Document:

Exhibit
10.1  

WHISPERING
OAKS INTERNATIONAL, INC.

(d/b/a/ BioCurex)

BRIDGE
UNIT PURCHASE AND INVESTOR SUBSCRIPTION AGREEMENT

          THIS
BRIDGE UNIT PURCHASE AND INVESTOR SUBSCRIPTION AGREEMENT (the “Agreement”) is
dated as of __________, 2009 between WHISPERING OAKS INTERNATIONAL, INC., a
Texas corporation, (the “Company”) and the person whose signature appears below
as an Investor (the “Investor” and, together with persons so executing similar
agreements, the “Investors”).

          The
Company has authorized the issuance and sale (the “Placement”) of up to 18
Units, but not fewer than 14 Units (the “Minimum Units”), each Unit consisting
of one Note of $25,000 in principal amount substantially in the form attached
to the Memorandum (as defined below) as Exhibit D (each a “Note” and,
collectively, the “Notes”); and that number of shares of common stock, par
value $.001 per share of the Company (“Common Stock”) as is equal to the
principal balance of the Note divided by $0.07 (the “Primary Equity Consideration”).
The Notes and the Primary Equity Consideration are herein referred to,
collectively, as the “Securities”. The Investor desires to purchase the number
of Units set forth on the signature page hereof, and the Company desires to
issue and sell such Units to the Investor, on the terms and conditions set
forth herein.

          The
parties therefore agree as follows:

          1.          Subscription.
The Investor, by execution of this
Agreement, subscribes for and agrees to purchase from the Company, the number
of Units set forth on the signature page hereof for a purchase price of $25,000
per Unit and the Company, by acceptance of this Agreement, agrees to issue and
sell that number of Units to the Investor, in each case subject to the terms
and conditions of this Agreement.

          2.          Scope
of Agreement; Resolution of Inconsistencies. The principal terms described in this
Agreement are amplified, and additional terms are contained in Annex A attached
hereto and incorporated herein by reference and intended to be a binding part
of this Agreement. In the event of a discrepancy between the terms set forth in
this Agreement and any provision of Annex A, the terms set forth in this
Agreement shall govern and the provisions of Annex A shall be deemed modified
to the extent necessary to cause them to be consistent with the terms hereof.

IN WITNESS
WHEREOF, this Agreement is hereby duly executed by each party

hereto as of the date first written above.

	
  

 	
  

 	
  

 
	
 INVESTOR:

 	
  

 
	
  

 	
  

 
	
 Number of Units Subscribed for: 

 	
  

 	
  

 
	
  

 	
  

 
	
 Exact name in which certificates are to be issued:

 	
  

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 
	
 Signature

 	
  

 
	
 Date:

 	
  

 	
  

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
 (Print Name of
 Investor)

 	
  

 
	
 Address:

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
 SSI/Tax ID No.

 	
  

 
	
  

 	
  

 

Acceptance Dated: ____________, 2009

WHISPERING OAKS INTERNATIONAL, INC.

	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
 Name: 

 	
  

 
	
 Title:

 	
  

 

2

WHISPERING OAKS INTERNATIONAL, INC.
(d/b/a/ BioCurex)

BRIDGE UNIT PURCHASE AND INVESTOR
SUBSCRIPTION AGREEMENT

ANNEX A

          This
Annex A sets forth additional terms applicable to the Bridge Unit Purchase and
Investor Subscription Agreement to which it is attached (the “Agreement”).
Capitalized terms used herein and not herein defined have the meanings ascribed
to them in the Agreement.

ARTICLE 1

SUBSCRIPTION

          To
solicit the Company’s acceptance of the Investor’s subscription, the Investor
should provide an executed copy of the Agreement and a certified or bank
cashier’s check in the amount of the purchase price, or concurrently with a
wire transfer of the purchase price, in either case as provided in the
Instructions attached to the Agreement as Schedule A. Funds so received will be
deposited in escrow under the terms of the Escrow Agreement attached to the
Memorandum as Exhibit E (the “Escrow Agreement”).

ARTICLE 2

CLOSING; DELIVERY; ADDITIONAL CONSIDERATION

          Section
2.1     Closing. The first
closing of the purchase and sale of the Units under the Agreement shall take
place on the second business day following acceptance by the Company of
subscriptions for not less than the Minimum Units and the satisfaction of the
other conditions described herein. Subsequent subscriptions will close promptly
following acceptance by the Company of such subscriptions at one or more
additional closings (the Closing applicable to the Agreement being referred to
as the “Closing”). The Company may reject any subscription for any reason or no
reason in its sole discretion.

          Section
2.2     Delivery of Certificates for Securities.
Subject to the terms and conditions hereof, at the Closing the Company will
deliver the Securities deliverable to the Investor against payment of the
purchase price therefor. Certificates for the Securities will be issued in the
name, and delivered by deposit thereof in overnight mail to the address of
Investor, set forth on the signature page of the Agreement unless another name
or method of delivery is agreed. It is understood that such certificates may
bear the following legend:

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 “THE
 SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
 AND HAVE NOT BEEN 

 

3

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 REGISTERED
 UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR
 APPLICABLE STATE SECURITIES LAWS (“STATE ACTS”). SUCH SECURITIES MAY NOT BE
 SOLD, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED BY THE HOLDER, EXCEPT
 UPON THE ISSUANCE TO THE COMPANY OF A FAVORABLE OPINION OF COUNSEL REASONABLY
 SATISFACTORY TO THE COMPANY, OR THE SUBMISSION TO THE COMPANY OF SUCH OTHER
 EVIDENCE AS MAY BE SATISFACTORY TO COUNSEL FOR THE COMPANY, TO THE EFFECT
 THAT ANY SUCH TRANSFER WILL NOT VIOLATE OF THE SECURITIES ACT OR ANY APPLICABLE
 STATE ACT.”

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Any other
 legend reflecting a restriction on transfer imposed or required by contract
 or applicable federal or state securities laws.

 

          Section
2.3     Additional Consideration.

          (a)     If
the Company shall not have paid entire principal and accrued interest of the
Note on or before the Maturity Date (as defined in the Note), then the Company
shall, on the day following the Maturity Date, issue to the Investor, that
number of additional shares of Common Stock (the “Additional Securities”) as is
equal to the sum of the outstanding principal balance and accrued and unpaid
interest thereon as of the Maturity Date divided by the Divisor (as defined
below).

          (b)     The
“Divisor” shall initially be $0.07; provided, however, in the event of any
change in the number of outstanding shares of Common Stock by reason of any
stock splits, reverse stock splits, stock dividends or the like, the Divisor
shall be correspondingly adjusted pro-rata (e.g., if the Company should declare
a twenty percent (20%) stock dividend the Divisor shall be decreased by 20% and
if the Company shall have done a 2 for 1 reverse stock split the Divisor shall
be increased by 100%, etc.)

ARTICLE 3

REPRESENTATIONS AND WARRANTIES

          Section
3.1     Representations and Warranties of the Company.
The Company hereby represents and warrants to the Investor as follows: 

          (a)     Placement
Memorandum. The information contained in the Private Placement
Memorandum, dated August 10, 2009, relating to this Placement (the
“Memorandum”) was true and correct in all material respects as of the date
thereof and did not omit any information required to make such information not
misleading. Since the date of the Memorandum, to the Company’s best knowledge,
no event has occurred that has caused such information, taken as a whole, not
to present a fair and accurate description of the Company’s business, financial
condition and prospects in all material respects.

4

          (b)     Authorization.
The Company’s execution and delivery of the Agreement, the Notes and the
Primary Equity Considerations and its performance of its obligations thereunder
has been duly and validly authorized by all required corporate action. The
Agreement, the Notes and the Primary Equity Consideration have been validly
executed and are legal, valid and binding obligations of the Company,
enforceable in accordance with their terms, except as such enforceability may
be limited by applicable bankruptcy, insolvency and similar laws relating to
creditors’ rights generally and by general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law).
The execution, delivery and performance of the Agreement, the Notes and the
Primary Equity Consideration by the Company did not require the consent or
approval of any other person, entity or governmental agency that has not been
obtained.

          Section
3.2     Representations and Warranties of the Investor.
The Investor represents and warrants to the Company as follows:

          (a)     Accredited
Investor Status. The Investor is an “accredited investor” within the
meaning of Securities and Exchange Commission Rule 501 of Regulation D, as
presently in effect by virtue of the reason(s) checked and initialed by the
Investor on Schedule B annexed hereto. 

          (2)     Purchase
Entirely for Own Account. The Securities and the Additional
Securities, if any, to be received by the Investor will be acquired for
investment for the Investor’s own account, not as a nominee or agent, and not
with a view to the resale or distribution of any part thereof, and that the
Investor has no present intention of selling, granting any participation in, or
otherwise distributing the same. By executing the Agreement, the Investor
further represents that it does not have any contract, undertaking, agreement
or arrangement with any person to sell, transfer or grant participations to
such person or to any third person, with respect to the Securities and the Additional
Securities, if any.

          (3)     Disclosure
of Information. The Investor has reviewed the Memorandum and all
other information it considers necessary or appropriate for deciding whether to
purchase the Units. The Investor further represents that it has had an
opportunity to ask questions and receive answers from the Company regarding the
terms and conditions of the offering of the Units and the business, properties,
prospects and financial condition of the Company and to obtain additional information
(to the extent the Company possessed such information or could acquire it
without unreasonable effort or expense) and/or conduct its own independent
investigation necessary to verify the accuracy of any information furnished to
the Investor or to which the Investor had access. 

          (4)     Investment
Experience. The Investor (i) is experienced in evaluating and
investing in private placement transactions in securities of companies similar
to the Company and has such knowledge and experience in financial or business
matters that it is capable of evaluating the merits and risks of the investment
in the Units and (ii) acknowledges that it can bear the economic risk of its
investment in the Units, including the loss of the entire investment.

5

          (5)     Restricted
Securities. The Investor understands that the Securities and the
Additional Securities, if any, are being sold pursuant to an exemption from
registration under Section 4(2) of the Securities Act of 1933, as amended (the
“Securities Act”). The Investor also understands that the Securities and the
Additional Securities, if any, may not be resold by the Investor without
registration under the Securities Act or an exemption therefrom, and that in
the absence of an effective registration statement covering the Securities or
an available exemption from registration under the Securities Act, the
Securities and the Additional Securities, if any, may be restricted from resale
in a transaction to which United States securities laws apply for an indefinite
period of time. 

          (6)     Residence.
The Investor resides, or its office primarily responsible for the purchase of
the Securities is located, at the address listed on the signature page of the
Agreement 

          (7)     Legal Counsel; Tax Counsel. The Investor has relied on the
Investor’s own legal counsel to the extent the Investor has deemed necessary as
to all legal matters and questions presented with reference to the offering and
sale of the Securities. In connection therewith, Investor acknowledges that the
Company has advised Investor that the Note has “original issue discount” that
is to be reported ratably over its life in accordance with Section 1271 et.
seq. of the Internal Revenue Code. Investor further acknowledges that the
Company has advised Investor that such allocation is not binding on the
Internal Revenue Service which may take the position that the portion of the
Purchase Price to be allocated to the Note should be less, thereby increasing
the amount of interest income to be recognized by the Investor. The Investor
represents to the Company that Investor has relied on the Investor’s own tax
counsel as to all tax matters with respect to the purchase of its Securities,
including without limitation the application of Internal Revenue Code Sections
1271 et. seq., regarding “original issue discount” on the Note.

          (8)     Company
Reliance. The Investor understands that the Agreement is made with
the Investor in reliance upon the Investor’s representations to the Company, as
set forth above.

ARTICLE 4

CONDITIONS TO CLOSING

          Section
4.1     Conditions to Company’s Obligations.
Except or may be waived in writing by the Company, all of the obligations of
the Company under the Agreement are subject to the fulfillment, prior to or at
the Closing of each of the following conditions:

                    (a)         Satisfaction
of Minimum Offering. Not fewer than the Minimum Units shall either
have been sold or shall be subject to subscriptions for which the full purchase
price shall have been deposited in escrow and that shall have been accepted by
the Company.

6

                    (b)         Representations
and Warranties True. The representations and warranties of each
Investor in the Agreement and similar agreements executed by other Investors
shall be true and correct in all material respects as of the Closing.

                    (c)         Loan
Modification Agreement. The Company and its secured lender shall
have entered into a loan modification agreement on terms acceptable to the
Placement Agent.

          Section
4.2     Conditions to the Investor’s Obligations.
Except as may be waived in writing by the Investor, all of the obligations of
the Investor under the Agreement are subject to the fulfillment, prior to or at
the Closing, of each of the following conditions:

                    (a)         Satisfaction
of Minimum Offering. Not fewer than the Minimum Units shall have
been sold or shall be subject to subscriptions for which the full purchase price
shall have been deposited in escrow and that shall have been accepted by the
Company.

                    (b)         Representations
and Warranties True. The representations and warranties of the
Company in the Agreement shall be true and correct in all material respects as
of the Closing.

                    (c)         Legal
Opinion. The Investor shall have received a legal opinion, dated the
date of the Closing, from counsel to the Company to the effect that this
Agreement, the Notes and the Primary Equity Consideration have been validly
executed and are legal, valid and binding obligations of the Company,
enforceable in accordance with their terms,

                    (d)         Loan
Modification Agreement. The Company and its secured lender shall have
entered into a loan modification agreement on terms acceptable to the Placement
Agent. 

ARTICLE 5

SURVIVAL OF REPRESENTATIONS AND WARRANTIES:

          Section
5.1     The representations
and warranties of the Company and the Investor herein shall survive the Closing
until the expiration of all applicable statutes of limitation.

ARTICLE 6

MISCELLANEOUS

          Section
6.1     Amendment. The
Agreement may be amended only by a written document executed by the parties
hereto.

7

          Section
6.2     Counterparts and Facsimile Signatures.
The Agreement may be executed in any number of counterparts and signature pages
may be delivered by electronic transmission; each such counterpart or signature
page shall be deemed to be an original.

          Section
6.3     Assignment. Neither
the Agreement nor any right created hereby shall be assignable by the Company,
the Investor (or any permitted assignee of the Company or the Investor) without
the prior written consent of the other party, except that the Agreement may be
assigned (i) by the Investor to (a) an entity that wholly owns, is wholly owned
by or is wholly under common ownership with the Investor or any permitted
assignee of the Investor; (b) a trust for the benefit of the Investor or his or
her immediate family members; or (c) by will or the laws of descent and
distribution; or (ii) by the Company to the successor in interest to all
or substantially all of its business. Any attempt to assign any right under the
Agreement in violation of this Section 6.3 shall be void. Nothing in the
Agreement, express or implied, is intended to confer upon any person, other
than the parties hereto and their respective permitted successors, permitted
assigns, heirs, executors, administrators, or personal representatives, any
rights or remedies under or by reason of the Agreement.

          Section
6.4     Entire Agreement.
Except as provided to the contrary herein, the Agreement and the other
agreements, instruments and documents contemplated hereby contain the full and
entire understanding and agreement between the parties with regard to the
subject hereof and supersede all prior agreements and understandings of the
parties with regard to such matters. Neither party shall be liable or bound to
the other in any manner by any representations, warranties, covenants or
agreements except as specifically set forth herein or therein.

          Section
6.5     Governing Law; Submission to Jurisdiction.
The Agreement shall be governed by and enforced pursuant to the laws of the State
of Texas. The parties to the Agreement hereby irrevocably submit to the
exclusive jurisdiction of any federal or state court located within the State
of Texas over any dispute relating to the terms of the Agreement and each party
hereby irrevocably agrees that all claims in respect of such dispute or any
suit, action or proceeding related thereto may be heard and determined in such
courts. The parties hereby irrevocably waive, to the fullest extent permitted
by applicable law, any objection that they may now or hereafter have to the
laying of venue of any such dispute brought in such court or any defense of
inconvenient forum for the maintenance of such dispute. Each of the parties
hereto agrees that a judgment in any such dispute may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.

          Section
6.6     Severability. In case
any provision of the Agreement shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby unless, as a result of the selective
enforcement of such remaining provisions a party hereto would fail to realize a
benefit that was a fundamental part of the reason for such party to have
entered into the Agreement.

8

          Section
6.7     Notices. Except as
otherwise specifically provided herein, all notices and other communications
required or permitted under the Agreement must be in writing and may be given
by personal or customary form of electronic delivery or U.S. mail, or confirmed
facsimile. If given by mail, such notice must be sent by registered or
certified mail, postage prepaid, mailed to the party at the respective address
set forth below, and shall be effective only if and when received by the party
to be notified. For purposes of notice, the addresses of the parties shall,
until changed as hereinafter provided, be as follows:

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (1)

 	
 If to the
 Company:

 	
 BioCurex

 7080 River Road, Suite 215

 Richmond, British Columbia V6X 1X5

 Attn: Dr. Ricardo Moro, President

 
	
  

 	
  

 	
  

 
	
  

 	
 (2)

 	
 If to the
 Investor to the address set forth on the signature page of the Agreement,

 

or at such
other address or facsimile number as any party may have advised the other by
notice.

          Section
6.8     Attorney Fees. If any
action at law or in equity, including an action for declaratory relief, is
brought to enforce or interpret the provisions of the Agreement, the prevailing
party shall be entitled to recover reasonable attorney fees from the other party
or parties, which fees shall be in addition to any other relief which may be
awarded.

          Section
6.9     Indemnification by the Company.
The Company agrees to indemnify and hold the Investor harmless against any
loss, liability, damage or expense (including reasonable attorney fees and
costs) which the Investor may suffer, sustain or become subject to as a result
of or in connection with the breach by the Company of any representation,
warranty, covenant or agreements of the Company contained in the Agreement

          Section
6.10   Indemnification by the Investor.
The Investor agrees to indemnify and hold the Company harmless against any
loss, liability, damage or expense (including reasonable attorney fees and
costs) which the Company may suffer, sustain or become subject to as a result
of or in connection with the breach by the Investor of any representation,
warranty, covenant or agreements of the Investor contained in the Agreement.

9

SCHEDULE A

	
  

 	
  

 	
  

 	
  

 
	
 1.

 	
 CHECKS SHOULD BE MADE PAYABLE TO :

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Paulson – BioCurex Escrow
c/o The Bank of New York Mellon Trust
 Company N.A.

 
	
  

 	
  

 
	
 2.

 	
 CHECKS AND EXECUTED DOCUMENTS SHOULD BE MAILED TO:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 The Bank of
 New York Mellon Trust Company, N.A. 

 Corporate Trust Washington, 

 601 Union Street, Suite 520, 

 Seattle, WA 98101-2321 

 Attn: Kathy Graves, Vice President

 
	
  

 	
  

 
	
 3.

 	
 IF YOU ARE WIRING FUNDS:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Executed
 documents should be sent to above address and funds should be wired as
 follows:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 The Bank of
 New York

 ABA: 021000018

 Account: GLA: 111-565

 FBO: TAS # 440884

 REF: Paulson/BioCurex Escrow

 ATTN: Kathy Graves (206) 667-8910

 

10

Schedule B

          Please
initial below the items which apply to your status as an Accredited Investor.

	
  

 	
  

 	
  

 
	
 _____________

 	
  

 	
 An
 individual having a net worth with spouse (excluding automobiles, principal
 residence and furnishings) at the time of purchase, individually or jointly,
 in excess of $1,000,000.

 
	
  

 	
  

 	
  

 
	
 _____________

 	
  

 	
 An
 individual whose individual net income was in excess of $200,000 in each of
 the two most recent years, or whose joint net income with his or her spouse
 was in excess of $300,000 in each of those years, and who reasonably expects
 his individual or joint net income with such investor’s spouse to reach such
 level(s) in the current year.

 
	
  

 	
  

 	
  

 
	
 _____________

 	
  

 	
 A
 corporation or partnership, not formed for the specific purpose of acquiring
 the Note, having total assets in excess of $5,000,000.

 
	
  

 	
  

 	
  

 
	
 _____________

 	
  

 	
 A small
 Business Investment Company licensed by the U.S. Small Business
 Administration under Section 301(c) or (d) of the Small Business Investment
 Act of 1958.

 
	
  

 	
  

 	
  

 
	
 _____________

 	
  

 	
 A
 self-directed employee benefit plan within the meaning of ERISA, with
 investment decisions made solely by persons who are accredited investors as
 defined in Rule 501(a) of Regulation D.

 
	
  

 	
  

 	
  

 
	
 _____________

 	
  

 	
 A trust with
 total assets in excess of $5,000,000 not formed for the specific purpose of
 acquiring the Note, whose purchase is directed by a sophisticated person
 (i.e., a person who has such knowledge and experience in financial and
 business matters that he, she or it is capable of evaluating the merits and
 risks of an investment in the Note).

 
	
  

 	
  

 	
  

 
	
_____________

 	
  

 	
 An entity in
 which all of the equity owners are accredited investors.

 

11Exhibit 10.2 

	
  

 	
  

 	
  

 
	
  

 	
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
 AS AMENDED (THE “SECURITIES ACT”), NOR UNDER ANY STATE SECURITIES LAW AND MAY
 NOT BE SOLD, PLEDGED, OFFERED FOR SALE, ASSIGNED OR TRANSFERRED UNLESS (A) A
 REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES
 ACT, AND ANY APPLICABLE STATE SECURITIES LAW REQUIREMENTS HAVE BEEN MET OR
 (B) EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT
 AND THE REGISTRATION OR QUALIFICATION REQUIREMENTS OF APPLICABLE STATE
 SECURITIES LAWS ARE AVAILABLE.

 	
  

 

PROMISSORY NOTE

	
  

 	
  

 
	
 $ ________

 	
 __________, 2009           

 
	
  

 	
 New York, New York      

 

          FOR
VALUE RECEIVED, Whispering Oaks International, Inc., a
Texas corporation (the “Company”), promises to pay to the order of
________________________________ (“Holder”), at the offices of Morse, Zelnick,
Rose & Lander LLP, 405 Park Avenue, Suite 1401, New York, New York 10022,
on the earlier of (a) the date on which the Company shall have sold any shares
of its capital stock and shall have received therefor gross proceeds of at
least $3 million, or (b) August 31, 2010 (the “Maturity Date”), the principal
sum of ____________ DOLLARS (US$__________) with interest thereon at the rate
of ten percent (10%) per annum. Any amounts that remain unpaid after the
Maturity Date shall thereafter bear interest at the rate of twelve percent
(12%) per annum.

          Interest
as aforesaid shall be calculated on the basis of actual number of days elapsed
over a year of 365 days.

          If this
Promissory Note (the “Note”), or any payment hereunder, falls due on a
Saturday, Sunday or a day that is a public holiday in the State of New York,
this Note, or such payment hereunder, shall be made on the next succeeding
business day and such additional time shall be included in the computation of
any interest payable hereunder.

          This Note
is issued pursuant to that certain Bridge Unit Purchase and Investor
Subscription Agreement, dated as of ______________, 2009, by and between Holder
and the Company (the “Agreement”). Capitalized terms used herein and not
otherwise defined have the meanings ascribed to them in the Agreement.

          The Company
may at its option prepay all or part (in multiples of $10,000 or covering the
unpaid balance on the Note) of the unpaid principal amount of this Note and
accrued interest thereon.

          UPON THE
OCCURRENCE OF AN EVENT OF DEFAULT (AS DEFINED BELOW), THEN, AND IN ANY SUCH
EVENT, HOLDER, BY WRITTEN NOTICE TO THE COMPANY, MAY DECLARE THE ENTIRE BALANCE
OF THE UNPAID PRINCIPAL OF AND ACCRUED INTEREST ON THIS NOTE TO BE DUE,
WHEREUPON THE SAME AND ANY OTHER AMOUNTS DUE HEREUNDER SHALL IMMEDIATELY BECOME
DUE AND PAYABLE WITHOUT PRESENTATION, DEMAND, PROTEST OR OTHER NOTICE OF ANY
KIND, ALL OF WHICH ARE HEREBY EXPRESSLY WAIVED BY THE COMPANY.

          An
“event of default” shall have occurred if:

	
  

 	
  

 
	
 (a)

 	
 The Company
 fails to make any payment hereunder when due, which failure has not been
 cured within 15 days following such failure.

 

	
  

 	
  

 
	
 (b)

 	
 Any representation
 or warranty made by the Company in the Agreement shall be untrue in any
 material respect. 

 
	
  

 	
  

 
	
 (c)

 	
 The Company
 files a petition to take advantage of any insolvency act; makes an assignment
 for the benefit of its creditors; commences a proceeding for the appointment
 of a receiver, trustee, liquidator or conservator of itself of a whole or any
 substantial part of its property; files a petition or answer seeking
 reorganization or arrangement or similar relief under the federal bankruptcy
 laws or any other applicable law or statute of the United States of America
 or any state.

 
	
  

 	
  

 
	
 (d)

 	
 A court of
 competent jurisdiction enters an order, judgment or decree appointing a
 custodian, receiver, trustee, liquidator or conservator of the Company or of
 the whole or any substantial part of its properties, or approves a petition
 filed against the Company seeking reorganization or arrangement or similar
 relief under the federal bankruptcy laws or any other applicable law or
 statute of the Untied States of America or any state; or if, under the
 provisions of any other law for the relief or aid of the Company, a court of
 competent jurisdiction assumes custody or control of the Company or of the
 whole or any substantial part of its properties; or there is commenced against
 the Company any proceeding for any of the foregoing relief and such
 proceeding or petition remains undismissed for a period of 30 days; or if
 the Company by any act indicates its consent to or approval of any such
 proceeding or petition.

 
	
  

 	
  

 
	
 (e)

 	
 If (i) any
 judgment remaining unpaid, unstayed or undismissed for a period of 60 days is
 rendered against the Company which by itself or together with all other such
 judgments rendered against the Company remaining unpaid, unstayed or
 undismissed for a period of 60 days, is in excess of $500,000, or (ii) there
 is any attachment or execution against the Company’s properties remaining
 unstayed or undismissed for a period of 60 days which by itself or together
 with all other attachments and executions against the Company’s properties
 remaining unstayed or undismissed for a period of 60 days is for an amount in
 excess of $500,000.

 

          The Company
hereby waives presentment, demand, protest, notice of dishonor, diligence and
all other notices, any release or discharge arising from any extension of time,
discharge of a prior party, or other cause of release or discharge other than
actual payment in full hereon.

          Holder
shall not be deemed, by any act or omission, to have waived any of its rights
or remedies hereunder unless such waiver is in writing and signed by Holder and
then only to the extent specifically set forth in such writing. A waiver with
reference to one event shall not be construed as continuing or as a bar to or
waiver of any right or remedy as to a subsequent event. No delay or omission of
Holder to exercise any right, whether before or after a default hereunder,
shall impair any such right or shall be construed to be a waiver of any right
or default, and the acceptance at any time by Holder of any past-due amount
shall not be deemed to be a waiver of the right to require prompt payment when
due of any other amounts then or thereafter due and payable. Notwithstanding
the foregoing, any provision of this Note may be waived or amended upon the written
consent of the Company and the consent of the Holder.

          The
remedies of Holder as provided herein, or any one or more of them, or in law or
in equity, shall be cumulative and concurrent, and may be pursued singularly,
successively or together at Holder’s sole discretion, and may be exercised as
often as occasion therefor shall occur.

          It is
expressly agreed that if this Note is referred to an attorney or if suit is
brought to collect or interpret this Note or any part hereof or to enforce or
protect any rights conferred upon Holder by this Note or any other document
evidencing this Note, then the Company promises and agrees to pay all costs,
including reasonable attorneys’ fees, incurred by Holder.

          If any
provision of this Note would require the Company to pay interest hereon at a
rate exceeding the highest rate allowed by applicable law, the Company shall
instead pay interest under this Note at the highest rate permitted by
applicable law.

          This Note
shall be governed by and enforced pursuant to the laws of the State of New
York.

          The Company
irrevocably submits to the exclusive jurisdiction of any federal or state court
located within the State of New York over any dispute relating to the terms of
the Agreement and the Company hereby irrevocably agrees that all claims in
respect of such dispute or any suit, action or proceeding related thereto may
be heard and determined in such courts. The Company hereby irrevocably waives,
to the fullest extent permitted by applicable law, any objection that they may
now or hereafter have to the laying of venue of any such dispute brought in
such court or any defense of inconvenient forum for the maintenance of such
dispute. The Company hereto agrees that a judgment in any such dispute may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.

          IN WITNESS
WHEREOF, the Company has executed this Promissory Note as of the date first
above written.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 WHISPERING
 OAKS INTERNATIONAL, INC.

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Name:

 
	
  

 	
 Title:   President
 & CEO

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