Document:

Exhibit 10.1

    Exhibit
      10.1

    $250,000.00Dated:
      October 5, 2006

     

    PROMISSORY
      NOTE

    

    FOR
      VALUE RECEIVED,
      NEXIA
      HOLDINGS, INC., a Nevada corporation (hereinafter known as “Maker”) promises to
      pay to Michael Clark, an individual resident of the State of Utah ("Holder"),
      or
      order, Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00).

    

    1. Payments.
      The
      principal on the obligation represented hereby shall be paid to the Holder
      in a
      single payment, due on the 15th
      day of
      February, 2007 of all principal and all interest then accrued, if such amounts
      have not been paid prior to that date, all obligations due under this Note,
      including interest and principal, shall be paid in full on or before February
      15, 2007. Maker further agrees to make an immediate payment as a fee for the
      making of the loan represented by this note in the amount of $7,500 to the
      Holder, which payment shall not be treated as a reduction of principal or
      interest.

    

    2. Interest.
      The
      obligation shall bear simple interest which is included in the required
      payments, as set forth above, shall be at the rate of 20% per annum, which
      shall
      be included in the payment due on the 15th
      day of
      February, 2007.

    

    3. Type
      and Place of Payments.
      Payments
      of principal and interest shall be made in lawful money of the United States
      of
      America to the above-named Holder at  ,
      or
      order.

    

    4. Prepayment.
      Advance
      payment or payments may be made on the principal and interest. 

    

    5. Default.
      Upon the
      occurrence or during the continuance of any one or more of the events
      hereinafter enumerated, Holder or the holder of this Note may forthwith or
      at
      any time thereafter during the continuance of any such event, by notice in
      writing to the Maker, declare the unpaid balance of the principal and interest
      on the Note to be immediately due and payable, and the principal and interest
      shall become and shall be immediately due and payable without presentation,
      demand, protest, notice of protest, or other notice of dishonor, all of which
      are hereby expressly waived by Maker, such events being as follows:

    

    (a) Default
      in the payment of the principal and interest of this Note or any portion thereof
      when the same shall become due and payable, whether at maturity as herein
      expressed, by acceleration, or otherwise, unless cured within five (5) days
      after notice thereof by Holder or the holder of such Note to Maker.

    

    (b) Maker
      shall file a voluntary petition in bankruptcy or a voluntary petition seeking
      reorganization, or shall file an answer admitting the jurisdiction of the court
      and any material allegations of an involuntary petition filed pursuant to any
      act of Congress relating to bankruptcy or to any act purporting to be amendatory
      thereof, or shall be adjudicated bankrupt, or shall make an assignment for
      the
      benefit of creditors, or shall apply for or consent to the appointment of any
      receiver or trustee for Maker, or of all or any substantial portion of its
      property, or Maker shall make an assignment to an agent authorized to liquidate
      any substantial part of its assets; or

    

    (c) An
      order
      shall be entered pursuant to any act of Congress relating to bankruptcy or
      to
      any act purporting to be amendatory thereof approving an involuntary petition
      seeking reorganization of the Maker, or an order of any court shall be entered
      appointing any receiver or trustee of or for Maker, or any receiver or trustee
      of all or any substantial portion of the property of Maker, or a writ or warrant
      of attachment or any similar process shall be issued by any court against all
      or
      any substantial portion of the property of Maker, and such order approving
      a
      petition seeking reorganization or appointing a receiver or trustee is not
      vacated or stayed, or such writ, warrant of attachment, or similar process
      is
      not released or bonded within 60 days after its entry or levy. 

    

    6. Attorneys'
      Fees.
      If this
      Note is placed with an attorney for collection, or if suit be instituted for
      collection, or if any other remedy permitted by law is pursued by Holder,
      because of any default in the terms and conditions herein, then in such event,
      the undersigned agrees to pay reasonable attorneys' fees, costs, and other
      expenses incurred by Holder in so doing.

    

          7.
      Construction.
      This
      Note shall be governed by and construed in accordance with the laws of the
      State
      of Utah.

    

         
8.
      Security.
      The
      payment of this note shall be specifically secured by up to $500,000 of the
      Series C Preferred Stock of Nexia Holdings, Inc., the availability of such
      stock
      for issuance to the Holder in the event of any default in payment shall be
      guaranteed by the Maker until full payment of this Note has been received by
      the
      Holder.

    

    9. Conversion.
      Holder
      shall have the right upon three days written notice to convert any portion
      of
      the obligation represented by this note into common or preferred shares of
      Nexia
      Holdings, Inc. as are then available for issuance. Conversion provided for
      by
      this note shall be at the average market price for the common stock as reported
      from the date of notice to the date of conversion, at which time the number
      of
      shares represented by the stated conversion amount as of the date elected to
      be
      converted shall be calculated and notice given by Nexia to the Holder and such
      shares when issued shall constitute accepted payment in the amount stated in
      the
      written notice to convert.

    

    

    Nexia
      Holdings, Inc.

    

    /s/
      Richard Surber .

    By:
      Richard Surber, PresidentExhibit10.2

    ASSET
      PURCHASE AGREEMENT

    

    This
      Asset Purchase Agreement ("Agreement") is entered into this 15th
      day of
      August 2006 (ASigning
      Date@)
      by and
      between Gold Fusion Laboratories, Inc. ("Buyer"), a Nevada corporation with
      a
      mailing address of 59 West 100 South, Second Floor, Salt Lake City, Utah 84101,
      and Diversified Holdings X, Inc., a corporation (hereinafter "DHX"), with a
      business address of 59 West 100 South, Second Floor, Salt Lake City, Utah
      84101.

    

    WHEREAS,
      Buyer
      desires to acquire from DHX its one hundred percent (100%) ownership interest
      in
      the assets, inventory and receivables of the fashion operations of Diversified
      Holdings X, Inc. that currently owns and operates the Black Chandelier clothing
      operations (the “BC Interest” as more fully set forth in Exhibit “A” hereto) in
      exchange for a promissory note in the sum of Three Hundred Thousand dollars
      ($300,000), bearing interest at the rate of twenty four percent (24%) per annum,
      secured by the stock ownership of Gold Fusion Laboratories, Inc. and Seventy
      Thousand (70,000) shares of the Class A Preferred Stock of Nexia Holdings,
      Inc.

    

    NOW,
      THEREFORE
      with the
      above being incorporated into and made a part hereof for the mutual
      consideration set out herein and, the receipt and sufficiency of which is hereby
      acknowledged, the parties agree as follows:

    

    1. Exchange.
      DHX
      will transfer the BC Interest to Buyer and Buyer will deliver to DHX the above
      set forth promissory note in the face amount of Three Hundred Thousand dollars
      ($300,000) made payable to DHX and Seventy Thousand (70,000) shares of Class
      A
      Preferred Stock of Nexia Holdings, Inc. on or before September 30,
      2006.

    

    2. Termination.
      This
      Agreement may be terminated at any time prior to the Closing Date:

    

    A. By
      Buyer or DHX:

    

    (1) If
      there
      shall be any actual or threatened action or proceeding by or before any court
      or
      any other governmental body which shall seek to restrain, prohibit, or
      invalidate the transactions contemplated by this Agreement and which, in the
      judgment of Nexia=s
      Board
      of Directors or Buyer or DHX and made in good faith and based upon the advice
      of
      legal counsel, makes it inadvisable to proceed with the transactions
      contemplated by this Agreement; or

    

    (2) If
      the
      Closing shall have not occurred prior to September 30, 2006, or such later
      date
      as shall have been approved by parties hereto, other than for reasons set forth
      herein.

    

    B. By
      Buyer:

    

    (1) If
      DHX
      shall fail to comply in any material respect with any of his covenants or
      agreements contained in this Agreement or if any of the representation or
      warranties of DHX contained herein shall be inaccurate in any material respect;
      or

    

    C. By
      DHX:

    

    (1) If
      Buyer
      shall fail to comply in any material respect with any of its covenants or
      agreements contained in this Agreement or if any of the representation or
      warranties of Buyer contained herein shall be inaccurate in any material
      respect;

    

    In
      the
      event this Agreement is terminated pursuant to this Paragraph, this Agreement
      shall be of no further force or effect, no obligation, right, or liability
      shall
      arise hereunder, and each party shall bear its own costs as well as the legal,
      accounting, printing, and other costs incurred in connection with negotiation,
      preparation and execution of the Agreement and the transactions herein
      contemplated.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    3. Representations
      and Warranties of DHX.
      DHX
      hereby represents and warrants that effective this date and the Closing Date,
      the representations and warranties listed below are true and
      correct:

    

    
      	 	
              A.

            	
              Legal
                Authority.
                DHX has the full legal power and authority to enter into this Agreement
                and to carry out the transactions contemplated by this Agreement
                and will
                obtain any necessary consents required to complete the
                transaction.

            

    

    

    
      	 	
              B.

            	
              No
                Conflict With Other Instruments.
                The execution of this Agreement will not violate or breach any document,
                instrument, agreement, contract, or commitment material to the business
                of
                DHX to which DHX is a party and has been duly authorized by all
                appropriated and necessary action.

            

    

    

    
      	 	
              C.

            	
              Deliverance
                of BC Interest.
                As of the Closing Date, the BC Interest to be delivered to Buyer
                will
                constitute valid and legally issued ownership rights in all assets,
                inventory and receivables of Black Chandelier, fully paid and
                non-assessable.

            

    

    

    4. Representations
      and Warranties of Buyer.
      Buyer
      hereby represents and warrants that, effective this date and the Closing Date,
      the representations and warranties listed below are true and
      correct.

    

    
      	 	
              A.

            	
              Legal
                Authority.
                Buyer has the full legal power and authority to enter into this Agreement
                and to carry out the transactions contemplated by this
                Agreement.

            

    

    

    
      	 	
              B.

            	
              No
                Conflict With Other Instruments.
                The execution of this Agreement will not violate or breach any document,
                instrument, agreement, contract, or commitment material to the business
                of
                Buyer to which Buyer is a party and has been duly authorized by all
                appropriated and necessary action.

            

    

    

    
      	 	
              C.

            	
              Deliverance
                of Shares.
                As of the Closing Date, the provided for compensation to DHX will
                be
                delivered to it.

            

    

     

    5. Closing.
      The
      Closing as herein referred to shall occur upon such date as the parties hereto
      may mutually agree upon, but is expected to be on or before September 30,
      2006.

    

    6. Conditions
      Precedent of DHX to Effect Closing.
      All
      obligations of DHX under this Agreement are subject to fulfillment prior to
      or
      as of the Closing Date, of each of the following conditions:

     

    
      	 	
              A.

            	
              The
                representations and warranties by or on behalf of Buyer contained
                in this
                Agreement or in any certificate or documents delivered to DHX pursuant
                to
                the provisions hereof shall be true in all material respects at and
                as of
                the time of Closing as though such representations and warranties
                were
                made at and as of such time.

            

    

    

    	B.  	
            Buyer
              shall have performed and complied with all covenants, agreements and
              conditions required by this Agreement to be performed or complied with
              by
              Buyer prior to or at the Closing.

          

    

    	C.  	
            All
              instruments and documents delivered to DHX pursuant to the provisions
              hereof shall be reasonably satisfactory to DHX=s
              legal counsel.

          

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    7. Conditions
      Precedent of Buyer to Effect Closing.
      All
      obligations of Buyer under this Agreement are subject to fulfillment prior
      to or
      as of the date of Closing, of each of the following conditions:

     

    
      	 	
              A.

            	
              The
                representations and warranties by or on behalf of DHX contained in
                this
                Agreement or in any certificate or documents delivered to Buyer pursuant
                to the provisions hereof shall be true in all material respects at
                and as
                of the time of Closing as though such representations and warranties
                were
                made at and as of such time.

            

    

    

    
      	 	
              B.

            	
              DHX
                shall have performed and complied with all covenants, agreements
                and
                conditions required by this Agreement to be performed or complied
                with by
                him prior to or at the Closing.

            

    

    

    
      	 	
              C.

            	
              All
                instruments and documents delivered to Buyer pursuant to the provisions
                hereof shall be reasonably satisfactory to Buyer=s
                legal counsel.

            

    

    

    8. Damages
      and Limit of Liability.
      Each
      party shall be liable, for any material breach of the representations,
      warranties, and covenants contained herein which results in a failure to perform
      any obligation under this Agreement, only to the extent of the expenses incurred
      in connection with such breach or failure to perform Agreement.

    

    9. Nature
      and Survival of Representations and Warranties.
      All
      representations, warranties and covenants made by any party in this Agreement
      shall survive the Closing hereunder. All of the parties hereto are executing
      and
      carrying out the provisions of this Agreement in reliance solely on the
      representations, warranties and covenants and agreements contained in this
      Agreement or at the Closing of the transactions herein provided for and not
      upon
      any investigation which it might have made or any representations, warranty,
      agreement, promise, or information, written or oral, made by the other party
      or
      any other person other than as specifically set forth herein.

    10. Indemnification
      Procedures.
      If any
      claim is made by a party which would give rise to a right of indemnification
      under this paragraph, the party seeking indemnification (Indemnified Party)
      will
      promptly cause notice thereof to be delivered to the party from whom is sought
      (Indemnifying Party). The Indemnified Party will permit the Indemnifying Party
      to assume the defense of any such claim or any litigation resulting from the
      claims. Counsel for the Indemnifying Party which will conduct the defense must
      be approved by the Indemnified Party (whose approval will not be unreasonably
      withheld), and the Indemnified Party may participate in such defense at the
      expense of the Indemnified Party. The indemnifying Party will not in the defense
      of any such claim or litigation, consent to entry of any judgment or enter
      into
      any settlement without the written consent of the Indemnified Party (which
      consent will not be unreasonably withheld). The Indemnified Party will not,
      in
      connection with any such claim or litigation, consent to entry of any judgment
      or enter into any settlement without the written consent of the Indemnifying
      Party (which consent will not be unreasonably withheld). The Indemnified Party
      will cooperate fully with the Indemnifying Party and make available to the
      Indemnifying Party all pertinent information under its control relating to
      any
      such claim or litigation. If the Indemnifying Party refuses or fails to conduct
      the defense as required in this Section, then the Indemnified Party may conduct
      such defense at the expense of the Indemnifying Party and the approval of the
      Indemnifying Party will not be required for any settlement or consent or entry
      of judgment.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    11. Default
      at Closing.
      

    

    
      	 	
              A.

            	
              By
                DHX:

            

    

    

    
      	 	
              (1)

            	
              Notwithstanding
                the provisions hereof, if DHX shall fail or refuse to deliver any
                of the
                BC Interest, or shall fail or refuse to consummate the transaction
                described in this Agreement prior to the Closing Date, such failure
                or
                refusal shall constitute a default by DHX and Buyer at its option
                and
                without prejudice to its rights against such defaulting party, may
                either
                (a) invoke any equitable remedies to enforce performance hereunder
                including, without limitation, an action or suit for specific performance,
                or (b) terminate all of its obligations hereunder with respect to
                DHX.

            

    

    

    
      	 	
              B.

            	
              By
                Buyer:

            

    

    

    
      	 	
              (1)

            	
              Notwithstanding
                the provisions hereof, if Buyer shall fail or refuse to deliver any
                of the
                promised consideration, or shall fail or refuse to consummate the
                transaction described in this Agreement prior to the Closing Date,
                such
                failure or refusal shall constitute a default by Buyer and DHX at
                its
                option and without prejudice to its rights against such defaulting
                party,
                may either (a) invoke any equitable remedies to enforce performance
                hereunder including, without limitation, an action or suit for specific
                performance, or (b) terminate all of its obligations hereunder with
                respect to Buyer.

            

    

    

    12. Costs
      and Expenses.
      Buyer
      and DHX shall bear their own costs and expenses in the proposed exchange and
      transfer described in this Agreement. Buyer and DHX have been represented by
      their own attorney in this transaction, and shall each pay the fees of its
      attorney, except as may be expressly set forth herein to the
      contrary.

    

    13. Notices.
      Any
      notice under this Agreement shall be deemed to have been sufficiently given
      if
      sent by registered or certified mail, postage prepaid, addressed as
      follows:

    

    To
      DHX:                      
DHX    To
      Buyer: Gold
      Fusion Laboratories, Inc. 

    59
      West
      100 South     59
      West
      100 South

    Second
      Floor   
Second
      Floor

    Salt
      Lake
      City, UT 84101    Salt
      Lake
      City, UT 84101

    Telephone:
      (801) 575-8073  Telephone:
      ( 801) 575-8073 

    Telefax:
      (801)
      575-8092              
Telefax:
      (801) 575-8092 

    

    14. Miscellaneous.

    

    A. Further
      Assurances.
      At any
      time and from time to time, after the effective date, each party will execute
      such additional instruments and take such action as may be reasonably requested
      by the other party to confirm or perfect title to any property transferred
      hereunder or otherwise to carry out the intent and purposes of this
      Agreement.

    

    B. Waiver.
      Any
      failure on the part of any party hereto to comply with any of its obligations,
      agreements, or conditions hereunder may be waived in writing by the party to
      whom such compliance is owed.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    C. Headings.
      The
      section and subsection headings in this Agreement are inserted for convenience
      only and shall not affect in any way the meaning or interpretation of this
      Agreement.

    

    D. Counterparts.
      This
      Agreement may be executed simultaneously in two or more counterparts, each
      of
      which shall be deemed an original, but all of which together shall constitute
      one and the same instrument.

    

    E. Governing
      Law.
      This
      Agreement was negotiated and is being contracted for in the State of Utah,
      and
      shall be governed by the laws of the State of Utah, notwithstanding any
      conflict-of-law provision to the contrary. 

    

    F. Binding
      Effect.
      This
      Agreement shall be binding upon the parties hereto and inure to the benefit
      of
      the parties their respective heirs, administrators, executors, successors,
      and
      assigns.

    

    G. Entire
      Agreement.
      The
      Agreement contains the entire agreement between the parties hereto and
      supersedes any and all prior agreements, arrangements or understandings between
      the parties relating to the subject matter hereof. No oral understandings,
      statements, promises or inducements contrary to the terms of this Agreement
      exist. No representations, warranties covenants, or conditions express or
      implied, other than as set forth here, have been made by any party.

    

    H. Severability.
      If any
      part of this Agreement is deemed to be unenforceable the balance of the
      Agreement shall remain in full force and effect.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

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

    

    

    GOLD
      FUSION LABORATORIES, INC.

    

    

    By:
      /s/ Jared Gold

    Office:
      President 

    Printed
      Name: Jared Gold, President

    

    

     

    DIVERSIFIED
      HOLDINGS X, INC.

    

    By:
      /s/ Richard Surber

    Office:
      President 

    Printed
      Name: Richard Surber, President

     

     

    
      
         

      

      
        6

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