Document:

ex10-2.htm

Exhibit 10.2

 

AMENDMENT TO LEASE AGREEMENT

 

This Second Amendment to Lease Agreement ("Second Amendment") is made and entered into effective the 12th day of October, 2010, by and between Shawnee Masonic Property, LLC ("Landlord"), and/or WWT Investments, LLC, as property manager for Landlord, and EC Development ("Tenant").

 

WITNESSETH:

 

	
·  

	
Shawnee Masonic Property, LLC, as Landlord, and Tenant entered into that certain Lease Agreement dated effective October 5, 2008, ("Lease"), pursuant to which Landlord demised and leased to Tenant certain space within the Masonic Building designated as Suite 229­243, comprising 3,520 rentable square feet, more or less, of office space, all as more particularly described in the Lease. Tenant has been the sole occupant of the Premises since the commencement of the Lease and any prior extensions thereof.

 

	
·  

	
Landlord and Tenant desire to renew/extend the Lease upon the terms and conditions hereafter set forth.

 

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant covenant and agree as follows:

 

	
1.  

	
Leased Premises. As of the effective date hereof, the Premises shall be as defined in the lease previously signed by Tenant and Landlord with an effective date of November 1, 2010.

 

	
2.  

	
Rent. Tenant's rent will be at the rate of Two Thousand Nine Hundred Dollars, ($2,900.00), per month, no increase, for the term of this Second Amendment, as stated below.

 

	
3.  

	
Term. The original Term of the Lease shall be extended by this Second Amendment. The Lease, as amended hereby, shall expire on October 31, 2012.

 

	
4.  

	
Landlord's Termination Rights. In the event Landlord should sell its interest in the building, and the purchaser does not desire to assume Tenants Lease, either Landlord or the purchaser may, upon six (6) months prior written notice to Tenant, elect to terminate the Lease notwithstanding the date of expiration of the Lease. Additionally, in the event Landlord should, in the exercise of its sole and absolute discretion, determine to close the building, Tenant agrees that Landlord may do so upon six (6) months prior written notice. All obligations of Tenant with respect to the surrender of the Premises shall apply in the event of the exercise of this early termination right.

 

	Approved:	 	 
	 	 	 
	Landlord:	 	 
	 	 	 
	Tenant:	 	 

 

  

  

  

 

	
5.  

	
Consent to Assignment. To the extent such consent has not already been given, Tenant hereby acknowledges and consents to the assignment of the subject Lease, as amended, by Intervest Development Limited Partnership, an Oklahoma limited partnership, to Shawnee Masonic Property, LLC, an Oklahoma limited liability company.

 

	
6.  

	
Ratification. Except as expressly modified and amended by this Second Amendment, the terms and provisions of the Lease, as previously amended, are hereby ratified and confirmed in all respects and remain in full force and effect. In the event of a conflict between the terms of the Lease, or any of the prior amendments to the Lease, this Second Amendment shall control.

 

IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to Lease Agreement as of the effective date first above written.

 

EXECUTED BY LANDLORD this 12th day of October, 2010.

 

SHAWNEE MASONIC PROPERTY, LLC, an Oklahoma limited liability company

 

 By: WWT Investments, LLC, an Oklahoma limited liability company,

By: /s/ Warren Thomas                                 

Warren Thomas, Manager

EXECUTED BY TENANT this 31st day of October 2010

EC Development LLC

By: /s/ Gene Estep                                         

Gene Estep, Managerex10-3.htm

Exhibit 10.3

 

EC DEVELOPMENT, INC.

MODIFICATION OF UNIT PURCHASE AGREEMENT

 

This Agreement to Modify the Unit Purchase Agreement (“Agreement”) is made this _____th day of August, 2010, by and between EC Development, Inc., a Delaware Corporation (“ECD”) and Suemac, Inc., an Oklahoma corporation (“SM”).

 

R E C I T A L S

 

WHEREAS, SM purchased fifteen percent (15%) of EC Development, LLC, an Oklahoma Limited Liability Company (“LLC”) and the predecessor of ECD, for the amount of $1,500,000 on June 11, 2007, as evidenced by that certain Unit Purchase Agreement of even date therewith (the “UPA”), and

 

WHEREAS, LLC’s obligations under the UPA included the payment of interest and as of July 31, 2010 there is due and owing to SM from LLC, interest in the amount of $120,893.58, and

 

WHEREAS, LLC, has merged with eNucleus, Inc., and is now known as EC Development, Inc., (“ECD”) a publicly traded corporation, and by virtue of such merger, the obligation of LLC under the UPA is now the obligation of ECD, and

 

WHEREAS, ECD and SM have agreed that ECD shall convey to SM  2,250,000 (TWO MILLION TWO HUNDRED FIFTY THOUSAND) Shares of ECD (”Shares”) in exchange for, and (except as described below) in full compromise and satisfaction of the obligations of LLC under the UPA, and

 

WHEREAS, the parties hereto deem the value of the Shares to be equal to the amount of the obligation of LLC to SM plus accrued interest thereon now owing to SM by LLC, NOW THEREFORE,

W I T N E S S E T H

 

FOR AND IN CONSIDERATION of the above recitals, the terms, the covenants and conditions hereinafter contained, Ten Dollars ($10) which amount is a further inducement to SM to enter this Agreement, receipt whereof is hereby acknowledged, and other good and valuable consideration, the parties agree as follows:

 

  

  

  

 

	
1.  

	
CONVEYANCE OF SHARES.  ECD hereby conveys and delivers to SM  2,250,000 (TWO MILLION TWO HUNDRED FIFTY THOUSAND) free trading, unencumbered, non-assessable shares of ECD.

 

	
2.  

	
SATISFACTION OF NOTE.  SM hereby declares that except as hereafter described, all obligations of LLC and ECD under the UPA including the obligation to pay the accrued interest described in the recitals above, are fully satisfied, paid in full and compromised and settled, and of no further force and effect.

 

	
3.  

	
INTEREST ON UPA.  The obligation to pay interest on the amount invested in LLC pursuant to the UPA shall continue at the rate of $3,200 per month until such time that the shares of ECD are trading at or above $1.00 for 20 consecutive trading days at which time the obligation to continue to pay interest by ECD shall cease notwithstanding that the share price of the Shares may fall below $1.00 thereafter.

 

	
4.  

	
HOLD HARMLESS.  The parties hereto each covenant and warrant to the other to defend, indemnify and hold the other harmless from any and all liability with respect to any attempts to collect the obligations of LLC or ECD under the UPA or a claim of title to the Shares by any third party or from any other liability or claims against the Shares or under the UPA.

 

	
5.  

	
HEADINGS.  The headings set forth herein are for convenience only and shall not be used in interpreting the text of the section in which they appear.

 

	
6.  

	
BINDING EFFECT; SUCCESSORS AND ASSIGNS. This Agreement may not be assigned by either party without the written consent of the other party.  This Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the parties hereto.

 

	
7.  

	
COUNTERPARTS.  This Agreement may be executed in multiple counterparts, each of which, when so executed, shall be deemed to be an original, and all such counterparts when taken together shall constitute but one and the same instrument.

 

	
8.  

	
TIME OF PERFORMANCE.  Time is specifically declared to be of the essence of this Agreement and of the delivery of the Shares and the Note and the performance of all acts required to be done and performed by the parties hereto

 

  

  

  

 

	
9.  

	
COSTS AND ATTORNEY FEES.  In the event it is reasonably necessary for either party to employ counsel or incur expense, in or out of court or in any bankruptcy or reorganization proceedings, to enforce, establish or protect such party's rights hereunder, such party who prevails therein or so protects or establishes such party's rights hereunder shall be entitled to recover all reasonable attorneys' fees and expenses so incurred.  All payments and reimbursements required by this paragraph shall be due and payable on demand, and may be offset against any sums owed to the party so liable in order of maturity, and shall bear interest at the rate of twelve percent (12%), per annum, from the date of demand to and including the date of collection or the due date of any sum against which the same is offset, as the case may be.

 

 

           IN WITNESS WHEREOF, the parties TR and ECD have caused this Agreement  to be signed by their respective officers thereof duly authorized as of the day first above written.

 

	EC Development, Inc.   	SueMac, Inc.
	 	 
	By:                                                                                 	By:                                                                 
	Randy Edgerton	Print Name:                                                   
	Title:           CFO                                             	Title:ex10-4.htm

 

Exhibit 10.4

 

MEMORANDUM OF UNDERSTANDING

This Memorandum of Understanding (this “Memorandum) is made and entered into as of this 20th day of December 2011 by and among EC Development, Inc. a Delaware corporation (the “Company”) and Techrescue, LLC, a Oklahoma LLC (“Techrescue”) and made in reference to the fact that Techrescue and EC Development LLC (also an Oklahoma LLC and referred to as the “Premerger LLC”) were each owned by Eugene Estep and Fredrick Combs (who are collectively referred to as the “Owners”) and, in connection with the operations of Techrescue and the Premerger LLC, the Owners caused funds from Techrescue to be used to pay certain payroll expenses of the Premerger LLC.

The Company has acquired the Premerger LLC and desires to confirm the prior facts regarding (1) such advances and (2) the obligations to repay such advances to Techrescue and the parties enter into this Memorandum for purposes of memorializing same.  Therefore, the parties confirm the following:

 

	
1.  

	
The Premerger LLC and Techrescue each confirm that the advances reflected on the books of each company are the true and correct amounts of advances paid by Techrescue to employees and others of the Premerger LLC.

	
2.  

	
The Company did and does assume and agree to repay Techrescue, such advances as shown on the books and records of the Premerger LLC as of August 1, 2010.

	
3.  

	
The parties acknowledge that all amounts represent payments by Techrescue to others (including employees and tax agencies) who were owed such amounts by the Premerger LLC and no amounts represent payments to or from the parties for any other reason.

	
4.  

	
The Company has agreed and will continue to repay the full and exact amounts of such advances as quickly as practical based on cashflow and ability of the Company but such amounts shall not bear interest.

This Memorandum is intended to confirm the past transactions and the prior agreement of repayment terms as agreed upon in principle and evidence the willingness and commitment of the parties to repay such advances.  Each of the undersigned, for and in consideration received in connection with the merger, has executed this Memorandum of Understanding effective as of the merger but signed as of the day and year first above written.

	
EC Development, Inc.

	  	
Techrescue, LLC

	
By:

	  	  	
By:

	  
	  	
Randy Edgerton

	  	  	
Eugene Estep, member

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