Document:

Exhibit
10.01

 

Deed
in Lieu of Foreclosure Release 

and
Settlement Agreement

 

This
Deed in Lieu of Foreclosure Release and Settlement Agreement (herein
the “Agreement”) is entered into by and between EXTRACTING Point,
LLC, a Nevada limited liability company, (“Borrower”), Generation
Alpha, Inc., A Nevada corporation, (“Guarantor”) and Michael Cannon
and Jennifer Cannon, Trustees of the Core 4 Trust Dated February 29, 2016 (“Lender”) as of the last date set
forth below.

 

Recitals

 

Whereas,
Lender, Borrower and Guarantor entered into Loan Agreement effective
April 1, 2019 (“Loan Agreement”) wherein Lender agreed to lend to Borrower
the sum of Three Million Five Hundred Thousand U.S. Dollars ($3,500,000.00) (“Loan
Amount”) with payment and performance guaranteed by Guarantor;

 

Whereas,
in connection with the Loan Agreement, the Borrower executed
an Installment Note- Interest Included as of April 2, 2019 (“Note”);
a Deed of Trust and Assignment of Rents dated April 2, 2019 (“Deed of Trust”)
which securing the Note with the real property located at 2602 W. Holly Street, Phoenix, Arizona (“Property”);
and Guarantor executed a guaranty dated as of April 2, 2019 (“Guaranty”)
for payment and performance of the Note. The Note, Loan Agreement, Deed of Trust, and Guaranty are collectively known as the “Loan
Documents;”

 

Whereas,
in connection with the Loan Documents, Lender was issued a Warrant
by Guarantor dated April 2, 2019 (“Warrant”). The Loan Documents and
Warrant are hereinafter referred to as the “Transaction Documents;”

 

Whereas,
Borrower is in default of the Loan Documents, including the
Deed of Trust (“Dispute”), and the Lender is entitled to foreclose on
the Deed of Trust and execute on the Guaranty;

 

Whereas,
the parties desire to settle this dispute upon the terms and
conditions described in this Agreement.

 

Now,
Therefore, the parties do hereby mutually
agree as follows:

 

1.
Consideration. It is agreed by and between the parties that Borrower
shall execute and deliver to Lender the Deed in Lieu of Foreclosure (“Deed in Lieu”)
in the form attached hereto as Exhibit A, conveying the Property to Lender to be recorded in the Official Records of Maricopa
County, Arizona.

 

    	Initials ______              ______ _______	1 

    	 

    

 

2.
Release. In exchange for the consideration described in Section 1,
Lender hereby unconditionally releases, acquits, and forever discharges Borrower and Guarantor, and Borrower and Guarantor hereby
unconditionally release, acquit, and forever discharge Lender, and each parties managers, members, trustees, beneficiaries, assigns,
estates, agents, predecessors in interest, successors in interests, and/or attorneys from all obligations, claims, demands, damages,
debts, causes of action, suits, or liability of any kind or nature whatsoever, whether known or unknown, which they have ever
had, now have, or claim to have against such released parties upon or by reason of any matter, cause or thing whatsoever occurring
or arising out of the facts, circumstances, underlying debt contained in or related to the Transaction Documents; the Property;
Lender’s future use of the Property; Borrower or Guarantor’s intended use of the Property; and information provided
by Borrower and/or Guarantor to Lender regarding its proposed use of the Property (collectively “Released
Claims”). Upon receipt of the consideration, Borrower and Guarantor shall have no further liability on the Loan Documents
and the Loan Amount shall be deemed satisfied and the Warrant shall be cancelled/rescinded.

 

3.
Scope of Release. In connection with the release granted herein, the
parties acknowledge that there may be claims, demands, damages, causes of action, suits, or liability presently unknown or unsuspected,
or facts in addition to or different from those which they now know or believe to be true, with respect to the matters herein
released. Nevertheless, the parties intend, through this Agreement, and upon the advice of their own independent and respective
counsel, to settle and to release fully, finally and forever release all such matters, and all claims, demands, damages, debts,
causes of action, suits, or liability relative thereto, which do now exist, may exist, or previously have existed between them
relating to the Released Claims.

 

4.
Recording of Deed in Lieu. This Agreement shall be effective upon the recording
of the Deed in Lieu. Each party is to bear its own attorneys’ fees and costs.

 

5.
No Admission of Liability. It is expressly understood and agreed that
the execution of the Agreement and payment and receipt of the consideration set forth in Section 1 is in settlement and compromise
of a dispute only and shall not be construed in any manner to be an admission of liability by any party hereto.

 

6.
General Provisions.

 

A.
Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original, but all of which taken together shall constitute but one and the same instrument.

 

B.
Notices. Except as otherwise required by law, all notices, consents, approvals,
and other communications required or permitted hereunder must be in writing. They will be deemed to have been duly given (a) on
the date of service if served personally on the party to whom notice is to be given, (b) on the date of delivery if sent by commercial
overnight courier with written verification of receipt, or (c) on the third day after mailing if mailed to the party to whom notice
is to be given by United States first class mail, registered or certified, return receipt requested, postage prepaid, and properly
addressed as follows, or by email, provided that the email is acknowledged as received:

 

LENDER

Core
4 Trust.

c/o
Cannon Nevada LLC

2520
Saint Rose Pkwy, Suite 218

Henderson,
NV 89074

Email:
mcannon@cannonnevada.com

 

    	Initials ______              ______ _______	2 

    	 

    

 

WITH
A COPY TO (WHICH SHALL NOT CONSTITUTE NOTICE):

Walls
Law Firm

8861
W. Sahara Ave Ste 220

Las
Vegas, NV 89117

Attn:
Tina M. Walls, Esq.

E-mail:
tinawalls@wallslaw.com

 

BORROWER:

Extracting
Point, LLC

c/o
Generation Alpha, Inc.

853
Sandhill Avenue.

Carson,
CA 90746

Attn:
Tiffany Davis, Manager

E-mail:
tiffany@genalphainc.com

 

GUARANTOR

Generation
Alpha, Inc.

853
Sandhill Avenue

Carson,
CA 90746

Attn:
Alan S. Lien, President

E-mail:
alan@genalphainc.com

 

WITH
A COPY TO (WHICH SHALL NOT CONSTITUTE NOTICE):

Sichenzia
Ross Ference LLP

1185
Avenue of the Americas, 37th Floor

New
York, NY 10036

Attn:
Marc J. Ross, Esq.

E-mail:
mross@srf.law

 

C.
Entire Agreement. This Agreement and the stipulation and order to be entered
in to as a result of this Agreement constitute the entire agreement between the parties pertaining to the subject matter contained
in it and supercedes all prior and contemporaneous agreements, representations, and understandings of the parties. No supplement,
modification, or amendment of this Agreement shall be binding unless executed in writing by all the parties. No waiver of any
of the provisions of this Agreement shall be deemed, or shall constitute a waiver of any other provision, whether or not similar,
nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the party making
the waiver.

 

    	Initials ______              ______ _______	3 

    	 

    

 

D.
Modifications And Amendments. This Agreement may not be modified, changed,
or supplemented, nor may any obligations hereunder be waived, except by written instrument signed by the party to be charged or
by its agent duly authorized in writing or as otherwise expressly permitted herein.

 

E.
Waiver. No waiver of any breach of any agreement or provision herein contained
shall be deemed a waiver of any preceding or succeeding breach thereto or of any other agreement or provision herein contained.
No failure or delay of any party in the exercise of any right given to such party hereunder shall constitute a waiver thereof.

 

F.
Titles And Headings. The paragraph headings appearing in this Agreement have
been inserted for the purpose of convenience and ready reference. They do not purport to, and shall no be deemed to define, limit,
or extend the scope or intent of the paragraphs to which they relate.

 

G.
Independent Advice. Each party acknowledges that in entering into and executing
this Agreement the party either had the independent counsel and legal advice of any attorney-at-law of the party’s own choice,
or had the opportunity to have independent legal counsel of the party’s own choice but has declined obtain such advice and
no party is relying upon any representations of any other party hereto unless expressly set forth herein in writing.

 

H.
Construction. Each party to this Agreement has reviewed this Agreement, and
the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party will not be employed
in any interpretation of this Agreement.

 

I.
Binding Effect. This Agreement shall be construed and enforced under Nevada
law. Each party represents that the undersigned person signing on behalf of a party has the right, power, legal capacity and authority
to enter into and perform his/her/its obligations under the Agreement and either no approvals or consents of any other persons
or entities, other than the individual signing, is necessary or each party hereto has obtained the requisite approval by its governing
authority in connection with the execution of this Agreement, and when so signed, this Agreement shall inure to the benefit of,
and be binding upon, the parties, their managers, members, trustees, beneficiaries, heirs, agents, successors, and assigns of
the undersigned. This representation is a personal guaranty of the undersigned that the foregoing statement is true.

 

J.
Warranty. It is further understood and agreed that the parties warrant, represent
covenant and agree that the parties have not sold, assigned, granted or transferred to any other person, firm, corporation, or
entity, any claim, counterclaim, demand, or cause of action occurring, arising or existing prior to the date of this Agreement.
The parties further represent that no other persons, firms, corporations, or entities have any right or ownership in or to any
claim, counterclaim, demand, or cause of action, occurring, arising or existing prior to the date of this Agreement.

 

    	Initials ______              ______ _______	4 

    	 

    

 

K.
Signing. This Agreement may be signed in counterparts. A facsimile or electronic
copy of a party’s signature with the original signature sent by United States mail shall be binding as of the date of the
facsimile or electronic copy.

 

L.
Miscellaneous. Whenever used herein, unless the context otherwise requires;
the singular shall include the plural and the plural the singular; and words used in any gender, including words of relationship,
shall read as including the corresponding words of the opposite or neuter gender.

 

M.
Attorneys’ Fees. If any party to this Agreement shall breach its representations
or warranties hereunder (if any) or shall fail to fulfill or perform any of its covenants or obligations required by this Agreement,
that party shall pay all costs, including, without limitation, reasonable attorneys’ fees and expert witness fees, that
may be incurred to enforce the terms, covenants, conditions and provisions of this Agreement, or that may be incurred as a result
of a default under or breach of this Agreement, whether or not legal action is commenced.

 

BORROWER:

Extracting
Point, LLC, a Nevada limited liability company

 

	By:
    ______________________________	 	Date:
    _________________
	Tiffany
    Davis, Manager	 	 
	 	 	 
	GUARANTOR:	 	 
	Generation
    Alpha, Inc., a Nevada corporation	 	 
	 	 	 
	By:
    _______________________________	 	Date:
    _________________
	Alan
    S. Lien, President	 	 
	 	 	 
	LENDER:	 	 
	Core
    4 Trust dated February 29, 2016	 	 
	 	 	 
	By:
    _______________________________	 	Date:
    _________________
	Michael
    Cannon, Trustee	 	 
	 	 	 
	 	 	 
	By:
    _______________________________	 	Date:
    _________________
	Jennifer
    Cannon, Trustee	 	 

 

    	Initials ______              ______ _______	5 

    	 

    

 

Notary
Blocks for Release and Settlement Agreement

 

	STATE
    OF ___________________	)	 
	 	)
    ss:	 
	COUNTY
    OF _________________	)	 

 

On
__________________ 2019, personally appeared before me, a Notary Public of the foregoing State, Tiffany Davis who acknowledged
that she executed the above instrument in her representative capacity.

 

_______________________________________

NOTARY
PUBLIC

 

	STATE
    OF ___________________	)	 
	 	)
    ss:	 
	COUNTY
    OF _________________	)	 

 

On
__________________ 2019, personally appeared before me, a Notary Public of the foregoing State, Alan S. Lien who acknowledged
that he executed the above instrument in his representative capacity.

 

_______________________________________

NOTARY
PUBLIC

 

	STATE
    OF ___________________	)	 
	 	)
    ss:	 
	COUNTY
    OF _________________	)	 

 

On
__________________ 2019, personally appeared before me, a Notary Public of the foregoing State, Michael Cannon and Jennifer
Cannon who acknowledged that they executed the above instrument in their representative capacities.

 

_______________________________________

NOTARY
PUBLIC

 

    	Initials ______              ______ _______	6Exhibit
10.02

 

RECORDING
REQUESTED BY AND

WHEN
RECORDED MAIL TO:

 

Core
4 Trust

2520
Saint Rose Parkway, Suite 218

Henderson,
NV 89074

 

_______________SPACE
ABOVE THIS LINE IS FOR RECORDER’S USE_____________

Exempt
pursuant to

ARS
Section 11-1134 B 1

 

DEED
IN LIEU OF FORECLOSURE

 

FOR
VALUABLE CONSIDERATION, receipt and sufficiency of which is hereby acknowledged, Extracting Point, LLC, a Nevada limited
liability company, herein called “Grantor,” does hereby convey and warrant to Michael Cannon and Jennifer Cannon,
Trustees of the Core 4 Trust dated February 29, 2016, hereinafter called “Grantee,” whose address is 2520 Saint
Rose Parkway, Suite 218, Henderson, NV 89074, the following real property situated in Maricopa County, Arizona:

 

Lots
34 and 35, Black Canyon Industrial District, according to the Plat of Record in the Office of the County Recorder of Maricopa
County, Arizona, Recorded in Book 64 of Maps, Page 8 Commonly known as: 2601 West Holly St., Phoenix, AZ

 

together
with all tenements, hereditaments, and appurtenances, including easements and water rights, if any, thereto belonging or appertaining,
and any reversions, remainders, rents, issues, or profits thereof.

 

Pursuant
to ARS 33-404 A, the beneficiaries of the Core 4 Trust are: Michael Cannon and Jennifer Cannon.

 

THIS
DEED is an absolute conveyance, and is in full satisfaction of Grantor’s obligations to Grantee of all obligations secured
by Deed of Trust and Assignment of Rents dated the 2nd day of April 2019 by Grantor to Thomas Title & Escrow, as
Trustee for the benefit of Grantee as beneficiary, recorded as Instrument No. 20190231880 on April 3, 2019 in the Official Records
of Maricopa County, in the State of Arizona (“Deed of Trust”).

 

    	Page 1 of 2

    	 

    

 

GRANTOR
declares that this conveyance is freely and fairly made in exchange for a settlement of the debt and obligations of the Grantor
to Grantee as more particularly described in the Deed In Lieu of Foreclosure Release and Settlement Agreement dated as of ______________________,
2019 (“Release Agreement”) executed by the parties.

 

DATED
this ________ day of __________________ 2019.

 

GRANTOR

 

Extracting
Point, LLC, a Nevada limited liability company

 

By:
____________________________

Tiffany
Davis, Manager

 

	STATE
OF_________________	)	 
	 	)ss	 
	COUNTY
    OF________________	)	 

 

On
_____________________, 2019, before me the undersigned, personally appeared Tiffany Davis, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person or
entity upon behalf of which the individual acted, executed the instrument.

 

_________________________________

Notary
Public

 

    	Page 2 of 2

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