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蓝莓种植地流转合同

 

本合同签约双方:

转让人(以下简称甲方):黑龙江省友好林业局

法人代表:陈清林

 

受让人(以下简称乙方):丹东龙升花卉苗木科技有限公司

法定代表人:赵广

Two parties:

Transferor(Party A):Youhao forestry bureau,Heilongjiang province

Legal representative:Chen Qinglin

 

Assignee(Party B):Dandong longsheng horticulture,Inc

Legal representative:Zhao Guang

 

甲乙双方根据《中华人民共和国森林法》、《中华人民共和国合同法》、《黑龙江省森林、林木、林地流转试点管理办法》的有关规定,本着平等、自愿、有偿的原则,经双方充分协商,订立本合同,以兹共同遵守。

The contract was agreed by negotiation between party a and party b based on the principle of equality, voluntary, compensation.

  

  

  

 

一、  蓝莓种植地的基本情况及流转方式、流转期限 Basic information/transfer way/transfer duration of blueberry cultivated fields.

1、甲方所拥有的蓝莓种植地为流转林地,面积为360.2亩(坐标及四至见附件一)。

Blueberry cultivated fields which owned by Party A is flow forest land, total area is 360.2 MU.(please see attachment 1 for position)

2、乙方租用甲方蓝莓种植地,种植地内的蓝莓苗木乙方全部购买。

Party B rent the blueberry cultivated fields owned by Party A, the growing blueberry plants in the field will be purchased by Party B.

3、蓝莓种植地租用的期限为:2011年7月1日至2061年6月30日,共计50年。

The rent duration is : 2011-07-01 to 2061-06-30, total 50 years.

二、蓝莓种植地的用途 Purpose of the blueberry culticated fields

本种植地必须用于蓝莓种植。未经依法批准,不得用于非林业建设;本种植地流转合同期满后如双方同意继续流转,应重新协商签订新的林地流转协议。

The field must be used to cultivate blueberry. Without legal approval, it will not permit to use for non-forest construction; if the parties agree to continue the transfer in the end of the transfer date mentioned in the contract, a new transfer contract is supposed to sign again based on negotiation.

  

  

  

 

三、  双方的权利和义务Duties and obligations

(一)  甲方的权利和义务Duties and obligations for Party a

1、  甲方的权利 Obligations for Party a

	
(1)  

	
有权依法自主决定种植地承包经营权和流转方式。

The right to decide the lease-holding right and transfer way under the legal permit.

	
(2)  

	
有权依法获得流转收益。

The right to possess the transfer income.

	
(3)  

	
有权按照本合同约定流转种植地期限,在期满后收回种植地经营权。

The right to appoint the cultivated field transfer duration under the contract, get back the cultivated field operating right after the transfer duration end.

	
(4)  

	
有权监督乙方,保证种植地用于林业建设。

The right to supervise Party B, ensure the cultivated fields used for forestry development.

2、  甲方的义务 Duties for Party a

(1)甲方保证所种植地产权清晰,没有权属纠纷和其他经济纠纷;所流转的土地没有抵押或其他担保。如流转后乙方发现所流转的种植存在纠纷,甲方应及时予以解决,由此造成乙方损失的,甲方应予以赔偿。同时甲方应提供种植地的产权证明的复印件作为本合同的附件(即附件二)。

  

  

  

Guarantee the property right of the cultivated fields clearly, no ownership dispute and other economic dispute; no pledge and guarantee on the transferred fields. If the Party B found dispute exist on the field, Party A should solve the dispute as soon, and compensate the loss of Party B. Meantime, Party A should provide the copy of the property right certificates of the cultivated fields(please see the attachment 2).

(2)甲方应维护乙方种植地承包经营权,未经乙方同意不得非法变更、解除流转合同。

Party A should promise the lease-holding right of Party B, without agreement of Party B, Party A can not amend or end the transfer contract.

(3)甲方应尊重乙方的生产经营自主权,不得擅自干涉乙方依法进行的正常生产经营活动,否则视为违约并赔偿由此给乙方造成的损失。

Party A should respect the operating right of Party B, can not interfere the normal operating activities of Party B, or will be considered as breach to the contract and compensate the loss caused by the breach to Party B.

(4) 承包期内,甲方允许乙方流转种植地承包经营权。

During the transfer period, Party A allow Party B the lease-holding right.

  

  

  

 

(5)甲方应协助乙方获取有关国家林地政策性补助资金,所获得的政策性补助资金全部归乙方所有并用于种植地建设使用。

Party A should assist Party B to get the state subsidy under the state forestry policy, the subsidy will totally owned by Party B and used to the cultivated fields development.

(6)甲方承诺,根据乙方蓝莓生产发展建设的需要,甲方可继续提供蓝莓种植基地建设用地。

Party B promise that can provide more field for blueberry cultivated base development, based on the development need of Party B.

(二)  乙方的权利和义务Duties and obligations for Party B

1、乙方的权利obligations for Party B

(1)依法享有种植地使用、收益的权利,有权自主组织生产经营和依法处置林木及产品。有权与其他农户联合,将承包经营权入股,或将种植地流转他人从事蓝莓种植。

The legally rights to use the plant and income, and to self-organization of production and forest management and legally dispose of the product. Rights to combine with other farmers, invest by the lease holding right, or transfer cultivation to other parties that in blueberry planting business.

(2)有权享受国家优惠政策和扶持资金。

The right to enjoy the state preferential policies and support funds.

  

  

  

 

(3)种植地在流转期内被依法征用、占用的,依法所获得的补偿归乙方所有。

For those cultivated fields within the transfer period that legally requisitioned and occupied, party b has the right to receive the compensation.

(4)乙方合并或分立的,分立、合并后的公司在流转期内仍可享有继续经营的权利。

Within the transfer period, the companies belong to party b after merger or separation can still enjoy the right to continue to operate.

2、乙方的义务Duties for Party B

(1)乙方应在流转的种植地范围内完成甲方的规划造林任务,并应维持种植地的林业用途,不得用于非林地建设或者闲置荒芜。(除林地管护用房建设外)

Party b shall complete the afforestation program in the context of the transfer of cultivation which requested by party a, also party b should maintain the cultivation of forestry purposes, construction of non-forest and  idle barren is not acceptable. (Except housing construction for forest management and protection use)

(2)落实种植蓝莓的管护措施。

Implementation of the management and protection measures for planting blueberries.

  

  

  

 

(3)依法保护和合理利用种植地,不得自行或准许他人在流转种植地内毁林开垦、采石、挖沙、取土等给种植地造成永久性损害的行为。在种植地内发生毁林和乱占滥用林地行为时,应采取积极措施予以制止,并及时向有关部门报告。

Legal protection and rational utilization of cultivation, shall not transfer or permit the cultivation of deforestation, land reclamation, quarrying, dredging, earth, etc. to cause permanent damage to the plant's behavior. Deforestation occurred in the cultivation and the indiscriminate use of forest land act, should take positive measures to stop, and promptly reported to the authorities.

(4)依法做好森林防火和林业有害生物防治工作。

Make preparations for forest fire prevention and forest pest control work.

(5)及时、足额支付林地流转费。

Transfer cost shall be paid timely and fully.

(6)流转期间内,可以将合同约定的种植地进行再流转,再流转的期限不得超过该种植地扣除已使用期限后的剩余年限。

Within the transfer period, the cultivated fields could be re-transfer, and the transfer shall not exceed the period of cultivation has been used, after deducting the remaining useful life.

(三)双方约定的其他权利和义务

Other rights and obligations agreed by both parties

  

  

  

 

1、本合同未明确的事项,甲乙双方可行适合履行国家法律法规规定的其他权利和义务。

Any unspecified items in this contract, both parties feasible for the implementation of State laws and regulations of other rights and obligations

2、乙方对种植林地造成永久性损害的,甲方有权要求乙方进行赔偿。

Any permanent damage to the planting of woodland caused by party b, party a has the right to request the compensation.

3、本合同如需向有关部门备案,甲方应负责办理有关备案手续。

The contract required the relevant departments for the record, and Party A shall be responsible for the record.

四、流转价款和支付方式

Transfer cost and payment terms

1、本合同种植地流转为360.2亩,根据双方商定每年每亩种植地土地流转价格在人民币220(贰佰贰拾元整)元;全部种植土地的流转费为人民币3,962,200.00(叁佰玖拾陆万贰仟贰佰元整)元;自合同签订之日起3日内付清全部流转费。

360.2 mu of cultivated fields in transfer is agreed in the contract, both parties are agreed that the unit price of 1 mu of cultivated field per year is RMB 220.00, and the total transfer cost is RMB 3,962,200.00. The total transfer costs shall be paid off within 3 days after the date of contract is signed.

  

  

  

 

2、种植地内的蓝莓苗木,按评估机构评定后的价格为准,本合同签订之后,乙方应积极开展评估工作,并且全额支付相关评估费用,在评估结束后二个月内乙方付清全部蓝莓苗木的价款。

The price of blueberry plants in cultivated fields is set according to the evaluation by the evaluating agency. After the signing of the contract, the party b should begin the evaluation activity and totally pay off the evaluation fee. And the party b shall pay off all the costs of blueberry plants within 2 months.

五、违约条款Responsibility for the breach of engagement

甲乙双方应认真履行本合同的约定,任何一方违反本合同约定的任何条款都视为违约,违约方应向守约方承担赔偿责任。

If failure of either party A or Party b to fulfill the articles of the contract results in the termination of the contract, the party at fault shall be deemed as violating the contract and shall pay additional compensation. 

1、甲方未经乙方同意擅自变更或解除合同,应向乙方承担违约责任,并赔偿由此给乙方造成的损失(包括既得利益和期得利益)。

Any modification or termination raised by party a without obtaining the agreement of party b, party a shall pay additional compensation (includes vested interests and expected interests)

2、乙方不按照合同的约定期限、金额支付流转费、苗木价款及擅自改变土地用途的,应向甲方承担违约责任,赔偿由此给甲方造成的损失。

  

  

  

 

Any breach of contract period, breach of amount of payments, breach of cost of plant and change in land use without authorization raised by party b, shall pay additional compensation.

六、争议解决条款Article for dispute solution

甲乙双方因履行本合同义务发生争议时,应尽量通过友好协商方式解决,不能友好解决的任何一方都可将本争议提交给哈尔滨仲裁委员会仲裁,仲裁裁决是终局的裁决,对双方具有约束力。

As any dispute arise during the contract perform period, the two parties should solute through positive negotiation as possible, if not effect, any party can submit the dispute to the Harbin Arbitration Committee, as the arbitration of the committee should be the final judge, the two parties should be bind to it.

七、其他约定Other arrangement

1、本合同经双方签字或盖章后立即生效。本合同未尽事宜依据《中华人民共和国合同法》的有关规定解决。本合同附件是本合同不可缺少的一部分,与合同具有同等的法律效力。

The contract will effect immediately by the sign or chop of the two parties. Any matter not prescript in the contract will be ruled and solute according to related article of “Chinese Contract Law”. The attachment of the contract is the comprehensive part of the contact, with same legal effect to the contract.

  

  

  

 

3、  本合同一式三份,甲、乙双方各执一份;伊春市林业行业主管部门备案一份。

Three copies in total, one for party a, one for party b, one for Yichun forest supervision authorities for record purpose.

 

 

(以下无正文)

 

 

 

(签章页)

甲方(签字或盖章):乙方(签字或盖章):

Sign or chop

 

 

年月日年月日

Date

 

 

 

附件:

附件一:流转林地附图Flow cultivated field map

附件二:甲方林权证复印件Copy of property right certificate of party bExhibit 10.16

 

GUARANTY

 

This Guaranty (as amended, supplemented or otherwise modified from time to time, this "Guaranty") is executed as of February 16,2011 by STANTON E. ROSS, an individual residing in 18304 Melrose Drive, Bucyrus, Kansas 66013 ("Guarantor"), for the benefit of AMEGY BANK, N.A., (the "Lender").

 

RECITALS:

 

WHEREAS, Lender and Infinity Energy Resources, Inc., a Delaware corporation (the "Borrower"), Infinity Oil and Gas of Texas, Inc., a Delaware corporation ("Infinity Texas") and Infinity Oil & Gas of Wyoming, Inc., a Wyoming corporation ("Infinity Wyoming" and, together with Infinity Texas, the "Subsidiary Guarantors"; the Subsidiary Guarantors and the Borrower are referred to herein as the "Credit Parties") have executed that certain Loan Agreement dated January 9,2007 (as amended, supplemented or otherwise modified and including, without limitation, that certain Fifth Forbearance Agreement, dated the date hereof, among the Credit Parties and the Lender, the "Loan Agreement"), pursuant to which the Lender has agreed, among other things, to make Forbearance Period Advances to the Borrower in aggregate principal amount not to exceed $1,050,000.00, subject to the terms and conditions set forth therein;

 

WHEREAS, it is expressly understood among the Guarantor, the Credit Parties and the Lender that the execution and delivery of this Guaranty is a condition precedent to Lender's obligations to make the Forbearance Period Advances;

 

WHEREAS, Guarantor has agreed to enter into this Guaranty with respect to the Guaranteed Obligations;

 

WHEREAS, in Guarantor's judgment, the value of the consideration received and to be received, directly or indirectly, by it under the Transaction Documents is reasonably worth at least as much as its liability and obligation under this Guaranty, and such liability and obligation may reasonably be expected to benefit Guarantor directly or indirectly.

 

NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby acknowledged, Guarantor guarantees to Lender the due and punctual payment in full of all Guaranteed Obligations when the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise, as follows:

 

SECTION 1. DEFINITIONS

 

Unless otherwise defined herein, capitalized terms used in this Guaranty shall have the respective meanings set forth for such terms in the Loan Agreement, as hereinafter defined. The following terms shall have the following meanings:

 

"Commitment" means Lender's commitment to make Forbearance Period Advances at any time prior to the Forbearance Period Advance Maturity Date, subject to the terms and conditions set forth in the Loan Agreement.

 

"Deposit Account" means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

 

  

 

  

"Guaranteed Obligations" means the Forbearance Period Advances and any and all existing and future indebtedness and liabilities of every kind, nature and character, direct or indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary, of the Borrower to the Lender arising out of or otherwise attributable to the Forbearance Period Advances, including but not limited to (a) any amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a), (b) all interest (including, without limitation, interest accruing before and after maturity, before and after a Default, and during the pendency of any bankruptcy, receivership, insolvency or other similar proceeding under any applicable bankruptcy, insolvency or other law (regardless whether such interest is allowed in such proceeding)), (c) all reasonable fees, costs and expenses incurred in connection with the evaluation, preparation, negotiation, and execution of this Guaranty and any amendment, waiver, consent or other modification of the provisions hereof (whether or not the transactions contemplated hereby are consummated), including all reasonable attorneys' fees and expenses, and (d) all costs and expenses incurred in connection with the enforcement. attempted enforcement or preservation of any rights or remedies under this Guaranty (including such costs and expenses incurred during any "workout" or restructuring in respect hereof or thereof and during any legal proceeding, including any proceeding under the Bankruptcy Code or any other law relating to bankruptcy, insolvency or reorganization or relief of debtors, including all financial advisors' and attorneys' fees and expenses.

 

"Liability Limit" means $500,000.

 

SECTION 2. GUARANTY

 

2.1.         Guaranty of the Obligations Guarantor hereby irrevocably and unconditionally guarantees to the Lender the due and punctual payment of the Guaranteed Obligations when the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise; provided, however, that Guarantor's maximum aggregate liability hereunder shall not exceed the Liability Limit. At the Lender's option, all payments under this Guaranty shall be made to the office of Lender and in U.S. Dollars.

 

2.2.         Payment by Guarantor Guarantor hereby agrees, in furtherance of the foregoing and not in limitation of any other right which the Lender may have at law or in equity against Guarantor by virtue hereof, that upon the failure of the Borrower to pay any of the Guaranteed Obligations when and as the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise, Guarantor will upon demand pay, or cause to be paid, in cash, to the Lender, an amount equal to the sum of the unpaid principal amount of all Guaranteed Obligations then due as aforesaid, accrued and unpaid interest on such Guaranteed Obligations (including interest which, but for the Borrower's becoming the subject of a case under the Bankruptcy Code, would have accrued on such Guaranteed Obligations. whether or not a claim is allowed against the Borrower for such interest in the related bankruptcy case) and all other Guaranteed Obligations due and payable then owed to the Lender as aforesaid, in an aggregate amount not to exceed the Liability Limit.

 

2.3.         Liability of Guarantor Absolute Guarantor agrees that his obligations hereunder are irrevocable, absolute, independent and unconditional and shall not be affected by any circumstance which constitutes a legal or equitable discharge of guarantor or surety other than (i) payment in full of the Guaranteed Obligations, (ii) his discharge and release herefrom or (iii) the termination of this Guaranty. In furtherance of the foregoing and without limiting the generality thereof, Guarantor agrees as follows:

 

(a) this Guaranty is (x) a guaranty of payment when due and not of collectability, (y) is a primary obligation of Guarantor and not merely a contract of surety and (z) independent of the Guaranteed Obligations;

 

  

 

  

(b) the Lender may enforce this Guaranty upon the occurrence and during the continuance of an Event of Default notwithstanding the existence of any dispute between the Borrower and the Lender with respect to the existence of such Event of Default;

 

(c) the obligations of Guarantor hereunder arc independent of the obligations of the Borrower and the obligations of any other guarantor, including the Subsidiary Guarantors, of the obligations of the Borrower, and a separate action or actions may be brought and prosecuted against Guarantor whether or not any action is brought against the Borrower or any of such other guarantors, including the Subsidiary Guarantors, and whether or not the Borrower is joined in any such action or actions;

 

(d) payment by any other guarantor, including the Subsidiary Guarantors, of a portion, but 110t all, of the Guaranteed Obligations shall in no way limit, affect, modify or abridge Guarantor's liability for any portion of the Guaranteed Obligations which has not been paid. Without limiting the generality of the foregoing, if the Lender is awarded a judgment in any suit brought to enforce Guarantor's covenant to pay a portion of the Guaranteed Obligations, such judgment shall not be deemed to release Guarantor from his covenant to pay the portion of the Guaranteed Obligations that is not the subject of such suit, and such judgment shall not, except to the extent satisfied by Guarantor, limit, affect, modify or abridge any other guarantor's liability in respect of the Guaranteed Obligations;

 

(e) the Lender, upon such terms as it deems appropriate, without notice or demand and without affecting the validity or enforceability hereof or giving rise to any reduction, limitation, impairment, discharge or termination of Guarantor's liability hereunder, from time to time may (i) renew, extend, accelerate, increase the rate of interest on, or otherwise change the time, place, manner or terms of payment of the Guaranteed Obligations; (ii) settle, compromise, release or discharge, or accept or refuse any offer of performance with respect to, or substitutions for, the Guaranteed Obligations or any agreement relating thereto and/or subordinate the payment of the same to the payment of any other obligations; (iii) request and accept other guaranties of the Guaranteed Obligations and take and hold security for the payment hereof or the Guaranteed Obligations; (iv) release, surrender, exchange, substitute, compromise, settle, rescind, waive, alter, subordinate or modify, with or without consideration, any security for payment of the Guaranteed Obligations, any other guaranties of the Guaranteed Obligations, or any other obligation of any Person (including any Subsidiary Guarantor or other guarantor) with respect to the Guaranteed Obligations; (v) enforce and apply any security now or hereafter held by or for the benefit of the Lender in respect hereof or the Guaranteed Obligations and direct the order or manner of sale thereof, or exercise any other right or remedy that the Lender may have against any such security, in each case as the Lender in its discretion may determine consistent herewith and any applicable security agreement, including foreclosure on any such security pursuant to one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable, and even though such action operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Guarantor against the Borrower or any security for the Guaranteed Obligations; and (vi) exercise any other rights available to it under the Transaction Documents; and

 

  

 

  

(f) this Guaranty and the obligations of Guarantor hereunder shall be valid and enforceable and shall not be subject to any reduction, limitation, impairment, discharge or termination for any reason (other than (A) payment in full of the Guaranteed Obligations, (B) discharge and release from this Guaranty or (C) the termination of this Guaranty), including the occurrence of any of the following, whether or Guarantor shall have had notice or knowledge of any of them: (i) any failure or omission to assert or enforce or agreement or election not to assert or enforce, or the stay or enjoining. by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy (whether arising under the Transaction Documents. at law, in equity or otherwise) with respect to the Guaranteed Obligations or any agreement relating thereto, or with respect to any other guaranty of or security for the payment of the Guaranteed Obligations; (ii) any rescission, waiver, amendment or modification of, or any consent to departure from, any of the terms or provisions (including provisions relating to events of default) hereof, any of the other Transaction Documents or any agreement or instrument executed pursuant thereto, or of any other guaranty or security for the Guaranteed Obligations, in each case whether or not in accordance with the terms hereof or such Transaction Document or any agreement relating to such other guaranty or security; (iii) the Guaranteed Obligations, or any agreement relating thereto, at any time being found to be illegal, invalid or unenforceable in any respect; (iv) the application of payments received from any source (other than payments received pursuant to the other Transaction Documents or from the proceeds of any security for the Guaranteed Obligations, except to the extent such security also serves as collateral for indebtedness other than the Guaranteed Obligations) to the payment of indebtedness other than the Guaranteed Obligations, even though the Lender might have elected to apply such payment to any part or all of the Guaranteed Obligations; (v) the Lender's consent to the change. reorganization or termination of the corporate structure or existence of the Borrower or any of its Subsidiaries and to any corresponding restructuring of the Guaranteed Obligations~ (vi) any failure to perfect or continue perfection of a security interest in any collateral which secures any of the Guaranteed Obligations; (vii) to the extent not prohibited by applicable law, any defenses, set offs or counterclaims which the Borrower may allege or assert against the Lender in respect of the Guaranteed Obligations, including failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury; and (viii) any other act or thing or omission, or delay to do any other act or thing, which mayor might in any manner or to any extent vary the risk of any Guarantor as an obligor in respect of the Guaranteed Obligations.

 

2.4.        Waivers by Guarantor To the extent not prohibited by applicable law, Guarantor hereby waives: (a) any fight to require the Lender, as a condition of payment or performance by Guarantor, to (i) proceed against the Borrower, any other guarantor (including any Subsidiary Guarantor) of the Guaranteed Obligations or any other Person, (ii) proceed against or exhaust any security held from the Borrower, any such other guarantor or any other Person, (iii) proceed against or have resort to any balance of any Deposit Account or credit on the books of the Lender in favor of the Borrower or any other Person, (iv) pursue any other remedy in the power of the Lender whatsoever, including pursuant to Section 34.02 of the Texas Business and Commerce Code, as amended, Section 17.001 of the Texas Civil Practice and Remedies Code, as amended, and Rule 31 of the Texas Rules of Civil Procedure, as amended, (b) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of the Borrower or any other guarantor, including any Subsidiary Guarantor, including any defense based on or arising out of the lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of the Borrower or any other such guarantor from any cause other than payment in full of the Guaranteed Obligations; (c) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (d) any defense based upon the Lender's errors or omissions in the administration of the Guaranteed Obligations, except behavior which amounts to bad faith; (e) (i) any principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms hereof and any legal or equitable discharge of Guarantor's obligations hereunder, (ii) the benefit of any statute of limitations affecting Guarantor's liability hereunder or the enforcement hereof, (iii) any rights to set offs, recoupments and counterclaims, and (iv) promptness, diligence and any requirement that the Lender protect, secure, perfect or insure any security interest or lien or any property subject thereto; (f) notices, demands, presentments, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance hereof, notices of default hereunder or any agreement or instrument related thereto, notices of any renewal, extension or modification of the Guaranteed Obligations or any agreement related thereto, notices of any extension of credit to the Borrower and notices of any of the matters referred to in Section 2.3 and any right to consent to any thereof; and (g) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms hereof.

 

  

 

  

 

2.5.         Guarantor's Rights of Subrogation, Contribution, etc Until the Guaranteed Obligations shall have been indefeasibly paid in full and the Commitments shall have terminated, and to the extent not prohibited by applicable law, Guarantor hereby waives any right to exercise any claim, right or remedy, direct or indirect, that Guarantor now has or may hereafter have against the Borrower or any other guarantor, including any Subsidiary Guarantor, or any of its assets in connection with this Guaranty or the performance by Guarantor of its obligations hereunder, in each case whether such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise and including without limitation (a) any right to exercise any right of subrogation, reimbursement or indemnification that Guarantor now has or may hereafter have against the Borrower with respect to the Guaranteed Obligations, (b) any right to exercise any right to enforce, or to participate in, any claim, right or remedy that the Lender now has or may hereafter have against the Borrower, and (c) any right to exercise any right to any benefit of, and any right to participate in, any collateral or security now or hereafter held by the Lender. In addition, until the Guaranteed Obligations shall have been indefeasibly paid in full and the Commitments shall have terminated, and to the extent not prohibited by applicable law, Guarantor shall withhold exercise of any right of contribution Guarantor may have against any other guarantor (including any Subsidiary Guarantor) of the Guaranteed Obligations, including. without limitation. Guarantor further agrees that, to the extent the waiver or agreement to withhold the exercise of its rights of subrogation, reimbursement, indemnification and contribution as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation, reimbursement or indemnification Guarantor may have against the Borrower or against any collateral or security, and any rights of contribution Guarantor may have against any such other guarantor, shall, to the extent not prohibited by applicable laws, be junior and subordinate to any rights the Lender may have against the Borrower, to all right, title and interest the Lender may have in any such collateral or security, and to any right the Lender may have against such other guarantor. If any amount shall be paid to any Guarantor on account of any such subrogation, reimbursement, indemnification or contribution rights at any time when all Guaranteed Obligations shall not have been finally and indefeasibly paid in full, such amount shall be held in trust for the Lender and shall forthwith be paid over to the Lender to be credited and applied against the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms hereof.

 

2.6.  Subordination of Other Obligations Any indebtedness of the Borrower now or hereafter held by Guarantor is hereby subordinated in right of payment to the Guaranteed Obligations, and any such indebtedness collected or received by Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Lender and shall forthwith be paid over to the Lender to be credited and applied against the Guaranteed Obligations.

 

2.7.         Continuing Guaranty The provisions of this Guaranty represent and evidence a continuing guaranty by Guarantor and shall remain in effect until all of the Guaranteed Obligations shall have been indefeasibly paid in full and the Commitments shall have terminated, Guarantor has been discharged and released herefrom, or Agreement has been terminated.. Guarantor hereby irrevocably waives any right to revoke his obligations under this Guaranty as to future transactions giving rise to any Guaranteed Obligations.

 

2.8.         Authority of Guarantor or the Borrower It is not necessary for the Lender to inquire into the capacity or powers of Guarantor or the Borrower or the officers, directors or any agents acting or purporting to act on behalf of either of them.

 

  

 

  

2.9.         Financial Condition of the Borrower Any Forbearance Period Advance or other credit extension under the Loan Agreement may be made to the Borrower or continued from time to time without notice to or authorization from Guarantor regardless of the financial or other condition of the Borrower at the time of any such grant or continuation. The Lender shall not have any obligation to disclose or discuss with Guarantor its assessment, or Guarantor's assessment, of the financial condition of the Borrower. Guarantor has adequate means to obtain information from the Borrower on a continuing basis concerning the financial condition of the Borrower and its ability to perform its obligations under the Transaction Documents, and Guarantor assumes the responsibility for being and keeping informed of the financial condition of the Borrower and of aJl circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations. Guarantor hereby waives and relinquishes any duty on the part of the Lender to disclose any matter, fact or thing relating to the business, operations or conditions of the Borrower now known or hereafter known by the Lender.

 

2.10.      Bankruptcy, etc.

 

(a)           So long as any Guaranteed Obligations remain outstanding, Guarantor shall not, without the prior written consent of the Lender. commence or join with any other Person in commencing any bankruptcy, reorganization or insolvency case or proceeding of or against the Borrower or any other guarantor, including the Subsidiary Guarantors. The obligations of Guarantor hereunder shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated by any case or proceeding, voluntary or involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation or arrangement of the Borrower or any other guarantor, including the Subsidiary Guarantors, or by any defense which the Borrower or any other such guarantor may have by reason of the order, decree or decision of any court or administrative body resulting from any such proceeding.

 

(b) Guarantor acknowledges and agrees that any interest on any portion of the Guaranteed Obligations which accrues after the commencement of any case or proceeding referred to in clause (a) above (or, if interest on any portion of the Guaranteed Obligations ceases to accrue by operation of law by reason of the commencement of such case or proceeding, such interest as would have accrued on such portion of the Guaranteed Obligations if such case or proceeding had not been commenced) shall be included in the Guaranteed Obligations because it is the intention of Guarantor and the Lender that the Guaranteed Obligations which are guaranteed by Guarantor pursuant hereto should be determined without regard to any rule of law or order which may relieve the Borrower of any portion of such Guaranteed Obligations. Guarantor will permit any trustee in bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors or similar person to pay the Lender, or allow the claim of the Lender in respect of, any such interest accruing after the date on which such case or proceeding is commenced.

 

(c) Notwithstanding anything in this Guaranty to the contrary, in the event that all or any portion of the Guaranteed Obligations are paid, the obligations of Guarantor hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are revoked, terminated, rescinded, reduced, recovered or otherwise restored or returned directly or indirectly as a preference, fraudulent transfer or otherwise, and any such payments shall constitute Guaranteed Obligations for all purposes hereunder.

 

2.11.       Information Guarantor agrees to furnish promptly to the Lender any and all financial or other information regarding Guarantor or its property as the Lender may reasonably request in writing.

 

2.12.       Offset Claims The Guaranteed Obligations shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of the Borrower or any other party against the Lender or against payment of the Guaranteed Obligations, whether such offset, claim, or defense arises in connection with the Guaranteed Obligations or otherwise. Such claims and defenses include, without limitation, failure of consideration, breach of warranty, fraud, statute of frauds, bankruptcy, infancy, statute of limitations, lender liability, accord and satisfaction, and usury.

 

  

 

  

2.13.        Obligations of Married Persons Guarantor is married and hereby expressly agrees that he is acting on behalf of his marital community, that this Guaranty benefits or is expected to benefit the community, and that recourse may be had against both his separate property and the community's property.

 

SECTION 3. NOTICES

 

3.1.           Any notice or other communication herein required or permitted to be given to Guarantor or the Lender, shall be sent to the address set forth below. Each notice hereunder shall be in writing and may be personally served or sent by facsimile or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of facsimile, or three business days after depositing it in the United States mail with postage prepaid and properly addressed.

 

If to Lender:

 

Amegy Bank, N .A.

4400 Post Oak Parkway, Suite 1300

Houston, Texas 77027

Attention: Hank Holmes

Telecopier: (713) 561-0316

If to Guarantor:

 

Stanton E. Ross

c/o Infinity Energy Resources, Inc.

11900 College Blvd. Suite 204

Overland Park, KS

Telephone: (913) 948-0512

Telecopier: (913) 938-4458

SECTION 4. AMENDMENTS; SUCCESSORS AND ASSIGNS

 

No provision of this Guaranty may be waived, amended, supplemented or modified, except by a written instrument executed by the Lender and Guarantor. This Guaranty is for the benefit of the Lender and its successors and assigns. Guarantor acknowledges that in the event of an assignment of the Guaranteed Obligation or any part thereof in accordance with the Loan Agreement, the rights and benefits under this Guaranty may be transferred therewith. This Guaranty is binding on Guarantor and its successors and permitted assigns; provided, that Guarantor may not assign its rights or obligations under this Guaranty without the prior written consent of the Lender (and any attempted assignment without such consent shall be void).

 

SECTION 5. GOVERNING LAW AND VENUE

 

THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND SHALL BE PERFORMED IN HARRIS COUNTY, TEXAS. EACH OF GUARANTOR AND THE LENDER IRREVOCABLY AGREE THAT VENUE FOR ANY ACTION OR CLAIM RELATED TO THIS GUARANTY SHALL BE IN HARRIS COUNTY, TEXAS.

 

  

 

  

SECTION 6. WAIVER OF JURY TRIAL

 

NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER THIS GUARANTY OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED BY THIS GUARANTY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER is A MA TERIAL INDUCEMENT TO CONTINUE THEIR BUSINESS RELATIONSHIP AND TO MAKE THE FORBEARANCE PERIOD ADVANCES, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS GUARANTY AND THE OTHER TRANSACTION DOCUMENTS, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 6 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICA TIONS HERETO OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF LITIGATION, THIS GUARANTY MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

SECTION 7. CAPTIONS

 

Captions are for convenience only and should not be used in interpreting this Guaranty.

 

SECTION 8. FINAL AGREEMENT

 

THIS GUARANTY, THE LOAN AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS EXECUTED BY THE CREDIT PARTIES, THE LENDER, OR GUARANTOR REPRESENT THE FINAL AGREEMENT BETWEEN OR AMONG SUCH PARTIES, AS THE CASE MAY BE, AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

SECTION 9. SEVERABILITY

 

In case any provision in or obligation hereunder shall be invalid, illegal or unenforceable in any jurisdiction, (a) the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic and legal effect of which comes as close as possible to the intent ofthe illegal, invalid or unenforceable provisions.

 

[Remainder of page intentionally left blank)

 

  

 

  

IN WITNESS WHEREOF, and intending to be legally bound, Guarantor has executed this Guaranty on the day and year first above written.

 

	  	
GUARANTOR:

	  	  
	  	
/s/: Stanton E. Ross

	  	
STANTON E. ROSS

 

	
STATE OF KANSAS

	
§

	  	
§

	
COUNTY OF JOHNSON

	
§

 

On February 16, 2011, before me, Debra S. Marcus [notary], personally appeared Stanton E. Ross, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the attached instrument and acknowledged to me that he executed same in his authorized capacity.

 

	
 /s/:Debra S. Marcus

	  
	
Notary Public in and for

	  
	
The State of KANSAS

	  

	
(seal)

	

 

CONSENT OF SPOUSE

 

Stanton E. Ross and Merett S. Ross [spouse's name] are married to each other. Merett S. Ross [spouse's name] (a) consents to all of the terms and conditions of the foregoing Guaranty. (b) agrees that this Guaranty benefits or is expected to benefit the marital community, and (c) agrees that under this Guaranty recourse may be had against the separate and community property of Stanton E. Ross, but recourse may be had only against the community property of Merett S. Ross [spouse's name].

 

	
Merett S. Ross

	  	  
	
[spouse's name]

	  	  

 

	
STATE OF KANSAS

	
§

	  	
§

	
COUNTY OF JOHNSON

	
§

On February 16, 2011, before me, Debra S. Marcus [notary], personally appeared Merett S. Ross [spouse's name], who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the attached instrument and acknowledged to me that he executed same in her authorized capacity.

 

	
 /s/:Debra S. Marcus

	  
	
Notary Public in and for

	  
	
The State of KANSAS

	  

 

	
(seal)

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