Document:

Unassociated Document

 

Exhibit 10.10

 

CONFESSED JUDGMENT PROMISSORY NOTE

 

	
$150,000.00.

	  	
 January 15, 2010

 

IMPORTANT NOTICE

 

THIS INSTRUMENT CONTAINS A CONFESSION OF JUDGMENT PROVISION, WHICH CONSTITUTES A WAIVER OF IMPORTANT RIGHTS YOU MAY HAVE AS A DEBTOR AND ALLOWS THE CREDITOR TO OBTAIN A JUDGMENT AGAINST YOU WITHOUT ANY FURTHER NOTICE.

 

FOR VALUE RECEIVED, the undersigned, Seawright Holdings, Inc. (hereinafter referred to as "Maker") promises to pay to the order of Theodore J. Kanakis (hereinafter referred to as "Holder"), the Principle Amount of One HUNDRED FIFTY THOUSAND DOLLARS AND NO CENT ($150,000.00) on December 31,2010.

 

If Maker pays Holder the sum of One Hundred Twenty Five Thousand Dollars and No Cents ($125,000.00) (the "Pre-Payment Amount") on or before March 30,2010 then this Note shall be marked "Paid in Full" and Maker shall be released from any further obligation under this Note.

 

If Maker fails to pay Holder the Pre-Payment Amount, on or before March 30, 2010 then interest shall accrue at the rate of One Percent (1%) per month. Payment of said interest shall be due in full, by the 5th of each month, in the form of a certified bank check payable to Theodore 1. Kanakis.

 

The principal amount owed with accrued interest shall be tied to the final daily "Ask" spot price of gold as posted on the Kitco.Com website as of the date of execution of this Agreement. In the event the price of gold rises by more than ten (10%) from the "Ask" spot price of gold on the execution date of this Agreement, then the amount owed shall increase accordingly, based on the percentage increase of the "Ask" spot price of gold as posted on the Kitco.Com website. However, in no event shall the Principal Amount or the Pre-Payment Amount decrease. The Pre-Payment amount is also subject to the provisions of this paragraph.

 

If Maker fails to pay in accordance with the terms set out above with respect to the Note and/or interest payment due dates, this Note shall be in default. The Maker shall have seven (7) calendar days in which to cure any payment in default. Any defaulted payment not paid within seven (7) calendar days of its due date, shall entitle the Holder at its sole option, without notice to Maker, to declare the entire balance on the Note immediately due and payable.

 

In the event of default, the undersigned Maker expressly authorizes, appoints and empowers Robert B. Nealon, Esquire, a member of the Virginia Bar, as their attorney-in fact to appear in the Arlington County Circuit Court, Virginia and in their name to confess judgment against them in favor of the Holder for the full principle sum then outstanding, plus attorney's fees of Ten (10%) Percent on any outstanding balance, plus court costs to confess judgment. Any partial payments under this Note shall be first applied to interest, costs and attorney fees.

 

  

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As to this Note, the undersigned waives and releases presentment, demand for payment, protest, notice of non-payment or protest, all errors and all rights of exemption, appeal, stay of execution, inquisition and extension upon any levy of real estate or personal property to which the undersigned may be entitled under the laws of any state or territory of the United States now in force or which may hereafter be passed. The undersigned Maker expressly agrees that the maturity of this Note, or any payment hereunder, may be extended by the Holder from time to time and that the Holder may release any other party liable for this obligation, and any such extension or release can be made without notice to the undersigned Maker without affecting the liability of said undersigned Maker. The Maker expressly waives their homestead exemption, if any.

 

The undersigned Maker expressly acknowledge the receipt and sufficiency of good and valuable consideration for the execution of this Note and acknowledge that the Note has been executed and delivered for business purposes.

 

The undersigned Maker expressly certifies that there are no defenses, counterclaims or offsets to this Notice and declare themselves to be forever estopped to assert any such defenses or counterclaims to this Notice.

 

The undersigned expressly warrants that he has full authority to execute this Note on behalf of this Maker.

 

If anyone or more of the words or terms of this Note shall be held to be indefinite, invalid, illegal or otherwise unenforceable, in whole or in part, for any reason, by any court of competent jurisdiction, the remainder of this Note shall continue in full force and effect and shall be construed as if such indefinite, invalid, illegal or unenforceable words or terms had not been contained herein.

 

All questions with respect to the construction of this Note, and the rights and liabilities of the parties hereunder shall be determined in accordance with the laws of the Commonwealth of Virginia.

 

The provision of this Note shall bind and inure to the benefit of the parties hereto, their heirs, representatives, successors and assigns.

 

IN WITNESS WHEREOF, the undersigned Maker have hereunto set their hand and seal as of the day stated in the Notary Clause below.

 

 

[INTENTIONALLY LEFT BLANK

 

SIGNATURE PAGE TO FOLLOW]

 

  

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SEAWRIGHT HOLDINGS, INC.

 

 

By: /s/ Joel Patrick Sens                                                                                     Date: 1/15/10

 

Joe Patrick Sens, President

 

Maker

 

STATE OF VIRGINIA:

 

CITY/ COUNTY OF Arlington    :

 

The foregoing instrument was acknowledged before me this 15 day of January 2010 by Joel Patrick Sens in the City/County aforesaid.

 

/s/ Debra Frances Maddox

 

Notary Public

 

My Commission Expires:   4/30/2012

 

Notary Number: 7149853

 

 

 

 

 

 

 

 

 

 

 

3Unassociated Document

Exhibit 10.11

 

DEED OF TRUST

 

THIS DEED OF TRUST ("Security Instrument") is made on the 15th day of January, 2010 wherein:

 

The Grantor is SEAWRIGHT SPRINGS, LLC, a Virginia limited liability company, by and through its president Joel Patrick Sens (hereinafter referred to as the "Borrower"). The Trustee is Robert B. Nealon, Esq., an authorized individual who resides in the Commonwealth of Virginia and bears an address of 119 N. Henry Street, Alexandria, Virginia 22314 ("Trustee").

 

The beneficiary is THEODORE KANAKIS, whose address is 1160 North Quincy Street, #408, Arlington, Virginia 22201 (hereinafter referred to as the "Beneficiary").

 

Borrower owes Beneficiary the principal sum of One HUNDRED AND FIFTY THOUSAND Dollars and No Cents ($150,000.00). This debt is evidenced by Borrower's confessed judgment promissory note of even date ("Note"), which provides for (i) interest accruing at a rate of one percent (1.0 %) per month following March 30, 2010; (ii) full satisfaction due and payable before or by December 31,2010, such that any partial payments shall apply to accrued interest before principal and interest shall continue to accrue on any unpaid principal as aforementioned, (iii) a payment of one hundred and twenty-five thousand dollars ($125,000.00) received by the beneficiary and cleared before or by the pre-payment date referenced in the Note shall result in satisfaction as set forth in the Note, (iv) the principal may increase in accordance with the gold clause referenced in the settlement agreement of even date ("Agreement") founding the Note and this Deed of Trust as applicable on the date of satisfaction, and (ii) a maturity date of December 31,2010, bearing the provisions of the confessed judgment promissory terms comprising the Note.

 

During the pendency of this Deed of Trust, Borrower covenants and shall ensure that the Property against which this Deed of Trust is levied remains (i) insured by any and all hazard and flood insurance required for the issuance of a standard policy of title insurance, (ii) in good standing with any and all taxation authorities, and (iii) in sound repair and condition to meet marketable standards.

 

This Security Instrument secures to the Beneficiary: (a) the repayment of the debt evidenced by the Note; (b) the payment of any and all other sums that accrue under the Note, with interest advanced to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note.

 

For this purpose, Borrower irrevocably grants to Trustee, in trust, with power of sale, the parcel(s) comprised of the five lots identified on the Augusta County tax map as 26-94, 26-94A, 27-2, 27-2B, and 27-8A, said property lying and situate in Augusta County, Virginia, and more particularly described in Exhibit A hereto, TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property, and all replacements and additions that might come to improve the property ("Property").

 

The Beneficiary's address as hereinabove contained shall be the address to which any notice or communication permitted or required to be given to the Borrower and/or Beneficiary pursuant to applicable Virginia law by mail and/or delivery.

 

  

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This Deed of Trust is to be governed by and is to be read and construed with reference to applicable provisions of the laws of the Commonwealth of Virginia in effect as of the date of execution hereof.

 

	
  (1)    

	
Borrower waives exemptions with respect to the property subject to this Deed of Trust.

 

	
  (2)    

	
This deed of trust is subject to all upon default. Renewal, extension, or reinstatement are permitted at the discretion of Beneficiary. In the event of a confession of judgment under the terms of the Note, said judgment shall exist as an independent means of securing the outstanding indebtedness and shall not extinguish or vitiate this deed of trust and the lien it imposes.

 

	
  (3)    

	
Fire and extended insurance coverage is required to be maintained for the subject property, in the full amount of the total amount that may be secured hereby. Borrower shall furnish to Beneficiary annually a copy of such insurance policy and evidence of payment of insurance premiums and property taxes, including any special assessments.

 

	
  (4)    

	
Borrower shall maintain the subject property in good repair and working condition, and may not take any action deliberately to cause the diminution of value of the subject property. Beneficiary reserves the right to inspect the property at any time, upon issuance of reasonable notice to Borrower.

 

	
  (5)    

	
Borrower shall ensure that no mechanic or materialman lien is filed and levied against the subject property and that no cause for such filing is afforded with respect to the subject property.

 

	
  (6)    

	
Borrower may not convey any interest in the subject property without previously satisfying the obligations secured by this Deed of Trust.

 

NOTICE: THE DEBT SECURED HEREBY IS SUBJECT TO CALL IN FULL OR THE TERMS THEREOF BEING MODIFIED IN THE EVENT OF THE SALE OR CONVEYANCE OF ANY INTEREST, WHETHER LEGAL OR EQUlTABLE, IN THE PROPERTY HEREIN CONVEYED.

 

 

  

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(7)   Any Trustee may act hereunder, and substitution of Trustee(s) is permitted.

 

	
  (8)    

	
Advertisement required: Two (2) times, once a week for two (2) consecutive weeks, in a newspaper having a general circulation in the city or county wherein the property or any portion thereof lies.

 

	
  (9)    

	
The Trustee's commission in the event of sale shall be five percent (5%); Trustee's commission in the event of advertisement but payment before sale shall be equal to$350.00 per hour for time spent, plus interest and accumulated late fees if any, and costs and expenses.

 

	
  (10)   

	
 Bidder's deposit of ten percent (10%) may be required at time of acceptance of bid.

 

In the event of any default by the Borrower in the payment of principal or interest after the date of maturity arrives or demand is made in any other proper manner, the unpaid balance of the principal and accrued interest of this promissory note shall, at the option of the Beneficiary, become immediately due and payable. Upon default in making payment within seven (7) days of demand, Borrower agrees to pay all reasonable legal fees and costs of enforcement and collection incurred by Beneficiary, to the extent permitted by law. In the event that Borrower violates any covenant set forth in this Deed of Trust, Beneficiary shall issue a written notice of default and demand for cure; if Borrower fails to cure the same condition(s) within thirty (30) days thereafter, Beneficiary may issue demand of payment for the full principal and interest accrued, together with any costs or expenses incurred with Beneficiary's contribution to cure of defect, enforcement of rights, or collections, in the manner of acceleration of amount due.

Following any uncured default as described above, Beneficiary may proceed with foreclosure as a non-exclusive election of remedy, provided that a written notice of intent to foreclosure is issued to Borrower at its last-designated address, and a written notice of foreclosure sale, including reference to date, time, place, and other terms required by law, is issued no less than fourteen (14) days prior to any scheduled sale and timely notice is afforded as to any rescheduling of such sale to Borrower at its last-designated address.

 

THE BORROWER HEREBY EXPRESSLY WAIVES AND RELEASES ANY REQUIREMENT OR OBLIGATION THAT THE BENEFICIARY OR TRUSTEE(S) PRESENT EVIDENCE OR OTHERWISE PROCEED BEFORE ANY COURT, CLERK, OR OTHER TIJDICIAL OR QUASI-JUDICIAL BODY AS A CONDITION OR OTHERWISE INCIDENT TO THE EXERCISE OF THE POWER OF SALE GRANTED IN THIS DEED OF TRUST AND UNDER VIRGINIA LAW, EXCEPT AS MAY BE PROVIDED EXPRESSLY THEREIN.

 

[THE BALANCE OF THIS PAGE IS LEFT BLANK INTENTIONALLY]

 

  

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IN WITNESS WHEREOF, Borrowers have executed and sealed this Deed of Trust.

SEAWRIGHT SPRINGS, LLC

 

/s/ Joel Patrick Sens        [SEAL]

 

By JOEL PATRICK SENS

 

President

 

COMMONWEALTH OF VIRGINIA

 

CITY/COUNTY OF: Arlington

 

To Wit: The foregoing Deed of Trust, dated with even date, was subscribed and sworn to before me, the undersigned authority, by Joel Patrick Sens, who e identity was made known to me and were evidenced to me on even date, on this 15 day of January , 2010, in my jurisdiction aforesaid.

 

 

/s/ Debra Frances Maddox              [SEAL]

 

Notary Public

 

My commission number: 7149853

 

My commission expires: 4/30/2012

 

  

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EXHIBIT A: LEGAL DESCRIPTION

 

All those certain tracts or parcels of real estate, lying and being between State Routes 616 and 804, in the North River District, Augusta County, Virginia, and more particularly described according to the attached "Map of the Baker Seawright Corp. Prop." By Robert E. Funk, Land Surveyor, dated January 13, 1986, and shown thereon to CONTAIN a total of 144,739 ACRES, MORE OR LESS; however, the tract or parcel of land containing 22 poles being exempted under the General Warranty conveyance of October 7, 2003, as follows:

 

All that certain tract or parcel of land, with all improvements thereon and appurtenances thereto belonging, situate in North River District, Augusta County, Virginia, near the Seawright Lithia Spring, adjoining the old Salem Church lot, CONTAINING 22 poles, and being more particularly described by metes and bounds description of record in a deed of Margaret F. Root, dated August 21,1899, of record in the Clerk's Office of the Circuit Court of Augusta County, Virginia, in Deed Book 400, pages 269, as follows:

 

BEING at a comer of the old Salem Church lot, S 69 degrees West 4.64 poles, thence S 20 degrees 34 feet E 4 poles to a stone; thence N 69 degrees E 6.36 poles to Ocheltree's line; thence N 43 1/4 degrees W 4.40 poles to the beginning.

 

And being the same real estate conveyed by the above described deed of Margaret F. Root to G. W. Fultz, L. W. Root, J.W. Craun, dated August 21, 1899, but not recorded in said Clerk's Office until February 9, 1954, in Deed Book 400, page 269. And being a portion of the same property conveyed to Baker Seawright Corporation, a Virginia corporation, by Deed dated December 21, 1981, from 1. H. Baker, unmarried, and S. D. Baker, unmarried, which Deed is of record in the Clerk's Office of the Circuit Court of Augusta County, Virginia, in Deed Book 772, page 262, and being conveyed under SECOND (c), on Page 2 thereof.

 

_______________________________________

Prepared by and return to Nealon & Associates, P.C., 119 N. Henry St., Alex., Va. 22314 Consideration: $150,000.00

 

Tax Map No: Augusta County, Virginia, 26-94, 26-94A, 27-2, 27-2B, and 27-8A Grantee Address: 1160 North Quincy Street, #408, Arlington, Virginia 22201.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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