Document:

equisource_ex102.htm

EXHIBIT 10.2

 

AMENDED AND RESTATED ESCROW AGREEMENT

 

This ESCROW AGREEMENT (this “Agreement”) made as of the 10th day of June, 2013 and amended as of the 25th day of July, 2013 by and among Equisource Hotel Fund I, LLP (the “Issuer”) whose address and other information appear on the Information Sheet (as defined herein) attached to this Agreement, and VStock Transfer, LLC, 77 Spruce Street, Suite 201, Cedarhurst, NY 11516 (the “Escrow Agent”).

 

WITNESSETH:

 

WHEREAS, the Issuer proposes to sell up to $25,000,000 (the “Offering Amount”) of the Issuer’s limited partnership interests (the “Securities”) to investors (the subscribers of the Securities pursuant to this offering are hereinafter referred to as “Investors”), in a public offering in a “minimum/maximum” offering to qualified investors of a minimum of $1,000,000 (“Minimum Offering”);

 

WHEREAS, the Issuer proposes to establish an escrow account (the “Escrow Account”), to which subscription monies which are received by the Escrow Agent from the Issuer in connection with such public offering are to be credited, and the Escrow Agent is willing to establish the Escrow Account on the terms and subject to the conditions hereinafter set forth; and

 

WHEREAS, the Escrow Agent has agreed to establish a special bank account at Citibank, N.A. (the “Bank”) into which the subscription monies, which are received by the Escrow Agent from Issuer and credited to the Escrow Account, are to be deposited.

 

WHEREAS, the Issuer warrants that it has applied for authority from the Securities Exchange Commission to sell certain securities, specifically Limited Liability Partnership Interests;

 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto hereby agree as follows:

 

1.         Information Sheet.  Each capitalized term not otherwise defined in this Agreement shall have the meaning set forth for such term on the information sheet which is attached to this Agreement as Exhibit A and is incorporated by reference herein and made a part hereof (the “Information Sheet”).

2.         Establishment of the Bank Account.

 

2.1 The Issuer shall deposit all monies received from the sale of securities in a special Escrow Account with the Bank to be designated the "Equisource Hotel Fund I, LLP Escrow Account" (the "Escrow Account").  The Issuer and its agents shall cause all checks received by it for the payment of securities to be made payable to the Bank Escrow Account.   All funds so deposited shall be held in escrow by the Bank, and shall not be subject to judgment or creditor’s claims against the Issuer unless and until released to said Issuer in accordance with this Agreement.

 

  

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2.2 The Escrow Account shall be an interest bearing savings account.

 

2.3 Deposits in the form of checks which fail to clear the financial institution upon which they are drawn, together with the related Subscription Agreement, shall be returned by the Bank to the Subscriber.  A copy thereof shall be sent to the Issuer.

 

3.         Deposits to the Bank Account.

 

3.1 The Issuer, via its Subscription Agreement instruction, shall direct Investors to deliver all monies directly to the Escrow Agent, in the form of checks, cashier’s checks, money orders, or wire transfers. Upon the Escrow Agent’s receipt of such monies, they shall be credited to the Escrow Account. All checks delivered to the Escrow Agent shall be made payable to “Equisource Hotel Fund I, LLP Escrow Account.”  Any check payable other than to the account name as required hereby shall be returned to the prospective purchaser, or if the Escrow Agent has insufficient information to do so, then to the Issuer (together with any Subscription Information, as defined below or other documents delivered therewith) by noon of the next business day following receipt of such subscription monies by the Escrow Agent, and such subscription monies shall be deemed not to have been delivered to the Escrow Agent pursuant to the terms of this Agreement.

 

3.2 Promptly after receiving subscription monies as described in Section 3.1, the Escrow Agent shall deposit the same into the Bank Account.  Amounts of monies so deposited are hereinafter referred to as “Escrow Amounts.”  The Escrow Agent shall cause the Bank to process all Escrow Amounts for collection through the banking system.  Simultaneously with each deposit to the Escrow Account, the Issuer shall inform the Escrow Agent in writing of the name and address of the prospective purchaser, the amount of Securities subscribed for by such purchase, and the aggregate dollar amount of such subscription and any other information requested by Escrow Agent (collectively, the “Subscription Information”).

 

3.3 The Escrow Agent shall not be required to accept for credit to the Escrow Account or for deposit into the Bank Account checks which are not accompanied by the appropriate Subscription Information, which at minimum shall include the name, address, tax identification number and the number of shares/units.  Wire transfers representing payments by prospective purchasers shall not be deemed deposited in the Escrow Account until the Escrow Agent has received in writing the Subscription Information required with respect to such payments.

 

  

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3.4 The Escrow Agent shall not be required to accept in the Escrow Account any amounts representing payments by prospective purchasers, whether by check or wire, except during the Escrow Agent’s regular business hours.

 

3.5 Only those Escrow Amounts, which have been deposited in the Bank Account and which have cleared the banking system and have been collected by the Escrow Agent, are herein referred to as the “Fund.”

 

3.6 If the Offering is terminated before the Termination Date, the Escrow Agent shall refund any portion of the Fund prior to disbursement of the Fund in accordance with Article 4 hereof upon instructions in writing signed by the Issuer.

 

4.         Disbursement from the Bank Account

4.1  If at any time up to the close of regular banking hours on the Termination Date, the Escrow Agent determines that the amount in the Escrow Account represents the sale of the Minimum Offering Amount, the Escrow Agent shall promptly notify the Issuer of such fact in writing.  The Escrow Agent shall promptly disburse the Fund, by drawing checks on the Bank Account in accordance with instructions in writing signed by both the Issuer as to the disbursement of the Fund, promptly after it receives such instructions.

4.2  Upon receipt by the Escrow Agent of written notification signed by the Issuer advising that it was unable to sell the Minimum Offering by the Termination Date, the funds deposited in the Escrow Account shall be returned by the Escrow Agent to the Subscribers according to the amount each contributed.  Total interest, less interest used to satisfy Bank costs and fees, will be divided pro rata and returned to each Subscriber based upon the ratio that each Subscriber’s investment bears to the total investment amount received by Bank. 

 

4.3  If, at any time prior to the disbursement of funds by the Escrow Agent as provided in this Section 4 of this Agreement, the Bank is advised by the Escrow Agent that the registration to sell securities of the Issuer has been suspended or revoked, that any condition of its registration permit has not been met or that any provision of the federal or state securities laws have not be complied with, then the Escrow Agent may direct the Bank not to disburse the proceeds until further notice by the Escrow Agent.

 

4.4  This Agreement shall terminate upon the disbursement of funds pursuant to Section 4.2; provided however, the Issuer may abandon the public offering.  Upon the receipt of a letter from the Issuer stating that the offering has been abandoned, with a copy to the Escrow Agent, the Bank is authorized to return the monies received hereunder to the Subscribers according to the amount each Subscriber contributed with interest (as calculated in Section 4.2), less interest used to satisfy Bank costs and fees, and this Agreement shall terminate upon said distribution.

 

  

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5.         Rights, Duties and Responsibilities of Escrow Agent. It is understood and agreed that the duties of the Escrow Agent are purely ministerial in nature, and that:

5.1 The Escrow Agent shall notify the Issuer, upon request, of the Escrow Amounts which have been deposited in the Bank Account and of the amounts, constituting the Fund, which have cleared the banking system and have been collected by the Escrow Agent.

5.2 The Escrow Agent shall not be responsible for the performance by the Issuer of its respective obligations under this Agreement.

 

5.3 The Escrow Agent shall not be required to accept from the Issuer any Subscription Information pertaining to prospective purchasers unless such Subscription Information is accompanied by checks or wire transfers meeting the requirements of Section 3.1, nor shall the Escrow Agent be required to keep records of any information with respect to payments deposited by the Issuer except as to the amount of such payments; however, the Escrow Agent shall notify the Issuer within a reasonable time of any discrepancy between the amount set forth in any Subscription Information and the amount delivered to the Escrow Agent therewith.  Such amount need not be accepted for deposit in the Escrow Account until such discrepancy has been resolved.

 

5.4 The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder.  The Escrow Agent, within a reasonable time, shall return to the Issuer any check received which is dishonored, together with the Subscription Information, if any, which accompanied such check.

 

5.5 If the Escrow Agent is uncertain as to its duties or rights hereunder or shall receive instructions with respect to the Bank Account, the Escrow Amounts or the Fund which, in its sole determination, are in conflict either with other instructions received by it or with any provision of this Agreement, it shall be entitled to hold the Escrow Amounts, the Fund, or a portion thereof, in the Bank Account pending the resolution of such uncertainty to the Escrow Agent’s sole satisfaction, by final judgment of a court or courts of competent jurisdiction or otherwise.

 

5.6 The Escrow Agent is acting solely as a stakeholder at the request of the Issuer and for its convenience and shall not incur any liability whatsoever, except for its own willful misconduct or bad faith.  The Escrow Agent shall not be liable for any action taken or omitted hereunder, or for the misconduct of any employee, agent or attorney appointed by it, except in the case of willful misconduct or gross negligence.  The Escrow Agent shall be entitled to consult with counsel of its own choosing and shall not be liable for any action taken, suffered or omitted by it in accordance with the advice of such counsel.

 

  

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5.7 The Escrow Agent shall have no responsibility at any time to ascertain whether or not any security interest exists in the Escrow Amounts, the Fund or any part thereof or to file any financing statement under the Uniform Commercial Code with respect to the Fund or any part thereof.

 

5.8 The Escrow Agent may consult with, and obtain advice from, counsel of its own choice in the event of any bona fide question as to any of the provisions hereof or the Escrow Agent's duties hereunder.  The Escrow Agent shall incur no liability and shall be fully protected in acting in good faith in accordance with the opinion and instructions of such counsel.

 

5.9 The Escrow Agent shall not be bound or affected in any way by any notice of modification or cancellation of this Agreement unless written notice thereof is given to the Escrow Agent by the Issuer in accordance with this Agreement.  The Escrow Agent shall not be bound by any modifications of its obligations hereunder unless the Escrow Agent consents in writing thereto.  The Escrow Agent shall be entitled to rely upon any judgment, certification, demand, notice or other writing delivered to it hereunder without being required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity of the service thereof.

 

5.10 The Escrow Agent may act in reliance upon any instrument or signature reasonably believed by it to be genuine and the Escrow Agent may assume that any person purporting to give any notice or receipt of advice or make any statement in connection herewith has been duly authorized so to do.

 

6.         Amendment; Resignation or Removal of Escrow Agent.  This Agreement may be altered or amended only with the written consent of the Issuer and the Escrow Agent.  The Escrow Agent may resign and be discharged from its duties hereunder at any time by giving written notice of such resignation to the Issuer specifying a date when such resignation shall take effect and upon delivery of the Fund to the successor escrow agent designated by the Issuer in writing.  Such successor Escrow Agent shall become the Escrow Agent hereunder upon the resignation date specified in such notice.  If the Company fails to designate a successor Escrow Agent within thirty (30) days after such notice, then the resigning Escrow Agent shall promptly refund the amount in the Fund to each prospective purchaser, without interest thereon or deduction.  The Escrow Agent shall continue to serve until its successor accepts the escrow and receives the Fund.  The Company shall have the right at any time to remove the Escrow Agent and substitute a new escrow agent by giving notice thereof to the Escrow Agent then acting.  Upon its resignation and delivery of the Fund as set forth in this Section 6, the Escrow Agent shall be discharged of and from any and all further obligations arising in connection with the escrow contemplated by this Agreement.  Without limiting the provisions of Section 8 hereof, the resigning Escrow Agent shall be entitled to be reimbursed by the Issuer for any expenses incurred in connection with its resignation, transfer of the Fund to a successor escrow agent or distribution of the Fund pursuant to this Section 6.

 

  

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7.         Representations and Warranties. The Issuer hereby represents and warrants to the Escrow Agent that:

 

7.1 No party other than the parties hereto and the prospective purchasers have, or shall have, any lien, claim or security interest in the Escrow Amounts or the Fund or any part thereof.

 

7.2 No financing statement under the Uniform Commercial Code is on file in any jurisdiction claiming a security interest in or describing (whether specifically or generally) the Escrow Amounts or the Fund or any part thereof.

 

7.3 The Subscription Information submitted with each deposit shall, at the time of submission and at the time of the disbursement of the Fund, be deemed a representation and warranty that such deposit represents a bona fide payment by the purchaser described therein for the amount of Securities set forth in such Subscription Information.

 

7.4 All of the information contained in the Information Sheet is, as of the date hereof, and will be, at the time of any disbursement of the Fund, true and correct.

 

7.5 Reasonable controls have been established and required due diligence performed to comply with "Know Your Customer" regulations, USA Patriot Act, Office of Foreign Asset Control (OFAC) regulations and the Bank Secrecy Act.

 

8.         Fees and Expenses.  The Escrow Agent shall be entitled to the Escrow Agent Fees set forth on the Information Sheet, payable as and when stated therein.  In addition, the Issuer agrees to reimburse the Escrow Agent for any reasonable expenses incurred in connection with this Agreement, including, but not limited to, reasonable counsel fees.

 

9.         Indemnification and Contribution.

 

9.1 The Issuer (the “Indemnitor”) agrees to indemnify the Escrow Agent and its officers, directors, employees, agents and shareholders (collectively referred to as the “Indemnitees”) against, and hold them harmless of and from, any and all loss, liability, cost, damage and expense, including without limitation, reasonable counsel fees, which the Indemnitees may suffer or incur by reason of any action, claim or proceeding brought against the Indemnitees arising out of or relating in any way to this Agreement or any transaction to which this Agreement relates, unless such action, claim or proceeding is the result of the willful misconduct or gross negligence of the Indemnitees.

 

  

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9.2 If the indemnification provided for in Section 9.1 is applicable, but for any reason is held to be unavailable, the Indemnitor shall contribute such amounts as are just and equitable to pay, or to reimburse the Indemnitees for, the aggregate of any and all losses, liabilities, costs, damages and expenses, including counsel fees, actually incurred by the Indemnitees as a result of or in connection with, and any amount paid in settlement of, any action, claim or proceeding arising out of or relating in any way to any actions or omissions of the Indemnitor.

 

9.3 The provisions of this Article 9 shall survive any termination of this Agreement, whether by disbursement of the Fund, resignation of the Escrow Agent or otherwise.

 

10.       Termination of Agreement.  This Agreement shall terminate on the final disposition of the Fund pursuant to Section 4, or the resignation of the Escrow Agreement pursuant to Section 6; provided that the rights of the Escrow Agent and the obligations of the other parties hereto under Section 9 shall survive the termination hereof and the resignation or removal of the Escrow Agent.

 

11.       Governing Law and Assignment.  This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without regard to the conflicts of laws principles thereof, and shall be binding, upon the parties hereto and their respective successors and assigns; provided, however, that any assignment or transfer by any party of its rights under this Agreement or with respect to the Escrow Amounts or the Fund shall be void as against the Escrow Agent unless (a) written notice thereof shall be given to the Escrow Agent; and (b) the Escrow Agent shall have consented in writing to such assignment or transfer.

 

12.       Disputes.  If any party timely delivers an objection notice to the Escrow Agent with respect to the disbursement of any Escrow Amounts, then the Escrow Agent shall continue to hold the Escrow Amounts, or portion thereof, in escrow and thereafter deliver it to the party entitled thereto when the Escrow Agent receives:  (a) a notice from the such party withdrawing the objection notice, (b) a notice signed by both parties directing disposition of all or such portion of the Escrow Amounts, or, if neither (a), nor (b) is applicable, (c) a judgment or order from a court of competent jurisdiction.  The Escrow Agent shall have the right in the event of any such dispute to deposit the Escrow Amounts with the clerk of the court in the jurisdiction in which it maintains its principal office.

 

13.       Notices. All notices required to be given in connection with this Agreement shall be sent by registered or certified mail, return receipt requested, or by hand delivery with receipt acknowledged, or by the Express Mail service offered by the United States Postal Service, and addressed, if to the Issuer, at its respective address set forth on the Information Sheet, and if to the Escrow Agent, at its address set forth above, to the attention of the Trust Department.

 

  

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14.       Severability.  If any provision of this Agreement or the application thereof to any person or circumstance shall be determined to be invalid or unenforceable, the remaining provisions of this Agreement or the application of such provision to persons or circumstances other than those to which it is held invalid or unenforceable shall not be affected thereby and shall be valid and enforceable to the fullest extent permitted by law.

 

15.       Execution in Several Counterparts. This Agreement may be executed in several counterparts or by separate instruments and by facsimile or PDF transmission, and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

16.       Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings (written or oral) of the parties in connection therewith.

 

17.       Amendments.  This Agreement may be waived, amended or terminated only by written notice signed by the Issuer and the Escrow Agent, but the duties or responsibilities of the Escrow Agent may not be changed without the Escrow Agent's prior written consent.

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year first above written.

 

 

	 	VSTOCK TRANSFER, LLC	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name :	 
	 	 	Title :	 

 

 

	 	Equisource Hotel Fund I, LLP	 
	 	 	 	 
	 	
By: 

		 
	 	 	

Andrew Jolley, Managing Member of

Equisource Management, LLC

General Partner

	 

 

  

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EXHIBIT A

 

ESCROW AGREEMENT INFORMATION SHEET

	
1.

	The Issuer

	 	

Name: Equisource Hotel Fund I, LLP

Address: 2009 East Windmill, Las Vegas, NV 89123

Telephone 702-240-0977

 

	
2.

	
The Securities

	 	
Limited Partnership Interests

 

	
3.

	
Minimum Amounts and Conditions Required for Disbursement of the Escrow Account

	 	
Aggregate dollar amount which must be collected before the Funds in the Escrow Account may be disbursed to the Issuer: $1,000,000 (“Minimum Offering Amount”)

 

	
4.

	
Plan of Distribution of the Securities

	 	
Minimum Offering Period: 120 calendar days

Termination Date: 120 calendar days from the receipt of the first deposit of subscription monies into the Escrow Account

 

	
5.

	
Title of Escrow Account

	 	
“Equisource Hotel Fund I, LLP Escrow Account”

 

	
6.

	
Escrow Agent Fees and Charges

	 	
$250 payable upon execution of this Agreement and a flat fee of $2,250 payable at Closing.  In addition, the Escrow Agent shall be paid a fee of $500.00 for each additional closing.  Should the Escrow Agent continue for more than one year, the Escrow Agent shall receive a fee of $200.00 per month, payable in advance or the first business day of the month.

 

	
  

	
Distribution charges:

	
  

	
$10.00 per check

	
  

	
$25.00 per wire

	
  

	
$25.00 per check returned (bounced) check

	
  

	
$50.00 lost check replacement fee

 

 

 

9equisource_ex103.htm

EXHIBIT 10.3

 

ADMINISTRATIVE SERVICES AGREEMENT

 

This Administrative Services Agreement (this "Agreement"), effective as of [Insert Date], is between Equisource Hotel Fund I, LLP, a Nevada limited liability partnership (the "Fund") and EquiSource Management, LLC, a Nevada limited liability company (the "Administrative Manager").

 

WHEREAS, the Fund desires to retain the Administrative Manager to manage the day-to-day operations and administration of the Fund.

 

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

 

1.            Appointment. The Fund hereby retains the Administrative Manager to provide administrative services with respect to the day-to-day operations of the Fund, subject to the general supervision of EquiSource Management, LLC, a Nevada limited liability company (the "General Partner"). The Administrative Manager hereby accepts such retention and agrees to provide such administrative services to the Fund.

 

2.            Powers and Duties of the Administrative Manager. The Administrative Manager shall have all powers delegated to it by the General Partner to administer the day-to-day operations of the Fund. All services provided by the Administrative Manager to the Fund shall be performed entirely within the United States of America.

 

In particular, the Administrative Manager provides services to the Fund including maintaining the register of limited partnership interests of the Fund, receiving and processing subscription agreements or applications, issuing capital calls or distributions of the Fund, submitting to Investors a statement of their holdings in the Fund upon request, calculation of net asset value, maintenance of accounting reports, preparation of fmancial statements for audit purposes and related footnotes, and liaison with auditors.

 

3.            Administrative Management Fees. As compensation for the Administrative Manager's services rendered hereunder, the Fund shall pay a fee (the "Administrative Fee") to the Administrative Manager, quarterly in arrears, equal to one percent (1%) per annum of on the invested capital into the hotel assets owned by the Fund. The Administrative Manager may, in its discretion, designate an affiliate to receive such Administrative Fee. The Fund agrees that the Administrative Manager may elect to (a) waive the Administrative Fee in whole or in part for any investor by rebating all or a portion of such fee to such investor, and/or (b) defer receipt of all or any part of the Administrative Fee. The deferral may be structured so that deferred fees will earn a return (or suffer a reduction) based on the performance of the Fund during the deferral period but before calculation of the Administrative Fee.

 

4.            Other Fees and Expenses. Costs and expenses, not to exceed US$50,000, exclusive of the General Partner’s equity investment, associated with the organization and launch of the Fund will be reimbursed to the Administrative Manager by the Fund out of the proceeds of the initial subscriptions and amortized over a period of five years from launch. Organizational costs and expenses of the Fund exceeding US$50,000 shall be borne by the General Partner.

  

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The Fund shall bear and be charged all expenses relating to the operation of the Fund and the Fund shall promptly reimburse the Administrative Manager or its affiliates to the extent such costs and expenses are paid by the Administrative Manager or its affiliates.

 

5.            Services to Other Clients. The Administrative Manager shall devote such business and professional time to the Fund and its purposes and objectives as shall be necessary in the reasonable opinion of the Administrative Manager to achieve the objectives of the Fund. Subject to the limitation set forth in the preceding sentence, the Administrative Manager and its officers may act and continue to act as administrative managers for others and the performance of such services for others shall not be deemed to violate or give rise to any duty or obligation to the Fund.

 

6.            Representations of the Fund. The Fund represents and warrants to the Administrative Manager that it has the authority to enter into and perform its obligations under this Agreement.

 

7.            Liability and Indemnification.

 

7.1  Notwithstanding any other Section of this Agreement to the contrary, neither the Administrative Manager nor any of its officers, directors, employees, agents or affiliates shall be liable or responsible for any damage, loss or expense incurred by reason of any act or omission performed or omitted in good faith in a manner reasonably believed to be within the scope of the authority granted by this Agreement, by law or with the consent of the Fund and/or the General Partner, provided that the Administrative Manager or such officer, director, employee, agent or affiliate has not committed gross negligence, malfeasance or any violation of applicable law or other intentional or criminal wrongdoing with respect to such act or omission. The federal and state securities laws may impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the Fund may have under any such securities laws.

 

7.2  The Fund will indemnify the Administrative Manager and its officers, directors, members, managers, employees, agents and affiliates against any losses, claims, judgments, damages and liabilities, joint or several, expenses (including, without limitation, reasonable attorney's fees and disbursements), and amounts paid in settlement of any claim sustained, including by way of criminal proceedings, by the Administrative Manager or any such officer, director, member, manager, employee, agent or affiliate resulting in any way from any act or omission performed in good faith in a manner reasonably believed to be within the scope of the authority of the Administrative Manager or any such officer, director, employee, agent or affiliate granted by this Agreement, by law or with the consent of the Fund, except in the event the same resulted from the Administrative Manager's or such officer's, director's, member's, manager's, employee's, agent's or affiliate's gross negligence, malfeasance or any violation of applicable law or other intentional or criminal wrongdoing with respect to such act or omission. The securities laws of the United States and its states may impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the Fund may have under any such securities laws.

 

7.3  For purposes of this Agreement, the term "gross negligence" shall mean the intentional failure by one person to perform a manifest duty in reckless disregard of the consequences as affecting the life or property of another person.

 

  

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8.            Confidentiality. The Administrative Manager shall regard as confidential all information concerning the affairs of the Fund, but shall be permitted to disclose to third parties the fact that the Administrative Manager is performing administrative management activities on the Fund's behalf.

 

9.            Term and Termination. This Agreement shall remain in effect perpetually, provided, however, that any party may terminate this Agreement by giving to the other parties at least ninety (90) days prior written notice and that this Agreement shall terminate without further action by any party upon dissolution of the Fund.

 

10.          Non-assignment. No party shall assign (within the meaning of the United States Investment Advisers Act of 1940) this Agreement or any of its rights or obligations hereunder without the prior written consent of the other party.

 

11.         Entire Agreement. This Agreement, including Schedule A attached hereto, constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements and understandings, oral or written, between them regarding such subject matter.

 

12.          Amendments and Waivers. This Agreement may only be amended by a writing signed by all parties. The parties may, by written consent, waive, either prospectively or retrospectively, and either for a specified period of time or indefinitely, the operation or effect of any provision of this Agreement. No waiver of any right by any party hereto shall be construed as a waiver of the same or any other right at any other time.

 

13.          Notices. Except as otherwise expressly provided in this Agreement, whenever any notice is required or permitted to be given under any provision of this Agreement, such notice shall be in writing, shall be signed by or on behalf of the party giving the notice and shall be mailed by first class mail, email, or sent by courier or telefax with confirmation of transmission to the other party or parties, as applicable, at the address set forth on Schedule A or to such other address as a party may from time to time specify to the other party by such notice hereunder. Any such notice shall be deemed duly given when delivered at such address.

 

14.          Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the substantive laws of the State of Nevada without giving effect to its principles of conflicts of law.

 

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf by its duly authorized representative, as of the date first above written.

 

 

	By:	 	 	By:	 	 
	Name:	
EquiSource Management, LLC 

	 	Name: 	
Andrew Jolley

	 
	Its: 	
General Partner 

	 	Title: 	Managing Member	 
	Name: 	Andrew Jolley	 	 	 	 
	Title:	Managing Member	 	 	 	 

                                                              

  

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Andrew Jolley, Managing Member of 

	 	Andrew Jolley, Managing Member of	 
	 	 	 	 
	
Equisource Management, LLC 

	 	Equisource Management, LLC	 
	 	 	 	 
	
General Partner

	 	 	 
	 	 	 	 
	
Equisource Hotel Fund I, LLP

	 	 	 

 

  

 

  

 

SCHEDULE A

 

to

 

ADMINISTRATIVE SERVICES AGREEMENT

 

as of July 31, 2013

 

	 	
Addresses

 

EquiSource Management, LLC 

2009 E. Windmill Lane

Las Vegas, NV 89123

 

Equisource Hotel Fund I, LLP 

2009 E. Windmill Lane

Las Vegas, NV 89123

	 

 

  

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