Document:

Ex103-ThirdAmendmenttoPSA

Exhibit 10.3
THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS
THIS THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS (this “Amendment”) is entered into as of January 10, 2014 by and between The Freshwater Group, Inc., an Arizona corporation (“Buyer”), and Parkview Frisco, L.P., a Texas limited partnership (“Seller”).  
WHEREAS, Seller and Buyer previously entered into that certain Purchase and Sale Agreement (the “Purchase and Sale Agreement”) dated as of October 31, 2013 with respect to certain premises commonly known as Parkview Frisco, having a street address of 7450 Stonebrook Parkway, Frisco, Texas 75034, and more particularly described on Exhibit A to the Purchase and Sale Agreement.  
WHEREAS, Seller and Buyer mutually desire to reaffirm and amend the Purchase Agreement as provided below.  
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:  
1.All capitalized terms used and not defined herein shall have the meanings given to them in the Purchase and Sale Agreement.   
2.    Closing Date.  The first sentence of Paragraph 5(a) of the Purchase and Sale Agreement is hereby amended and restated in its entirety as follows:
“The consummation of the purchase and sale of the Property (“Closing”) shall occur on the first business day of a month following the date that is thirty (30) days after the expiration of the Due Diligence Period or such earlier date as is requested by Buyer.”
3.    Extension of Due Diligence Period.  The definition of “Due Diligence Period” (as defined in Section 2(iii) of the Purchase and Sale Agreement) shall be amended in its entirety to mean “the period beginning on the Effective Date and ending at 11:59 p.m., Dallas, Texas time on January 15, 2014” such that the Due Diligence Period shall expire at 11:59 p.m., Dallas, Texas time on January 15, 2014.  All references in the Purchase and Sale Agreement to the “expiration of the Due Diligence Period” shall be deemed to occur at 11:59 p.m., Dallas, Texas time on January 15, 2014.
4.    Except as expressly modified hereby, the Purchase and Sale Agreement is hereby ratified and shall remain in full force and effect, enforceable in accordance with its terms.  

	
			
	 
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5.    This Amendment may be executed in multiple counterparts, which taken together shall constitute one and the same instrument, and executed counterparts may be delivered via facsimile or e-mail, the parties agreeing to be bound by such delivery.  
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This Third Amendment has been executed as of the date and year first above written.

		
	BUYER:
	THE FRESHWATER GROUP, INC. 
an Arizona corporation 

By: /s/ Carl Mittendorff    
Printed Name: Carl Mittendorff
Title: Chief Investment Officer
		
	SELLER:
	PARKVIEW FRISCO, L.P., 
a Texas limited partnership

		
	By:
	ZERGA Investments, L.L.C., 
a Texas limited liability company 
Co-General Partner 

		
	By:
	/s/ Jerry Green     
Jerry Green 
Managing Member 

		
	By:
	TEXAS LAND MANAGEMENT, L.L.C., 
a Texas limited liability company 
Co-General Partner 

		
	By:
	/s/ Jim Williams, Jr.     
Jim Williams, Jr. 
PresidentEx104-FifthAmendmenttoPSA

Exhibit 10.4
FIFTH AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS
THIS FIFTH AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS (this “Amendment”) is entered into as of January 14, 2014 by and between The Freshwater Group, Inc., an Arizona corporation (“Buyer”), and Parkview Frisco, L.P., a Texas limited partnership (“Seller”).  
WHEREAS, Seller and Buyer previously entered into that certain Purchase and Sale Agreement (the “Purchase and Sale Agreement”) dated as of October 31, 2013 with respect to certain premises commonly known as Parkview Frisco, having a street address of 7450 Stonebrook Parkway, Frisco, Texas 75034, and more particularly described on Exhibit A to the Purchase and Sale Agreement.  
WHEREAS, Seller and Buyer mutually desire to reaffirm and amend the Purchase Agreement as provided below.  
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:  
1.All capitalized terms used and not defined herein shall have the meanings given to them in the Purchase and Sale Agreement.   
2.    Credit for Capital Expenditures.  The parties agree that Buyer shall receive a credit at Closing in the amount of $541,370 for capital expenditures to the Property.
3.    Except as expressly modified hereby, the Purchase and Sale Agreement is hereby ratified and shall remain in full force and effect, enforceable in accordance with its terms.  
4.    This Amendment may be executed in multiple counterparts, which taken together shall constitute one and the same instrument, and executed counterparts may be delivered via facsimile or e-mail, the parties agreeing to be bound by such delivery.  
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This Fifth Amendment has been executed as of the date and year first above written.

		
	BUYER:
	THE FRESHWATER GROUP, INC. 
an Arizona corporation 

By: /s/ Carl Mittendorff    
Printed Name: Carl Mittendorff
Title: Chief Investment Officer
		
	SELLER:
	PARKVIEW FRISCO, L.P., 
a Texas limited partnership

		
	By:
	ZERGA Investments, L.L.C., 
a Texas limited liability company 
Co-General Partner 

		
	By:
	/s/ Jerry Green     
Jerry Green 
Managing Member 

		
	By:
	TEXAS LAND MANAGEMENT, L.L.C., 
a Texas limited liability company 
Co-General Partner 

		
	By:
	/s/ Jim Williams, Jr.     
Jim Williams, Jr. 
PresidentHelicopter 
Lease Agreement
Coast Flight Academy,
LLC

 

This
Helicopter Lease Agreement
(this “Agreement”) is
made and effective
this 1st day of
January, 2014 (the "Effective
Date") by and
between General Aircraft, Inc. (“Lessor”) and Coast Flight Academy
LLC (“Lessee”). Each of Lessor and
Lessee is sometimes hereinafter referred
to as a "Party" and as collectively the
“Parties” as the context requires.

 

WHEREAS,
Lessor owns that
certain tangible personal
property commonly known
as a Robinson R44
Raven II helicopter, registry
N88IKE Serial# 10031 (the "Helicopter");

 

WHEREAS,
Lessee is in
the business of operating
and maintaining aircraft
and has the
appropriate state and federal
licenses, personnel and
facilities to operate and
maintain the Helicopter in compliance
with state and federal law;

 

WHEREAS,
Lessor wishes to
lease the Helicopter to
Lessee and Lessee
wishes to lease
the Helicopter from Lessor;

 

NOW
THEREFORE, in consideration
of the mutual covenants
and promises hereinafter
set forth, the parties
agree as follow:

 

1.                  
Grant of
Lease; Term.
Subject to the
terms and conditions
set forth herein,
Lessor grants Lessee
a leasehold interest
in the Helicopter as of the Effective
Date, through and including the sooner
of (a) December 31, 2015; (b) when the Hobbs register on the Helicopter reaches a total time of
2200 hours;
(c) upon termination of this Lease per paragraph 11, below;
or (d) upon either party terminating
the agreement by delivering to the other party one-hundred and twenty (120) days prior written
notice of termination.

 

2.                  
Condition.Lessee acknowledges
and agrees that
the Helicopter has
been delivered to Lessee
in an AIRWORTHY
CONDITION with a
current “Annual Inspection” or “100 Hour Inspection,”
as applicable, with a beginning Hobbs time of
0.0 and an airframe "Total
Time" of

.
Upon the termination
of this Agreement
for any reason,
Lessee shall return
the Helicopter
to Lessor in
the same or better condition as received, save and except only reasonable and
ordinary wear and tear.

 

3.                  
Use. Lessee
shall use the
Helicopter in a
safe and appropriate
manner and shall
comply with and conform
to all national,
state, municipal, and other laws ordinances and regulations in any way relating to the
possession, use or maintenance of the
Helicopter. Lessor understands that the Helicopter is to be used for "rental"
and "flight training", which is a high risk activity. Lessee shall be solely responsible for any damage to the Helicopter
that may be experienced during the term of this lease and must provide appropriate insurance on the Helicopter for all uses.

 

4.                  
Maintenance and
Repair. Lessee shall,
at its own
cost and expense,
repair and maintain
the Helicopter so as
to keep it
in good working order and operating
condition. In this regard, Lessee shall pay
for all inspections, routine and non-routine maintenance and all related labor.

    	 

    	 

    

 

Lessee
shall be responsible
for any damage
or repair to
the Helicopter which
is caused by
any negligence or misuse by Lessee
or its authorized users. Lessor shall be responsible only
for the cost of parts to comply with
mandatory AD’s and SB’s and the replacement of any timed components where replacement is not due to the actions of
Lessee or its authorized users.

 

5.                  
Rental Rate.
Lessee shall pay
to Lessor on
a monthly basis
at the end
of each month beginning
on February 28, 2014 a rental rate
of $200.00 per Hobbs hour,
with a minimum
of 40 hours each
month (beginning in March 2014), regardless of actual usage and regardless of the use made by Lessee of the Helicopter.
The minimum 40 hours of usage charge shall not
accrue until the Helicopter is certified for flight following its overhaul, but in no case before March 1, 2014.

 

Hobbs
usage will be
documented and provided
to Lessor by
Lessee along with
each payment within 10
days of the
end of each
month.

 

6.                  
Responsibilities &
Fees.
Lessor shall be
responsible only for
the following expenses related to
the use of the
Helicopter:

 

•       
Payment of
all debt service,
license and registration
fees;

		•	Any applicable
property taxes due
for the operation
of the Helicopter;
and

•       
Payment of
any mandatory AD’s
and SB’s and
the replacement of any timed
components where replacement is
not due to
the actions of Lessee
or its authorized
users.

 

Lessee
shall be responsible
for all other
expenses, including but
not limited to
the following:

 

		•	Hangar Parking
(the Helicopter must
be hangered when
not in use);

		•	Insurance on
the Helicopter;

		•	Fuel and regular
operating oil; and

•       
Regular Maintenance and
Repairs on the Helicopter,
including annual, 50
and 100
hour inspections.

 

7.                  
Rental Payments.
Rental payments shall
be calculated and
made on a
calendar month. Lessee shall
remit to Lessor
the gross
rental revenues for each month within ten (10 )
business days after the end of each month.
Rental payments shall be calculated by multiplying the number of Hobbs hours
used by $200.00, with a minimum of 40 hours, as provided above.Lessee will
provide monthly rental reports
with each payment showing the
Hobbs usage and calculation
of payment.

 

8.                  
Surrender. Upon
the expiration or
earlier termination of
this Agreement, Lessee
shall return the Helicopter
to Lessor in
good repair, condition and working
order and shall pay for all parts, mechanisms,
devices, or materials required to make it so at the time of surrender, keeping
the Helicopter in good mechanical working order and current in all
of its regularly scheduled inspections, ordinary wear & tear resulting from proper
use thereof excepted, by delivering the Helicopter at Lessee's cost and expense to such
place as Lessor shall specify within the city or county in which the same was delivered
to Lessee.

 

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9.                  
Insurance. Lessee
shall procure and
continuously maintain insurance
for all risk
against loss of, or
damage to, the
Helicopter, naming the Lessor and the Security Holder
on the Helicopter as loss payee, and liability
and property damage insurance with limits
as approved by Lessor, naming the Lessor and the Security Holder on the Helicopter as
additionally named insured and a loss payee. Lessee shall provide Lessor
with an original policy or certificate evidencing such insurance. Hull value for this Helicopter shall be $380,000.

 

Unless·
otherwise arranged in
advance, down payments 
for  any  required 
insurance  premiums shall be
paid upon Helicopter
acceptance into the insurance
policy. Premium refunds can only be
made at the end of the insurance policy period
in the event of
early termination of this
Agreement unless otherwise allowed by
the insurance policy.

 

10.               
Reserve for
Taxes. Lessor must supply
all corporate reporting
information, including a Federal
Tax Id or
Social Security Number,
to comply with
Federal vendor tax
reporting (1099).

 

11.               
Default. If
Lessee fails
to make rental
payments as described
herein within ten
(10) business
days after the same is due
and payable, or if, Lessee fails
to observe, keep or perform any other provision of this Agreement required to
be observed, kept
or performed by Lessee, Lessor shall
have the right to exercise any one or more
of the following remedies: (i) take possession
of the Helicopter, without demand or
notice, wherever it may be located, without
court order or other process of
law;

(ii)
terminate this Agreement.

 

12.               
Ownership and
Rights. The Helicopter
is, and shall
at all times
be and remain,
the sole and exclusive
property of the
Lessor. Lessee shall have no
right, title or interest therein or thereto except
as expressly set forth in this Agreement.

 

13.               
Entire Agreement.
This Agreement constitutes
the entire agreement
between the parties
on the subject matter
hereof and it
shall not be amended,
altered or changed except by a
further writing signed by the parties
hereto.

 

14.               
Notices. Service
of all notices
under this Agreement
shall be sufficient
if given personally or
by certified mail,
return receipt requested, postage
prepaid, at the address hereinafter
set forth, or to such address
as such party may
provide in writing from time to time or at the Parties last known
address.

 

15.               
Assignment. Lessee
shall not assign
this Agreement or
its interest in
the Helicopter without prior
written consent of
Lessor. Any such
attempted assignment shall be
null and void.

 

16.               
Force Majeure.
Non-performance of either
party shall be
excused to the
extent that performance is
rendered impossible by
strike, fire, flood,
governmental acts, orders or restrictions,
or any other reason where failure to
perform is beyond the control and
not caused by the negligence of the non-conforming party.

 

17.               
Governing Law.
This Agreement shall
be construed and
enforced according to
laws of the
State of
Nevada.

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In Witness
Whereof, the parties
hereto have executed this
Agreement as of
the day and
year first above written.

 

General Aircraft,
Inc.

Date: 1-16-2014

 

By: /s/ Ari L. Nagler

Its: President

 

Coast Flight
Academy, LLC

Date: 1-16-2014

 

By: /s/ Authorized Signatory

Its: Member Manager

 

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