Document:

Exhibit 10.1

 

AMENDED AND RESTATED BUSINESS MANAGEMENT 
 AND SHARED SERVICES AGREEMENT

 

THIS AMENDED AND RESTATED BUSINESS MANAGEMENT AND SHARED SERVICES AGREEMENT (this “Agreement”) is made and entered into as of December 4, 2012, by and between TRAVELCENTERS OF AMERICA LLC, a Delaware limited liability company (the “Company”), and REIT MANAGEMENT & RESEARCH LLC, a Delaware limited liability company (“RMR”).

 

WHEREAS, the Company and RMR are parties to an Amended and Restated Business Management and Shared Services Agreement, dated as of January 25, 2010 (the “Amended Agreement”); and

 

WHEREAS, the Company and RMR wish to amend and restate the Amended Agreement as hereinafter provided;

 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree that the Amended Agreement is hereby amended and restated as follows:

 

Section 1.          Management Services.

 

1.1          Management Services to be Rendered.  Subject to the terms and conditions hereinafter set forth, the Company hereby continues to engage RMR to provide the business management and shared services contemplated by this Agreement with respect to the Company’s business and operations, and RMR hereby accepts such continued engagement.  RMR shall provide the Company with the management services described below (each, a “Service”, and collectively, the “Services”), in each case to the extent requested by the Company:

 

(a)           Property Maintenance and Repairs.  Advice in obtaining, when appropriate, the services of property managers or management firms to perform customary property management services with regard to the hospitality and fuel service facilities (each a “Travel Center”) operated, leased or owned by or otherwise in the possession of the Company or any subsidiary thereof; performance of such supervisory, evaluation or monitoring services on behalf of the Company with respect to the activities of those property managers or management firms as would be performed by a prudent operator, owner or lessee in the Company’s business, including, but not limited to, supervising the activities of property managers or management firms, reviewing the maintenance and renovation needs for governmental or regulatory compliance at the Company’s properties, assessing capital and engineering projects, property inspections, and participating in property management budgeting, but excluding the actual on-

 

 

site property management functions performed by Company personnel, property managers or management firms.

 

(b)           Site Selection, Etc.  Advice in site selection of properties on which new Travel Centers may be developed, and in the identification and acquisition of new and existing Travel Centers and travel center companies.

 

(c)           Accounting Support.  Advice and assistance with accounting, tax, audit and financial reporting of the Company, including, without limitation, advice and assistance in:  (i) setting up and maintaining systems for financial record keeping; (ii) conducting the administration of the day-to-day bookkeeping and accounting functions as are required for the proper management of the assets of the Company; (iii) establishing and implementing internal audit functions; (iv) contracting for and supervising the process for independent annual audits; and (v) preparation of financial reports as may be required by any governmental authority in connection with the ordinary conduct of the Company’s business, including, without limitation, periodic reports, returns or statements required under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Internal Revenue Code of 1986, as amended, the securities and tax statutes of any jurisdiction in which the Company is obligated to file such reports, or the rules and regulations promulgated under any of the foregoing.

 

(d)           Capital Markets, Financing and Strategic Advice and Assistance.

 

(i)            Equity Capital Markets.  Advice and assistance relating to equity capital raising transactions, but not including solicitation of investors as a broker, dealer or underwriter in any capital raising transactions.

 

(ii)           Debt Financing.  Advice and assistance relating to revolving lines of credit and other issuances of indebtedness.

 

(iii)          Strategic.  Advice and assistance relating to possible business and strategic opportunities as may come to the attention of the Company or RMR, including, without limitation, acquisitions, joint ventures, dispositions and other strategic transactions.

 

(iv)          Investigation.  Investigation and evaluation of financing, refinancing, leasing and other business opportunities, and making recommendations concerning these opportunities.

 

(e)           Cash Management.  Advice and assistance in:  (i) operating and managing the Company’s collection systems, cash concentration systems and electronic disbursements; (ii) maintaining bank accounts, including opening and closing of operating, security deposits, local depository and petty cash accounts; (iii) bank administration; and (iv) maintaining bank relationships.

 

(f)            Human Resources.  Advice and assistance in management of the Company’s 401(k) plan and other employee benefit plans, Company employee and management recruitment, performance evaluation and establishment of salary, bonus and other compensation scales and executive and staff employee structure.

 

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(g)           Insurance Administration.  Advice and assistance in:  (i) securing all forms of insurance, including property, casualty and workers’ compensation; (ii) managing insurance policies; (iii) negotiation of premiums and arranging payment terms; (iv) managing claims; and (v) preparation of loss analysis.  The amount and levels of insurance shall be determined in the sole and absolute discretion of the Company.

 

(h)           Investor Relations.  Advice and assistance in the preparation and coordination of:  (i) annual and other reports to shareholders; (ii) presentations to the public; (iii) public relations; (iv) marketing materials; (v) internet website; and (vi) investor relations services.

 

(i)            Regulatory Compliance.  Advice and assistance with compliance with applicable legal and regulatory requirements, including, without limitation, advice and assistance in preparation of financial reports as may be required by any governmental authority in connection with the ordinary conduct of the Company’s business.

 

(j)            Contracts.  Assistance in review and negotiation of and advice concerning Company contracts and agreements, including, without limitation, contracts in connection with the services described in subsections 1.1(b) and (d), in each case, on behalf of the Company and in the furtherance of the Company’s objectives.

 

(k)           Legal.  Advice and assistance in review of and advice concerning Company contracts and agreements, coordination and supervision of all third party legal services and oversight of processing of claims by or against the Company.

 

(l)            Management Information Systems.

 

(i)            Applications Development.  Advice and assistance related to development and maintenance of Company information technology system applications, including, without limitation, intranet, financial, accounting and clerical systems.

 

(ii)           Telecommunications.  Advice and assistance related to design, operation and maintenance of network infrastructure, including telephone and data transmission lines, voice mail, facsimile machines, cellular phones, pager, etc.; negotiation of contracts with third party vendors and suppliers; and local area network and wide area network communications support.

 

(iii)          Operations/Technical Support and User Support.  Advice and assistance related to design, maintenance and operation of the computing environment, including business specific applications, network wide applications, electronic mail and other systems; managing the purchase and maintenance of equipment, including hardware and software; configuration, installation and support of computer equipment; and education and training of the user community.

 

(m)          Research.  Advice and assistance in the conduct of market research reports and special research assignments; investigation and evaluation of financing, refinancing, leasing and other business opportunities; and making recommendations concerning these opportunities.

 

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(n)           Securities Filings.  Advice and assistance in the preparation and filing of periodic and other reports required to be filed by Sections 13 and 15 of the Exchange Act and the rules and regulations thereunder; advice and assistance in the preparation, filing, distribution and posting of proxy and consent materials pursuant to the Exchange Act and the rules and regulations thereunder; and advice and assistance in the preparation and filing of all offering documents (public and private), and all registration statements, prospectuses or other documents filed with the Securities and Exchange Commission (the “SEC”) or any state; it being understood that the Company shall be responsible for the content of any and all of its offering documents and SEC filings, and RMR shall not be held liable for any costs or liabilities arising out of any misstatements or omissions in the Company’s offering documents or SEC filings, whether or not material, and the Company shall promptly indemnify RMR from any such costs or liabilities incurred by it.

 

(o)           Special Projects.  Advice and assistance in special projects and such other services within the scope contemplated by this Agreement although not expressly covered elsewhere in this subsection 1.1.

 

(p)           Supervision of Third Party Manager Arrangements.  Advice and oversight concerning the Company’s relationship with any and all, current or future, third party managers or owners of its current or future facilities or properties.

 

(q)           Tax Administration.  Advice and assistance in the preparation, review and filing of all federal, state and other required tax returns and tax related matters. All tax matters shall be determined by the Company in its absolute and sole discretion.

 

(r)            Third Party Advisors.  To the extent not specifically addressed elsewhere in this subsection 1.1, advise, assist and oversee the retention of counsel, consultants and other third party professionals on behalf of the Company.

 

Notwithstanding anything herein, it is understood and agreed that the duties of, and services to be provided by, RMR pursuant to this Agreement shall not include (i) any investment management or related services with respect to any assets of the Company as the Company may wish to allocate from time to time to investments in “securities” (as defined in the Investment Advisers Act of 1940, as amended) or (ii) any services that would subject RMR to registration with the Commodity Futures Trading Commission as a “commodity trading advisor” (as such term is defined in Section 1a(12) of the Commodity Exchange Act and in CFTC Regulation 1.3(bb)(1)) or affirmatively require it to make any exemptive certifications or similar filings with respect to “commodity trading advisor” registration status.

 

1.2          Performance of Services.  RMR covenants that it will perform or cause to be performed the Services in a timely, efficient and workmanlike manner.  RMR further covenants that it will maintain or contract for a sufficient staff of trained personnel to enable it to perform the Services hereunder.  With the Company’s approval, RMR may retain third parties or its affiliates to provide certain of the Services hereunder.  In such cases, and notwithstanding anything herein to the contrary, the Company shall pay the fees and costs of such third parties and reimburse RMR in accordance with subsection 1.4 for RMR’s actual out-of-pocket costs and expenses for arranging for such Services (including, without limitation, the fees and costs of such

 

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third parties paid by RMR) to the extent the Company is not billed or does not pay directly.  RMR shall be responsible for paying such affiliates for their fees and costs in providing such Services unless otherwise approved by a majority vote of the Independent Directors (as defined in the Company’s Bylaws, as in effect from time to time) of the Company.  Any arrangements between RMR and its affiliates for the provision of Services hereunder shall be commercially reasonable and on terms not less favorable than those which could be obtained from unaffiliated third parties.  All services shall be performed as requested and/or authorized by the Company from time to time.

 

In performing its services hereunder with respect to the Company, RMR shall adhere to, and shall require its officers and employees in the course of providing such services to the Company to adhere to, the Company’s Code of Business Conduct and Ethics, as in effect from time to time.  In addition, RMR shall make available to its officers and employees providing such services to the Company the procedures for the receipt, retention and treatment of complaints regarding accounting, internal accounting controls or auditing matters relating to the Company and for the confidential, anonymous submission by such officers and employees of concerns regarding questionable accounting or auditing matters relating to the Company, as set forth in the Company’s Procedures for Handling Concerns or Complaints about Accounting, Internal Accounting Controls or Auditing Matters, as in effect from time to time.

 

1.3          Compensation.

 

(a)           Payment for Services.  RMR shall be paid a fee for the Services provided to the Company under this Agreement (the “Fee”) equal to the sum of (i) 0.6% of the gross fuel margin and (ii) 0.6% of the total non-fuel revenues (such gross fuel margin and total non-fuel revenues, collectively, “Revenues”) of the Company and its subsidiaries determined in accordance with generally accepted accounting principles in the United States.  The Fee shall be estimated and paid monthly by the Company in advance based upon the prior calendar month’s Revenues, and such payment shall be paid within 15 calendar days of the end of the applicable prior calendar month unless otherwise agreed.  The calculation of the fee for any month shall be based upon the Company’s monthly financial statements and shall be in reasonable detail.  A copy of the computations shall promptly be delivered to RMR accompanied by payment of the Fee thereon to be due and payable.  The Fee shall be pro-rated for any partial month this Agreement shall be in effect.

 

The aggregate annual Fee paid in any fiscal year shall be subject to adjustment as of the end of that fiscal year.  On or before the 30th day after public availability of the Company’s annual audited financial statements for each fiscal year, the Company shall deliver to RMR a notice setting forth (i) the Company’s Revenues for such year, (ii) the Company’s computation of the Fee payable for such year and (iii) the amount of the Fee theretofore paid to RMR in respect of such year.  If the annual Fee payable for said fiscal year exceeds the aggregate amounts previously paid with respect thereto by the Company, the Company shall pay such deficit amount to RMR at the time of delivery of such notice.  If the annual Fee payable for said fiscal year as shown in such notice is less than the aggregate amounts previously paid with respect thereto by the Company, the Company shall specify in such notice whether RMR should

 

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(i) refund to the Company payment in an amount equal to such difference or (ii) grant the Company a credit against the Fee next coming due in the amount of such difference until such amount has been fully paid or otherwise discharged.

 

(b)           Payment Subordination.  No Fee payments shall be paid by the Company to RMR if any of the contractual rent obligations of the Company or any of its subsidiaries to Hospitality Properties Trust or any of its subsidiaries (collectively “HPT”) pursuant to any lease agreement are past due.  Any Fee payment unpaid as a result of the preceding sentence shall accrue interest until paid at the Prime Rate (as defined below), and shall be automatically due and payable: (i) when the condition preventing the payment of such Fee is no longer in effect, (ii) upon any termination of the Agreement, or (iii) upon the occurrence of any event of default by the Company enumerated in subsection 3.2 or a Change of Control (as defined in subsection 3.4) of the Company.  This subsection 1.3(b) is only intended to define the relative rights of RMR and HPT.  Without intending to limit the generality of the foregoing, nothing in this subsection 1.3(b) shall: (i) impair, as between the Company and RMR, the obligation of the Company to pay any amounts owing hereunder in accordance with the terms hereof; or (ii) affect the relative rights of RMR and creditors of the Company other than HPT.  For purposes of this Agreement, “Prime Rate” shall mean the Prime Rate or base rate on corporate loans at large U.S. money center commercial banks as published in The Wall Street Journal or, if publication of such rate shall be suspended or terminated, Prime Rate shall mean the annual rate of interest, determined daily and expressed as a percentage, from time to time announced by one of the three largest national or New York State chartered banking institutions having their principal office in New York, New York and selected by RMR at the time such publication is suspended or terminated.  All interest hereunder shall be calculated on the basis of actual days elapsed and a 360-day year.

 

1.4          Reimbursement.  Unless otherwise agreed, the Company will reimburse RMR for (a) reasonable out-of-pocket travel and lodging expenses of RMR personnel in providing the Services and (b) reasonable out-of-pocket third party expenses incurred by RMR in connection with its performance of the Services and for the Company’s share, if any, of technology infrastructure and internal audit costs that are provided to the Company and to other customers of RMR, in each case within 30 days of receipt of the invoice therefor, but only to the extent that the Company shall have approved such expenses and costs.  RMR shall submit to the Company such reports detailing said expenses and supporting receipts and bills, or other suitable evidence, as may be reasonably requested by the Company.

 

Section 2.          Limitations; Third Party Costs.

 

2.1          Limits of RMR Responsibility.  RMR assumes no responsibility other than to render the services described herein in subsections 1.1 and 4.2 in good faith and shall not be responsible for any action of the Company in following or declining to follow any advice or recommendation of RMR.

 

2.2          Third Party Costs.  Except to the extent expressly provided herein to the contrary, all third party costs incurred in connection with actions to be taken by the Company shall solely be the responsibility of the Company, including, but not limited to, all legal, auditing, accounting, underwriting, brokerage, investor communications, and listing, reporting and

 

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registration fees or other costs of the SEC, any state or local governments, any national securities exchange and the Financial Industry Regulatory Authority, Inc.

 

2.3          Fidelity Bond.  RMR shall not be required to obtain or maintain a fidelity bond in connection with the performance of its services hereunder.

 

Section 3.          Term; Termination.

 

3.1          Term.  This Agreement shall continue in force and effect until December 31, 2013, and shall be automatically renewed for successive one year terms annually thereafter unless notice of non-renewal is given by the Company or RMR before the end of the term.  It is expected that the terms and conditions may be reviewed by the Independent Directors of the Compensation Committee of the Board of Directors of the Company at least annually.  Notwithstanding any other provision of this Agreement to the contrary, this Agreement, or any extension thereof, may be terminated pursuant to Sections 3.2 or 3.3.

 

3.2          Default; Bankruptcy; Etc.  At the option of the nondefaulting party, this Agreement may be terminated immediately by written notice from the nondefaulting party to the defaulting party if any of the following events shall have occurred:

 

(a)           RMR or the Company shall have violated any provision of this Agreement and, after written notice from the Company or RMR, as the case may be, of the violation, shall have failed to cure the default within thirty (30) days;

 

(b)           a petition shall have been filed against RMR or the Company for an involuntary proceeding under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, and that petition shall not have been dismissed within ninety (90) days of filing; or a court having jurisdiction shall have appointed a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of RMR or the Company for any substantial portion of its property, or ordered the winding up or liquidation of its affairs, and that appointment or order shall not have been rescinded or vacated within ninety days of the appointment or order; or

 

(c)           RMR or the Company shall have commenced a voluntary proceeding under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall have made any general assignment for the benefit of creditors, or shall have failed generally to pay its debts as they became due.

 

3.3          Other Termination.  Notwithstanding any other provision of this Agreement to the contrary, this Agreement, or any extension thereof, may be terminated:  (a) by either party thereto upon sixty (60) days’ written notice to the other party; and (b) by RMR upon five (5) business days’ written notice to the Company if there is a Change of Control of the Company.  Any termination of this Agreement by the Company pursuant to clause (a) of this subsection 3.3 must be approved by a majority vote of the Independent Directors of the Compensation Committee of the Board of Directors of the Company.  Any termination of this

 

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Agreement by RMR pursuant to clause (a) or (b) of this subsection 3.3 must be approved by a majority vote of the directors of RMR.

 

3.4          Change of Control.  For purposes of this Agreement, a “Change of Control” shall mean:  (a) the acquisition by any person or entity, or two or more persons or entities acting in concert, of beneficial ownership (such term, for purposes of this subsection 3.4, having the meaning provided such term in Rule 13d-3 under the Exchange Act) of 9.8% or more, or rights, options or warrants to acquire 9.8% or more, or any combination thereof, of the outstanding common shares of the Company or other voting interests of the Company, including voting proxies for such shares, or the power to direct the management and policies of the Company, directly or indirectly (excluding RMR and its affiliates and persons or entities that beneficially own 9.8% or more of the Company’s outstanding common shares as of immediately prior to the execution and delivery of this Agreement by the parties hereto); (b) the merger or consolidation of the Company with or into any other entity (other than the merger or consolidation of any entity into the Company that does not result in a Change in Control of the Company under clauses (a), (c), or (d) of this definition); (c) any one or more sales or conveyances to any person or entity of all or any material portion of the assets (including capital stock or other equity interests) or business of the Company and its subsidiaries taken as a whole; or (d) the cessation, for any reason, of the individuals who at the beginning of any 36 consecutive month period constituted the Board of Directors of the Company (together with any new director whose election by the Board of Directors of the Company or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of any such period or whose election or nomination for election was previously so approved) to constitute a majority of the Board of Directors of the Company then in office; provided, however, a Change of Control shall not include the acquisition by any person or entity, or two or more persons or entities acting in concert, of beneficial ownership of 9.8% or more, or rights, options or warrants to acquire 9.8% or more, or any combination thereof, of the outstanding common shares of the Company or other voting interests of the Company if such acquisition is approved by the Board of Directors of the Company in accordance with the Company’s organizational documents and if such acquisition is otherwise in compliance with applicable law.

 

3.5          Action Upon Termination.  Except as provided in subsection 7.4, from and after the effective date of any termination of this Agreement pursuant to subsection 3.1, 3.2 or 3.3, RMR shall be entitled to no compensation for services rendered hereunder for the pro rata remainder of the then current term of this Agreement but shall be paid all compensation due for services performed prior to the effective date of such termination, including, without limitation, the then current year’s Fee through the date of termination, and the costs and expenses incurred on or prior to such effective date.  Upon the expiration or sooner termination of this Agreement, RMR shall, as promptly as practicable, deliver to the Company all property and documents of the Company then in its custody or possession.  This subsection 3.5 shall govern the rights, liabilities and obligations of the parties upon termination of this Agreement; and, except as provided in Section 7, a termination shall be without further liability of either party to the other for breach or violation of this Agreement prior to termination.

 

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Section 4.          Additional Services; Senior Executives.

 

4.1          Common Management.  The parties acknowledge and agree that certain senior executives of the Company may be employees, officers or directors of both the Company and RMR.  Each party shall be solely responsible for payment of compensation to such senior executives for services rendered to or on behalf of such party and the payment by the Company for services by senior executives who are also senior executives of RMR shall be approved by majority vote of the Independent Directors of the Compensation Committee of the Board of Directors of the Company.

 

4.2          Additional Services.

 

(a)           To the extent requested by the Company, RMR shall make its executive officers and directors who are not also senior executives of the Company reasonably available to the Company for the provision of additional services, including day-to-day activities enumerated in subsection 1.1.  The parties acknowledge and agree that no additional compensation shall be due and payable for any additional services requested by the Company and provided by executive officers and directors of RMR pursuant to this subsection 4.2(a).

 

(b)           If, and to the extent that, the Company shall request RMR to render services on behalf of the Company other than those to be rendered by RMR in accordance with subsection 1.1 and subsection 4.2(a) of this Agreement, such additional services shall be compensated separately on terms to be agreed upon between RMR and the Company from time to time.

 

Section 5.          Prevention of Performance.  RMR shall not be determined to be in violation of this Agreement if it is prevented from performing any Services hereunder for any reason beyond its reasonable control, including, without limitation, acts of God, nature, or of public enemy, strikes, or limitations of law, regulations or rules of the federal or of any state or local government or of any agency thereof.

 

Section 6.          RMR Restrictions.  Other than activities or arrangements existing as of the date hereof or those consented to by the Company, RMR shall not directly or indirectly provide any advice or assistance to any business or enterprise that is competitive with the Company’s business, including, but not limited to, any business or enterprise that manages or operates travel centers along the North American highway system.  Subject to the immediately preceding sentence, nothing herein shall prevent or restrict RMR from engaging in any other activities or businesses or from providing management services to any other person or entity.  In addition, nothing herein shall prevent any shareholder or affiliate of RMR from engaging in any other business or from rendering services of any kind to any other person or entity (including competitive business activities).  For avoidance of doubt, nothing herein is intended or shall be construed to prevent RMR from providing management services to HPT, including services to HPT related to properties owned or to be owned by HPT which may be leased, operated or managed by the Company or which may be leased, operated or managed by competitors of the Company.

 

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Section 7.          Indemnification; Remedies.

 

7.1          By the Company.  The Company shall indemnify, defend and hold RMR, and its shareholders, directors, officers, employees and agents harmless from and against any and all damages, claims, losses, expenses, costs, obligations and liabilities, including, without limiting the generality of the foregoing, liabilities for all reasonable attorneys’, accountants’ and experts’ fees and expenses incurred (collectively, “Losses and Expenses”) or suffered by them by reason of or arising out of the course of performing the Services and any duties on behalf of the Company and its subsidiaries as prescribed hereby, except for matters covered by subsection 7.2 hereof.

 

7.2          By RMR.  RMR shall indemnify, defend and hold the Company and its subsidiaries and their respective directors, trustees, officers, employees and agents harmless from and against Losses and Expenses suffered by them by reason of or arising out of any willful bad faith or gross negligence in the performance of any obligation or agreement of RMR herein.  Any dispute, claim or controversy between the Company and RMR as to whether RMR acted with willful bad faith or gross negligence in the performance of any obligation or agreement of RMR herein shall be arbitrated in accordance with Section 11, except that, notwithstanding anything to the contrary in Section 11, the costs and expenses of the prevailing party to such arbitration shall be paid by the non-prevailing party to such arbitration.

 

7.3          Company Remedies.  Except as otherwise provided in subsection 7.2 hereof, RMR does not assume any responsibility under this Agreement other than to render the Services called for under this Agreement in good faith.  Except as otherwise provided in subsection 7.2 hereof, the Company’s remedy on account of the failure of RMR to render the Services as and when required hereunder shall be to terminate this Agreement; provided however, that if RMR acts with willful bad faith or gross negligence, the Company’s remedy shall be to procure services elsewhere and to charge RMR the difference between the reasonable increased cost, if any, to procure new services, and the Fee, pro-rated, that would have been payable to RMR had RMR performed such Services under this Agreement.

 

7.4          RMR Remedies.  Except as otherwise provided in subsection 7.1, the Company does not assume any responsibility under this Agreement other than to pay the Fee and other fees, compensation, costs and expenses payable by the Company to RMR and satisfy the other obligations imposed upon it hereunder, in each case, in accordance with the terms of this Agreement.  Except as otherwise provided in subsection 7.1, RMR’s sole remedy on account of the failure of the Company to satisfy its obligations in accordance with the terms of this Agreement shall be to terminate this Agreement and receive the Fee payable for the then remaining term of this Agreement and any other amounts then owing to RMR by the Company.

 

Section 8.          Relationship of the Parties.

 

8.1          No Partnership or Joint Venture.  The parties are not partners or joint venturers with each other and neither the terms of this Agreement nor the fact that the Company and RMR and their respective affiliates have joint interests in any one or more investments,

 

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ownership or other interests in any one or more entities, have common directors, officers or employees or have tenancy relationships shall be construed so as to make them partners or joint venturers or impose any liability as such on either of them.

 

8.2          Conflicts of Interest.  The Company acknowledges and agrees that RMR has certain interests that may be divergent from those of the Company, including, without limitation, (a) the Company and its subsidiaries lease all or substantially all of their real estate from HPT and may enter into additional leases or other transactions with HPT, (b) RMR provides management services to HPT pursuant to management agreements, and (c) RMR provides certain services to Affiliates Insurance Company.  The parties agree that these relationships shall not affect either party’s rights and obligations under this Agreement; provided, however, the Company acknowledges and agrees that whenever any conflicts of interest arise resulting from the relationships described in this subsection 8.2 or any such relationship as may arise or be present in the future by and between the Company and any of RMR, affiliates of RMR or any publicly owned entity with whom RMR has a relationship or contract: (i) RMR will act on its own behalf and on behalf of HPT or such entity and not on the Company’s behalf; and (ii) the Company shall make its own decisions and require and obtain the advice and assistance of independent third parties at its own cost, as it may deem necessary.

 

Section 9.          Records.  RMR shall maintain appropriate books and records relating to Services performed pursuant to this Agreement, which books and records shall be available for inspection by representatives of the Company upon reasonable notice during ordinary business hours.

 

Section 10.        Assignment.  Neither party may assign this Agreement or its rights hereunder or delegate its duties hereunder without the written consent of the other party, except in the case of an assignment or delegation by RMR to a corporation, partnership, limited liability company, association, trust, or other successor entity which may take over the property and carry on the affairs of RMR and which remains under the control of one or more persons who controlled the operations of RMR immediately prior to such assignment or delegation.

 

Section 11.        Arbitration.

 

11.1        Procedures for Arbitration of Disputes.  Any disputes, claims or controversies between the parties (a) arising out of or relating to this Agreement or the provision of services by RMR pursuant to this Agreement, or (b) brought by or on behalf of any shareholder of the Company (which, for purposes of this Section 11, shall mean any shareholder of record or any beneficial owner of shares of the Company, or any former shareholder of record or beneficial owner of shares of the Company), either on his, her or its own behalf, on behalf of the Company or on behalf of any series or class of shares of the Company or shareholders of the Company against the Company or any director, officer, manager (including RMR or its successor), agent or employee of the Company, including disputes, claims or controversies relating to the meaning, interpretation, effect, validity, performance or enforcement of this Agreement, including this arbitration agreement, or the Company’s Limited Liability Company Agreement or Bylaws (all of which are referred to as “Disputes”), or relating in any way to such a Dispute or Disputes shall, on the demand of any party to such Dispute be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the “Rules”)

 

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of the American Arbitration Association (“AAA”) then in effect, except as those Rules may be modified in this Section 11.  For the avoidance of doubt, and not as a limitation, Disputes are intended to include derivative actions against directors, officers or managers of the Company and class actions by a shareholder against those individuals or entities and the Company.  For the avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf of one party against another party.

 

11.2        Arbitrators.  There shall be three arbitrators. If there are only two parties to the Dispute, each party shall select one arbitrator within 15 days after receipt of a demand for arbitration. Such arbitrators may be affiliated or interested persons of such parties. If there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, shall each select, by the vote of a majority of the claimants or the respondents, as the case may be, one arbitrator within 15 days after receipt of a demand for arbitration. Such arbitrators may be affiliated or interested persons of the claimants or the respondents, as the case may be. If either a claimant (or all claimants) or a respondent (or all respondents) fail to timely select an arbitrator then the party (or parties) who has selected an arbitrator may request the AAA to provide a list of three proposed arbitrators in accordance with the Rules (each of whom shall be neutral, impartial and unaffiliated with any party) and the party (or parties) that failed to timely appoint an arbitrator shall have ten days from the date the AAA provides such list to select one of the three arbitrators proposed by AAA. If such party (or parties) fail to select such arbitrator by such time, the party (or parties) who have appointed the first arbitrator shall then have ten days to select one of the three arbitrators proposed by AAA to be the second arbitrator; and, if he/they should fail to select such arbitrator by such time, the AAA shall select, within 15 days thereafter, one of the three arbitrators it had proposed as the second arbitrator. The two arbitrators so appointed shall jointly appoint the third and presiding arbitrator (who shall be neutral, impartial and unaffiliated with any party) within 15 days of the appointment of the second arbitrator. If the third arbitrator has not been appointed within the time limit specified herein, then the AAA shall provide a list of proposed arbitrators in accordance with the Rules, and the arbitrator shall be appointed by the AAA in accordance with a listing, striking and ranking procedure, with each party having a limited number of strikes, excluding strikes for cause.

 

11.3        Place of Arbitration.  The place of arbitration shall be Boston, Massachusetts unless otherwise agreed by the parties.

 

11.4        Discovery.  There shall be only limited documentary discovery of documents directly related to the issues in dispute, as may be ordered by the arbitrators.

 

11.5        Awards.  In rendering an award or decision (the “Award”), the arbitrators shall be required to follow the laws of The Commonwealth of Massachusetts.  Any arbitration proceedings or Award rendered hereunder and the validity, effect and interpretation of this arbitration agreement shall be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq.  The Award shall be in writing and may, but shall not be required to, briefly state the findings of fact and conclusions of law on which it is based.

 

11.6        Costs and Expenses.  Except as provided in subsection 7.2 and to the extent otherwise agreed by the parties, each party involved in a Dispute shall bear its own costs

 

12

 

and expenses (including attorneys’ fees), and the arbitrators shall not render an award that would include shifting of any such costs or expenses (including attorneys’ fees) or, in a derivative case or class action, award any portion of the Company’s award to the claimant or the claimant’s attorneys.  Except as provided in subsection 7.2 and to the extent otherwise agreed by the parties, each party (or, if there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, respectively) shall bear the costs and expenses of its (or their) selected arbitrator and the parties (or, if there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand) shall equally bear the costs and expenses of the third appointed arbitrator.

 

11.7        Final and Binding.  An Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy between such parties relating to the Dispute, including any claims, counterclaims, issues or accounting presented to the arbitrators.  Judgment upon the Award may be entered in any court having jurisdiction.  To the fullest extent permitted by law, no application or appeal to any court of competent jurisdiction may be made in connection with any question of law arising in the course of arbitration or with respect to any award made except for actions relating to enforcement of this agreement to arbitrate or any arbitral award issued hereunder and except for actions seeking interim or other provisional relief in aid of arbitration proceedings in any court of competent jurisdiction.

 

11.8        Payment of Awards.  Any monetary award shall be made and payable in U.S. dollars free of any tax, deduction or offset.  Each party against which the Award assesses a monetary obligation shall pay that obligation on or before the 30th day following the date of the Award or such other date as the Award may provide.

 

11.9        Beneficiary.  This Section 11 is intended to benefit and be enforceable by the shareholders, directors, officers, managers (including RMR or its successor), agents or employees of the Company and the Company and shall be binding on the shareholders of the Company and the Company, as applicable, and shall be in addition to, and not in substitution for, any other rights to indemnification or contribution that such individuals or entities may have by contract or otherwise.

 

13

 

Section 12.        Consent to Jurisdiction and Forum.  This Section 12 is subject to, and shall not in any way limit the application of, Section 11 or the mandatory arbitration requirements of subsection 7.2; in case of any conflict between this Section 12 and Section 11 or subsection 7.2, Section 11 or subsection 7.2, as applicable, shall govern.  The exclusive jurisdiction and venue in any action brought by any party hereto pursuant to this Agreement shall lie in any federal or state court located in Boston, Massachusetts.  By execution and delivery of this Agreement, each party hereto irrevocably submits to the jurisdiction of such courts for itself and in respect of its property with respect to such action.  The parties irrevocably agree that venue would be proper in such court, and hereby waive any objection that such court is an improper or inconvenient forum for the resolution of such action.  The parties further agree and consent to the service of any process required by any such court by delivery of a copy thereof in accordance with subsection 13.1 and that any such delivery shall constitute valid and lawful service of process against it, without necessity for service by any other means provided by statute or rule of court.

 

Section 13.        Miscellaneous.

 

13.1        Notices.  Any notice, report or other communication required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given:  when delivered in person; upon confirmation of receipt when transmitted by facsimile transmission; on the next business day if transmitted by a nationally recognized overnight courier; or on the third business day following mailing by first class mail, postage prepaid; in each case as follows (or at such other United States address or facsimile number for a party as shall be specified by like notice):

 

If to the Company, to:

 

TravelCenters of America LLC
 24601 Center Ridge Road 
 Westlake, Ohio 44145 
 Attn:  President
 Facsimile No.:  (440) 808-3301

 

If to RMR, to:

 

Reit Management & Research LLC 
 255 Washington Street
 Newton, Massachusetts 02458 
 Attn:  President
 Facsimile No.:  (617) 928-1305

 

13.2        Entire Agreement; Waiver.  This Agreement constitutes and sets forth the entire agreement and understanding of the parties pertaining to the subject matter hereof, and no prior or contemporaneous written or oral agreements, understandings, undertakings, negotiations, promises, discussions, warranties or covenants not specifically referred to or contained herein or attached hereto shall be valid and enforceable.  No waiver of this Agreement or any provision of this Agreement shall be binding unless executed in writing by the party to be bound thereby.  No

 

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waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision hereof (whether or not similar), nor shall any such waiver constitute a continuing waiver unless otherwise expressly provided.

 

13.3        Binding Effect.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and each of their respective successors and permitted assigns.

 

13.4        Severability.  If any provision of this Agreement shall be held invalid by a court with jurisdiction over the parties to this Agreement, then and in that event such provision shall be deleted from the Agreement, which shall then be construed to give effect to the remaining provisions thereof.  If any one or more of the provisions contained in this Agreement or in any other instrument referred to herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then in that event, to the maximum extent permitted by law, such invalidity, illegality or enforceability shall not affect any other provisions of this Agreement or any other such instrument.

 

13.5        Counterparts.  This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but both of which taken together shall be considered one and the same instrument.

 

13.6        Amendments.  The Agreement shall not be amended, changed, modified, terminated, or discharged in whole or in part except by an instrument in writing signed by each of the parties hereto, or by their respective successors or assigns, or otherwise as provided herein.

 

13.7        Third Party Beneficiaries.  Except as otherwise provided in subsection 11.9, no person or entity other than the parties hereto and their successors and permitted assigns is intended to be a beneficiary of this Agreement.

 

13.8        Governing Law.  This Agreement shall be interpreted, construed, applied and enforced in accordance with the laws of The Commonwealth of Massachusetts applicable to contracts between residents of Massachusetts which are to be performed entirely within Massachusetts.

 

13.9        Interpretation.  The Company and RMR agree and covenant to construe the provisions of and give effect to this Agreement in such a manner to enable HPT to continue to comply with its real estate investment trust qualification requirements under applicable tax laws.

 

13.10      Captions.  The headings and titles of the various sections and paragraphs of this Agreement are inserted merely for the purpose of convenience, and do not expressly or by implication limit, define, extend or affect the meaning or interpretation of this Agreement or the specific terms or text of the section or paragraph so designated.

 

13.11      Survival.  The provisions of subsections 1.1(n) (relating to the Company’s obligation to indemnify RMR for costs and liabilities incurred by RMR arising out of any misstatements or omissions in the Company’s offering documents or SEC filings and the Company’s absence of liability for any such costs or liabilities), 2.1, 2.2, 3.5, 13.1, 13.4, 13.7,

 

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13.8, 13.9 and 13.11 and Sections 7, 11 and 12 of this Agreement shall survive the termination hereof.

 

13.12      Equal Employment Opportunity Employer.  RMR is an equal employment opportunity employer and complies with all applicable state and federal laws to provide a work environment free from discrimination and without regard to race, color, sex, sexual orientation, national origin, ancestry, religion, creed, physical or mental disability, age, marital status, veteran’s status or any other basis protected by applicable laws.

 

[Signature page to follow.]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Business Management and Shared Services Agreement under seal as of the date first above written.

 

 

	
 
    	
TRAVELCENTERS OF AMERICA LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark R. Young
    
	
 
    	
 
    	
Name: Mark R. Young
    
	
 
    	
 
    	
Title: Executive Vice President and General Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
REIT MANAGEMENT & RESEARCH LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Adam D. Portnoy
    
	
 
    	
 
    	
Name: Adam D. Portnoy
    
	
 
    	
 
    	
Title: President and Chief Executive Officer
    

 

17Exhibit 10.1

 

ASSET PURCHASE AGREEMENT

 

THIS AGREEMENT, entered effective the 30th day of November, 2012 (“Effective Date”) between Solera National Bank, a national banking association (“the Bank”), Residential Mortgage of Colorado, LLC (“RMOC”), a Colorado limited liability company, Kathleen Stout (“Ms. Stout”) and Scott Hovey (“Mr. Hovey”).  RMOC, Ms. Stout and Mr. Hovey sometimes hereafter are called the “Selling Affiliates”.  The Selling Affiliates and the Bank sometimes hereafter collectively are called the “Parties” and individually a “Party”.

 

RECITALS

 

A.                                    RMOC either currently owns directly or otherwise has rights to acquire the ownership of certain assets as described and defined in this Agreement;

 

B.                                    In addition RMOC is the tenant under certain leases or otherwise has the ability to arrange leases pertaining to several office locations throughout the State of Colorado which the Bank believes are desirable from which to conduct certain banking and lending operations;

 

C.                                    The Bank desires to purchase the assets and accept the assignment of, or enter into the aforementioned leases RMOC desires to sell or assign its right to acquire the assets and assign the aforementioned leases or assist the Bank in entering into other leases all on certain terms and under certain conditions; and

 

D.                                    The Parties have reached an agreement concerning the terms and conditions on which the Bank will purchase the assets and RMOC shall sell the assets, and the Parties desire to reduce their agreement to written form.

 

THEREFORE, IN CONSIDERATION of the foregoing Recitals and in consideration of the mutual promises and covenants contained herein, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

I.  SALE OF ASSETS

 

1.1                               SALE OF ASSETS AND ASSIGNMENT OF LEASES.  RMOC shall sell, assign, transfer and deliver to Bank, and Bank shall purchase and accept at Closing, certain assets owned or controlled by the Selling Affiliates including:

 

(a)                                 BUSINESS ASSETS.

 

(i)                                     All furniture, fixtures, equipment, devices, telephone numbers and telephone communications equipment, computers, printers, photocopiers and other equipment and other tangible personal property (hereinafter “Furniture, Fixtures and Equipment”) owned or otherwise controlled by RMOC and which is set forth in detail on

 

 

the Furniture, Fixtures and Equipment List attached hereto and incorporated herein by reference as Exhibit A; and

 

(ii)                                  The name “Residential Mortgage of Colorado” (hereafter called the “Trade Name”) and the trade mark (hereafter called the “Trade Mark”) described and contained in Exhibit B attached hereto and incorporated herein by reference.

 

(b)                                                         LEASES.

 

(i)                                     The lease pertaining to the property commonly known as 111 S. Tejon, Suite 110, Colorado Springs, Colorado (the “Plaza Lease”);

 

(ii)                                  The lease pertaining to the property commonly known as 1755 Telstar, Suite 101, Colorado Springs, Colorado 80920 (the “Telstar Lease”);

 

(iii)                               The lease pertaining to the property commonly known as 1881 9th Street, Suite 115, Boulder, Colorado 80302 (the “Canyon Center Lease”);

 

(iv)                              The lease pertaining to the property commonly known as 5251 DTC Parkway, Suite 100, Greenwood Village, Colorado 80111 (the “DTC Lease”).

 

The Plaza Lease, the Telstar Lease, the Canyon Center Lease and the DTC Lease hereafter collectively are called the “Office Leases”.

 

II.  PURCHASE PRICE, PAYMENT AND TERMS

 

2.1                               PURCHASE PRICE OF THE BUSINESS ASSETS. At the Closing the Bank shall pay to RMOC the sum of Four Hundred Sixty Five Thousand and No/100 Dollars ($465,000.00) (the “Purchase Price”) for the Business Assets.  In addition the Bank shall pay to RMOC an amount equal to the security deposit amounts RMOC previously delivered to the various landlords or their respective managing agents under the various Office Leases as follows:

 

	
Lease
    	
 
    	
Security Deposit Amount
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Plaza Lease
    	
 
    	
$
    	
4,000.00
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Telstar Lease
    	
 
    	
25,455.00
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
DTC Lease
    	
 
    	
5,166.00
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Canon Center Lease
    	
 
    	
93,750.00
    	
*
    
	
 
    	
 
    	
 
    	
 
    
	
Total
    	
 
    	
$
    	
127,916.00
    	
 
    

 

hereafter called the “Security Deposit Reimbursements”.

 

2

 

[Note: The Selling Affiliates represent to the Bank that the security deposit posted with respect to the Canon Center Lease is in the form of a letter of credit issued by Great Western Bank, 1900 Ninth Street, Boulder, Colorado 80302 in the amount of $93,750.00 in the form of Letter of Credit No. 497 (hereafter called the “LOC”).  The LOC is secured by Money Market Account No. XXXXXXXXXX (the “Money Market Account”) the present balance of which is $93,750.00.  The LOC is issued for the benefit of Alecta Real Estate USA, LLC, Four Embarcadero Center, Suite 2500, San Francisco, CA 94111, which is the current lessor/landlord under the Canon Center Lease.]

 

2.2                               PURCHASE PRICE ALLOCATION. The purchase price of the Business Assets shall be allocated by the Parties in the manner set forth in greater detail in Section 3.1 of this Agreement.

 

2.3                               FUNDS DUE AT CLOSING. (a) Bank shall pay and deliver the Purchase Price and the Security Deposit Reimbursements to RMOC in the form of good funds at Closing.  Closing shall occur on or before December 14, 2012, at 10:00 a.m. MST (also referred to this Agreement as the “Closing Date”), at the offices of Bank located at 5801 W. Alameda Avenue, Suite B, Lakewood,  Colorado 80226

 

III.  ALLOCATIONS, PRICE ADJUSTMENTS AND PRORATIONS

 

3.1                               PURCHASE PRICE ALLOCATION.

 

(a)                                 The Purchase Price of the Business Assets is subject to any adjustment as provided in this Agreement and shall be allocated to the various Business Assets of RMOC as the Parties reasonably determine in good faith.

 

(b)                                 RMOC and Bank shall report the sale and purchase of the Business Assets for all income tax purposes in a manner consistent with the Parties’ agreement concerning the allocation of the Purchase Price and expressly acknowledge that the allocation will be determined pursuant to arms-length bargaining between them regarding the fair market value and in accordance with the Internal Revenue Code of 1986, as amended.  RMOC and Bank shall not, in connection with the filing of any returns, make any allocation of the Purchase Price which is contrary to the allocation determined by the Parties.  Neither RMOC nor Bank shall take or agree to any position that is inconsistent with the allocation in connection with any tax audit, controversy or litigation which would adversely affect the taxes of the other Party to any material extent without the prior written consent of the other Party, which consent shall not be unreasonably withheld

 

3.2                               PRORATIONS AND ADJUSTMENTS AT CLOSING.

 

(a)                                 The personal property taxes, if any, based on the most recent value and levy in effect on the Closing Date with respect to the Business Assets shall be prorated to the Closing Date.

 

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(b)                                 All tax prorations shall be final.

 

(c)                                  Bank shall pay all sales taxes payable to local and state jurisdictions that may arise as a result of the sale of the Business Assets.

 

3.3                               PRORATION OF PREPAID RENTS PURSUANT TO THE OFFICE LEASES.

 

The Parties acknowledge that as of the Closing RMOC shall have paid the monthly rental amounts due for the month of December, 2012, under the Office Leases and under a separate lease (the “Durango Lease”) pertaining to RMOC’s office in Durango, Colorado in the following amounts:

 

	
Lease
    	
 
    	
Monthly Rental Amount
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Plaza Lease
    	
 
    	
$
    	
5,879.75
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Telstar Lease
    	
 
    	
6,516.16
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
DTC Lease
    	
 
    	
5,353.33
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Canon Center Lease
    	
 
    	
8,212.27
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Durango Lease
    	
 
    	
4,528.66
    	
 
    
					

 

The Parties agree that Bank shall be responsible for, shall reimburse RMOC and shall pay to RMOC the prorated rental amount with respect to each of the Office Leases and the Durango Lease for the portion of the month of December, 2012, during which Bank occupies each of the locations described in the Office Leases and the Durango Lease from and after the Closing.  The prorated amount of the monthly rent which Bank shall be required to reimburse and pay to RMOC shall be based on the above-described Monthly Rental Amounts.  The prorated amount in each instance shall be calculated from the date on which the Bank actually receives possession of the locations described in the pertinent Office Leases and the Durango Lease continuing through and including December 31, 2012, and the prorated amount with respect to each of the Office Leases and the Durango Lease shall be due and payable to RMOC in the form of good funds within five (5) business days following Bank’s receipt of written notification from RMOC concerning the date on which the Bank is entitled to receive possession of each such location. By way of example and not by way of limitation, if the Bank receives possession of the Canon Center premises described in the Canon Center Lease on December 14, 2012, the Bank shall be obligated to reimburse RMOC and shall pay RMOC the sum of $4,503.47 (i.e. the monthly rent of $8,212.27 divided by 31 days in December, 2012, multiplied by 17 days remaining in the month of December, 2012).  Bank’s obligation to reimburse and pay to RMOC any prorated rental amounts pursuant to this Section 3.3 is expressly contingent on RMOC’s actual payment of the rents for which RMOC seeks reimbursement and the Bank’s receipt of reasonable proof of RMOC’s payment of such rents.

 

4

 

IV. REPRESENTATIONS & WARRANTIES OF RMOC

 

RMOC represents and warrants to Bank that all of its representations and warranties as set forth in this Agreement are true, accurate and complete as of the date of this Agreement, shall be true, accurate and complete as of Closing, and shall survive the closing of the transaction set forth in this Agreement.

 

4.1                               CONDITION OF BUSINESS ASSETS.

 

(a)                                 To the best of RMOC’s knowledge between the Effective Date and the Closing, there will be no substantial loss of value in any of the Business Assets, ordinary wear and tear excepted, and the Business Assets will not be transferred or conveyed except in the ordinary course of business.

 

(b)                                 All Business Assets shall be transferred and conveyed to Bank on an “AS IS” basis, WITHOUT ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. However at Closing, all such Business Assets shall be in reasonably good working condition, and RMOC shall repair or replace any Business Assets not then in working condition with a asset of at least comparable condition and value at no expense to Bank.

 

4.2                               REGULATORY COMPLIANCE. To the best of RMOC’s knowledge the Selling Affiliates are in full compliance with all federal, state and local building, zoning, fire, safety, health, environmental laws and ordinances as they pertain or effect the Office Leases and the Selling Affiliates’ respective obligations under the Office Leases.

 

4.3                               CONTRACTUAL OBLIGATIONS. The Selling Affiliates currently are in compliance with all of their respective contractual obligations under the Office Leases and any and all of their respective contractual obligations under any and all personal guarantees pertaining or related to the Office Leases, and Selling Affiliates shall remain in compliance with all of the aforementioned obligations from and after the Effective Date through the Closing.

 

4.4                               FULL DISCLOSURE.  To the best knowledge, information and belief of the Selling Affiliates, this Agreement (including the Exhibits hereto) does not contain any untrue statement or omission of a material fact upon which the Bank is relying.  To the best of the knowledge, information and belief of the Selling Affiliates there is no fact known to the Selling Affiliates which has not been disclosed in this Agreement or otherwise which will not have been disclosed as of the Closing which would materially and adversely affect the accuracy of the representations and warranties contained in this Agreement.

 

4.5                               LEGAL ENTITY STANDING, AUTHORITY.  RMOC is a legal entity duly organized, existing and in good standing under the laws of the State of Colorado, the Selling Affiliates are authorized and each has the requisite power to enter into, and fulfill its respective obligations under this Agreement and no other contract or agreement to which the Selling 

 

5

 

Affiliates or any of them is a party or are parties prevent one or more of them from concluding the transactions described in this Agreement.

 

V.  REPRESENTATIONS AND WARRANTIES OF BANK

 

5.1                               LEGAL ENTITY STANDING.  The Bank is a legal entity duly organized, existing and in good standing under the laws governing the creation and existence of the Bank.

 

5.2                               AUTHORITY. Bank has the full power and authority to enter into this Agreement and to conclude the transaction described herein, and no other contract or agreement to which Bank is a party prevents it from concluding the transaction described in this Agreement.

 

5.3                               CORPORATE OR LLC RESOLUTION. The Bank shall, at Closing, deliver to RMOC a duly executed copy of its corporate resolution authorizing the Bank both to enter into this Agreement and conclude the transactions described in this Agreement according to its terms.

 

5.4                               BANK’S INSPECTIONS.

 

(a)                                 The Bank and RMOC agree that the Bank shall have the period of time between the Effective Date and the Due Diligence Deadline to complete the Bank’s inspection of the Business Assets. In the event Bank discovers any information concerning the Business Assets Leases which Bank finds objectionable in Bank’s reasonable opinion, the Bank must deliver written notice (the “Written Objection Notice”) to RMOC of any such objectionable matters on or before 5:00 p.m. MST on the Due Diligence Deadline which shall be Monday, December 10, 2012.  In the event Bank fails to deliver any such Written Objection Notice to RMOC in a timely manner, Bank shall be deemed to have accepted and approved the Business Assets.  However, in the event Purchase delivers any such Written Objection Notice to RMOC in a timely manner Bank and RMOC shall have until 5:00 p.m. MST, December 12, 2012 (the “Resolution Deadline”) to reach a written agreement concerning the resolution of any objections described in the Bank’s Written Objection Notice.  In the event Bank and RMOC fail to reach a written agreement concerning the resolution of any objections described in the Bank’s Written Objection Notice at or before the Resolution Deadline, the Bank and RMOC shall submit their dispute to binding arbitration in accordance with Article XIII of this Agreement.  Bank acknowledges and agrees it has reviewed and accepts the terms and provisions contained in the Office Leases.

 

(b)                                 Bank acknowledges that as of Closing, Bank will have examined and be familiar with any and all of the Business Assets and the Office Leases.  Bank is fully aware of possible risks with respect to its acquisition of the Business Assets and the Office Leases and has formed its own judgment as to the worth and potential of the Business Assets and Office Leases.  Bank is relying upon its own judgment and decision in entering into and consummating the transaction described in this Agreement and is not relying on any representation or statements by, of or from any other person or entity except the accuracy of the representations of the Selling Affiliates as set forth in this Agreement.

 

6

 

VI. UCC-1 SEARCH

 

Bank may conduct such UCC searches as Bank deems appropriate as part of its Due Diligence investigation of the Business Assets and the Office Leases.

 

VII. ADDITIONAL AGREEMENTS

 

The Parties shall execute at Closing the various documents and instruments reasonably related to, or reasonably required to consummate the transaction described in this Agreement.

 

VIII.  BANK’S OBLIGATIONS PRIOR TO CLOSING

 

Bank shall diligently and timely fulfill and pursue the fulfillment of all of the Bank’s pre-closing obligations under this Agreement.

 

IX.  BANK CONTINGENCIES

 

9.1                               RIGHT OF INSPECTION.

 

(a)                                 Bank shall have the right to complete Bank’s inspection of the Business Assets at or before the Due Diligence Deadline.

 

(b)                                 DISCLAIMER OF WARRANTIES. BANK HAS HAD AND WILL HAVE THE OPPORTUNITY TO INSPECT, TEST, AND EVALUATE THE BUSINESS ASSETS IN CONNECTION WITH THE NEGOTIATION AND EXECUTION OF THIS AGREEMENT. BANK IS SOLELY RESPONSIBLE FOR INSPECTION AND EVALUATION OF THE BUSINESS ASSETS, TO DETERMINE THEIR PHYSICAL CONDITION AND THEIR SUITABILITY FOR BANK’S PURPOSES. BANK UNDERSTANDS THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER RMOC, MS. STOUT NOR MR. HOVEY MAKES ANY REPRESENTATION CONCERNING ANY PHYSICAL, LEGAL, OR REGULATORY ASPECT OF THE BUSINESS ASSETS AND THE OFFICE LEASES, AND BANK AGREES THAT BANK WILL RELY SOLELY ON BANK’S OWN INSPECTIONS AND INVESTIGATIONS AND UPON SUCH INSPECTORS. APPRAISERS, ENGINEERS AND OTHER CONSULTANTS AS BANK MAY DETERMINE. EXCEPT AS EXPRESSLY SET FORTH HEREIN, RMOC DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES WITH RESPECT TO THIS AGREEMENT AND THE BUSINESS ASSETS AND LEASES, INCLUDING, WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED WARRANTIES REGARDING THE PHYSICAL CONDITION OF THE BUSINESS ASSETS; COMPLIANCE WITH BUILDING CODES AND OTHER LAWS, REGULATIONS, ZONING, OR ANY OTHER MATTER; OR ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR/ PURPOSE. BAN K AGREES THAT BANK ACCEPTS THE BUSINESS ASSETS AND OFFICE LEASES “AS IS AND WHERE IS” WITH ALL FAULTS

 

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EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT, AND THIS PARAGRAPH SHALL SURVIVE CLOSING.

 

X. OPERATIONS PRIOR TO CLOSING

 

10.1                        LOSS/DAMAGE.  In the event there is any loss or damage to the Business Assets at any time prior to Closing, the risk of loss shall be upon RMOC.  From Closing and thereafter, all risk of loss or damage shall be upon the Bank.

 

10.2                        CONFIDENTIALITY.  Bank and RMOC agree that both of them and their respective members, managers, employees, agents, attorneys, accountants and other representatives shall hold in strict confidence this Agreement and any and all information obtained in conjunction with, or otherwise related to this Agreement, and the transaction contemplated by this Agreement unless and until that information may be required by law or regulation to be included in a public report or otherwise disclosed.  This covenant shall survive the termination of this Agreement in the event the transaction described in this Agreement does not occur.

 

XI.  OBLIGATIONS AT CLOSING

 

11.1                        EXECUTION AND DELIVERY OF DOCUMENTS.  At Closing, RMOC and Bank shall execute and deliver all such instruments and take all such other action as either party may reasonably request from time to time, in order to effect the transaction described in this Agreement.  The Parties shall cooperate with each other in connection with any steps to be taken as part of their respective obligations under this Agreement.  This obligation shall extend to any matters arising after Closing. RMOC shall execute and deliver to Bank at Closing a Bill of Sale pursuant to which RMOC transfers, and assigns and conveys to Bank all of RMOC’s right, title and interest in the Business Assets free and clear of all liens, claims and encumbrances except personal property taxes assessed against the Business Assets for the year in which the Closing occurs.  In addition RMOC shall execute and deliver to Bank at Closing such assignments and other documents reasonably required by Bank in connection with RMOC’s assignment of its rights, duties and obligations under the Office Leases, the LOC issued by Great Western Bank in connection with the Canyon Center Lease and the Money Market Account.  At the Closing RMOC shall provide documentation reflecting the written approval of such assignments by the various landlords under the Office Leases.

 

11.2                        FUNDS.  Bank shall deliver to RMOC good funds in the amounts required under Section 2.1 of this Agreement subject to the prorations, if any, described in Section 3.2 of this Agreement as well as any amounts due pursuant to Section 3.3 of this Agreement.

 

11.3                        COSTS AND EXPENSES.  Except as otherwise provided in this Agreement each Party to this Agreement shall bear its own costs and expenses incurred in connection with the negotiation, preparation, and performance under this Agreement, and all matters incident thereto, excepting as otherwise set forth in this Agreement.

 

 

8

 

11.4                        SALES AND USE TAX.  Bank hereby acknowledges and agrees to pay when due any and all sales and use taxes payable to local or state jurisdictions that may arise as a result of the sale of the Business Assets described herein.

 

XII.  SURVIVAL OF REPRESENTATIONS AND WARRANTIES - INDEMNIFICATION OF SELLING AFFILIATES UNDER OFFICE LEASES AND RELATED PERSONAL GUARANTEES

 

12.1                        POST-CLOSING SURVIVAL.  All the representations, warranties and covenants made as of Closing, as provided herein, shall survive the Closing.

 

12.2.                     INDEMNIFICATION.  The Bank agrees that to the extent that any of the various landlords under the Office Leases do not agree to release one or more of the Selling Affiliates from personal liability under the Office Leases or under the related personal guarantee agreements executed by one or more of the Selling Affiliates with respect to any of the Office Leases, the Bank shall indemnify the Selling Affiliates against and hold them harmless from any and all personal liability each of them has or may have under such Office Leases or the related personal guarantee agreements which all of the Selling Affiliates have executed in connection with any one or all of the Office Leases from and after the effective dates of the assignments of the Offices Leases by the Selling Affiliates to the Bank.  Bank and the Selling Affiliates agree to execute the assignments and documents at the Closing or thereafter which may be reasonably necessary or reasonably required by the Bank, the Selling Affiliates and the various landlords under the Office Leases in order to accomplish and memorialize the assignments by the Selling Affiliates of their right, title and interest in the Office Leases to the Bank.

 

XIII. DEFAULT AND REMEDIES

 

13.1                        Time is of the essence hereof.  If any obligation set forth in this Agreement is not performed as provided in this Agreement, there shall be the following remedies:

 

13.2                        FEES AND COSTS.  Anything to the contrary herein notwithstanding, in the event of any litigation or arbitration arising out of this Agreement, the court or tribunal shall award to the prevailing party all reasonable costs and expenses, including attorneys’ fees.

 

13.3                        ARBITRATION.  Any dispute relating to or arising from this Agreement shall be resolved by binding arbitration before a single arbitrator from the Judicial Arbiter Group, Inc. in Denver, Colorado (“JAG”) or before some other arbitrator mutually acceptable to both Bank and RMOC.

 

(a)                                 A party shall have the right to initiate an arbitration (the “Initiating Party”) on any dispute that arises from this Agreement by providing written notice (the “Arbitration Notice”) to the other party (the “Responding Party”). The Arbitration Notice shall describe in reasonable detail the nature of the dispute.

 

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(b)                                 If the parties cannot agree on an arbitrator from JAG within fifteen days of the date of the Arbitration Notice, the parties shall request that the President of JAG make the appointment of the arbitrator, which selection shall be final and binding on the parties.

 

(c)                                  The Responding Party shall specify any additional then-current issues of dispute between the Parties, and those issues shall be included in the arbitration.  This notice of additional issues shall be provided to the Initiating Party within twenty days of the Arbitration Notice.

 

(d)                                 The Parties intend that the arbitration process as set forth in this Agreement be cost-effective and expeditious. There shall be limited discovery, formal or informal, as determined by the arbitrator. The arbitrator shall resolve any pre-hearing issues in a manner consistent with the arbitration being a cost-effective and expeditious process.

 

(e)                                  The arbitration award shall state in reasonable detail the factual basis for the arbitrator’s award.

 

(f)                                   The cost of the arbitration including the arbitrator’s fee initially shall be shared evenly by the Parties. However, the prevailing party as part of the award shall be awarded any part of the arbitration costs (including the arbitrator’s fee) that the prevailing party has advanced or incurred. The prevailing party shall also be awarded its reasonable attorney fees and costs.

 

(g)                                  The arbitration shall be held at the office of the Judicial Arbiter Group in Denver, Colorado. However, any arbitration award can be reduced to a judgment in the District Court for the City and County of Denver, Colorado pursuant to the then-applicable laws of the State of Colorado.

 

(h)                                 If JAG is no longer in existence when a dispute arises, the parties shall mutually agree on another similar arbitration group that is located in the Denver, Colorado, metropolitan area. If the parties cannot agree within fifteen days of the date of a demand for arbitration of a replacement arbitration group, the Responding Party shall designate the replacement arbitration group within thirty days from the demand date. If that Party fails or refuses to timely designate the replacement arbitration group, the Initiating Party shall select the replacement arbitration group. Any reference in this section to JAG shall mean JAG or its replacement.

 

XIV. GENERAL PROVISIONS

 

14.1                        ENTIRE AGREEMENT.  This Agreement contains the entire understanding of the parties with regard to the subject matter hereof and no warranties, representations, promises or agreements have been made between the Parties other than as expressly herein set forth, and neither Bank or RMOC shall be nor are they bound by any warranties, representations, promises or agreements not set forth in this Agreement. This Agreement supersedes any previous agreement or understanding and cannot be modified except in writing by all of the Parties hereto.

 

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14.2                        BINDING EFFECT.  Upon full execution, this Agreement shall be absolutely binding and fully enforceable and shall inure to the benefit of the parties hereto and their respective successors, permitted assigns, personal representatives and heirs.

 

14.3                        NOTICES.  All notices as may be required by this Agreement shall be sent to the respective parties at the addresses set forth below. The place of notice may be modified by appropriate registered or certified mailing to the parties.

 

(a)                                 To RMOC at the address set forth in this Agreement.

 

(b)                                 To the Bank at the address set forth in this Agreement.

 

14.4                        TIME OF POSSESSION.  The Bank shall be deemed to be in possession of the Business Assets and Office Leases immediately following the Closing. All things of value, including the keys to the various premises described in the Office Leases shall be delivered at Closing.

 

14.5                        SEVERABILITY.  In the event that any of the provisions, or portions thereof, of this Agreement are held to be unenforceable or invalid by any court or tribunal of competent jurisdiction, the validity and enforceability of the remaining provisions, or portions thereof, shall not be affected thereby and effect shall be given to the intent manifested by the provisions, or portions thereof, held to be enforceable and valid.

 

14.6                        CONSTRUCTION.  Throughout this Agreement the singular shall include the plural, and the plural shall include the singular, and masculine shall include the feminine wherever the context so requires.

 

14.7                        GOVERNING LAW.  This Agreement shall be governed by and construed under the laws of the State of Colorado, and, subject to the provisions of Paragraph 13.3 of this Agreement, any suit to enforce any of the terms hereof shall be brought in the City and County of Denver, Colorado, and for this purpose, each party hereby expressly and irrevocably consents to the jurisdiction of said Court.

 

[The remainder of this page intentionally has been left blank.]

 

11

 

IN WITNESS WHEREOF, the Parties have executed this Agreement to be effective the day and year above first written.

 

	
RMOC:
    	
BANK:
    
	
 
    	
 
    
	
Residential   Mortgage of Colorado, LLC
    	
Solera   National Bank
    
	
 
    	
 
    	
 
    
	
/s/   Kathleen Stout
    	
 
    	
/s/   Douglas Crichfield
    
	
By:   Kathleen Stout, Manager and Member
    	
By:   Douglas Crichfield, President and CEO
    
	
 
    	
 
    
	
Address:
    	
On   file with the Company
    	
Address:   319 S Sheridan Blvd.
    
	
 
    	
 
    	
Lakewood, CO 80226
    
	
 
    	
 
    
	
Date:   
    	
11/30/2012
    	
 
    	
Date:   
    	
11/30/2012
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Kathleen Stout
    	
 
    	
 
    
	
Kathleen Stout, Individually
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address:   
    	
On   file with the Company
    	
 
    	
 
    
	
 
    	
 
    
	
Date:   
    	
11/30/2012
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Scott Hovey
    	
 
    	
 
    
	
Scott Hovey, Individually
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
On   file with the Company
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
Date:   
    	
11/30/2012
    	
 
    	
 
    
							

 

 

EXHIBIT LIST

 

	
List
    	
 
    	
Exhibit
    
	
 
    	
 
    	
 
    
	
Furniture,   Fixtures and Equipment
    	
 
    	
A
    
	
 
    	
 
    	
 
    
	
Trade   Mark
    	
 
    	
B
    

 

 

Exhibit A

RMOC Asset Purchase

 

	
Furniture & Fixtures
    	
 
    	
 
    	
 
    
	
111 S. Tejon, Suite 110, Colorado Springs, CO   80903
    	
 
    	
$
    	
69,544.80
    	
 
    
	
1755 Telstar, Suite 101, Colorado Springs, CO   80920
    	
 
    	
$
    	
102,533.20
    	
 
    
	
1881 9th Street, Suite 115, Boulder, CO 80302
    	
 
    	
$
    	
87,398.86
    	
 
    
	
5251 DTC Parkway, Greenwood Village
    	
 
    	
$
    	
62,352.44
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Total Furniture/Fixtures
    	
 
    	
$
    	
321,829.30
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Leasehold Improvement
    	
 
    	
 
    	
 
    
	
Boulder - Per bill from landlord
    	
 
    	
$
    	
27,670.21
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Equipment
    	
 
    	
 
    	
 
    
	
Computers/Monitors/Headsets
    	
 
    	
$
    	
65,025.71
    	
 
    
	
Network, power and phones
    	
 
    	
$
    	
22,466.59
    	
 
    
	
Printers and projectors
    	
 
    	
$
    	
23,909.94
    	
 
    
	
Software licenses
    	
 
    	
$
    	
5,065.08
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Total Equipment
    	
 
    	
$
    	
116,467.32
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Total Assets/Purchase Price
    	
 
    	
$
    	
465,966.83
    	
 
    

 

 

Exhibit B

 

	
 

 

Document   must be filed electronically.

Paper   documents will not be accepted.

Fees &   forms are subject to change.

For   more information or to print copies

of   filed documents, visit www.sos.state.co.us.
    	

    	
Colorado   Secretary of State

Date   and Time: 06/29/2012 02:37 PM

ID   Number: 20121357129

 

Document   number: 20121357129

Amount   Paid: $30.00
    

 

ABOVE SPACE FOR OFFICE USE ONLY

 

Statement of Trademark Registration of a Reporting Entity

filed pursuant to § 7-70-102 of the Colorado Revised Statutes (C.R.S.)

 

1.  For the reporting entity delivering this statement, its ID number, true name, form of entity and the jurisdiction under the law of which it is formed are

 

	
ID Number
    	
20111203629
    
	
 
    	
(Colorado   Secretary of State ID number)
    
	
 
    	
 
    
	
True name
    	
Residential   Mortgage of Colorado, LLC
    
	
 
    	
 
    
	
Form of entity
    	
Limited   Liability Company
    
	
 
    	
 
    
	
Jurisdiction
    	
Colorado.
    

 

	
2.
    	
(Mark the applicable box and   complete the statement. Caution:   Mark only one box.)
    
	
 
    	
x  The trademark is a standard character trademark   and the characters constituting the trademark are Residential Mortgage of   Colorado.
    
	
 
    	
 
    
	
 
    	
OR
    
	
 
    	
 
    
	
 
    	
o The   trademark is a special form trademark and a description of the attached   drawing is
    
	
 
    	
                                                                                                                                                                     .
    
	
 
    	
 
    
	
3.
    	
A   detailed description of the goods or services in connection with which the   trademark is used is Origination, brokerage, funding, sale, investment in,   ownership of, processing and servicing of residential mortgage loans.
    
	
 
    	
 
    
	
 
    	
The class into which such goods or services fall   is 036 Insurance and Financial.
    
	
 
    	
(Class)
    
	
 
    	
 
    
	
4.
    	
A   description of the attached specimen sufficient to identify the nature of the   specimen is the printed words “Residential Mortgage of Colorado” in the form   set forth in the attached specimen. _
    
	
 
    	
 
    
	
5.
    	
The   date of first use in commerce of the trademark in this state by such entity   or such entity’s predecessor in interest is 04/05/2011.
    
	
 
    	
(mm/dd/yyyy)
    
	
 
    	
 
    
	
6.
    	
The   registrant identified above is currently using the trademark in commerce in   this state and such registrant believes, in good faith, that such registrant   has the right to use the trademark in connection with the goods or services   listed above and such registrant’s use of the trademark does not infringe the   rights of any other person in that trademark.
    
	
 
    	
 
    
	
7.
    	
(If applicable, adopt the   following statement by marking the box and include an attachment.)
    
	
 
    	
o This   document contains additional information as provided by law.
    

 

1

 

Notice:

 

Causing this document to be delivered to the Secretary of State for filing shall constitute the affirmation or acknowledgment of each individual causing such delivery, under penalties of perjury, that such document is such individual’s act and deed, or that such individual in good faith believes such document is the act and deed of the person on whose behalf such individual is causing such document to be delivered for filing, taken in conformity with the requirements of part 3 of article 90 of title 7, C.R.S. and, if applicable, the constituent documents and the organic statutes, and that such individual in good faith believes the facts stated in such document are true and such document complies with the requirements of that Part, the constituent documents, and the organic statutes.

 

This perjury notice applies to each individual who causes this document to be delivered to the Secretary of State, whether or not such individual is identified in this document as one who has caused it to be delivered.

 

8.  The true name and mailing address of the individual causing this document to be delivered for filing are

 

	
Midgley
    	
Scott
    	
A.
    	
 
    
	
(Last)
    	
(First)
    	
(Middle)
    	
(Suffix)
    
	
 
    
	
503 N. Main Street
    
	
(Street number and name   or Post Office Box information)
    
	
 
    
	
Suite 350
    
	
Pueblo
    	
CO
    	
81003
    
	
(City)
    	
(State)
    	
(Zip/Postal Code)
    
	
 
    
	
 
    	
United States.
    	
 
    
	
(Province — if   applicable)
    	
(Country)
    	
 
    
							

 

	
o
    	
(If   applicable, adopt the following statement by marking the box and include an   attachment.)
    
	
This   document contains the true name and mailing address of one or more additional   individuals causing the document to be delivered for filing.
    

 

Disclaimer:

 

This form/cover sheet, and any related instructions, are not intended to provide legal, business or tax advice, and are furnished without representation or warranty.  While this form/cover sheet is believed to satisfy minimum legal requirements as of its revision date, compliance with applicable law, as the same may be amended from time to time, remains the responsibility of the user of this form/cover sheet.  Questions should be addressed to the user’s legal, business or tax advisor(s).

 

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