Document:

SECURED PROMISSORY
NOTE

 

Principal Amount:

$34,000,000.00

WAIKOLOA,
HI

September 30, 2016

 

1.                   
Promise to
Pay.ISLAND VISTAS,
LLC, a Nevada
limited liability company, ("Borrower"),
promises to pay
to the order
of WHALES POINT FUND, LLP, a Delaware limited liability partnership ("Lender"),
the principal sum of $34,000,000.00, or the
actual amount that Lender actually advances to Borrower under
the Term Loan Agreement, in lawful money of the
United States, on or before the Maturity Date, together with Interest on the
unpaid principal balance.

 

2.                    
Term Loan
Agreement. Borrower is
making this note
in connection with
the Term
Loan Agreement.

 

3.                    
Definitions. The
following words used
in this note
have the definitions
stated below:

 

		(1)	"Business Day"
means any day
other than a
Saturday, Sunday or
other day on
which commercial banks in
Hawai 'i are
authorized or required by law to
close.

 

		(2)	"Contract Rate"
means 6.0% interest
per annum.

 

		(3)	"Default"
means any condition
or event that,
with the giving
of notice or
the lapse of
time or both, will
constitute an Event
of Default under section 8.1 of
the Term Loan Agreement.

 

		(4)	"Default Rate" means
10.0% interest per
annum.

 

		(5)	"EB-5
Investor" means each
individual investor who
has provided the
requisite documentation necessary to
subscribe to the
offering conducted by Lender pursuant
to the terms of the EB-5
Program with respect to the
Project.

 

		(6)	"EB-5
Program" means USCIS's
Immigrant Investor Program,
as provided in
the Immigration and Nationality
Act, § 203(b)(5)
(8 U.S.C §1152(b)(S)), as amended, and implementing
Title 8 CFR § 204.6(m), as amended.

 

		(7)	"Event
of Default" has
the meaning given
in section 8.1
of the Term
Loan Agreement;

 

		(8)	"Interest Rate"
means: (1) the
Contract Rate, prior
to the earliest
occurrence of an
Event of Default or
the Maturity Date; and (2) the Default
Rate subsequent to the
occurrence of the earlier of an Event of
Default or the Maturity date.

 

		(9)	"Loan Document"
means collectively, this
note, the Term
Loan Agreement, the
Mortgage, the Guaranty
Agreement, the Pledge
Agreement, the Assignment of Sales and
Contracts and Proceeds, the Environmental Indemnity Agreement, and
all other instruments, agreements, documents, and
writings executed in connection with any of the foregoing.

    	Whales Point Fund, LLP - Promissory Note
	 	Page 1 of 8

     

    

		(10)	"Maturity
Date" means the
fifth anniversary of
the Effective Date
of the Term
Loan Agreement.

 

		(11)	"Prior
Advance" means a
sum of money
equal to $1,000,000.00,
attributable to approved EB-5
Investors, that Lender
advanced to Borrower
for use in connection with
the Project, prior to the effective date of this
note.

 

		(12)	"Project"
means the 48
luxury condominium villas
on certain real
property located at Waikoloa,
South Kohala, Island,
County and State of Hawai'i to be
developed by Borrower.

 

		(13)	"Subscription Amount"
means, with respect
to each EB-5
Investor, $500,000.

 

		(14)	"Term
Loan Agreement" means
the loan agreement
between Borrower and
Lender made in connection
with this note.

 

		(15)	"Term
Loan Tranche" means
a disbursement of
funds from Borrower
to Lender pursuant to
the provisions of
this note and
the Term Loan Agreement.

 

		(16)	"Trust
Account" means the
deposit account identified
in the trust
agreement into which the
Subscription Amount of
each EB-5 Investor
is held pending the filing of that
investor's I-526 Petition with USCIS, as
more fully stated in
the trust agreement.

 

4.                    
The Prior
Advance. On the
effective date, the
Prior Advance will
be deemed to be a
part of the
sums due under
this note and
will be subject
to all of the provisions of this
note. Lender's obligation to advance one
or more Term Loan Tranches is hereby
reduced by an amount of money equal to the
Prior Advance.

 

5.                    
Payment of
Interest. Borrower shall
pay simple interest
on each Term
Loan Tranche (and
the Prior Advance) at the Contract
Rate. Interest will be due and payable
quarterly, in arrears. With
respect to each Term Loan Tranche, interest will
accrue from the time
a particular Term Loan
Tranche is advanced to or for Borrower's
benefit pursuant to the provisions of this
note.

 

6.                    
Computation of
Interest and Fees.
All computations of
interest and fees
under this note will
be made on
the basis of
a year of
360 days and in
each case for
the actual number of days (including
the first day but excluding
the last day (actual/360) occurring in the
period for which such interest or
fees are payable (to the extent computed on the
basis of days elapsed).
Each determination by Lender of an interest amount
or fee under this note will be made in
good faith and, except for manifest error, will
be final, conclusive, and binding on Borrower.

 

7.                    
Prepayments and
Prepayment Prohibition. (a)
Borrower acknowledges that
all loan fees and
other prepaid finance
charges are earned on the
day that Borrower signs this note,
and that Lender will not refund these
sums if Borrower prepays some or all
of the sums due under this
note, unless required by law.

    	Whales Point Fund, LLP - Promissory Note
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(b)              
Borrower shall
not prepay any
part of the
sums advanced under
this note prior to
the Maturity Date.
Borrower acknowledges that
the funds Lender
is providing to Borrower are funds obtained
through the EB-5 program, and that the EB-5
program requires that an investor's funds
be "at-risk" for
the duration of the EB-5 program. As such,
Borrower acknowledges that attempts to pre-pay
sums advanced under this note will likely
jeopardize Lender's relationship with Lender's investors.
As such, Lender shall not to attempt to
prepay sums advanced pursuant to this
note and the Term Loan Agreement. Any
prepayments made in violation of this
section 7 will be void.

 

(c)              
Borrower shall
not send Lender
any payments marked
"paid in full", "without
recourse", or with
any similar language.
If Borrower sends
such a payment to Lender, Lender
may accept that payment
without losing any of
Lender's rights under this note, the
"paid" in full" and "without recourse" language will be ineffective, and Borrower will remain obligated
to pay all sums due under this note.

 

8.                    
Manner of
Payment. Borrower shall
make each payment
required to be
made under this note
(whether of principal,
interest, fees, or
of other amounts
payable under this
note) prior to 2:00
p.m. CST, on the date when due, in
immediately available funds, without
set-off or counterclaim. Any
amounts received after such
time on any date
may, in Lender's discretion,
be deemed to have been received on
the next succeeding
Business Day for purposes of calculating
interest on that payment.
Borrower shall make all such payments
to Lender either at its Payment Office or by electronic
transfer from Borrower's operating
account. If any payment under this note
becomes due on a day that is not
a Business Day, the date for that
payment will be extended to the next
Business Day, and, in the case of
any payment accruing interest, interest on that payment
will be due for the period of
the extension.

 

9.                    
Repayment of
the Indebtedness. Subject
to any extensions,
Borrower shall repay the
principal amount of
all sums advanced
under this note,
together with all
accrued and unpaid interest, on the Maturity Date.
Borrower shall pay Lender at Lender's
address stated in section 22, or at
another place that Lender designates
in writing.

 

10.                  
Interest after
Default. Upon an
Event of Default,
including Borrower's failure
to make the final
payment due under
this note, the interest rate on
this note will automatically, and
without notice required from Lender, increase
to 10% annual interest. The increased
interest rate will apply on the day
after the occurrence of an Event of
Default.

 

11.                  
Extension of
the Maturity Date.
Borrower may, not
more than one
time, by delivering a
written notice to
Lender no earlier than
60 days and no later than 30 days prior to the Maturity
Date, request that
Lender extend the Maturity Date for an
additional 12 calendar months. Lender may, in its
sole discretion, grant Borrower's request
for this one-year extension, but
only if, as of the first
day of the proposed one-year extension,
Borrower is not in Default and no Event of Default
exists. The Interest Rate during any extension
will be the Default Rate. If Lender
grants the extension, Borrower shall pay Lender's
costs and expenses including
legal fees, arising out
of the extension.

    	Whales Point Fund, LLP - Promissory Note
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12.                  
Collateral. This
note is secured
by the Collateral
described in the
Term Loan
Agreement.

 

13.                  
Interest Rate
Limitation. If, for
any reason, the
fulfillment of any
provisions of this note
or of any other document signed
in connection with
this note, at the time performance of such provision, causes the
interest rate of this note to
exceed the maximum rate permitted by law, the
obligation to be fulfilled
will be reduced to the maximum rate permitted
by law.

 

		14.	Events of Default.
The occurrence of
any Event of
Default as defined
in Article 8

of the
Term Loan
Agreement will be
deemed to be
an Event of
Default under this
note.

 

15.                 
Effect of
an Event of
Default. Upon occurrence
of an Event
of Default, Lender may
declare the entire
unpaid balance plus
all accrued unpaid
interest immediately due, and Borrower must pay
this amount. In addition, Lender
may exercise any other
right or remedy granted by
any other Loan Document with
respect to an Event
of Default.

 

16.                  
Recovery of
Returned Payments. If
Lender must return
to Borrower any payment previously
applied to Borrower's
obligations under this
note because of a voidable preference under the Bankruptcy Code
or for any other reason, Borrower and any
guarantor of this note will remain
liable for the full amount returned.
Borrower and every
guarantor of this note will remain
liable for the returned sum as though
Lender had never received it.

 

17.                 
Borrower's Waivers.
Borrower and any
other person who
signs, guarantees, or
endorses this note
hereby waives presentment
for payment, demand for payment,
and notice of dishonor.

 

18.                  
Lender's Rights.
Lender may exercise
the following rights
without giving notice
to anyone, getting
consent from anyone,
or releasing anyone from the
obligation to pay the full amount of this note:

 

		(1)	Reduce the amount
of or delay
the due date
of any payment
due under this
note;

 

		(2)	Extend,
renew, or change any
other provision of
this note in
a manner that
is fair to Borrower;

 

		(3)	Release any security,
including one or
more co-guarantors;

 

		(4)	Sue any
guarantor without first
suing Borrower or
any other person
or pursuing any
other remedy available to
Lender; or

 

		(5)	Collect money
from one or
more guarantors irrespective
of any real
or personal defenses that
Borrower may have.

 

19.                  
Lender's Exercise of
Lender's Rights. Each
right granted to
Lender under this
note is separate
from all other
rights granted to
Lender. Lender may
exercise Lender's rights
one at

    	Whales Point Fund, LLP - Promissory Note
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a
time, all at
once, or not
at all. Lender's
decision not to
exercise a particular
right will not
be deemed to be Lender's waiver of
the unexercised right.

 

20.                  
Collection Expenses.
Lender may hire
or pay someone
else to help
collect on this note
or recover the
Collateral from Borrower
when an Event of Default occurs.
Borrower shall pay all expenses that
Lender incurs in connection with collection or recovery
of the Collateral.

 

21.                  
Litigation Expenses.
In any judicial,
administrative, or arbitration
action, suit, claim, investigation,
or proceeding arising
out of this
note, the non-prevailing party shall pay the prevailing party's
court filing fees, court costs, arbitration fees,
witness fees, and attorneys' and other
professionals' fees and disbursements.

 

22.                  
Notices. (a)
Except in the
case of notices
and other communications
that Lender expressly permits
Borrower to give
in another manner,
for a notice or
other communication under this agreement
to be valid, it
must be in writing
and delivered: (1) in
person; (2) by reliable overnight courier, with all fees prepaid; or
(3) by United States registered
or certified mail, return receipt requested, with
postage prepaid.

 

(b)              
A valid
notice or other
communication under this
agreement will be effective
when it is
received by the
party to which
it is addressed. A notice will
be deemed to have been received as follows:

 

		(1)	if the notice
is delivered in
person, delivered by
reliable overnight courier,
with all fees prepaid,
or delivered by
United States registered
or certified mail, return receipt requested
and postage prepaid, upon receipt as indicated
by the date on the signed receipt;

 

		(2)	if a
party to which
the notice is
addressed receives the
notice or other
communication after 5:00
p.m. on a business day at
the location specified in the address for
that party, or
on a day that is not
a business day, then the notice
will be deemed received at 9:00 a.m.
on the next business day; and

 

		(3)	if the
party to which
the notice is
addressed rejects or
otherwise refuses to
accept that notice, or
if the notice
cannot be delivered because of
a change in address for which
no notice was given,
then upon that rejection, refusal,
or inability to
deliver.

 

(c)               
For a
notice or other
communication to a
party under this
agreement to be valid,
it must be
addressed using the
information specified below for that party
or any other information specified by that
party in accordance with
this section 22.

 

To
Borrower:Island Vistas, LLC

69-201 Waikoloa
Beach Dr., Ste. 2617

Waikoloa,
HI 96738 ATTN:
Robert Kistler

Email:
rkistler l @gmail.com Tel:
(808) 886-1702

Fax: (808)
443-0145

    	Whales Point Fund, LLP - Promissory Note
	 	Page 5  of 8

     

    

 

To
Lender:Whales Point Fund,
LLP

91
Avenida Del Mar,
3rd Floor San Clemente,
CA 92672 ATTN:
Rumiko Yoneyama
Email: rumi@ koaconsultants.cn
Tel: (949) 542-8777

Fax: (949)
542-8781

 

(d)              
For Borrower's
convenience, Lender may
permit Borrower to
provide notices by telephone,
fax, or email.
Unless Lender behaves recklessly
with regard to any notice provided to Lender by
telephone, fax, or email,
Lender may rely on the authority of any Person purporting
to be a Person authorized by Borrower
to give that notice and Lender will not be
liable to Borrower or other Person because of any action taken or not taken
by Lender in reliance upon any telephonic,
facsimile, or email notice. Lender's
failure to receive written
confirmation of any telephonic, facsimile, or email notice or
receipt by Lender of valid notice in
accordance with section 22(b) that varies with the
provisions understood by Lender to
be contained in any telephonic,
facsimile, or email notice will not affect
Borrower's obligation to repay the
Term Loan or Borrower's performance or observance
of the provisions of this
agreement or the other Loan Documents.

 

23.                  
Waivers and
Amendments. No failure
or delay by
Lender in exercising
any right or power
under this note
or under any other
Loan Document, and no course of dealing
between Borrower and Lender, will operate as a waiver of
any provision of this note
or the other Loan Documents,
nor will any
single or partial exercise of any
such right or power or any
abandonment or discontinuance of steps to
enforce such right
or power, preclude any other or further
exercise of those rights or powers or
the exercise of any other right or power under
this note or under this note. No waiver of
any provision of this note or
any other Loan Document or consent
to any departure by Borrower
from those documents will
be effective unless the amendment
or waiver is in writing, signed by Borrower and
Lender, and any such waiver or consent
will be effective only in the specific instance
and for the
specific purpose for which given.

 

24.                  
Successors and
Assigns. (a) The
provisions of this
note are binding
upon and inure to
the benefit of
Borrower and Lender
and their respective successors and assigns. Borrower shall not
assign or transfer any right or obligation
established by this note without Lender 's prior written consent (which Lender
may withhold for any reason). Any attempted
assignment or transfer in violation of this
section 24 will be void.

 

(b)              
Lender may
assign all or
a portion of
Lender's rights and
obligations under this note
and the other Loan Documents to one
or more assignees.

 

		25.	Governing Law. The
laws of the
State of Hawai'i,
without giving effect
to

Hawai
'i's principals of
conflicts of law,
will govern interpretation
of this note
and the other
Loan Documents.

    	Whales Point Fund, LLP - Promissory Note
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26.                  
Jurisdiction. Borrower
hereby irrevocably and
unconditionally submits, for itself
and its property,
to the non-exclusive
jurisdiction of one
or more federal
or state courts located in the State
of Hawai'i, County of Hawai'i and
any appellate court in the State
of Hawai'i, in any action or proceeding
arising out this note,
any other Loan Document, or the
transactions contemplated in this note or
other Loan Documents, or for recognition or enforcement
of any judgment. Borrower irrevocably
and unconditionally agree that all claims
with respect to
any such action or proceeding may be heard and determined in such
Hawai 'i state court or, to
the extent permitted by law, federal
court. A final judgment in any action
or proceeding initiated in
a permitted court will be conclusive and
may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by law. Nothing in
this note or any other
Loan Document affects any right that
Lender may otherwise have to bring any action
or proceeding relating to this note
or any other Loan Document
against Borrower any Loan Party in the courts
of any other jurisdiction.

 

27.                  
Venue.
Borrower irrevocably
and unconditionally waives,
to the fullest
extent permitted by
law, every past,
present, and future
objection to the defense
of an inconvenient forum or any other defense
the maintenance of any action
or proceeding in one or more federal or
state courts located in the State of
Hawai'i, County of Hawai'i and any appellate court in the State
of Hawai'i.

 

28.                  
Consent to
Service of Process.
Borrower irrevocably
consents that service
of process for
any action may
be made in any manner expressly permitted in section 22. Nothing in this
note or in any other Loan
Document affects Lender's right to
serve process in any other manner
permitted by law.

 

29.                  
Waiver of
Jury Trial. Borrower
irrevocably waives, to
the fullest extent
permitted by law, any
right that Borrower may
have to a
jury trial in any
proceeding arising directly or indirectly
arising out of this note, any
other Loan Document, or the transactions
contemplated by this note or the
Loan Documents, regardless of whether the
proceeding is one of contract, tort, or
any other legal theory. Borrower hereby:

 

		(1)	Represents
that no representative,
agent, or attorney of
any party has
represented, expressly or otherwise,
that Lender would
not, in the
event of litigation,
seek to enforce this
waiver; and

 

		(2)	Acknowledges
that Borrower was
not induced to
enter into this
note by, among
other things, the waivers
embodied in this
section 29.

 

30.                  
Entire Agreement.
This note, together
with the other
Loan Documents, and
one or more other
documents relating to
any fees payable to
Lender constitutes the entire agreement
among Borrower and Lender regarding the subject
matter of this
note and the Term
Loan Agreement. These documents, together, supersede
all prior agreements
and understandings, written or oral, regarding
the subject matter of this note and
the Term Loan Agreement.
There are no other
unwritten oral agreements Borrower and Lender.

    	Whales Point Fund, LLP - Promissory Note
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31.                  
Severability. If any
provision of this
note or any other
Loan Document is
held to be illegal,
invalid, or unenforceable
in any jurisdiction, that provision will, as to
that jurisdiction, be ineffective to the
extent of the illegality, invalidity, or
unenforceability, without affecting
the legality, validity, or enforceability of the remaining
provisions of this note or any other Loan
Document. The illegality, invalidity,
or unenforceability of a particular
provision in a particular jurisdiction will
not invalidate or render unenforceable that provision in any
other jurisdiction.

 

32.                  
Patriot Act.
Lender hereby gives
notice to Borrow
that, pursuant to
the requirements of the
USA PATRIOT
Act (Title III
of Pub. L.
107-56 (signed into law October 26,
2001)) (the "Patriot Act"), Lender may be
required to obtain, verify and record
information that identifies Borrower, including Borrower's name and
address and other information that will allow Lender to identify Borrower in
accordance with the Patriot Act. Borrower shall
provide to Lender, to the extent
commercially reasonable, all required information
and take all other actions that Lender reasonably requests
in order to enable Lender to maintain
compliance with the Patriot Act.

 

33.                  
Conflicts. If
any provision of
this note conflicts
with any provision
of the Term
Loan Agreement, the
provisions of the Term Loan
Agreement will prevail.

 

34.                  
Effective Date.
This note will
be effective on
that date that
Borrower signs it
(as indicated by the
date associated with
Borrower's signature).

 

Borrower is
signing this promissory
note on the
date stated opposite
Borrower's signature.

 

 

 

Dated:09/30/16

    	Whales Point Fund, LLP - Promissory Note
	 	Page 8 of 8FORBEARANCE AGREEMENT

 

THIS FORBEARANCE AGREEMENT ("Agreement")
is made and entered into as of October 11,

2016 by and between
Bridge Aina Le'a, LLC ("Lender") and Aina Le'a, Inc. ("Borrower"). Lender and Borrower shall hereinafter be
collectively referred to as the "Parties" and individually, a "Party."

 

RECITALS

 

This
Agreement is made and entered into in reliance on the following recitals, which are acknowledged by Lender and Borrower to be true
and accurate.

 

A.   
Borrower and Lender entered into a Promissory Note dated November 17, 2015 with an original principal amount of $14,000,000.00
(the "Note").

B.  
The Note became delinquent when Borrower failed to make the required monthly interest payments as they became due on July
1, and again August 1, 2016 and September 1, 2016.

C.  
Borrower has requested that Lender forbear from exercising its rights or remedies against Borrower to allow Borrower an
opportunity to catch up on all outstanding obligations due and owing to Lender pursuant to the Note. Although Lender is under no
obligation to do so, Lender is willing to temporarily forbear from exercising its rights and remedies against Borrower for the
Forbearance Period (as defined below) and on the other terms and conditions set forth in this Agreement.

 

AGREEMENT

 

NOW
THEREFORE, in consideration of the foregoing and for other valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows:

 

		1.	Incorporation of Recitals. Each of the above Recitals is incorporated herein
as true and correct and is relied upon by each Party in agreeing
to the terms of this Agreement. Capitalized terms not otherwise defined in this Agreement shall have the meanings assigned to them
in the Note.

		2.	Acknowledgement. Borrower acknowledges that as of September 15, 2016 the
Note had an unpaid principal balance of $14,000,000.00, plus accrued and unpaid interest, penalties and fees due and owing of $947,939.63.
Borrower (i} acknowledges, admits,
and confirms that it does not have any legal right or theory on which
to invoke legal or equitable relief, whether injunctive relief or otherwise, in order to abate, postpone, or terminate enforcement
by Lender of the obligations of Borrower under the Note, and (ii) specifically waives and relinquishes any such right to legal
or equitable relief to cause any such abatement, postponement, or termination of enforcement proceedings.

		3.	Reaffirmation of Note. This Agreement is, in part, a reaffirmation of the
obligations of Borrower to ender and is not be construed as a release or modification of any of the terms, conditions, warranties,
waivers, or other rights set forth in the Note except as

    	 

    	 

    

 

 

expressly
provided for herein. Borrower reaffirms its obligations to ender under the Note and reaffirms and restates each and every term,
condition, and provision of the Note. Borrower further represents and warrants that (i) it has no defenses, set-offs, counterclaims,
or claims against Lender that would or might affect the enforceability of the Note; and (ii)
the Note remain in full force and effect.

		4.	Forbearance Terms.

•  
(a) Borrower hereby requests that Lender forbear from proceeding to exercise any and all of its rights and remedies in law
or equity under the Note. ender is willing to forbear exercising its rights and remedies under the Note through and including March
15, 2017 ("Forbearance Period"), if and only if:

(1)
Such forbearance is without waiver of any term, covenant, or condition to be performed or satisfied by Borrower pursuant
to the Note.

(2)
Borrower makes full, timely, and punctual performance of each of the matters hereinafter set forth and do not do or fail
to do anything that would constitute (i) a breach of this Agreement; or (ii) a further breach of the Note; and

(3)
All conditions precedent provided for herein are first satisfied.

(b) 
In addition to Borrower performing in accordance with the terms and provisions of this Agreement, Borrower shall continue
to perform in accordance with the terms, covenants, and conditions of the Note, except for monthly payments due under the Note
during the Forbearance Period. Borrower acknowledges and agrees that this Agreement is not intended to set forth all the outstanding
terms, covenants, and agreements between and among the Parties, such that the absence of an express provision herein is not to
be construed as an intention of ender not to enforce such provision in the Note. Borrower agrees that the terms and conditions
of this Agreement shall be in addition to those contained in the Note.

(c)  
Borrower acknowledges and agrees that interest shall continue to accrue on the unpaid principal balance of the Note at the
rate of 24%.

(d) 
Borrower shall make a payment $150,000 to ender within five (5) days of singing this Agreement, with such payment being
applied to the amounts due under the Note.

(e) 
During the Forbearance Period, the scheduled monthly payments on the Note will not be due. On or before March 15, 2017,
Borrower shall bring the Note current by giving notice to the Lender of their intention to resume monthly interest payments. Upon
receipt of such notice, Lender shall capitalize all amounts of accrued interest, fees and penalties due as of that date and calculate
a new monthly interest payment amount based on the new principal balance with interest of 12%. In the event that Borrower brings
the Note current by making the required monthly interest payment, in the amount as revised above, on or before March 15, 2017,
the Note shall return to bearing interest at the stated rate, subject to the terms and conditions of the Note.

		5.	Conditions Precedent. Borrower understands that this Agreement shall not
be effective and Lender shall have no obligation to forbear from exercising any rights or remedies unless and until each of the
following conditions precedent has been satisfied unless waived in writing by Lender in ender's sole discretion:

{a) Borrower shall have duly executed and delivered
to Lender this Agreement; and

(b) Borrower shall have paid to tender $150,000.

 

 

 

 

    	 

    	 

    

 

		6.	Representations and Warranties. To induce Lender to enter into this Agreement, Borrower hereby
represents and warrants to Lender as follows:

(a) 
The execution, delivery, and performance by Borrower of this Agreement and all documents contemplated hereunder are within
Borrower's powers and have been duly authorized, and are not in conflict with Borrower's articles of incorporation or by-laws,
or the terms of any charter or other organizational document of Borrower; and all such documents constitute valid and binding obligations
of Borrower, enforceable in accordance with their terms. In addition, such execution, delivery, and performance by Borrower will
not violate any law, rule, or order of any court or governmental agency or body to which Borrower is subject.

(b) 
With the exception of the events specified in the Recitals, no further event has occurred or failed to occur that is, or,
with notice, lapse of time, or both, would constitute, a default, an Event of Default, or a breach or failure of any condition
of the Note.

(c)  
There are no actions, suits, or proceedings pending, or to the knowledge of Borrower, threatened against or affecting Borrower
in relation to their obligations to Lender, or involving the validity or enforceability of this Agreement or the Note, whether
at law or equity, or before or by any governmental entity.

(d) 
Borrower is a corporation in good standing and duly authorized to do business under and existing under the laws of its state
of incorporation and is duly authorized to conduct its business operations.

(e) 
This Agreement is intended to be final and binding among the Parties, and each Party hereto may expressly rely on the finality
of this Agreement as a substantial and material factor inducing the Parties' execution of this Agreement.

(f)   
Each person executing this Agreement in a representative capacity has been duly authorized to execute this Agreement and
said documents and instruments by all appropriate action and is empowered to do so.

(g) 
The representation, warranties, and agreements set forth herein shall be cumulative and in addition to all other representations,
warranties, and agreements which Borrower give or caused to be given to Lender, whether heretofore, now, or hereafter.

		7.	Covenants. Borrower will do the following:

(a}
Comply with all requirements of all the Note to the extent not inconsistent with this Agreement.

(b}
Not enter into any agreements with any of their other creditors that might impair their ability to perform under the Note or this
Agreement.

(c)
Ensure that Lender is fully Informed at all times of all matters relating to the operation of Borrower's businesses, including
any planned changes in key personnel or material

		•	changes in the manner of operating such businesses.

		8.	Additional Events of Default. In addition to the Events of Default set forth
in the Note, the occurrence of any of the following events of default shall be an event of default hereunder ("Forbearance
Event of Default"}, and Lender, at Lender's option in its sole discretion, may make all obligations of Borrower immediately
due and payable, and may immediately terminate the Forbearance Period, all without demand, presentment, or notice, all of which
requirements, if any, Borrower
hereby waives:

    	 

    	 

    

 

(a)
Failure to perform any of the obligations set forth in this Agreement or in the Note (as the same may be modified by this Agreement),
including the failure of Borrower timely and punctually to pay to Lender all payments required to be made pursuant to this Agreement;

{b)
Any representation or warranty
of Borrower herein or in the Note shall be false,

misleading, or incorrect in any material respect;

{c)
There is any substantial impairment of the prospect
of Borrower's satisfaction of its obligations to
Lender or substantial impairment of
the value of Borrower's business, collateral or
other assets;

		•	(d) The filing of any lawsuit
or other legal action by or against Borrower challenging the enforceability or validity of this Agreement or the Note;

(e)
Borrower is enjoined, restrained, or in any way prevented by court order from continuing to
conduct any
material part
of its business affairs;

(f)
Borrower (i)
shall fail
to pay its debts as such debts become due, (ii)
shall make an assignment for the benefit of lt’s
creditors, (iii) shall
admit in writing its inability to pay debts as they become due, (iv) shall file a petition under any chapter of the Bankruptcy
Code or any similar law, state or
federal, now or hereafter existing, (v) shall become "insolvent" as
that term is generally defined under the Bankruptcy
Code, (vi) shall have any involuntary bankruptcy case commenced against it, whether or not an order for relief is entered, or (vii)
shall have a custodian, trustee, or receiver appointed for, or have any court take jurisdiction of,
its property, or any portion thereof, in any voluntary
or involuntary
proceeding, including those for the purpose of reorganization, arrangement, dissolution, or liquidation.

		9.	Remedies.
Upon the occurrence of a Forbearance Event of Default and at all times thereafter, Lender, without the necessity of obtaining any
prior approval of any court, shall be entitled
{a) to termination, the Forbearance Period, which shall, upon termination, be of no further force and effect; (b} immediately,
without notice to Borrower, to exercise all rights and remedies available to Lender at
law or in equity and otherwise and all rights provided
in the Note to
collect the outstanding
obligations owed by Borrower to Lender;

		•	(c)
to exercise in respect of any collateral all
rights and remedies of a secured creditor available
to it under applicable laws; (d) to exercise all remedies available to Lender under the Note, as well
as rights and remedies available to Lender at law
or in equity, without presentment, demand, protest,
or notice
of any kind whatsoever, all of which are expressly waived by Borrower.
AH such rights and remedies shall be cumulative.
No failure or delay on the part of Lender in exercising any power, right, or remedy under any of the Note shall operate as
a waiver thereof,
and no single or partial exercise of any such power,
right, or remedy shall preclude any further exercise thereof or the exercise of any other power, right, or remedy.

		10.	Miscellaneous.

		(a)	Not
a Novation. This Agreement is not a novation, nor is it to be construed as a release or modification of any of the terms, conditions,
warranties, waivers, or rights set forth in the Note except as expressly and specifically set forth herein.

    	 

    	 

    

 

 

		(b)	Survival of Warranties. All agreements, representations, and warranties made
herein shall survive the execution and delivery of this Agreement and the documents and instruments executed in connection with
this Agreement.

(c)   
Failure of Indulgence Not Waiver. No failure or delay on the part of Lender in the exercise of any right, power, or privilege
hereunder or under the documents or instruments referred to herein shall operate as a waiver thereof, and no single or partial
exercise of any such power, right, or privilege shall preclude a further exercise of, any right, power, or privilege.

(d)  
Applicable Law. This Agreement and the rights and obligations of the Parties shall be governed by and construed in accordance
with the laws of the State of Hawaii.

(e)   
Assignability. This Agreement shall be binding upon and inure to the benefit of Lender and Borrower and their respective
successors and assigns, except that Borrower's rights hereunder are not assignable.

(f)     
Modifications and Amendments. This Agreement may be modified or amended only by written agreement duly executed by the Parties.

(g)   
Integration. This Agreement and the Note constitutes a single, integrated, written contract expressing the entire agreement
of the Parties relative to the subject matter hereof. No covenants, agreements, representations, or warranties of any kind whatsoever
have been made by any Party with respect to the subject matter hereof except as specifically set forth in this Agreement and the
documents and instruments executed in connection with this Agreement.

•  
(h) Severability. If any provision of this Agreement is found to be illegal, invalid, or unenforceable under present or
future laws effective during the term of this Agreement, such provisions shall be fully severable; this Agreement shall be construed
and enforced as if such illegal, invalid, or unenforceable provision never comprised a part of this Agreement; and the remaining
provisions of this Agreement shall remain in full force and effect and shall not be affected by
the illegal, invalid, or unenforceable provision or by severance from this Agreement.

(I)  
Time of Essenc2. The Parties expressly acknowledge and agree that time is of the essence and that all deadlines and time
periods provided for under this Agreement are ABSOLUTE AND FINAL.

(j)
Execution in Counterpart. This Agreement may be executed and delivered in two or more counterparts, each of which, when
so executed and delivered, shall be an original, and such counterpart together shall constitute but one and the same instrument
and agreement, and the Agreement shall not be binding on any Party until all Parties have executed it.
This Agreement may be signed by a facsimile or electronic signatures, which shall have the same force and effect as an original
signature; provided, however, that Borrower shall deliver original signatures to Lender within five calendar days after the date
of their execution of this Agreement.

(k) 
Notice. Except for any notices required under applicable law or this Agreement to be given in another manner:

 

(1)
Any notice to Borrower shall be addressed as follows:

    	 

    	 

    

 

 

Aina Le'a, Inc.

Attn: Mr. Robert Wessels
3231 La Mancha

Henderson, NV 89014

(2}
Any notice to Lender shall be addressed as follows: Bridge Capital, LLC

Attn: Chief Legal Officer

PMB 29, Box 10001

Saipan, MP 96950

 

All notices, requests,
demands, directions, and other communications provided for in this Agreement must be in writing and must be mailed, delivered,
sent by overnight delivery, or sent by facsimile to the appropriate Party at that Party's respective address set forth above; provided,
however, that notice shall be deemed sufficient if actually received by the Party regardless of the mode of transmission or delivery.

		(I)	No Impairment. Borrower agrees that this Agreement
shall not be construed to:

		(1)	Impair
the validity, perfection, or priority of any lien or security interest securing Borrower's obligations to Lender;

		(2)	Waive
or impair any rights, powers, or remedies of Lender under the Note with respect to defaults set forth in the Recitals hereto or
otherwise;

		(3)	Constitute
an agreement by Lender
or require Lender to extend the time for payment of Borrower's obligations to Lender, except as expressly and specifically set
forth herein, none of which Lender agrees or has agreed to do, and all of which matters are in Lender's sole and absolute discretion;
or

		(4)	Constitute
an agreement of Lender to make any loans or other extension of credit to Borrower.

		(m)	Headings.
This Agreement shall be construed without regard to any presumption or rule requiring that it be construed against the Party causing
this Agreement or any part hereof to be drafted. The headings used in this Agreement are for convenience only and shall be disregarded
in interpreting the substantive provisions of this Agreement.

		(n))	Expenses and Fees. Borrower shall pay and reimburse Lender for all actual fees, costs, and expenses, including all actual attorneys'
fees and costs, fees and costs of inspecting and appraising any real property, and recording, title insurance, and escrow fees,
expended or incurred by Lender in any arbitration, mediation, judicial reference, legal action, or otherwise in connection with
(i) the negotiation, preparation, amendment, interpretation, implementation, and enforcement of this Agreement, the Note, or any
instrument or agreement executed in connection herewith or therewith, including the preparation and negotiation of this Agreement,
during any workout or attempted workout or in connection with the rendering of legal advice as to Lender 's rights, remedies, and
obligations under the Note; (ii) collecting any sum which becomes due Lender under the Note; (iii) any proceeding.

    	 

    	 

    

 

for
declaratory relief, any counterclaim to any proceeding, or any appeal; or (iv) the protection, preservation, or
enforcement of
any rights of Lender or any security pledged to
Lender (collectively, the "Lender Expenses"). For the purposes of this section, attorneys'
foes include fees incurred in connection with (i)
contempt proceedings; (ii)
discovery; (iii)
any motion, proceeding, or other activity of any
kind in connection with a bankruptcy
proceeding or cases arising out of or relating to any petition under the
Bankruptcy Code or
any similar law; (iv)
garnishment, levy, and debtor and
third party examinations; and
(v) post judgment motions and proceedings of any
kind, including any activity taken to collect or enforce any judgment.

		(o)	Acknowledgment.

		(1)	Borrower
represents and warrants that all of the terms, conditions, waivers, warranties, and promises set forth in this Agreement are made
after opportunity to consult with legal
counsel of their choosing and with an understanding of their significance and
consequence.

		(2)	Borrower further represents
and warrants as follows:

		(A)	It
has received,
or has
had the
opportunity to receive, independent legal advice from
attorneys of their choice with
respect to the advisability of executing this Agreement
and the documents and instruments executed in connection herewith, and prior to the execution of this Agreement and documents and
instruments executed in connection herewith, Borrower's counsel reviewed this Agreement and discussed this Agreement with Borrower;

		(B)	Except
as expressly
stated in this Agreement and the documents and instruments executed in connection herewith, neither Lender nor any other person
or entity has made any statement or representation to Borrower regarding facts
relied upon them
in entering into this Agreement and the documents
and instruments executed in connection herewith;

		(C)	Borrower
has not relied upon any statement, representation, or promise of lender or other person or entity in executing this Agreement and
the documents and instruments executed in connection herewith, except as expressly
stated in this Agreement or in the documents and instruments executed in connection
herewith; and

(D) The terms
of this Agreement are contractual and
not a mere recital.

(3)
This Agreement and
the documents and
instruments executed in connection herewith have
been carefully read by, the contents hereof are known and understood by,
and are signed freely by
each Party executing this Agreement, and each Party
executing this Agreement in a representative capacity
is empowered to do so.

(p}
Mutual Cooperation. Borrower and Lender shall further execute, acknowledge, and deliver any further deeds, assignments, conveyances,
and other assurances, documents, and instruments of transfer reasonably requested by the other Party, and will take any
other action consistent with terms of this Agreement
that may reasonably be requested by the other Party for the purposes of implementing the transactions which are the subject of
this Agreement.

 

    	 

    	 

    

 

 

 

 

 

		(q)	JURY
TRIAL
WAIVER. BORROWER
HEREBY EXPRESSLY WAIVES ANY AND All RIGHTS TO
DEMAND A TRIAL
BY JURY IN ANY ACTION, MATIER, CLAIM,
OR CAUSE OF ACTION WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT, THE NOTE,
ANY DOCUMENTS AND
INSTRUMENTS EXECUTED IN CONNECTION THEREWITH,
OR ANY
OTHER AGREEMENT, DOCUMENT, OR TRANSACTION
CONTEMPLATED HEREBY, WHETHER
WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. BORROWER AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE
TRIED BY A COURT TRIAL
WITHOUT A JURY. WITHOUT LIMITING
THE FOREGOING, BORROWER
FURTHER AGREES
THAT ITS RESPECTIVE RIGHT TO A TRIAL BY JURY IS
WAIVED BY OPERATION OF THIS SECTION
AS TO ANY ACTION, COUNTERCLAIM, OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE
THE VALIDITY OR ENFORCEABILITY
OF THIS AGREEMENT OR ANY PROVISION
HEREOF. THIS WAIVER
SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS,
OR MODIFICATIONS TO THIS AGREEMENT.

 

 

 

		(r)	Rule
of Construction.
In this Agreement, the
terms defined
herein apply equally to both the
singular and the plural forms
thereof; whenever the context may
require, any pronoun will
include the corresponding
masculine, feminine, or neuter forms
thereof; except when used in connection
with the description of a period of time, the word
"including" and the
like are deemed
to be
followed by the phrase "without limitation";
the word "or"
is not exclusive; the
words "approval" of and
"notice" to the Parties are
deemed to be preceded by the
word "written"; all
references to "section"
or "sections"
mean the applicable
section of this Agreement unless
otherwise specified .

		(s)	Authority
to Bind Parties.
The signatories
for the entities listed below covenant,
represent, and warrant
that (i)
all necessary
approvals to
enter into
this Agreement have been
obtained;
(ii) have the full legal capacity,
right, power, and authority to execute
and enter into this Agreement; and
(iii) this Agreement is a valid and binding obligation enforceable
against the
entity on whose behalf they purport
to act.

		(t)	No
Waiver. Lender
and Borrower agree that, except as expressly provided herein, the Note
shall remain in full force and effect
in accordance with its terms.

(u}
Survival. Ali representations,
warranties, covenants, agreements, waivers of Borrower
contained herein shall survive the termination of
the Forbearance Period and the payment
in full of Borrower's obligations to
enter.

		(v)	Inconsistency. In
the event of any inconsistency between
the terms of this Agreement and
any billings, statements, or
the like from Lender to Borrower
in connection with the Note, the
terms of this Agreement shall prevail
over the terms of any other such billings,
statements, or the like.

 

IN
WITNESS WHEREOF, Lender and Borrower have executed this
Agreement as of the date set forth in the
preamble.

    	 

    	 

    

 

	Lender:	 	 	 	Borrower:
	 	 	 	 	 	 
	Bridge
    Aina Le'a, LLC	 	 	Aina
    Le'a, Inc.
	 	 	 	 	 	 
	/s/	 	 	 	/s/	 
	By:
    Jody J.	 	 	By: 	 
	Its:
    Authorized Representative	 	Ite:
    CEO

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