by or before any court, arbitrator
      or administrative or governmental body which would reasonably be expected
      to have a material adverse effect; and

	 	 	 
	 	(b) 	
      it has not agreed or consented to, nor has it agreed to
      cause or permit in the future (upon the happening of a contingency or
      otherwise), any of its property, whether now owned or hereafter acquired,
      to be subject to a Lien, except for Permitted
Liens.

9.               
COVENANTS 

9.1             
Positive Covenants. The Borrower will: 

	 	(a) 	
      Comply with Laws - comply with all laws,
      ordinances or governmental rules or regulations applicable to it or any of
      its property, assets and undertakings;

	 	 	 
	 	(b) 	
      Obtain/Maintain Licenses - obtain and maintain in
      effect all licenses, certificates, permits, franchises and other
      governmental authorizations necessary to the ownership of its property,
      assets and undertakings or to the conduct of its businesses, in each case
      to the extent necessary to ensure that non-compliance with such laws,
      ordinances or governmental rules or regulations or failures to obtain or
      maintain in effect such licenses, certificates, permits, franchises and
      other governmental authorizations could not, individually or in the
      aggregate, reasonably be expected to have a material adverse
  effect;

- 7 - 

	 	(c) 	
      Maintain Assets - maintain and keep its property,
      assets and undertakings in good repair, working order and condition (other
      than ordinary wear and tear), so that the business(es) carried on by it
      may be properly conducted at all times; and

	 	 	 
	 	(d) 	
      Notify of Litigation – promptly give the Lender
      notice in writing of all litigation and all proceedings before any
      governmental or regulatory agencies or arbitration authorities affecting
      it, except those which, if adversely determined, would not have a material
      adverse effect on its financial condition or
business.

9.2              Negative
Covenants. So long as this Agreement remains in effect, the Borrower will
not, without the prior written consent of the Lender, which consent will not be
unreasonably withheld: 

	 	(a) 	
      Change Name: change its name;

	 	 	 
	 	(b) 	
      Change Corporate Structure: change its corporate
      structure, including the amalgamation, consolidation or merger with any
      other Person;

	 	 	 
	 	(c) 	
      Change Fiscal Year End: change its Fiscal Year
      End;

	 	 	 
	 	(d) 	
      Incur Indebtedness: incur any further indebtedness
      of either a direct or indirect nature to any party other than the Lender
      except in the normal course of business, which sum shall not exceed
      $100,000;

	 	 	 
	 	(e) 	
      Liens: grant or allow any Lien to be registered
      against it or exist on any of its property, assets and undertaking, save
      and except for Permitted Liens;

	 	 	 
	 	(f) 	
      Provide Loans or Guarantees: make any advances or
      loans to, or any investment in, or provide any guarantees on behalf of,
      any Person;

	 	 	 
	 	(g) 	
      Transfer Intellectual Property: sell, assign,
      transfer or convey its right, patents, trade secrets, licenses,
      trademarks, or any other intellectual or industrial property;
and

	 	 	 
	 	(h) 	
      Unfinanced Capital Expenditures: permit the total
      unfinanced capital expenditures of the Borrower to exceed $300,000 per
      annum.

9.3             
Financial Statements. So long as this Agreement remains in effect, the
Borrower will provide the Lender with the following information: 

- 8 - 

	 	(a) 	
      Annually, within 90 days of its fiscal years end:
      financial statements of the Borrower prepared on a review engagement basis
      by a licensed independent public accountant approved by the Lender, which
      statements must include a balance sheet, an income statement, a statement
      of retained earnings, and a statement of changes in financial position,
      and must be prepared in accordance with GAAP applied on a basis consistent
      with the statements for the previous fiscal year and be approved and
      signed by two Directors (or the sole Director if only one Director) and
      include a compliance certificate confirming full covenant satisfaction;
      and

	 	 	 
	 	(b) 	
      Other: any additional financial statements and
      information as and when requested by the Lender.

10.             
SECURITY 

10.1            As
security for payment, observance and performance of the Borrower’s Indebtedness,
the Borrower agrees to execute and deliver (or cause each Other Obligant to
execute and deliver), inter alia, the following documents (collectively,
the “Security Documents”) in a form and manner satisfactory to the Lender
and the Lender’s attorneys:

	 	(a) 	
      a general security agreement from the Borrower creating a
      security over the Borrower’s present and after-acquired personal property
      and over the Borrower’ s real property and other assets, which the Lender
      shall be entitled to file any UCC notice or equivalent document in any
      applicable jurisdiction, in the form attached hereto as Exhibit A,
      and

	 	 	 
	 	(b) 	
      such other security as the Lender may reasonably require
      from time to time.

10.2            Each
Security Document is given as additional, concurrent and collateral security to
the remainder of the Security Documents and will not operate to merge, novate or
discharge the Borrower’s Indebtedness or any of the other Security Documents.
The execution and delivery of each Security Document will not in any way suspend
or affect the present or future rights and remedies of the Lender in respect of
the Borrower’s Indebtedness, or the other Security Documents. No action or
judgment taken by the Lender in respect of any of the Security Documents or with
respect to the Borrower’s Indebtedness will affect the liability of the Borrower
hereunder and nothing but the actual payment in full by the Borrower to the
Lender of the Borrower’s Indebtedness will discharge the Borrower or any of the
Security Documents. 

11.             
EVENTS OF DEFAULT 

11.1            At
the option of the Lender, the Borrower’s Indebtedness will immediately become
due and payable and this Agreement and the Security Documents will become
enforceable upon the happening of any one or more of the following events: 

	 	(a) 	
      Default - if the Borrower makes default in any
      payment of principal, interest, or other money payable by it hereunder or
      under any of the Security Documents when the same becomes due hereunder or
      thereunder, or if the Borrower makes default in the observance or
      performance of something required to be done or some covenant or condition
      required to be observed or performed hereunder or in any of the Security
      Documents;

- 9 - 

	 	(b) 	
      Misrepresentation - if any representation or
      warranty given by or on behalf of the Borrower is untrue in any material
      respect;

	 	 	 
	 	(c) 	
      Winding-Up - if an order is made or a resolution
      is passed for the winding-up of the Borrower, or if a petition is filed
      for the winding-up of the Borrower;

	 	 	 
	 	(d) 	
      Bankruptcy - if the Borrower commits or threatens
      to commit any act of bankruptcy; becomes insolvent; or makes an assignment
      or proposal under the Bankruptcy and Insolvency Act or any other
      similar law whether in Canada or in any other jurisdiction (including the
      United States and all States thereof), a general assignment in favour of
      its creditors, or a bulk sale of its assets; or if a bankruptcy petition
      is filed or presented against the Borrower;

	 	 	 
	 	(e) 	
      Receivership - if a receiver, receiver and
      manager, or receiver-manager, or any person with like powers, is appointed
      for all or any of the property, assets and undertakings of the
      Borrower;

	 	 	 
	 	(f) 	
      Arrangement - if any proceedings with respect to
      the Borrower are commenced under the Companies Creditors Arrangement
      Act or under the Bankruptcy and Insolvency Act or similar
      legislation in any other jurisdiction (including the United States and all
      States thereof);

	 	 	 
	 	(g) 	
      Other Indebtedness - if the Borrower permits any
      sum which has been admitted as due by it, or is not disputed to be due by
      it, and which forms or is capable of being made a charge or security
      interest upon any of its property, assets and undertakings in priority to
      any charge or security interest created by any of the Security Documents,
      to remain unpaid for 30 days after proceedings have been taken to enforce
      the same;

	 	 	 
	 	(h) 	
      Cease Business - if the Borrower ceases or
      threatens to cease to carry on any of its business;

	 	 	 
	 	(i) 	
      Default in Other Payment - if the Borrower makes
      default in payment of any of the Borrower’s Indebtedness or liability to
      the Lender, whether secured by the Security Documents or not;

	 	 	 
	 	(j) 	
      Enforcement of Other Encumbrance - if the holder
      (other than the Lender) of any Lien against the property, assets and
      undertakings of the Borrower, any subsidiary of the Borrower, does
      anything to enforce or realize on such Lien, and if, in the reasonable
      opinion of the Lender, such enforcement or realization would have a
      material adverse effect on the security for the Borrower’s Indebtedness or
      on the Borrower’s ability to repay the Borrower’s Indebtedness;

	 	 	 
	 	(k) 	
      Property in Jeopardy - if the Lender in good faith
      believes, and has commercially reasonable grounds to believe, that the
      prospect of repayment of the Borrower’s Indebtedness in whole or in part
      is impaired or that any of the property, assets and undertakings of the
      Borrower are, or are about to be, placed in jeopardy;

	 	 	 
	 	(l) 	
      Execution - if any execution, sequestration,
      extent, or any other process of any kind is levied upon or enforced
      against any of the property, assets or
undertakings of the Borrower or any subsidiary of the Borrower and
      remains unsatisfied for a period of eight days as to personal property or
      three weeks as to real property, unless such process is disputed in good
      faith and, in the reasonable opinion of the Lender, does not jeopardize or
      impair the security constituted by the Security Documents in any material
  way; and

- 10 - 

	 	(m) 	
      Distress - if a distress or analogous process is
      levied upon the any of the property, assets or undertakings of the
      Borrower, any subsidiary of the Borrower, or any part thereof, unless the
      process is disputed in good faith and adequate security is given to pay
      the amount claimed in full.

12.             
WAIVER 

12.1          
The Lender may waive any breach by the Borrower of any of the provisions
contained in this Agreement or in the Security Documents or any default by the
Borrower in the observance or performance of any covenant or condition required
to be observed or performed by the Borrower under the terms of this Agreement or
any of the Security Documents; but any waiver by the Lender of such breach or
default, or any failure to take any action to enforce its rights hereunder or
under any of the Security Documents, will not extend to or be taken in any
manner whatsoever to affect any subsequent breach or default or the rights
resulting therefrom.

13.            
 REMEDIES UNDER THIS AGREEMENT AND THE SECURITY
DOCUMENTS 

13.1          
Cross Default. Any default by the Borrower under this Agreement or under
any of the Security Documents will constitute a default under the remainder of
the Security Documents. 

13.2          
Remedies Cumulative. All rights and remedies stipulated for the Lender
hereunder or in any of the Security Documents will be deemed to be in addition
to and not restrictive of the right and remedies which the Lender might be
entitled to at law or in equity; and the Lender may realize on the Security
Documents or any part thereof in any manner and in such order as it may be
advised, and any such realization by any means will not bar realization of any
other security or any part or parts thereof, nor will any single or partial
exercise of any right or remedy preclude any other or further exercise thereof,
nor will any failure on the part of the Lender to exercise, or any delay in
exercising any rights under this Agreement or any of the Security Documents
operate as a waiver. 

13.3          
No Waiver. The acceptance by the Lender of any further security or of any
payment of or on account of any of the Borrower’s Indebtedness after a Default
or of any payment on account of any past Default will not be construed to be a
waiver of any right in respect of any future default or of any past default not
completely cured thereby; and the Lender may, in its uncontrolled discretion,
exercise any and all rights, powers, remedies and recourses available to it in
accordance with this Agreement and the Security Documents concurrently or
individually without the necessity of any election. 

14.             
MISCELLANEOUS

14.1          
Further Assurances. Each of the parties hereto will forthwith at all
times, and from time to time, at the Borrower’s sole cost and expense, do,
execute, acknowledge and deliver, or cause to be done, executed, acknowledged and
delivered, all such further acts, deeds, documents and assurances which, in the
opinion of a Lender, acting reasonably, are necessary or advisable for the
better accomplishing and effecting of the intent of this Agreement. 

- 11 - 

14.2          
Pay Costs. The Borrower will pay all legal costs, registration fees and
other costs incurred by the Lender in connection with the preparation,
negotiation, registration and enforcement of this Agreement and the Security
Documents. 

14.3          
No Merger. None of the execution and delivery of the Security Documents,
the registration of the Security Documents and making of any advance will in any
way merge or extinguish this Agreement or the terms and conditions hereof, which
will continue in full force and effect. 

14.4          
Conflict. In the event of any inconsistency or conflict between any of
the provisions of this Agreement and any of the provisions of the Security
Documents, the provisions of this Agreement will prevail; but the omission from
this Agreement of any covenant, agreement, term, or condition contained in any
of the Security Documents will not be considered to be an inconsistency or a
conflict. 

14.5          
Assignment. Neither this Agreement nor any benefits hereunder may be
transferred, assigned or otherwise disposed of by the Borrower to any Person
without the prior written consent of the Lender. 

14.6          
Amendment. No amendment, waiver or modification of, or agreement
collateral to, this Agreement or any of the Security Documents will be
enforceable against any party hereto unless it is by a formal instrument in
writing expressed to be a modification of this Agreement or the Security
Documents, as the case may be, and executed in the same fashion as this
Agreement. 

14.7          
Enurement. All covenants and other agreements in this Agreement contained
by or on behalf of any of the parties hereto will bind and enure to the benefit
of the respective successors and assigns of the parties hereto (including,
without limitation, any transferee) whether so expressed or not; provided,
however, that the Borrower may not assign its rights or obligations hereunder to
any Person. 

14.8          
Notice. Any notice required or permitted to be given under this Agreement
will be in writing and may be given by delivering, sending by electronic
facsimile transmission or other means of electronic communication capable of
producing a printed copy, or sending by prepaid registered mail posted in
Canada, the notice to the following address or number: 

- 12 - 

	 	(a) 	
      If to the Borrower:

	 	 	 
	 		
      MAVERICK MINERALS CORPORATION

	 		
      2501 Lansdowne Avenue 
Saskatoon, SK S7J 1H3

	 	 	 
	 	(b) 	
      If to the Lender:

	 	 	 
	 		
      ART BROKERAGE, INC.

	 		
      2245 N. Green Valley Pkwy, Ste. 429 
Henderson, Nevada
      89014

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

	 	 	 
	 		
      Holland & Hart LLP,

	 		
      5441 Kietzke Lane, Second Floor, 
Reno, NV 89511,
      
Attention: David A. Garcia, 
Fax: (775) 786-6179, 
Email:
      dgarcia@hollandhart.com

(or to such other address or number as any party may specify by
notice in writing to another party). 

             
    Any notice delivered or sent by electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy on a business day will be deemed conclusively to have been
effectively given on the day the notice was delivered, or the transmission was
sent successfully to the number set out above, as the case may be. Any notice
sent by prepaid registered mail will be deemed conclusively to have been
effectively given on the third business day after posting; but if at the time of
posting or between the time of posting and the third business day thereafter
there is a strike, lockout, or other labour disturbance affecting postal
service, then the notice will not be effectively given until actually delivered.

14.9          
Headings for Convenience Only. The descriptive headings of the several
sections of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement. 

14.10         Governing
Law. This Agreement will be construed and enforced in accordance with,
and the rights of the parties will be governed by the laws of the State of
Nevada and applicable laws of the United States. The Lender and the Borrower
hereby attorn to the courts of competent jurisdiction of the State of Nevada in
any proceedings hereunder. 

14.11         Counterparts.
This Agreement may be executed simultaneously in two or more
counterparts, each of which will be deemed an original, and it will not be
necessary in making proof of this Agreement to produce or account for more than
one such counterpart. 

14.12         Independent
Covenants. All covenants hereunder will be given independent effect so that
if a particular action or condition is prohibited by any one of such covenants,
the fact that it would be permitted by an exception to, or otherwise be in
compliance within the limitations of, another covenant will not avoid the occurrence
of a Default or Event of Default if such action is taken or such condition
exists. 

- 13 - 

14.13               
Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions of this Agreement, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by law)
not invalidate or render unenforceable such provision in any other jurisdiction.

14.14               
Discharge. Upon repayment in full of the Borrower’s Indebtedness and the
cancellation by the Lender and the Borrower in writing of the Loan, the Lender
will, at the expense of the Borrower, execute and deliver to the Borrower a
release and discharge of the Security Documents. 

14.15               
Entire Agreement. This Agreement (including the Schedules hereto) and
the Security Documents constitute the entire agreement between the parties with
respect to all of the matters herein and their execution has not been induced
by, nor do any of the parties rely upon or regard as material, any
representations or writings whatever not incorporated herein or therein and made
a part hereof or thereof and may not be amended or modified in any respect
except by written instrument signed by the parties hereto. 

14.16               
Currency. Unless otherwise provided for herein, all monetary amounts
referred to herein shall refer to the lawful money of the United States. 

14.17               
Legal Representation. It is understood and agreed by the parties hereto
that Clark Wilson LLP acts only for the Borrower and that the Lender is in no
way relying upon Clark Wilson LLP for legal advice in this matter. The Lender
acknowledges that it has been advised to obtain independent legal advice in
connection with this Agreement prior to the execution and delivery hereof and
prior to the execution and delivery of any related documents. 

[signature page follows]

- 14 - 

                
     IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed and delivered by their
respective officers thereunto duly authorized on the 20 day of September,
2010. 

MAVERICK MINERALS CORPORATION 

 

Per:    /s/ Robert Kinloch    

            
Authorized Signatory 

 

ART BROKERAGE, INC. 

 

Per:   /s/ Donna Rose    

            
Authorized Signatory 

Exhibit A 

Security Agreement

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