Document:

EXHIBIT 10.50

 

 

PROSPECT SILICA ENTERPRISES,
INC.

October 29, 2013

 

Contract Extension

 

		To:	Q lotus Holdings Inc.

520 N. Kingsbury Street, Ste. 1810

Chicago, ll 60654

 

Att: Mr. Gary Rosenberg and Jorge Gonzales.

 

Re: 3 month extension via current contract.

 

We at Prospect Silica Enterprises Inc. by way of the board of
directors have called a special meeting regarding the extension and approval of time.

 

The parties hereto hereby waive all past defaults and extend
the Contract to a revised expiration date of January 31, 2014.

 

The extension is approved for an additional 3 months starting
November 1, 2013 and is hereby extended to January 31, 2014. It is our desire that this contract extension will be beneficial to
all parties.

 

Sincerely,

 

PROSPECT SILICA ENTERPRISES, INC.

 

 

______________________________

Ron Gibson,

President

 

AGREED AND ACCEPTED:

 

Q LOTUS HOLDINGS, INC.

 

	_______________________________	_____________________________
	Gary Rosenberg, 	Jorge Gonzalez, 
	Chief Executive Officer 	Chief Financial Officer 

 

 

 

201 FOREST CREEK RD, JACKSONVILLE, OR 97530LAND PURCHASE AND SALE AGREEMENT 

 

This Purchase and Sale Agreement (“Agreement”)
is entered into by and between the parties listed on Exhibit A hereto (“Sellers”) and Green Forest Management
Consulting Inc. (“Buyer”) concerning the approximately 29,332.7 square meters of land in Xinpi Township, Pingtung County
925, Taiwan (R.O.C.) (the “Land”), which Land is more particularly described in Exhibit A attached and incorporated
into this Agreement.

 

NOW, THEREFORE, for good and valuable consideration,
the adequacy of which is hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE 1

DEFINITIONS 

 

1.1 Defined Terms: For purposes
of this Agreement, the following terms shall have the following meanings:

 

A. Closing: The term
“Closing” shall mean the date upon which the Property is conveyed to Buyer, as evidenced by the Land Office’s
issuance of the Land Ownership Certificate evidencing transfer of the property from Sellers to Buyer.

 

B. Intangible Property.
The term “Intangible Property” means all of Sellers’ interests in and to any and all licenses, approvals, certificates,
permits, warranties, guaranties, indemnities and claims that relate to the Real Property.

 

C. Official Records:
The term “Official Records” shall mean the official records of the appropriate Land Office to which the land transfer
is reported and duly recorded.

 

D. Permitted Exceptions:
The term “Permitted Exceptions” shall mean only the following:

 

		(i)	real property taxes not yet due and payable;

 

		(ii)	supplemental taxes applicable to the sale of the Property to Buyer;

 

		(iii)	any other encumbrance of the Property claimed through Buyer or its successors and assigns or
which arise out of the Buyer’s entry onto the Property prior to the Closing; and

 

		(iv)	any other exceptions to title approved in writing by Buyer.

 

The provisions of the above subparagraph notwithstanding,
the term “Permitted Exceptions” shall not include (i) any lien for payment of delinquent real property taxes or
assessments, (ii) any supplemental taxes imposed as a consequence of events occurring prior to the Closing Date, (iii) any
deed of trust, and (iv) any property assessments (other than those identified in writing and agreed between the parties as
permitted exceptions), mortgage, judgment or other lien encumbering the Property (other than those claimed through Buyer).

 

E. Property: The term
“Property” means the Real Property and the Intangible Property.

 

F. Real Property: The
term “Real Property” means the Land together with all improvements located thereon, if any, and all rights, privileges,
easements and appurtenances to the Land, if any.

 

G. Land Office: The
term “Land Office” shall mean a governmental authority which has an exclusive jurisdiction over the registration of
real property in Xinpi Township, Pingtung County 925, Taiwan (R.O.C.).

 

ARTICLE 2

TERMS OF PURCHASE

 

2.1 Agreement to Purchase and Sell:
Sellers hereby agree to sell to Buyer, and Buyer hereby agrees to purchase from Sellers, the Property on the terms and conditions
set forth in this Agreement.

 

2.2 Purchase Price: The “Purchase
Price” for the Property shall be Fifty Three Million Two Hundred Thirty Eight Thousand Eight Hundred Fifty One New Taiwan
Dollars (TWD $53,238,851). The Purchase Price for the Property shall be paid by the Buyer to Sellers in the form of a promissory
note (the “Promissory Note”) at Closing. The Promissory Note shall be in the form attached hereto as Exhibit B.
The amount deliverable to each individual seller under the Promissory Note is enumerated in Annex A to Exhibit B,
attached hereto.

 

    	 

    	 

    

 

2.3 Possession of Property; As-Is Purchase:
Subject to the terms and conditions of this Agreement, (A) possession of the Property shall be delivered to Buyer at Closing,
in its then existing condition, “as-is,” without implied or express warranty or representation and with all patent
and latent defects; (B) Buyer acknowledges that Buyer will have had the opportunity to conduct any studies and investigations
of the Property as fully as Buyer desires; and (C) Buyer will have had the right to observe the physical characteristics and
condition of the Property to the extent it desires. Buyer acknowledges that neither Sellers nor any of Sellers’ employees,
agents or representatives have made any representations, warranties or agreements by or on behalf of Sellers not contained in this
Agreement as to any matters concerning the Property, the present use or condition thereof, or the suitability of the Property for
Buyer’s intended use thereof.

 

ARTICLE 3

COVENANTS AND REPRESENTATIONS

 

3.1 Representations of Sellers:
Each Seller individually makes the following representations to Buyer, which representations are accurate as of the Effective Date
and which will be accurate on the date of Closing:

 

A. This Agreement and all documents
executed by Seller which are to be delivered to Buyer at the Closing are duly authorized, executed and delivered by the Seller
or the duly authorized representatives of Seller, are legal, valid and binding obligations of Seller enforceable against Seller
in accordance with their respective terms, are sufficient to convey title (if they purport to do so), and do not violate any provision
of any agreement or judicial order to which Seller or the Property is subject.

 

B. Seller is the legal and
equitable owner of the Property, with full right to convey the same; and, without limiting the generality of the foregoing, Seller
has not granted any option or right of first refusal or first opportunity to any party to acquire any interest in any of the Property
and no consent of any third party is required for the execution, delivery or consummation of the Closing by Seller in accordance
with this Agreement.

 

C. The documents made available
by Seller for inspection by Buyer with respect to the Property (i) constitute all written documents which are in the possession
or under the control of Seller pertaining to the Property requested by Buyer or material to the sale of the Property to Buyer,
and (ii) are either complete originals thereof or are complete and correct copies of the originals.

 

D. There is no litigation,
condemnation, legal proceeding, action or other proceeding pending or, to Seller’s knowledge, threatened against Seller or
the Property before any court or administrative agency which does or will materially affect the Property, or the use or value thereof.

 

E. No hazardous, toxic or other
material regulated by any governmental authority as a danger to human health or the environment has been placed on or about the
Property by Seller or any of its agents, employees or contractors in violation of applicable laws, rules, regulations, codes or
legal orders.

 

F. There are no service contracts,
maintenance contracts, management contracts, construction contracts, architectural or design contracts or similar agreements to
which Seller is a party and which relate to the Real Property that will survive the Closing and be binding upon Buyer.

 

The foregoing representations and warranties
shall survive the Closing.

 

3.2 Covenant of Sellers: So long
as the Agreement is in full force and effect: Sellers shall not do any of the following without Buyer’s prior written consent:
(i) enter into any contract relating to the maintenance, operation, or development of the Property that will survive the Closing;
(ii) grant any easement, lease any part of the Property, or encumber the Property.

 

3.3 Covenant of Buyer: Buyer shall
keep confidential (in the same manner as for its other confidential information) the Sellers’ records and documents concerning
the Property, if Buyer does not acquire the Property; provided, however, that (i) so long as this Agreement remains in effect
Buyer may disclose such information to its advisors, consultants, representatives, investors and prospective lenders who agree
to abide by the confidentiality provisions of this Agreement, (ii) Buyer and its advisors, consultants, representatives, investors
and prospective lenders may disclose such information as may be required by law or court order, and (iii) if Buyer acquires
the Property, Buyer shall be free to thereafter use such information and to disclose it to other parties. In the event that this
Agreement terminates for any reason prior to the Closing, Buyer shall, within ten (10) business days following a request by
Sellers, deliver to Sellers all documentation, studies, investigations and reports prepared for Buyer by third parties which relate
to the condition or legal compliance (or non-compliance) of the Property, provided that in no event shall Buyer be required to
provide internal analyses, any proprietary information or any materials which are subject to the attorney-client privilege. Such
items shall be delivered without representation or recourse of any kind.

 

    	 

    	 

    

 

ARTICLE 4

TRANSFER OF TITLE

 

4.1 Transfer of Title: At Closing,
Buyer and Sellers shall go to the Land Office where the Buyer shall be registered as the owner and Buyer shall obtain Land Ownership
Certificates from Sellers.

 

4.2 Delivery of Documents:

 

A. By Sellers: On the
Closing Date, Sellers shall deliver to Buyer the following documents:

 

		1.	The Grant Deed, duly executed and acknowledged by Sellers for recording in the Official Records;

 

		2.	A Statement of Deed Tax Due and Request that Amount of Tax not be Made a Part of the Permanent Record in the Official Records;

 

		3.	Such other documents as may be required to close in accordance with this Agreement.

 

B. By Buyer: On the
Required Closing Date, Buyer shall deliver to Sellers all documents as may be required to close in accordance with this Agreement.

 

4.3 Prorations: At Closing:

 

A. All real property taxes,
if not exclusively imposed on either the Buyer or the Sellers, shall be prorated to the date of Closing.

 

B. The interest on any assessments
secured by the Property shall be prorated to the date of Closing.

 

C. The principal balance of
any assessments secured by the Property that are Permitted Exceptions shall be assumed by Buyer, without credit to the Purchase
Price, at Closing.

 

D. The principal balance of
any assessments secured by the Property that are not Permitted Exceptions shall be paid by Sellers on or before Closing.

 

E. All tax liens against Sellers
encumbering the Property shall be paid by Sellers on or before Closing.

 

ARTICLE 5

GENERAL PROVISIONS

 

5.1 Risk of Loss. Sellers shall
bear all risk of loss related to the Property, whether by casualty, condemnation or otherwise, prior to the Closing. If, prior
to the Closing, all or any portion of the Real Property is taken by eminent domain (or is the subject of a pending taking which
has not yet been consummated) or is the subject of a casualty, then (i) Sellers shall notify Buyer in writing of such fact
promptly after obtaining knowledge thereof, (ii) if the event is a casualty that is reasonably expected to cost more than
$250,000 in excess of the insurance proceeds that will be available to Buyer for the restoration or if the event is an eminent
domain proceeding, Buyer may elect to terminate this Agreement by giving written notice to Sellers on or before to the Closing
Date. The failure by Buyer to so elect in writing to terminate this Agreement prior to the Closing Date shall be deemed an election
not to terminate this Agreement. If Buyer elects or is deemed to have elected not to terminate this Agreement, then no adjustment
shall be made to the Purchase Price for any damage or condemnation prior to the Closing, but at the Closing, Sellers shall assign
to Buyer all of its right, title and interest (a) in the proceeds of any casualty insurance policy for damage to the Property
prior to the Closing, and (b) in any condemnation proceeds with respect to the Property. If Buyer is permitted to terminate
pursuant to this Section and timely elects to terminate this Agreement, then the Deposit shall be returned to Buyer and the parties
shall have no further obligations under this Agreement except for those obligations which expressly survive any termination of
this Agreement.

 

5.2 Brokerage Commissions: Each
party hereto represents to the other that it has not incurred, directly or indirectly, any liability on behalf of the other party
for the payment of any real estate brokerage commissions, finder’s fees or other compensation to any agents, brokers, salesmen,
or finders by reason of the consummation of the transaction contemplated by this Agreement.

 

5.3 Attorneys’ Fees: Should
any litigation be commenced between the parties hereto concerning the Property, this Agreement, or the rights and duties of either
Sellers or Buyer in relation thereto, whether it be an action for damages, equitable or declaratory relief, the prevailing party
(or parties) in such litigation shall be entitled, in addition to all other relief as may be granted by a court of law, reasonable
sums as and for attorneys’ fees in the discretion of the court.

 

    	 

    	 

    

 

5.4 Notices: Any communication,
notice or demand of any kind whatsoever which either party may be required or may desire to give to or serve upon the other shall
be in writing and delivered by personal service, by an express delivery (such as Federal Express) or courier service that provides
receipted delivery service, delivery charges prepaid, by electronic email communication (and, if the communication, notice or demand
seeks to declare a default under or terminate this Agreement, confirmed in writing sent by a written communication by one of the
other permitted methods, addressed to the recipient in accordance with the notice information beneath its signature to this Agreement.
Any party may change its address for notice by written notice given to the other in the manner provided in this Section 5.4.
Any such communication, notice or demand shall be deemed to have been duly given or served (i) on the date personally served,
if by personal service, or (ii) on the date of confirmed delivery, if by express delivery or courier service, or electronic
email communication, provided, however, that any communication, notice or demand received by courier delivery or electronic communication
that is received after 5:00 p.m. (local time for the addressee) shall be deemed to have been received on the next business day.

 

5.5 Assignment: This Agreement shall
be binding upon and shall inure to the benefit of the parties and their successors and assigns.

 

5.6 Mutual Cooperation: Each party
hereto agrees to execute and deliver such other and further instruments and documents as may reasonably be requested by the other
to carry out this Agreement. Each party hereto covenants to exercise good faith in fulfilling its obligations under this Agreement.

 

5.7 Authority and Execution: Each
person executing this agreement on behalf of a party represents and warrants, on behalf of the entity it represents, that (i) such
person is duly and validly authorized to do so on behalf of the entity it purports to so bind, and (ii) if such entity is
a partnership, corporation or trustee, that such partnership, corporation or trust, such entity has full right and authority to
enter into this Agreement and perform all of its obligations hereunder.

 

5.8 Entire Agreement; Modification;
Interpretation: This Agreement and the attachments hereto constitute the entire agreement between the parties and shall supersede
all other agreements respecting the subject matter of this Agreement. This Agreement shall not be modified by either party by oral-representation
or agreement made before or after the execution of this Agreement. All modifications to this Agreement must be in writing signed
by both Sellers and Buyer. The headings contained in this Agreement are for the purpose of reference only and shall not limit or
define the meaning thereof. This Agreement shall be interpreted in accordance with the laws of Taiwan and, in the event that any
provision of this Agreement is adjudged to be, for any reason, unenforceable or invalid, it is the specific intent of the parties
that the remainder hereof shall subsist and be and remain in full force and effect. Each party has engaged legal counsel and understands
all terms of this Agreement. Any rule of construction that would interpret this Agreement, for or against any party, shall have
no effect.

 

5.9 Time: Time is of the essence
for the performance of each and every covenant and for the satisfaction of each and every condition contained in this Agreement.

 

5.10 No Other Negotiations. Sellers,
for itself and its successors and assigns, agree that they will not solicit or accept any offer from, enter into any negotiations
with, or supply any information to, any prospective purchaser, ground lessor, lender, or tenant of the Property, unless and until
this Agreement terminates in accordance with its terms.

 

5.11 Buyer’s Liability. No
present or future partner, member, director, officer, shareholder, employee, advisor, affiliate or agent of or in Buyer or any
affiliate of Buyer (“Buyer Parties”), shall have any personal liability, directly or indirectly, under or in connection
with this Agreement or any agreement made or entered into under or in connection with the provisions of this Agreement, or any
amendment or amendments to any of the foregoing made at any time or times, heretofore or hereafter, and Sellers and their successors
and assigns and, without limitation, all other persons and entities, shall look solely to Buyer and Buyer’s assets, respectively,
for the payment of any claim or for any performance, and Sellers hereby waive any and all such personal liability of such Buyer
Parties. For purposes of this Section 6.11, no negative capital account or any contribution or payment obligation of any partner
or member in Buyer shall constitute an asset of Buyer. The limitations of liability contained in this Section 5.11 shall survive
the Closing or any earlier termination of this Agreement.

 

-    Signature Page
to Follow   -

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of October 29, 2013.

 

	Green Forest Management Consulting Inc.	 	 
	 	 	/s/ Yu Chien-Yang
	By:	/s/ Chiang Yu-Chang	 	Yu Chien-Yang
	 	Chiang Yu-Chang	 	No. 548, Kewang Rd.
	 	Chairman of the Board	 	Longtan Township, Taoyuan County 325
	 	Green Forest Management Consulting Inc. 	 	Taiwan (R.O.C.)
	 	Rm. B302C, 3F.-2, No. 185, Kewang Rd.	 	
	 	Longtan Township, Taoyuan County 325	 	 
	 	Taiwan (R.O.C.)	 	Da Chuang Business Management
	 	 	 	Consulting Co., Ltd.
	 	 	 	 	 
	 	 	 	By:	/s/ Chen Kuan-Yu
	 	 	 	 	Chen Kuan-Yu
	 	 	 	 	Chairman of the Board
	 	 	 	 	Da Chuang Business Management
	 	 	 	 	Consulting Co., Ltd.
	 	 	 	 	3F., No. 132, Gongyi Rd.
	 	 	 	 	West Dist., Taichung City 403
	 	 	 	 	Taiwan (R.O.C.)

 

    	 

    	 

    

 

Exhibit A

 

	Land Seller	 	Location	 	Land Lot #	 	Area of Registered
 Land(m2)	 	Value of
 Interest(TWD)	 
	Da Chuang Business Management Consulting Co., Ltd.	 	Xinpi Township, Pingtung County 925, Taiwan (R.O.C.)	 	1043	 	662.81	 	$	1,203,000	 
	Da Chuang Business Management Consulting Co., Ltd.	 	Xinpi Township, Pingtung County 925, Taiwan (R.O.C.)	 	1044-1	 	68.95	 	$	125,144	 
	Da Chuang Business Management Consulting Co., Ltd.	 	Xinpi Township, Pingtung County 925, Taiwan (R.O.C.)	 	1044-4	 	9.18	 	$	16,662	 
	Da Chuang Business Management Consulting Co., Ltd.	 	Xinpi Township, Pingtung County 925, Taiwan (R.O.C.)	 	1083-1	 	2358.19	 	$	4,280,115	 
	Da Chuang Business Management Consulting Co., Ltd.	 	Xinpi Township, Pingtung County 925, Taiwan (R.O.C.)	 	1083-2	 	61.7	 	$	111,986	 
	Da Chuang Business Management Consulting Co., Ltd.	 	Xinpi Township, Pingtung County 925, Taiwan (R.O.C.)	 	1084	 	4034.55	 	$	7,322,708	 
	Da-Chuang Da Chuang Business Management Consulting Co., Ltd.	 	Xinpi Township, Pingtung County 925, Taiwan (R.O.C.)	 	1088-1	 	802.33	 	$	1,456,229	 
	 	 	 	 	Subtotal:	 	7,997.71 m2	 	TWD $	14,515,844	 
	Yu, Chien-Yang	 	Xinpi Township, Pingtung County 925, Taiwan (R.O.C.)	 	1075	 	1079.24	 	$	1,958,821	 
	Yu, Chien-Yang	 	Xinpi Township, Pingtung County 925, Taiwan (R.O.C.)	 	1076	 	1191.28	 	$	2,162,173	 
	Yu, Chien-Yang	 	Xinpi Township, Pingtung County 925, Taiwan (R.O.C.)	 	1080	 	4145.16	 	$	7,523,465	 
	Yu, Chien-Yang	 	Xinpi Township, Pingtung County 925, Taiwan (R.O.C.)	 	1083	 	13163.72	 	$	23,892,152	 
	Yu, Chien-Yang	 	Xinpi Township, Pingtung County 925, Taiwan (R.O.C.)	 	1090	 	1755.59	 	$	3,186,396	 
	 	 	 	 	Subtotal:	 	21,334.99 m2	 	TWD $	38,723,007	 
	 	 	 	 	Total:	 	29,332.7 m2	 	TWD $	 53,238,851	 

 

    	 

    	 

    

 

Exhibit B

 

GREEN FOREST MANAGEMENT CONSULTING INC.

 

FORM OF

 

PROMISSORY NOTE

 

TWD $53,238,851

 

Dated: ________________, 2013

 

For value received, and pursuant to the Land Sale and Purchase
Agreement dated _____________, 2013, Green Forest Management Consulting Inc. promises to pay the sellers of certain lots of land
in Xinpi Township, Pingtung County 925, Taiwan (R.O.C.), Yu Chien-Yang and Da Chuang Business Management Consulting Co., Ltd. (together,
the “Xinpi Land Sellers”) the sum of Fifty Three Million Two Hundred Thirty Eight Thousand Eight Hundred Fifty One
New Taiwan Dollars (TWD $53,238,851). Each of the Xinpi Land Sellers’ ownership interests in this Promissory Note is detailed
on Annex A to this Promissory Note.

 

The sum shall be repaid to the Xinpi Land Sellers on or before
___________, 2013 according to the instructions of the Xinpi Land Sellers.

 

	 	Green Forest Management Consulting Inc.  
	 	 
	 	By:	 
	 	 	Chiang Yu-Chang  
	 	 	Chairman of the Board  
	 	 	Green Forest Management Consulting Inc.
	 	 	Rm. B302C, 3F.-2, No. 185, Kewang Rd.  
	 	 	Longtan Township, Taoyuan County 325  
	 	 	Taiwan (R.O.C.)  

 

    	 

    	 

    

 

Annex A

 

PROMISSORY NOTE HOLDERS

 

	Note Holder	 	Land Lot #	 	Total Area of
 Registered Land (m2)	 	Value of Interest (TWD) 	 
	 	 	 	 	 	 	 	 	 
	Yu Chien-Yang	 	1075, 1076, 1080, 1083, 1090	 	21,334.99 m2	 	TWD $	38,723,007	 
	 	 	 	 	 	 	 	 	 
	Da Chuang Business Management Consulting Co., Ltd.	 	1043, 1044-1, 1044-4, 1083-1, 1083-2, 1084, 1088-1	 	7,997.71 m2	 	TWD $	14,515,844	 
	 	 	 	 	 	 	 	 	 
	 	 	Total:	 	29,332.7 m2	 	TWD $	53,238,851

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}]]