Document:

Exhibit 10.5

Exhibit 10.5

 

Consultant Agreement

 

This Agreement is made as of this ____ day of April, 2008 by and between Willing Holding, Inc. (the “Company”), a Florida corporation, and Glenn Morris/Mortgage Services of Gibsonville (the “Consultant”), under the state of North Carolina, with his principal place of business located at 218 Simmons Lake Drive, Gibsonville, NC  27249.

 

WHEREAS, the Company wishes to obtain the advice, contacts, and expert judgment of the Consultant, and

 

WHEREAS, the Company desires to have the Consultant act as an independent contractor for the purpose of providing such Services to the Company, and

 

WHEREAS, the Consultant is qualified and willing to provide such Services pursuant to the terms and conditions set forth:

 

NOW THEREFORE, in consideration of the premises and the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

Services, the company hereby engages and retains the Consultant as an independent contractor.

 

Representation, the Consultant hereby agrees to use best efforts in providing the Services and loyally representing the interests of the Company in accordance with the Company’s reasonable requirements and objectives.

 

Fees, in full consideration of the services provided herein, the Company shall provide the following compensation.

 

	
 
 	
SERVICES PROVIDED:
 	
Completion of the acquisition of New World Mortgage.
 

	
 
 	
FEES:  
 	
10,000 shares valued at $10.00 of Willing Holding, Inc. common stock with 144 restriction. 
 

 

All expenses shall be incurred by the Consultant, unless otherwise agreed to in writing by the Company.

 

The parties agree that the Company shall not be required to carry insurance or any way insure the activities of the Consultant. The Consultant agrees to indemnify, defend, and hold harmless the Company from any and all claims, penalties, fines and liabilities which arise out of or relate to this Agreement or the performance of the Services.

 

There are no contracts, arrangements, understandings or relationships (legal or otherwise) by any party to this Agreement, or any other person with respect to the Company common stock, or any other securities of the Company, including by not limited to transfer or voting of any of the Company common stock, or any other securities of the Company, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

 

 

The party who is found to be in violation of this Agreement shall also be liable to the other parties for all reasonable attorneys’ fees and costs of court incurred by such other parties.

 

The terms and provisions of this Agreement shall be binding upon, inure to the benefit of and be enforceable by, the parties hereto and their respective successors and permitted assigns.

 

The Consultant is providing Services on an independent contractor basis. Notwithstanding anything to the contrary herein, this Agreement shall not in any manner be construed to create a joint venture, partnership, agency or other similar form of relationship, and neither party shall have the right or authority to: (a) commit the other party to any obligation or transaction not expressly authorized by such other party, or (b) act or purport to act as agent or representative of the other, except as expressly authorized in writing by such other party. Further, the Consultant shall not be deemed to be an employee of the Company for any reason. The Company and the Consultant acknowledge that the Consultant shall not be entitled to any insurance, pension, profit sharing, retirement or other fringe benefits which the Company may provide
to its employees during the term of this Agreement.

 

All notices, requests, demands, and other communications hereunder shall be in writing and delivered personally or sent by registered or certified United States mail, return receipt requested with postage prepaid, by facsimile, or by e-mail, if to the Company, addressed to Mr. Morgan DeLucia, Willing Holding, Inc., 3 Centerview Drive, Suite 240, Greensboro, NC  27407, Fax 336-294-4213, email mrgndelucia@yahoo.com , and if to Consultant, addressed to the Consultant at the address in the preamble hereto. Any party may change its address for purposes of receiving notices pursuant to this Agreement upon 10 days written notice.

 

Words of any gender used in this Agreement shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context required otherwise. In addition, the pronouns used in this Agreement shall be understood and construed to apply whether the party referred to is an individual, partnership, joint venture, corporation or an individual or individuals doing business under a firm or trade name, and the masculine, feminine and neuter pronouns shall each include the other and may be used interchangeably with the same meaning.

 

No course of dealing on the part of any party hereto or its agents, or any failure or delay by any such party with respect to exercising any right, power or privilege of such party under this Agreement or any instrument referred to herein shall operate as a waiver thereof, and any single or partial exercise of any such right, power or privilege shall not preclude any later exercise thereof or any such exercise of any other right, power or privilege hereunder or thereunder.

 

The rights and remedies contained in this Agreement shall be cumulative and the exercise or partial exercise of any such right or remedy shall not preclude the exercise of any other right or remedy.

 

In the event any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or uncomfortable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement or any such instrument.

 

The parties shall not be obligated to perform and shall not be deemed to be in default hereunder, if the performance of a non-monetary obligation required hereunder is prevented by the occurrence of any of the following, other than as the result of the financial inability of the party obligated to perform: acts of God, strikes, lock-outs, other industrial disturbances, acts of a public enemy, war or war-like action, (whether actual, impending or expected and whether de jure or de facto), acts of terrorists, arrest or other restraint of governmental (civil or military), blockades, insurrections, riots, epidemics, landslides, lightning, earthquakes, fires, hurricanes, storms, floods, washouts, sink holes, civil disturbances, explosions, breakage or accident to equipment or machinery, confiscation or seizure by any government of
public authority, nuclear reaction or radiation, radioactive contamination or other causes, whether of the kinds herein enumerated or otherwise, that are not reasonably within the control of the party claiming the right to delay performance on account of such occurrence.

 

Any agreement to pay an amount and any assumption of liability contained in this Agreement, express or implied, shall be only for the benefit of the undersigned parties and their respective successors and assigns (as herein expressly permitted), and such agreements, and assumptions shall not inure to the benefit of the obliges or any other party, whomsoever, it being the intention of the parties hereto that no one shall be or deemed to be a third-party beneficiary of this Agreement.

 

This Agreement shall be governed by and construed in accordance with the laws of the State of Florida without regard to any conflicts of laws provisions thereof. Each party hereby irrevocably submits to the personal jurisdiction of the United States District Court located in Palm Beach County, Florida over any suit, action or proceeding arising out of or relating to this Agreement. Each party hereby irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such mediation, arbitration, suit, action or proceeding brought in any such county and any claim that any such mediation, arbitration, suit, action or proceeding brought in such county has been brought in an inconvenient forum.

 

This Agreement may be executed 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.

 

This instrument contains the entire understanding of the parties with respect to the subject matter hereof, and may not be changed orally, but only by an instrument in writing signed by each of the parties hereto.

 

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

 

WILLING HOLDING, INC.

 

 

	
By:
 	
/s/ Morgan DeLucia
 	
 
 	
/s/ Glenn Morris
 
	
 
 	
Morgan DeLucia
 	
 
 	
Glenn MorrisPROMISORY NOTE

Exhibit 10.6

 

EXECUTION COPY

 

PROMISSORY NOTE

 

Dated:  October 28, 2008

	
1.
 	
Principal / Makers Promise to Pay
 

 

FOR VALUE RECEIVED, the undersigned, Willing Holding, Inc., a Florida corporation whose address is 3 Centerview Drive, Suite 240, Greensboro, NC 27407 (“Maker”), promises to pay to Robert C. Johnson (the “Holder”), whose address is, ___________________________, the principal sum of Three Hundred and Sixty Thousand Dollars $360,000, in exchange for the transfer to Maker of 125,000 shares of common stock of the Maker owned by Holder, all in accordance with the terms and provisions provided below. All sums owing under this Note are payable in lawful money of the United States of America. 

 

	
2.
 	
Interest
 

 

There shall be no interest accrued on this Note until such time as this Note is paid in full, except in the event of a default.

 

	
3.
 	
Payment
 

 

Principal shall be paid in equal monthly  installments of $7,200 per month for 50 consecutive  months commencing on the date hereof and continuing each month thereafter until the Maturity Date. 

 

All amounts required to be paid under Holder’s Note shall be payable to Holder’s by delivering the same to Nicholas D. Thomas, Esq., Trust Account, FBO Robert Johnson located at 3426 Ocean Drive Vero Beach, Florida  32963 , or at another place as Holder, from time to time, may designate in writing.

 

	
4.
 	
Maturity Date
 

 

The entire principal balance of this Note shall be due and payable on a date which is 50 months from the execution date of this Note, being December 28, 2012 (“Maturity Date”), unless otherwise prepaid in accordance with the terms of this Note. Notwithstanding the foregoing, in the event the Maker obtains a listing quotation on a national exchange, the Maturity Date hereunder shall be accelerated to be a date six months from the Maker’s first trading date on such national exchange.

 

	
5.
 	
Prepayment
 

 

Maker may prepay the whole or any portion of this Note on any date, upon five days’ notice to Holder.

 

	
6.
 	
Late Charge
 

 

If any required payment, including the final payment due on the Maturity Date, is not paid within 15 days from and including the date upon which it was due (whether by acceleration or otherwise), then, in each such event, all past due amounts shall be subject to a late penalty of five percent on every dollar owed (the “late penalty”). The acceptance of any payment by the holder of the Note shall not act to restrict the holder at all in exercising any other rights under the Note or the law, to waive or release Maker from any obligations contained herein, or to extend the time for payments due under this Note.

 

	
7.
 	
Default and Remedies
 

 

If Maker fails to pay principal on the date on which it falls due or to perform any of the agreements, conditions, covenants, provisions, or stipulations contained in this Note, then Holder, at its option and without notice to Maker, may declare immediately due and payable the entire unpaid balance of principal with interest from the date of default at the rate of 12% per year and all other sums due by Makers hereunder anything herein to the contrary notwithstanding. Payment of this sum may be enforced and recovered in whole or in part at any time by one or more of the remedies at law. In that case, Holder also may recover all costs in connection with suit, a reasonable attorney’s fee for collection, and interest on any judgment obtained by Holder at the rate of 12% per year. Notwithstanding anything to the contrary in this Note, under no circumstances shall the Late Charge and default interest rate
accrue at more than a combined 12% per annum.

 

The remedies of Holder provided in this Note shall be cumulative and concurrent, and they may be pursued singly, successively, or together at the sole discretion of Holder. They may be exercised as often as occasion shall occur, and failing to exercise one shall in no event be construed as a waiver or release of it.

 

	
8.
 	
Attorneys’ Fees and Costs
 

 

If Holder engages any attorney to enforce or construe any provision of this Note, or as a consequence of any default whether or not any legal action is filed, Maker immediately shall pay on demand all reasonable attorneys’ fees and other Holder’s costs, together with interest from the date of demand until paid at the highest rate of interest then applicable to the unpaid principal, as if the unpaid attorneys’ fees and costs had been added to the principal.

 

	
9.
 	
Waivers
 

 

(a)       Maker hereby waive and release all benefit that might accrue to Maker by virtue of any present or future laws of exemption with regard to real or personal property or any part of the proceeds arising from any sale of that property, from attachment, levy, or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment. Maker agree that any real estate that may be levied on under a judgment obtained by virtue hereof, on any writ of execution issued thereon, may be sold on any writ in whole or in part in any order desired by Holder.

 

(b)       Maker waives presentment for payment, demand, notice of demand, notice of nonpayment or dishonor, protest, notice of protest of this Note, and all other notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note. 

 

(c)       Holder shall not be considered by any act of omission or commission 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 writing. A waiver on one event shall not be construed as continuing or as a bar to or waiver of any right or remedy to a subsequent event.

 

	
10.
 	
Notices
 

 

All notices required under or in connection with this Note shall be delivered or sent by certified or registered mail, return receipt requested, postage prepaid, to the addresses set forth in Paragraph 1 hereof, or to another address that any party may designate from time to time by notice to the others in the manner set forth herein. All notices shall be considered to have been given or made either at the time of delivery thereof to an officer or employee or on the third business day following the time of mailing in the aforesaid manner.

 

	
11.
 	
Costs and Expenses
 

 

Maker shall pay the cost of any revenue tax or other stamps now or hereafter required by law at any time to be affixed to this Note.

 

	
12.
 	
No Partnership or Joint Venture
 

 

Nothing contained in this Note or elsewhere shall be construed as creating a partnership or joint venture between Holder and Maker or between Holder and any other person or as causing the holder of the Note to be responsible in any way for the debts or obligations of Maker or any other person.

 

	
13.
 	
Interest Rate Limitation
 

 

Notwithstanding anything contained herein to the contrary, the holder hereof shall never be entitled to collect or apply as interest on this obligation any amount in excess of the maximum rate of interest permitted to be charged pursuant to Section 7 hereunder. If the holder of this Note ever collects or applies as interest any such excess, the excess amount shall be applied to reduce the principal debt; and if the principal debt is paid in full, any remaining excess shall be paid forthwith to Maker. In determining whether the interest paid or payable in any specific case exceeds the highest lawful rate, the Holder and Maker shall to the maximum extent permitted under applicable law (a) characterize any non-principal payment as an expense, fee, or premium rather than as interest; (b) exclude voluntary prepayments and the effects of these; and (c) spread the total amount of interest throughout the entire
contemplated term of the obligation so that the interest rate is uniform throughout the term. Nothing in this paragraph shall be considered to increase the total dollar amount of interest payable under this Note.

 

	
14.
 	
Number and Gender
 

 

In this Note the singular shall include the plural and the masculine shall include the feminine and neuter gender, and vice versa, if the context so requires.

 

	
15.
 	
Headings
 

 

Headings at the beginning of each numbered paragraph of this Note are intended solely for convenience of reference and are not to be construed as being a part of the Note.

 

	
16.
 	
Governing Law
 

 

This Note shall be construed and enforced in accordance with the laws of the State of Florida, except to the extent that federal laws preempt the laws of the State of Florida.

 

[signature page to follow]

IN WITNESS WHEREOF, Maker has executed this Promissory Note on the date set forth above.

 

 

	
Signed in the presence of:
 	
 
 	

 WILLING HOLDING, INC.
  
 
	
/s/ Wendy Smith
 	
 
 	
 
 
	
 
 	
 
 	
By: /s/ Gideon Taylor
 
	
 
 	
 
 	
Gideon Taylor, Chief Executive Officer

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