Document:

mamatech_ex103.htm

Exhibit 10.3

 

  

PROJECT LOCATION

AND

CONSULTING AGREEMENT

 

  

THIS PROJECT LOCATION AND CONSULTING AGREEMENT (this “Agreement”) is made and entered into as of this 9th day of July, 2011, by and between Mammatech Corporation, (In the process of changing its name to “Dynamic Energy Alliance Corporation”) a Florida corporation, (hereinafter “Company”), and Key Services, Inc. , a Nevada Corporation in the process of organization, (hereinafter "Consultant").

RECITALS

WHEREAS, a Consultant has substantial business consulting experience and skills; and

WHEREAS, Company is desirous of engaging the consulting services of Consultant under the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, and in consideration of the representations, warranties and covenants herein contained, the parties hereto, intending to be legally bound hereby, agree as follows:

ARTICLE 1

ESTABLISHMENT OF CONSULTING RELATIONSHIP

Section 1.1 Appointment of Consultant. Company hereby retains Consultant to locate and assist in Company’s development and of construction of energy campus projects undertaken by Company (hereinafter the “Projects”), on a non-exclusive basis and Consultant hereby agrees to so serve, on the terms and conditions hereinafter set forth herein. Consultant agrees to provide the services of its principal, Larson Elmore. It is anticipated that the Mr. Elmore will spend approximately 60% of his time on assisting Company and providing consulting services as described herein. The Company understands that this amount of time may vary for day-to-day and that the Consultant and Elmore will perform Consulting Services for other clients and/or companies at the same time, and may take ownership or participation interests in competing projects and ventures.

Section 1.2 Authority to be Legally Bound. The Company and the Consultant each represent that they have through their executing officers, the requisite corporate authority to sign this agreement and to legally bind their companies to the terms and conditions of this Agreement.

 

  

ARTICLE 2

CONSULTING SERVICES TO BE PERFORMED BY CONSULTANT

Section 2.1 Duties.

(a) During the term of this Agreement, Consultant - shall locate likely sites for development, construction and operation of Projects by Company; introduce Company to such sites; introduce Company to venture partners for such projects, and introduce Company to potential vendors and customers for the products and services generated by such projects. As Consultant locates potential sites, vendors and/or customers, Consultant shall introduce Company to such entities and persons, who shall thereby become “Consultant Relationships”. In all cases Consultant shall identify such new Consultant Relationships in writing and deliver it to Company’s Secretary who shall maintain a complete list of Consultant Relationships in the corporate books and records of Company.

 

  

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(b) If Company elects, in its sole discretion, to proceed with acquisition, development and/or construction of a Project, which has been introduced by Consultant, then Consultant shall provide coordination services with respect to development, financing, construction and startup of such Project, under a separate agreement to be negotiated at the time Company makes a decision to proceed with a Project.

(c) If Company elects, in its sole discretion to proceed with the development, the consultant will provide a preliminary funding budget to be approved by Company, in order to begin with the next steps of the approved project site.

Section 2.2 Submission and Approval Process.

(a) Consultant may opt to present opportunities to Company for the purposes of outlining each prospective transaction’s applicable: structure, terms and conditions, development costs, budgets, critical paths, fees, time lines, proformas and involved parties.

(b) Company will have 30 days to respond to consultant once a prospective site, opportunity or project plan, budget and critical path are presented for consideration by Consultant, with additional review periods available with mutual consent; and

(c) Once a proposal is approved, Company will be responsible for fulfilling the obligations set forth in each unique Agreement with Consultant and shall compensate Consultant according to terms of said Agreement so executed.

For the purposes of this Agreement, the term “Development Costs” shall be included in each approved proposal budget and shall include the following expenses or costs, whether paid by Company, or advanced by Consultant and then reimbursed by Company:

	
·  

	
Lease and or purchase Costs and expenses to acquire a site, or rights of use to a site

	
·  

	
Architectural fees;

	
·  

	
Engineering fees;

	
·  

	
Environmental studies;

	
·  

	
Attorney and accountant’s fees;

	
·  

	
Project management fees;

	
·  

	
Labor expenses, including workman’s compensation, etc.;

	
·  

	
Hard costs of building materials, including but not limited to utilities, dirt work, paving of parking lots, installation of lights, construction of buildings, manufacture and installation of the equipment necessary to operate an Energy Campus; and

	
·  

	
All overhead and administration fees incurred by Company in accordance with generally accepted accounting principles, in connection with each Consultant Site, and/or project constructed thereon.

  

 

ARTICLE 3

TERM

Section 3.1 Term Of Agreement. This Agreement shall have a term of 5 years, and shall be automatically renewed there after on a two year by two year term basis unless terminated upon at least 6 months written notice prior to the expiration of any renewal term.

 

  

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ARTICLE 4

TERMINATION OF AGREEMENT

Section 4.1 Event Of Termination. This Agreement shall be terminable for cause, as “cause” is hereafter defined, at the election of Company, upon five (30) days’ prior written notice by Company to Consultant after the expiration of any cure period described below without completion of applicable curative measures. “Cause” for termination by Company shall mean the occurrence of (i) an event listed below in subsection (b) with no cure or grace period whatsoever; or (ii) one or more of the events listed below in subsections (a), (c), (d) and (e) and the continuance of the same for more than thirty (30) days (or, if such event is curable but cannot be cured within thirty (30) days, then such additional period of time as is reasonably necessary to cure the same), provided that within such thirty (30) day period Consultant promptly commences to cure the same and thereafter diligently and continually prosecutes to completion the cure of same), after delivery of written notice by Company specifying in reasonable detail the nature of the default. The following are the events giving rise to Company's right of termination of this Agreement for cause:

(a) Material Default shall be made in the performance or observance by Consultant of any covenant, condition or term in this Agreement;

(b) Consultant shall engage in conduct under this Agreement which constitutes gross negligence, willful misconduct, or fraud;

(c) Consultant shall institute proceedings to be adjudicated a voluntary bankrupt, or shall commence a case under the federal bankruptcy code, or shall file a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or similar relief under the federal bankruptcy code or laws, or any other similar applicable federal or state law, or shall consent to or fail reasonably to oppose any such proceeding, or shall consent to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of it or of a substantial part of its property, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or corporate action shall be taken by Consultant in furtherance of any of the aforesaid purposes;

(d) A decree or order by a court of competent jurisdiction shall have been entered adjudging Consultant bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for Consultant under the federal bankruptcy code or laws, or any other similar applicable federal or state law, and such decree or order shall have continued undischarged or unstayed for a period of sixty (60) days; or a decree or order of a court having jurisdiction for the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of Consultant or a substantial part of its property, or for the winding up or liquidation of its affairs, shall have been entered, and such decree or order shall have remained in force, undischarged and unstayed for a period of sixty (60) days; and

Section 4.2 Termination Without Cause. Consultant may terminate this Agreement for any or no reason upon one hundred twenty (120) days prior written notice to Company.

Section 4.3 Payment To Consultant In Event Of Termination. In the event this Agreement is terminated for any reason by Company or the Consultant, Consultant shall be entitled to receive compensation and reimbursement in full through the date of termination..

Section 4.4 Survival Of Payment Obligations. The obligation of Company to pay amounts owing to Consultant as provided herein shall survive termination of this Agreement.

 

  

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ARTICLE 5

REIMBURSEMENTS

Section 5.1 Recovery Of Expenses; Recovery Of Advances By Consultant. In the event Consultant hereafter incurs any expenses while rendering services under this Agreement, Company shall promptly reimburse Consultant for such advances, together with any interest expense incurred by Consultant with respect thereto, provided that any expenditures aggregating more then $3,000 in any month shall be pre approved by Company prior to expenditure. Such amounts and expenses may include: (i) costs and expenses which Consultant incurs at the direction of Company, and (ii) reasonable costs and expenses relating to the Project formulation, site location, and location and negotiation with potential vendors and customers.

ARTICLE 6

CONSULTING FEE

Section 6.1 Compensation to Consultant. In compensation for the consulting services to be performed by Consultant hereunder, Company shall pay to Consultant:

(a) The Reimbursements provided in Article 5 hereof, and

(b) A consulting fee of $20,000 per month, which may be paid in cash, or at Company’s option (if funds are not available) in the form of restricted shares of Company’s common stock, valued at the average closing price of Company’s common stock over the proceeding 20 trading days; and

(c) Additional fees, including but not limited to, joint venture, partnership, consulting, developer, contractor and/or project management fees shall be separately negotiated between the parties and set forth in a written agreement on a project by project basis; and

 

  

Section 6.2 Accounting. Company shall furnish Consultant with copies of all periodic financial and operating reports on the operations and financial results of Company which Company furnishes and distributes to its respective partners, joint venturers, vendors, and/or customers from time to time, as and when such statements and reports are disseminated to such persons. If this Agreement is terminated and the Consultant is to continue to be paid pursuant to this Agreement, then Consultant shall continue to receive such reports, and if no such reports and statements are routinely disseminated, then from time to time upon request, no more frequently than quarterly, Company shall furnish the Consultant with periodic accountings of amounts due to Consultant, and Consultant and its agents shall have the right, upon reasonable prior notice, to examine the books and records of Company.

ARTICLE 7

CONFIDENTIALITY AND NON-CIRCUMVENTION

Section 7.1 In consideration of mutual promises, assertions and covenants herein stated, and other good and valuable considerations, the receipt of which is hereby acknowledged, Company agrees on behalf of itself and its agents and assigns, to refrain from soliciting business and/or contracts and/or projects or sites from any Consultant Relationship without the written consent of Consultant, which may be withheld in its sole discretion, for a period of five years after the termination of this Agreement. In addition, Company and its agents and assigns agree to maintain complete confidentiality regarding all Consultant Relationships introduced by Consultant, and will only disclose such business sources only upon written consent of Consultant, which may be withheld in its sole discretion. Company agrees not to circumvent or attempt to circumvent this provision in any manner.

 

  

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ARTICLE 8

MISCELLANEOUS

Section 8.1 Notices. All notices, demands, requests or other similar communications required or permitted hereunder shall be personally delivered or sent by certified or registered mail, return receipt requested, postage prepaid, and addressed to each of the parties at the addresses specified below, or at such other address as they shall each specify in a notice addressed and mailed as hereinabove set forth. Any such notice shall be deemed given when received by the party to whom it is addressed; provided that the failure or refusal of a party to accept delivery of any notice properly delivered to the address set forth herein shall constitute receipt as of the date of the attempted delivery. For purposes hereof, the addresses for notices are as follows:

	
To Consultant: 

	
Key Services, Inc.

	 	
275 Ridgecrest Drive

	 	
Arlington, TN

	 	
Attention: Larson Elmore

	 	 
	
To Company: 

	
Dynamic Energy Alliance Corp.

	 	
Memphis Clark Tower

	 	
5100 Poplar Avenue, Suite 2700

	 	
Memphis, Tennessee 38137

	 	
Attention: James Michael Whitfield

	 	
Ph. (901) 414-0003

	 	
Fx. (901) 328-2761

  

 

Section 8.2 Entire Agreement. This Agreement constitutes the entire agreement between Company and Consultant relating in any manner to the subject matter this Agreement. No prior agreement or understanding pertaining to the same shall be valid or of any force or effect, and the covenants and agreements herein cannot be altered, changed or supplemented except in writing signed by all partners in Company and by Consultant.

Section 8.3 Governing Law. This Agreement is made pursuant to, and all of the rights and obligations of the parties hereto and all of the terms and conditions herein shall be construed in accordance with and governed by, the laws of the State of Delaware.

Section 8.4 Severability. If any clause or provision of this Agreement is illegal, invalid or unenforceable under pre - sent or future laws effective during the term hereof, then the remainder of this Agreement shall not be affected thereby, and in lieu of each clause or provision of this Agreement which is illegal, invalid or unenforceable, there shall be added, as part of this Agreement, a clause or provision as similar in terms to such illegal, invalid or unenforceable clause or provision as may be possible and as may be legal, valid and enforceable.

Section 8.5 Assignment By Consultant. The Consultant shall have the right in its sole discretion to assign in whole or in part, the compensation payable to Consultant here under, and/or to assign a portion or all of its duties hereunder with respect to a specific site or project, to a third party or sub contractor.

 

  

Section 8.6 Binding Effect. Except as provided below, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, heirs and assigns.

 

  

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Section 8.7 Subordination. This Agreement and all fees and payments due from Company to Consultant pursuant hereto shall be subject and subordinate in all respects to any mortgage or deed of trust now or hereafter placed upon a Consultant Site, and/or a Project located on a Consultant Site, or any portion thereof. This provision shall be self-executing but Consultant shall, upon request, execute such instruments as may reasonably be requested by Company or any such mortgagee or lender to evidence such subordination.

Section 8.8 Waivers. No delay or omission by either party in exercising any right or power accruing upon the noncompliance or failure of performance by the other party hereto of any provisions of this Agreement shall impair any such right or power or be construed to be a waiver thereof. A waiver by either party of any of the covenants, conditions or agreements hereof to be performed by the other must be in writing and signed by the party who is waiving such covenants, conditions or agreements.

Section 8.9 Other Activities. Notwithstanding any other provisions of this Agreement to the contrary, Consultant may engage in or possess an interest in other businesses similar to Company’s of every nature and description and in any vicinity whatsoever, including without limitation acquisition, development, operation, and management of real property, and Company shall have no rights in or to any profits there from. Any of such activities may be undertaken without notice to Company, and Company hereby waives any right or claim that it may have against the Consultant with respect to the income or profits there from.

Section 8.10 No Company. Company shall not and does not by this Agreement in any way or for any purpose become a partner of Consultant in the conduct of its business, or otherwise, or a joint venturer of or a member of a joint enterprise with Consultant, but rather Consultant is and shall, for all purposes of this Agreement, be deemed an “independent contractor” of Company.

Section 8.11 Company and Affiliates. Terms “Consultant” and “Company” as used in this Agreement

will be deemed to include any affiliate of the Consultant or Company, respectively, now or during the

term of this Agreement. An affiliate is defined as a person who directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with a person or entity.

Section 8.12 Captions. The captions appearing in this Agreement are inserted as a matter of convenience and for reference and in no way affect this Agreement, define, limit or describe its scope or any of its provisions.

Section 8.13 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the parties hereto, their heirs, personal representatives, successors and assigns, including any corporation with which or into which the Company may be merged or which may succeed to its assets or business, provided, however, that the obligations of the Consultant are personal and shall not be assigned by them.

Section 8.14 Arbitration. Except with respect to matters for which injunctive relief is sought, the parties agree to submit to arbitration all other questions, disputes, and/or controversies that may arise out of or in connection with this Agreement. Arbitration shall be conducted in Delaware in accordance with the rules of the American Arbitration Association (“AAA”). The AAA shall choose a single neutral arbitrator with at least ten (10) years experience in business law. The decision of the arbitrator shall be final and binding on both parties, who hereby agree to comply therewith. The arbitrator shall not have jurisdiction to decide whether injunctive or other equitable relief should be granted to either party. In every case where the arbitrator decides that this Agreement has been properly fulfilled by a party, all costs and fees, including reasonable attorneys’ fees, incurred during or necessitated by the arbitration proceedings shall be paid by the other party.

 

  

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Section 8.15 Attorneys’ Fees. If either party files any action or brings any proceeding against the other arising out of this Agreement then the prevailing party shall be entitled to reasonable attorneys’ fees.

Section 8.16 Force Majeure. Neither the Company nor the Consultant shall be liable to the other for any delay or failure or any other default in performance of this Agreement due to extraordinary events, circumstances or occurrence beyond the control of the Company or Consultant, as applicable, such as acts of nature (flooding, earthquake, volcano, hurricanes, etc.), terrorist activity, war or armed conflict, strike, riot, crime or any other similar cause which would adversely affect, directly or indirectly, the Company or the performance of the services contemplated between Consultant and Company under this Agreement.

Section 8.17 Number of Parties. The singular shall include the plural and the plural the singular and one gender shall include all genders. As used in this Agreement the term Affiliate means a person, directly or indirectly through one or more intermediaries, controls or is controlled by, or is under control

with, the Company.

Section 8.18 Currency. In all instances, references to monies used in this Agreement shall be deemed

to be United States dollars.

Section 8.19 Headings. Titles or captions contained herein are inserted as a matter of convenience and for reference, and in no way define, limit, extend, or describe the scope of this Agreement or any provision hereof. No provision in this Agreement is to be interpreted for or against either party because that party or his legal representative drafted such provision.

Section 8.20 Counterparts; Facsimile Signatures. This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The Parties agree that facsimile signatures of this Agreement shall be deemed a valid and binding execution of this Agreement.

 

  

[Signatures follow on next page]

 

  

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IN WITNESS WHEREOF , the parties hereto have executed this Agreement under seal as of the day and year first above written with full board approval and by corporate resolution this day July 9, 2011.

CONSULTANT

KEY SERVICES, INC.

 

  

	
By:

	
/s/ Larson Lee Elmore

	 
	 	
Larson Lee Elmore

	 
	 	
President

	 

 

COMPANY

MAMMATECH CORPORATION

(in the process of changing its name to “Dynamic Energy Alliance Corporation”)

 

  

	
By:

	
/s/ James Michael Whitfield

	 
	 	
James Michael Whitfield

	 
	 	
President and CEO

	 

  

 

  

8mamatech_ex104.htm

Exhibit 10.4

 

MAMMATECH CORPORATION

“Dynamic Energy Alliance Corporation”

(Charles R. Cronin, Jr.)

 

REVOLVING LINE

OF

CREDIT AGREEMENT

 

This Revolving Line of Credit Agreement (the "AGREEMENT") is made and entered into in this 9 th day of July 2011, by and between CHARLES R. CRONIN, JR., an individual ("LENDER"), and MAMMATECH CORPORATION (in the process of changing its name to “Dynamic Energy Alliance Corporation”), a Florida Corporation ("BORROWER").

In consideration of the mutual covenants and agreements contained herein, the parties agree as follows:

1.   LINE OF CREDIT . Lender hereby establishes for a period extending to December 31, 2011 (the "MATURITY DATE") a revolving line of credit (the "CREDIT LINE") for Borrower in the principal amount of One Hundred Thousand Dollars ($100,000.00) (the "CREDIT LIMIT"). In connection herewith, Borrower shall execute and deliver to Lender a Promissory Note in the amount of the Credit Limit and in form and content satisfactory to Lender, attached hereto as Exhibit “A”. All sums advanced on the Credit Line or pursuant to the terms of this Agreement (each an "ADVANCE") shall become part of the principal of said Promissory Note.

2.   ADVANCES . Any request for an Advance may be made from time to time and in such amounts as Borrower may choose; provided, however, any requested Advance will not, when added to the outstanding principal balance of all previous Advances, exceed the Credit Limit. Requests for Advances may be made orally or in writing by such officer of Borrower authorized by it to request such Advances. Until such time as Lender may be notified otherwise, Borrower hereby authorizes its chief executive officer or other mutually agreed to representative of the Borrower to request Advances. Lender may deposit or credit the amount of any requested Advance to Borrower's checking account or make payments directly to a payee (or vendor) of Borrower as mutually agreed to in writing by both parties at the time of each Advance, in form and content satisfactory to Lender, attached hereto as Exhibit “B”. Lender may refuse to make any requested Advance for any reason, especially, if an event of default has occurred and is continuing hereunder either at the time the request is given or the date the Advance is to be made, or if an event has occurred or condition exists which, with the giving of notice or passing of time or both, would constitute an event of default hereunder as of such dates. The funds from the Advances will be used by the Borrower for operating expenses in connection with the operations of the Borrower.

3.   INTEREST. All sums advanced pursuant to this Agreement shall bear interest from the date each Advance is made until paid in full at the rate of fifteen percent (15%) per annum, simple interest (the "EFFECTIVE RATE").

 

  

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4.   REPAYMENT. Borrower shall pay accrued interest on the outstanding principal balance on a quarterly basis commencing on September 30, 2011, and continuing on the thirtieth day of the month each quarter thereafter. The entire unpaid principal balance, together with any accrued interest and other unpaid charges or fees hereunder, shall be due and payable on the Maturity Date. All payments shall be made to Lender at such place as Lender may, from time to time, designate. All payments received hereunder shall be applied, first, to any costs or expenses incurred by Lender in collecting such payment or to any other unpaid charges or expenses due hereunder; second, to accrued interest; and third, to principal. Borrower may prepay principal at any time without penalty.

5.   ADDITIONAL CONSIDERATION . Pursuant to the execution of this Agreement, Borrower shall grant to the Lender a Warrant (the “Warrant”) to purchase a certain number of shares of restricted common stock of the Company (the “Shares”), on the terms and condition set forth in an executed Warrant Stock Purchase agreement (the “Stock Purchase Warrant Agreement”), attached hereto as Schedule C.

6.   REPRESENTATIONS AND WARRANTIES. In order to induce Lender to enter into this Agreement and to make the advances provided for herein, Borrower represents and warrants to Lender as follows:

(a)   Borrower is a duly organized, validly existing, and in good standing under the laws of the State of Florida with the power to own its assets and to transact business in the State of Florida, and in such other state where its business is conducted.

(b)   Borrower has the authority and power to execute and deliver any document required hereunder and to perform any condition or obligation imposed under the terms of such documents.

(c)   The execution, delivery and performance of this Agreement and each document incident hereto will not violate any provision of any applicable law, regulation, order, judgment, decree, article of incorporation, by-law, indenture, contract, agreement, or other undertaking to which Borrower is a party, or which purports to be binding on Borrower or its assets and will not result in the creation or imposition of a lien on any of its assets.

 

(d)   There is no action, suit, investigation, or proceeding pending or, to the knowledge of Borrower, threatened, against or affecting Borrower or any of its assets which, if adversely determined, would have a material adverse affect on the financial condition of Borrower or the operation of its business.

7.   EVENTS OF DEFAULT . An event of default will occur if any of the following events occurs:

(a)   Failure to pay any principal or interest hereunder within thirty (30) days after the same becomes due.

(b)   Any representation or warranty made by Borrower in this Agreement or in connection with any borrowing or request for an Advance hereunder, or in any certificate, financial statement, or other statement furnished by Borrower to Lender is untrue in any material respect at the time when made.

(c)   Default by Borrower in the observance or performance of any other covenant or agreement contained in this Agreement, other than a default constituting a separate and distinct event of default under this Paragraph 7.

 

  

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(d)   Filing by Borrower of a voluntary petition in bankruptcy seeking reorganization, arrangement or readjustment of debts, or any other relief under the Bankruptcy Code as amended or under any other insolvency act or law, state or federal, now or hereafter existing.

(e)   Filing of an involuntary petition against Borrower in bankruptcy seeking reorganization, arrangement or readjustment of debts, or any other relief under the Bankruptcy Code as amended, or under any other insolvency act or law, state or federal, now or hereafter existing, and the continuance thereof for thirty (30) days undismissed, unbonded, or undischarged.

8.   REMEDIES. Upon the occurrence of an event of default as defined above, Lender may declare the entire unpaid principal balance, together with accrued interest thereon, to be immediately due and payable without presentment, demand, protest, or other notice of any kind. Lender may suspend or terminate any obligation it may have hereunder to make additional Advances. To the extent permitted by law, Borrower waives any rights to presentment, demand, protest, or notice of any kind in connection with this Agreement. No failure or delay on the part of Lender in exercising any right, power, or privilege hereunder will preclude any other or further exercise thereof or the exercise of any other right, power, or privilege. The rights and remedies provided herein are cumulative and not exclusive of any other rights or remedies provided at law or in equity. Borrower agrees to pay all costs of collection incurred by reason of the default, including court costs and reasonable attorney's fees.

9.   NOTICE . Any written notice will be deemed effective on the date such notice is placed, first class, postage prepaid, in the United States mail, addressed to the party to which notice is being given as follows:

	
Lender:  

	
CHARLES R. CRONIN, JR.

	  	
1912 Maya Pradera Lane,

	  	
Moorepark, CA 93021

	  	
Ph. (818) 4307860

	  	
Fx. (___) _________

	  	  
	
Borrower:

	
DYNAMIC ENERGY ALLIANCE CORP.

	  	
Memphis Clark Tower

	  	
5100 Poplar Avenue, Suite 2700

	  	
Memphis, Tennessee 38137

	  	
Attention:  James Michael Whitfield

	  	
Ph. (901) 414-0003

	  	
Fx. (901) 328-2761

 

10.   GENERAL PROVISIONS . All representations and warranties made in this Agreement and the Promissory Note and in any certificate delivered pursuant thereto shall survive the execution and delivery of this Agreement and the making of any loans hereunder. This Agreement will be binding upon and inure to the benefit of Borrower and Lender, their respective successors and assigns, except that Borrower may not assign or transfer its rights or delegate its duties hereunder without the prior written consent of Lender. This Agreement, the Promissory Note, and all documents and instruments associated herewith will be governed by and construed and interpreted in accordance with the laws of the State of Florida. Time is of the essence hereof. This Agreement will be deemed to express, embody, and supersede any previous understanding, agreements, or commitments, whether written or oral, between the parties with respect to the general subject matter hereof. This Agreement may not be amended or modified except in writing signed by the parties.

 

  

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EXECUTED on the day and year first written above.

	  	
Borrower:   

	
MAMMATECH CORPORATION

	  
	  	  	
(in the process of changing its name to “Dynamic Energy Alliance Corporation”)

	  
	  	  	  	  
	  	  	
By:

	
/s/ James Michael Whitfield

	  
	  	  	  	
James Michael Whitfield

	  
	  	  	  	
President and Chief Executive Officer

	  
	  	  	  	  	  
	  	
Lender:

	  	  	  
	  	  	  	  	  
	  	  	
By:

	
/s/ Charles R. Cronin, Jr.

	  
	  	  	  	
Charles R. Cronin, Jr.

	  
	  	  	  	
Individually

	  

  

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EXHIBIT “A”

 

MAMMATECH CORPORATION

“Dynamic Energy Alliance Corporation”

(Charles R. Cronin, Jr.)

 

PROMISSORY NOTE

 

	
 US $100,000.00   

	
    Memphis, Tennessee

   July 9th, 2011

 

 

This Promissory Note (the "NOTE") is made and executed as of the date referred to above, by and between MAMMATECH CORPORATION (in the process of changing its name to “Dynamic Energy Alliance Corporation”), a Florida corporation ("BORROWER"), and CHARLES R. CRONIN, JR., an individual ("LENDER"). By this Note, the Borrower promises and agrees to pay to the order of Lender, at 1912 Maya Pradera Lane, Moorepark, CA 9302   or at such other place as Lender may designate in writing, the principal sum of One Hundred Thousand and 00/100 Dollars ($100,000.00), or the aggregate unpaid principal amount of all advances made by Lender to Borrower pursuant to the terms of a Revolving Line of Credit Agreement (the "LOAN AGREEMENT") of even date herewith, whichever is less, together with interest thereon from the date each advance is made until paid in full, both before and after judgment, at the rate of fifteen percent (15%) per annum, simple interest.

 Borrower shall pay accrued interest on the outstanding principal balance under the Note on a quarterly basis commencing on September 30, 2011, and continuing on the thirtieth day of month each quarter thereafter until paid in full. The entire unpaid principal balance, together with any accrued interest and other unpaid charges or fees hereunder, shall be due and payable on December 31, 2011 (the "MATURITY DATE").

 Prepayment in whole or part may occur at any time hereunder without penalty; provided that the Lender shall be provided with not less than ten (10) days notice of the Borrower's intent to pre-pay; and provided further that any such partial prepayment shall not operate to postpone or suspend the obligation to make, and shall not have the effect of altering the time for payment of the remaining balance of the Note as provided for above, unless and until the entire obligation is paid in full. All payments received hereunder shall be applied, first, to any costs or expenses incurred by Lender in collecting such payment or to any other unpaid charges or expenses due hereunder; second, to accrued interest; and third, to principal.

 An event of default will occur if any of the following events occurs: (a) failure to pay any principal or interest hereunder within thirty (30) days after the same becomes due; (b) if any representation or warranty made by Borrower in the Loan Agreement or in connection with any borrowing or request for an advance thereunder, or in any certificate, financial statement, or other statement furnished by Borrower to Lender is untrue in any material respect at the time when made; (c) default by Borrower in the observance or performance of any other covenant or agreement contained in the Loan Agreement, other than a default constituting a separate and distinct event of default under Paragraph 7 of the Loan Agreement; (d) filing by Borrower of a voluntary petition in bankruptcy seeking reorganization, arrangement or readjustment of debts, or any other relief under the Bankruptcy Code as amended or under any other insolvency act or law, state or federal, now or hereafter existing; or (e) filing of an involuntary petition against Borrower in bankruptcy seeking reorganization, arrangement or readjustment of debts, or any other relief under the Bankruptcy Code as amended, or under any other insolvency act or law, state or federal, now or hereafter existing, and the continuance thereof for thrity (30) days undismissed, unbonded, or undischarged.

 

  

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Any notice or demand to be given to the parties hereunder shall be deemed to have been given to and received by them and shall be effective when personally delivered or when deposited in the U.S. mail, certified or registered mail, return receipt requested, postage prepaid, and addressed to the party at its last known address, or at such other address as the one of the parties may hereafter designate in writing to the other party.

The Borrower hereof waives presentment for payment, protest, demand, notice of protest, notice of dishonor, and notice of nonpayment, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time by the Lender without in any way affecting its liability hereunder.

In the event any payment under this Note is not made at the time and in the manner required, the Borrower agrees to pay any and all costs and expenses which may be incurred by the Lender hereof in connection with the enforcement of any of its rights under this Note or under any such other instrument, including court costs and reasonable attorneys' fees.

This Note shall be governed by and construed and enforced in accordance with the laws of the State of Florida.

 

	  	
Borrower:   

	
MAMMATECH CORPORATION

	  
	  	  	
(in the process of changing its name to “Dynamic Energy Alliance Corporation”)

	  
	  	  	  	  
	  	  	
By:

	
/s/ James Michael Whitfield

	  
	  	  	  	
James Michael Whitfield

	  
	  	  	  	
President and Chief Executive Officer

	  
	  	  	  	  	  
	  	
Lender:

	  	  	  
	  	  	  	  	  
	  	  	
By:

	
/s/ Charles R. Cronin, Jr.

	  
	  	  	  	
Charles R. Cronin, Jr.

	  
	  	  	  	
Individually

	  

  

6

  

 

EXHIBIT “B”

 

MAMMATECH CORPORATION

 “Dynamic Energy Alliance Corporation”

(Charles R. Cronin, Jr.)

 

ADVANCE REQUEST NOTICE

 The undersigned, Borrower, does hereby request the following sums of monies to be advanced to the Borrower pursuant to Section 2 of this Agreement, in the total amount of USD $ ___________________, payable to the order of: ______________________________________, the Payee (Borrower or Vendor) , by check or wire transfer ( wire coordinates attached ).

Please send confirmation of receipt and approval of this Advance Request Notice to the following facsimile number: ______________________.

 

	  	  	
Borrower:   

	  
	  	  	  	  
	  	  	
MAMMATECH CORPORATION

	  
	  	  	
(in the process of changing its name to “Dynamic Energy Alliance Corporation”)

	  
	  	  	  	  
	  	  	
By:

	
/s/ James Michael Whitfield

	  
	  	  	  	
James Michael Whitfield

	  
	  	  	  	
President and Chief Executive Officer

	  
	  	  	  	  	  
	  	  	
Date:  

	  	  

 

The foregoing is accepted and agreed to on this ______ day of _____________ 2011:

 

 

	  	
Lender:

	  	  	  
	  	  	  	  	  
	  	  	
By:

	
/s/ Charles R. Cronin, Jr.

	  
	  	  	  	
Charles R. Cronin, Jr.

	  
	  	  	  	
Individually

	  

 

  

7

  

 

SCHEDULE “C”

MAMMATECH CORPORATION

 “Dynamic Energy Alliance Corporation”

(Charles R. Cronin, Jr.)

 

STOCK PURCHASE WARRANT

 

 

 

 

  

8

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