Document:

Exhibit 10.7

SHAREHOLDERS’ AGREEMENT

FOR

A DEVELOPMENT COMPANY TO BE FORMED BY THE PARTIES

HERETO

(HEREINAFTER REFERRED TO AS “THE COMPANY”)

BY AND BETWEEN

MILLENNIUM GROUP WORLDWIDE INC.

(HEREINAFTER REFERRED TO AS “MILLENNIUM”)

AND

LEMAN TRADING 33 (PTY) LTD

(HEREINAFTER REFERRED TO AS “LEMAN TRADING”)

1

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
CLAUSE

	
 

	
DESCRIPTION

	

	

	

	

	
 

	
 

	
 

	
 

	
1.

	
INTERPRETATION

	
 

	
3

	
2.

	
DEFINITIONS

	
 

	
4

	
3.

	
COMING INTO
  EFFECT

	
 

	
5

	
4.

	
THE COMPANY

	
 

	
5

	
5.

	
THE
  SHAREHOLDERS

	
 

	
6

	
6.

	
CONFLICTS
  WITH MEMORANDUM AND/OR ARTICLES OF ASSOCIATION

	
 

	
7

	
7.

	
APPOINTMENT
  OF DIRECTORS

	
 

	
7

	
8.

	
QUORUM FOR
  DIRECTORS’ MEETINGS

	
 

	
7

	
9.

	
QUORUM FOR
  SHAREHOLDERS’ MEETINGS

	
 

	
8

	
10.

	
RESOLUTIONS

	
 

	
8

	
11.

	
TRANSFER OF
  SHARES

	
 

	
10

	
12.

	
EVENTS
  GIVING RISE TO DISPOSAL

	
 

	
12

	
13.

	
LOAN CAPITAL

	
 

	
12

	
14.

	
REGRESS

	
 

	
12

	
15.

	
PROHIBITION
  ON ENCUMBRANCE

	
 

	
12

	
16.

	
FINANCIAL
  STATEMENTS

	
 

	
12

	
17.

	
GUARANTEES

	
 

	
13

	
18.

	
QUASI
  PARTNERSHIP

	
 

	
13

	
19.

	
ISSUE OF
  SHARES

	
 

	
13

	
20.

	
ARBITRATION

	
 

	
13

	
21.

	
AGREEMENT
  BINDING ON SHAREHOLDERS AND DIRECTORS

	
 

	
15

	
22.

	
SUBSIDIARIES

	
 

	
15

	
23.

	
NON-VARIATION STIPULATION

	
 

	
15

	
24.

	
ASSIGNMENT

	
 

	
15

	
25.

	
FORCE MAJEURE

	
 

	
15

	
26.

	
SEVERABILITY

	
 

	
15

2

	
 

	
 

	
 

	
 

	
CLAUSE

	
 

	
DESCRIPTION

	

	

	

	

	
 

	
 

	
 

	
 

	
27.

	
OPERATION

	
 

	
16

	
28.

	
RELAXATION

	
 

	
16

	
29.

	
CUMULATIVE
  RIGHTS AND REMEDIES

	
 

	
16

	
30.

	
CONSENSUS
  OBTAINED BY IMPROPER MEANS

	
 

	
16

	
31.

	
INDEPENDENT
  ADVICE

	
 

	
16

	
32.

	
DOMICILIUM
  CITANDI ET EXECUTANDI

	
 

	
16

	
33.

	
COSTS

	
 

	
17

	
34.

	
JURISDICTION

	
 

	
17

	
35.

	
CONFIDENTIALITY

	
 

	
17

	
36.

	
COMPANY TO
  BE BOUND

	
 

	
18

	
37.

	
RESTRAINT

	
 

	
18

	
38.

	
BREACH

	
 

	
18

	
39.

	
SIGNATURE

	
 

	
19

NOW THEREFORE
IT IS AGREED AS FOLLOWS

	
 

	
 

	
 

	
 

	
1.

	
INTERPRETATION

	
 

	
 

	
 

	
 

	
 

	
1.1.

	
The headings
  in this Agreement are used for ease of reference only and will have no
  bearing on the interpretation of the terms of this Agreement. Such headings
  shall not be deemed to govern, limit, modify or affect the scope, meaning or
  intent of the provisions of this Agreement or any part of it; nor shall such
  headings otherwise be given any legal effect. Unless a contrary intention
  clearly appears –

	
 

	
 

	
 

	
 

	
 

	
 

	
words
  importing -

	
 

	
 

	
 

	
 

	
 

	
 

	
1.1.1.

	
any one
  gender or sex includes the other genders or sexes as the case may be;

	
 

	
 

	
 

	
 

	
 

	
 

	
1.1.2.

	
the singular
  include the plural and vice versa; and

	
 

	
 

	
 

	
 

	
 

	
 

	
1.1.3.

	
natural
  persons include created entities (corporate or unincorporated) and vice
  versa.

3

	
 

	
 

	
 

	
 

	
1.2.

	
If any
  provision in a definition is a substantive provision conferring rights or
  imposing obligations on any party, notwithstanding that it is only in the
  definition clause, effect shall be given to it as if it were a substantive
  provision in the body of the agreement.

	
 

	
 

	
 

	
 

	
1.3.

	
When any
  number of days is prescribed in this agreement, same shall be reckoned
  exclusively of the first and inclusively of the last day unless the last day
  falls on a Saturday, Sunday or public holiday, in which case the last day
  shall be the next succeeding day which is not a Saturday, Sunday or public
  holiday.

	
 

	
 

	
 

	
 

	
1.4.

	
If any
  obligation or act is required to be performed on a particular day it shall be
  performed (unless otherwise stipulated) by 16h00 (local time at the place
  where the obligation or act is required to be performed) on that day.

	
 

	
 

	
 

	
 

	
1.5.

	
Where figures
  are referred to in numerals and in words, if there is any conflict between
  the two, the words shall prevail.

	
 

	
 

	
 

	
 

	
1.6.

	
Expressions
  defined in this agreement shall bear the same meanings in schedules or
  annexures to this agreement which do not themselves contain their own
  definitions.

	
 

	
 

	
 

	
 

	
1.7.

	
Any
  reference to a party includes a reference to that party’s successors in title
  and assigns allowed at law.

	
 

	
 

	
 

	
 

	
1.8.

	
The words
  “shall” and “will” and “must” used in the context of any obligation or
  restriction imposed on a party have the same meaning.

	
 

	
 

	
 

	
 

	
1.9.

	
The contra
  proferentem rule shall not apply and accordingly, none of the
  provisions hereof shall be construed against or interpreted to the
  disadvantage of the party responsible for the drafting or preparation of such
  provision.

	
 

	
 

	
 

	
 

	
1.10.

	
The iusdem
  generis rule shall not apply and accordingly, whenever a provision
  is followed by the word “including” and specific examples, such examples
  shall not be construed so as to limit the ambit of the provision concerned.

	
 

	
 

	
 

	
 

	
1.11.

	
A reference
  to any statutory enactment (including statutes, ordinances, regulations and
  by-laws) shall be construed as a reference to that enactment as at the
  Signature Date and as amended or re-enacted or substituted from time to time
  thereafter.

	
 

	
 

	
 

	
 

	
1.12.

	
A reference
  to any legal, doctrine or process under South African law shall include a
  reference to the equivalent or analogous principle, doctrine or process in
  any other jurisdiction in which the provisions of this Agreement may apply or
  to the laws of which a Party may be or become subject. 

	
 

	
 

	
 

	
2.

	
DEFINITIONS 

	
 

	
 

	
 

	
 

	
In this
  AGREEMENT, unless the context clearly indicates the contrary, the following
  words, phrases and expressions shall have the respective meanings assigned
  thereto hereunder and cognate words shall have corresponding meanings.

	
 

	
 

	
 

	
 

	
2.1.

	
“the Act”
  The Companies Act, Act No. 61 of 1973, as amended.

	
 

	
 

	
 

	
 

	
2.2.

	
“the
  Agreement” This memorandum of agreement with all Annexures thereto. 

	
 

	
 

	
 

	
 

	
2.3.

	
“the
  Articles” The Articles of Association of the Company as amended from time to
  time.

	
 

	
 

	
 

	
 

	
2.4.

	
“the
  Auditor” The duly appointed auditor of the Company from time to time.

	
 

	
 

	
 

	
 

	
2.5.

	
“the Board”
  The Board of Directors of the Company as it is constituted from time to time.

	
 

	
 

	
 

	
 

	
2.6.

	
“the
  Company” A development company to be formed according to the company laws of
  the Republic of South Africa by the Parties hereto.

	
 

	
 

	
 

	
 

	
2.7.

	
“CPI” shall
  mean the consumer price index (Urban areas all items), as published by
  Statistics South Africa or its successor from time to time.

4

	
 

	
 

	
 

	
 

	
 

	
2.8.

	
“the
  Directors” The directors appointed from time to time.

	
 

	
 

	
 

	
 

	
 

	
2.9.

	
“the
  Effective date” The 16th day of October
  2005

	
 

	
 

	
 

	
 

	
 

	
2.10.

	
“the Group”
  The Company and all and any subsidiaries thereof, whether wholly owned or
  partly owned and to the extent that it is owned and all and any associated
  companies or other legal entities, whether in partnership or joint venture or
  the like.

	
 

	
 

	
 

	
 

	
 

	
2.11.

	
“Interest”
  The shareholding of any shareholder in the share capital jointly with the
  loan account of such shareholder as the case may be.

	
 

	
 

	
 

	
 

	
 

	
2.12.

	
“Leman
  Trading” Leman Trading 33 (Pty) Ltd with number 2005/007043/07 and address at
  De Waterkant Building, Helderberg Street, Stellenbosch, 7600. 

	
 

	
 

	
 

	
 

	
 

	
2.13.

	
“the Loan
  Accounts” Any amount owing by the company on loan account to the
  shareholders, individually or jointly depending on the context and all and
  any claims the shareholders may have against the Company whether due and payable
  or not.

	
 

	
 

	
 

	
 

	
 

	
2.14.

	
“Mala fide
  conduct” Conduct perpetrated by any of the parties to this Agreement that may
  necessitate arbitration proceedings as set out in this Agreement.

	
 

	
 

	
 

	
 

	
 

	
2.15.

	
“the
  Memorandum” The Memorandum of Association of the Company as amended from time
  to time.

	
 

	
 

	
 

	
 

	
 

	
2.16.

	
“Millennium”
  Millennium Group Worldwide Inc. with number _____________________ and address
  at 2277 Lee Road Suite 250, Orlando, Florida, 32789.

	
 

	
 

	
 

	
 

	
 

	
2.17.

	
“the
  Parties” The signatories to the Agreement collectively.

	
 

	
 

	
 

	
 

	
 

	
2.18.

	
SASHOF” The
  Hall of Fame Management Company SA (Pty) Ltd with number 2003/024433/07 and
  address at De Waterkant Building, Helderberg Street, Stellenbosch, 7600.

	
 

	
 

	
 

	
 

	
 

	
2.19.

	
“the Share
  Capital” The entire issued share capital of all classes in the capital of the
  company.

	
 

	
 

	
 

	
 

	
 

	
2.20.

	
“the
  Shareholder” Any person holding shares in the share capital.

	
 

	
 

	
 

	
 

	
 

	
2.21.

	
“Signature
  date” Means the date of signature of this agreement by the party last
  signing.

	
 

	
 

	
 

	
 

	
3.

	
COMING INTO
  EFFECT

	
 

	
 

	
 

	
 

	
 

	
3.1.

	
This
  Agreement will come into effect on the effective date irrespective of the
  date of signature thereof by the parties.

	
 

	
 

	
 

	
 

	
 

	
3.2.

	
This
  Agreement shall be indivisible in respect of all the matters dealt with
  herein.

	
 

	
 

	
 

	
 

	
4.

	
THE COMPANY

	
 

	
 

	
 

	
 

	
 

	
4.1.

	
After the
  formation of the Company, the parties shall cause-

	
 

	
 

	
 

	
 

	
 

	
 

	
4.1.1.

	
The name of
  the company to be Determined 

5

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.1.2.

	
the share
  capital of the Company to be the following:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.1.2.1.

	
the
  authorised share capital of the Company will be 1000 (one thousand) ordinary
  shares of R1 (one rand) each;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.1.2.2.

	
the issued
  share capital of the Company will be 120 (one hundred and twenty) ordinary
  shares of R1 (one rand) each.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.1.2.3.

	
The shareholders
  (at date of signature hereof) undertake to each subscribe in the share
  capital of the Company in the following manner:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.1.2.3.1.

	
Millennium
  Group Worldwide Inc.: 60% (sixty per centum) of the issued share capital of
  the Company;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.1.2.3.2.

	
Leman
  Trading 33 (Pty) Ltd: 40% (forty per centum) of the issued share capital of
  the Company.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.1.3.

	
the main
  object and business of the company to be reflected in the memorandum of
  association of the company will be to Determined 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.

	
The
  registered office of the company initially will be De Waterkant Building,
  Helderberg Street, Stellenbosch, 7600.

	
 

	
 

	
 

	
 

	
 

	
 

	
5.

	
THE
  SHAREHOLDERS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.1.

	
It is hereby
  agreed that Leman Trading and Millennium will each contribute to the Company
  such moneys or other as stipulated herein in order to provide the Company
  with the necessary capital to acquire the land on which the Hall of Fame
  Resort will be developed as well as to successfully develop the Hall of Fame
  Resort in Knysna.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.2.

	
The total
  value of the transaction shall be R162,000,000.00 (one hundred and sixty two
  million rand) comprising of the following:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.2.1.

	
The
  acquisition of the primary development land: R84,000,000.00 (Eighty four
  million rand);

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.2.2.

	
The
  acquisition of the remaining development land necessary to successfully
  develop the Hall of Fame Resort: R36,000,000.00 (thirty six million rand);

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.2.3.

	
Acquiring
  the contractual rights of SASHOF in respect of the Hall of Fame Resort:
  R30,000,000.00 (thirty million rand) and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.2.4.

	
Commission
  and professional fees: R12,000,000.00 (twelve million rand)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.3.

	
Millennium
  shall hold 60% (sixty per centum) and Leman Trading shall hold 40% (forty per
  centum) of the issued shares in the Company.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.4.

	
Millennium
  shall provide to the Company 60% (sixty per centum) of the amount required to
  fund this transaction which amounts to an injection of capital in the amount
  of R97,200,000.00 (ninety seven comma two million rand).

6

	
 

	
 

	
 

	

 

	
 

	
5.5.

	
The
  shareholders, being Millennium and Leman Trading, shall further provide to
  the Company, in proportion to their shareholding, the following amounts as
  shareholders’ loans in order to provide the Company with the necessary
  capital to fund the initial development expenses:

	
 

	
 

	
 

	
 

	
 

	
 

	
5.5.1.

	
Millennium:
  R22,800,000.00 (twenty two comma eight million rand).

	
 

	
 

	
 

	
 

	
 

	
 

	
5.5.2.

	
Leman
  Trading: R15,200,000.00 (fifteen comma two million rand).

	
 

	
 

	
 

	
 

	
 

	
5.6.

	
The payments
  due in terms hereof to the Company shall be made on the following dates and
  in the following manner:

	
 

	
 

	
 

	
 

	
 

	
 

	
5.6.1.

	
The payment
  contemplated in clause 5.4 supra shall be made within 20 (twenty)
  business days after requested thereto by Leman Trading and shall be
  transferred into the Trust account of the Auditors in the currency of the
  Republic of South Africa.

	
 

	
 

	
 

	
 

	
 

	
 

	
5.6.2.

	
The payments
  contemplated in clause 5.5. shall be made within 14 (fourteen) business days
  after the payment contemplated in clause 5.6.1. has been made and in the same
  manner as described in clause 5.6.1.

	
 

	
 

	
 

	
 

	
 

	
5.7.

	
The
  Shareholders shall procure that, subject to the company’s working capital
  requirements as determined by the board, the company declare dividends.

	
 

	
 

	
 

	
 

	
 

	
5.8.

	
No dividend
  shall be declared and paid to the extent that such dividend will prevent the
  Company from paying its debts as they become due in the ordinary course of
  business.

	
 

	
 

	
 

	
 

	
6.

	
CONFLICTS
  WITH MEMORANDUM AND/OR ARTICLES OF ASSOCIATION

	
 

	
 

	
 

	
 

	
 

	
6.1.

	
If there is
  any conflict between the provisions of this Agreement and the memorandum and
  articles of association of the Company at any time, the provisions of this
  Agreement shall prevail.

	
 

	
 

	
 

	
 

	
 

	
6.2.

	
The
  shareholders undertake to take all steps and do all things as may be
  necessary to alter (promptly after the effective date) the memorandum and
  articles of association of the Company so as to reflect, insofar as may be
  appropriate, the provisions of this Agreement.

	
 

	
 

	
 

	
 

	
7.

	
APPOINTMENT
  OF DIRECTORS

	
 

	
 

	
 

	
 

	
 

	
7.1.

	
Every
  shareholder shall be entitled to appoint 2 (two) Directors by written notice
  to the Company.

	
 

	
 

	
 

	
 

	
 

	
7.2.

	
Such holders
  shall be entitled to remove any such directors appointed and to replace any
  such director who is so removed or who ceases for any other reason to be a
  director of the Company.

	
 

	
 

	
 

	
 

	
 

	
7.3.

	
All the
  directors of the Company shall be entitled to director’s remuneration as
  determined by the Shareholders. 

	
 

	
 

	
 

	
 

	
8.

	
QUORUM FOR
  DIRECTORS’ MEETINGS

	
 

	
 

	
 

	
 

	
 

	
8.1.

	
The quorum
  for a meeting of the board shall be 3 (three) Directors personally present,
  provided that one director for every shareholder need to be present in order
  to constitute a quorum.

	
 

	
 

	
 

	
 

	
 

	
8.2.

	
Meetings of
  the board shall be called by 14 (fourteen) days written notice given by any
  director to all the other directors, stating the venue (which shall be the
  main office of the company) and time (which shall be during normal business
  hours) of such meeting. If a quorum is not present at such meeting within 30
  (thirty) minutes from the time appointed for the meeting, the meeting shall
  stand adjourned to the same day in the next week, at the same time and place
  or, if that day be a public holiday or a Sunday, to the next succeeding day
  other than a public holiday or a Sunday and if, at such adjourned meeting, a
  quorum is not present within 30 (thirty) minutes from the time appointed for
  the meeting, the directors then present shall be a quorum. 

7

	
 

	
 

	
 

	

 

	
 

	
8.3.

	
The board
  shall appoint a Chairman from amongst the members of the board to conduct the
  proceedings at meetings. The majority shareholder at any time shall be
  appointed as Chairman. If a Chairman is not so appointed, the Chairman last
  appointed shall act as Chairman of board meetings until a new Chairman has
  been appointed. 

	
 

	
 

	
 

	
 

	
 

	
8.4.

	
Simple
  majority shall take decisions of the board and the Chairman shall not have a
  casting vote.

	
 

	
 

	
 

	
 

	
 

	
8.5.

	
Any
  resolution of the board other than a resolution passed at a meeting of the
  board convened pursuant to clause 8.2. supra shall be valid and binding if in
  writing and signed by all the members of the board.

	
 

	
 

	
 

	
 

	
9.

	
QUORUM FOR
  SHAREHOLDERS’ MEETINGS

	
 

	
 

	
 

	
 

	
 

	
9.1.

	
A quorum for
  meetings of shareholders shall be at least 2 (two) shareholders present in
  person representing shareholding of at least 75% (seventy five per centum) of
  the total issued shareholding.

	
 

	
 

	
 

	
 

	
 

	
9.2.

	
If, within
  30 (thirty) minutes from the time appointed for a meeting, a quorum is not
  present, the meeting shall stand adjourned to the same day in the next week,
  at the same time and place or, if that day be a public holiday or a Sunday,
  to the next succeeding day other than a public holiday or a Sunday and if, at
  such adjourned meeting, a quorum is not present within 30 (thirty) minutes
  from the time appointed for the meeting, the shareholders then present shall
  be a quorum. 

	
 

	
 

	
 

	
 

	
10.

	
RESOLUTIONS

	
 

	
 

	
 

	
 

	
 

	
Subject to
  clause 10.4. and notwithstanding anything to the contrary herein contained-

	
 

	
 

	
 

	
 

	
 

	
10.1.

	
Resolutions
  of directors of the Company in order to be of force and effect must be
  approved by a majority of the votes of the directors. Each director shall be
  entitled to exercise 1 (one) vote, with the understanding that there at a
  meeting of the Board be only one director representing a shareholder, such
  director shall be entitled to exercise 2 (two) votes.

	
 

	
 

	
 

	
 

	
 

	
10.2.

	
Resolutions
  of shareholders of the Company in order to be of force and effect must be
  approved by a majority of the votes of shareholders present at any meeting in
  person or by proxy. Every shareholder shall have as many votes as it holds
  shares in the capital of the Company. If there is a deadlock at a meeting of
  shareholders, the relevant resolutions shall fail. 

	
 

	
 

	
 

	
 

	
 

	
10.3.

	
If any
  resolution of the Company is proposed that the Company institutes any legal proceedings
  against any member or director of the Company, such resolution shall be
  deemed to be within the shareholders’ domain not the directors’ domain. If
  any shareholder vetoes any such resolution, and as a result the requisite
  majority to pass the resolution cannot be obtained then, provided that the
  remaining shareholders furnish an indemnity to the Company against all costs,
  losses or damages of whatsoever nature which the Company may sustain in
  bringing any such legal proceedings, such vetoing shareholder shall be deemed
  to have voted in favour of the resolution.

	
 

	
 

	
 

	
 

	
 

	
10.4.

	
Notwithstanding
  anything to the contrary contained in this Agreement, the shareholders
  undertake to procure that the Company shall not engage in, agree to, perform
  or undertake any of the following acts or matters except as may be approved
  or agreed to by shareholders holding, between them, not less than 75%
  (seventy five per centum) of the issued shares in the capital of the Company
  – 

8

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.1.

	
The sale or
  other disposal of the whole or a substantial part of the business of the
  Company.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.2.

	
The taking
  over or acquisition of the whole or a substantial part of the business of any
  other person or any merger or amalgamation with other companies or with any other
  business which would constitute a material transaction for the Company having
  regard to its assets and business.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.3.

	
Discontinuance
  of any of the business activities of the Company.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.4.

	
A material
  change to the nature of the business as reflected in clause 4.1.3.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.5.

	
The issue of
  any unissued shares.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.6.

	
Any
  variation, amendment or alteration to the memorandum and/or articles of
  association of the company.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.7.

	
Any increase
  in the authorised share capital of the company.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.8.

	
The
  consolidation subdivision or alteration of the rights attaching to the shares
  in the capital of the company.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.9.

	
The creation
  or issue by the company of any debentures or loan stocks.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.10.

	
The
  voluntary liquidation of the company.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.11.

	
The purchase
  or sale by the company of any assets of any nature whatever, including any
  business (or part thereof) or securities for a consideration exceeding
  R100,000-00 (one hundred thousand rand).

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.12.

	
The
  acquisition or formation of a subsidiary or branch or the entering into of
  any partnership, joint venture or trust agreement.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.13.

	
The
  furnishing by the company of guarantees, suretyships or any other form of
  intercession for the obligations of third parties.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.14.

	
Any
  mortgage, pledge, notarial bond or other lawful encumbrance over any of the
  assets of the company.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.15.

	
The making
  of, the determination or alteration of, the terms and conditions of or the
  giving of security for, a loan or advance to any person.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.16.

	
Any
  transaction of any nature whatever between the company and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.16.1.

	
Any of the
  shareholders; or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.16.2.

	
Anyone else
  directly or indirectly associated with any of the shareholders otherwise than
  a bona
  fide transaction in the ordinary course of business.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.17.

	
The
  finalisation of the company’s annual financial statements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.18.

	
The hiring
  of any employee by the company for an annual salary in excess of R120,000-00
  (one hundred and twenty thousand rand) (including benefits and potential
  bonuses).

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.19.

	
The
  borrowing of monies from anyone so as to result in the aggregate borrowings
  of the company at any one time exceeding R100,000-00 (one hundred thousand
  rand).

9

	
 

	
 

	
 

	

 

	
 

	
 

	
10.4.20.

	
The giving
  of any security (and the terms and conditions thereof) for any borrowings
  exceeding R100,000-00 (one hundred thousand rand).

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.21.

	
The making
  of and the terms and conditions of a loan by the company to any of the
  company’s employees (not exceeding R1,000-00 (one thousand rand) in
  aggregate).

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.22.

	
The
  variation of any of the terms and conditions of any loan.

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.23.

	
The giving
  by the company of pensions, gratuities or allowances to anyone otherwise that
  in terms of a fund which the company has established or joined.

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.24.

	
Profit
  sharing arrangement with employees of the company.

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.25.

	
The creation
  of or transfer to or from “reserves” by the company.

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.26.

	
The approval
  of the company’s annual financial statements and the approval of the
  company’s monthly management accounts.

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.27.

	
Any change
  in any of the company’s main bankers or the auditors.

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.28.

	
The granting
  of a power of attorney, proxy or other authority or representative of the
  company to attend, vote, or propose any resolution whether ordinary or
  special at a general meeting of any other company or other entity in which the
  company has shares or any other interest in the company.

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.29.

	
The entering
  into by the company of any agreement which cannot be terminated on less than
  3 (three) months’ notice.

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.30.

	
The
  determination of any corrective action to be taken in relation to the company
  (or any of the divisions) not achieving or not being expected to achieve its
  budget.

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.31.

	
The entering
  into by the company of any agreement for the acquisition or lease of
  immovable property.

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.32.

	
The making
  of any public announcement in relation to the company.

	
 

	
 

	
 

	
 

	
 

	
 

	
10.4.33.

	
The
  appointment or removal of the chief executive officer and/or managing
  director.

	
 

	
 

	
 

	
 

	
 

	
 

	
and the
  aforegoing shall apply, mutatis mutandis, in relation to any
  subsidiary of the company. Notwithstanding the aforegoing provisions of this
  clause 10, all of the rand amounts referred to in this clause 10 shall be
  adjusted on each anniversary of the signature date in accordance with the
  percentage change in the CPI during the immediately preceding 12 (twelve)
  month period year.

	
 

	
 

	
 

	
 

	
11.

	
TRANSFER OF
  SHARES 

	
 

	
 

	
 

	
 

	
 

	
11.1.

	
No share in
  the share capital of the Company shall be transferred to any other
  shareholder or third party other than in accordance with the provisions of
  this Agreement.

	
 

	
 

	
 

	
 

	
 

	
11.2.

	
Unless
  otherwise agreed in writing by all the shareholders of the Company, a
  shareholder may sell or otherwise dispose of the shares held by him in the
  Company only if, in one and the same transaction, he likewise sells, disposes
  of or alienates a pro rata share of his claim against the company on loan
  account. Accordingly, all references in this clause and in the lien,
  transmission and forfeiture provisions of the articles of association of the
  Company to the offer, sale, disposal, alienation, transfer or transmission of
  a share in the Company shall, unless the context otherwise requires, be
  deemed to apply also to the loan account of the holder of such shares.

10

	
 

	
 

	
 

	

 

	
 

	
11.3.

	
When it is
  intended to dispose of any shares of a member, the disposer shall offer them
  in writing to the other members at a price equal to the fair market value
  thereof stating-

	
 

	
 

	
 

	
 

	
 

	
 

	
11.3.1.

	
the number
  of shares which the disposer proposes to sell; and

	
 

	
 

	
 

	
 

	
 

	
 

	
11.3.2.

	
the terms
  and conditions upon which the disposer proposes to sell those shares,

	
 

	
 

	
 

	
 

	
 

	
 

	
11.3.3.

	
and the
  purchase price of the disposer’s claims on loan account against the company
  shall be an amount equal to the face value thereof.

	
 

	
 

	
 

	
 

	
 

	
11.4.

	
The fair
  market value of the disposer’s shares shall be determined by agreement and,
  failing agreement within 14 (fourteen) days after receipt by the other
  members of the written offer contemplated by clause 11.3., by the then
  auditors of the Company provided that if the disposer or any of the other
  members objects in writing to such determination being made by the then
  auditors of the Company and such objection is delivered to all the remaining
  and the disposer (if the disposer is not the objecting party) prior to the
  expiry of a period of 3 (three) days reckoned from the expiry of the
  aforementioned 14 (fourteen) day period, the fair market value shall be
  determined by an independent chartered accountant of not les than 15
  (fifteen) years’ standing and practicing as such in the Western Cape
  appointed by the Chairman for the time being of the Public Accountants and
  Auditors Board. The then auditors of the Company, or such independent
  chartered accountant, shall act as experts and not as arbitrators and
  their/his/her decision shall be final and binding. In determining the fair
  market value and hence the purchase price of the relevant shares, no
  deductions shall be made for the fact that the shares in question constitute
  a minority interest in the Company nor shall any premium be added for the
  fact that the shares in question constitute a majority or controlling
  interest in the Company. Furthermore, the expert/s shall be entitled in the
  exercise of their/his/her sole and absolute discretion to take into account
  whatever facts and circumstances and to make notional adjustments to any
  financial statements or accounts of the Company as they in their discretion
  consider necessary so as to determine the fair market value of the relevant
  shares.

	
 

	
 

	
 

	
 

	
 

	
11.5.

	
The notice
  contemplated by clause 11.3. shall constitute an irrevocable offer to the
  other members, but should they not have accepted such offer in full, in
  writing (if more than one accepts, they shall be deemed to have been
  purchased pro
  rata to their shareholding or in such other proportions as they
  may agree on and of which they notify the disposer in writing), within 10
  (ten) days after the purchase price has been agreed or determined, as the
  case may be, they shall be deemed to have declined the offer and the disposer
  shall be entitled to:

	
 

	
 

	
 

	
 

	
 

	
 

	
11.5.1.

	
dispose of
  those shares within a further period of 30 (thirty) days to any other person.

	
 

	
 

	
 

	
 

	
 

	
 

	
11.5.2.

	
at a price
  and on terms not lower and not more favourable to such person than the price
  and terms of the offer to the remaining shareholders.

	
 

	
 

	
 

	
 

	
 

	
11.6.

	
Unless the
  disposer disposes of all the said shares within the said further period of 30
  (thirty) days, it may not thereafter dispose of any shares without again
  adopting the procedure referred to in this clause 11.

	
 

	
 

	
 

	
 

	
 

	
11.7.

	
Any transfer
  of shares by any member to a non-member of the Company shall be subject to
  the condition that the transferee agrees in writing to be bound by the then
  provisions of this Agreement.

	
 

	
 

	
 

	
 

	
 

	
11.8.

	
Save as is
  expressly contained herein, shares may not be sold or otherwise disposed of
  or transferred, pledged or otherwise hypothecated. 

	
 

	
 

	
 

	
 

	
 

	
11.9.

	
The
  condition in clause 11 and specifically clause 11.8 is inserted for the
  benefit of the remaining shareholder/s which is entitled to waive fulfillment
  of the condition by written notice to the disposing shareholder/s.

11

	
 

	
 

	
 

	
12.

	
EVENTS
  GIVING RISE TO DISPOSAL

	
 

	
 

	
 

	
 

	
12.1.

	
The event of
  the provisional insolvency of any Party shall be deemed an offer in
  accordance with the provisions of clause 11. supra and the executor of
  such estate, shall conduct the negotiations and be obliged to follow the
  procedure as provided for in the said clause 11. supra. 

	
 

	
 

	
 

	
13.

	
LOAN CAPITAL

	
 

	
 

	
 

	
 

	
13.1.

	
The loan
  accounts shall be upon terms and conditions as agreed to herein and as
  further decided upon by the board from time to time.

	
 

	
 

	
 

	
 

	
13.2.

	
Any profit
  in the Company shall first be applied to repay any loan accounts before any
  dividends are being declared and shall be allocated in such a way between the
  shareholders so as to keep the loan accounts more or less in proportion to
  the respective shareholdings of the shareholders. Whilst loan accounts are
  not in proportion to shareholding they shall bear interest at the prime bank
  overdraft rate charged by the main bankers of the Company and shall be calculated
  monthly in arrears on the average monthly balance. A portion of the loan
  accounts not in proportion to the shareholding shall be repayable to the
  lender within 1 (one) calendar year of receiving written notice from the
  lender to repay that portion of the loan accounts that is not in proportion
  to the shareholding.

	
 

	
 

	
 

	
 

	
13.3.

	
Should the
  board decide that the Company requires loan funding, and that such funding
  shall be by means of shareholders loans to the Company, all shareholders
  shall be obliged to make such loan capital available to the Company in
  proportion to their respective shareholding in the manner and upon the terms
  as further decided upon by the board.

	
 

	
13.4.

	
In the event
  of the board deciding that the loan capital shall be obtained by means of a
  bank or other financial institution loan or overdraft facility to the
  Company, the members of the board and the shareholders shall be obliged to
  bind themselves as sureties for and co-principal debtors with the Company in
  favour of such bank or financial institution as far as the same is being
  required by such institution.

	
 

	
 

	
 

	
14.

	
REGRESS

	
 

	
 

	
 

	
 

	
14.1.

	
Any member
  of the board or shareholder binding himself as surety for and co-principal
  debtor for the Company pursuant to the provisions of this Agreement shall
  have a right of regress against the other shareholders pro rata to the respective
  shareholdings of all shareholders. For purposes hereof a member of the board
  appointed by a shareholder and a shareholder shall be treated as one. 

	
 

	
 

	
 

	
 

	
14.2.

	
Should any
  member of the board or shareholder incur any expense or liability for the
  benefit of the Company, the board shall consider the same and if approved,
  the member of the board or shareholder as the case may be shall be reimbursed
  by the Company and failing that by the other shareholders pro rata
  to their shareholding.

	
 

	
 

	
 

	
15.

	
PROHIBITION
  ON ENCUMBRANCE

	
 

	
 

	
 

	
 

	
15.1.

	
No
  shareholder shall be entitled to cede, pledge, hypothecate, provide as lien
  or in any way utilize its shares in the share capital as security or in any
  way encumber such shares without the prior written consent of the
  shareholders.

	
 

	
 

	
 

	
 

	
15.2.

	
No
  shareholder or member of the board shall be entitled to cede, pledge,
  hypothecate, provide as lien or in any way utilize its loan account, without
  the prior written consent of the shareholders.

	
 

	
 

	
 

	
16.

	
FINANCIAL
  STATEMENTS

	
 

	
 

	
 

	
 

	
16.1.

	
The
  financial year-end of the Company shall be the last day of February.

12

	
 

	
 

	
 

	

 

	
 

	
16.2.

	
The parties
  shall cause management accounts, incorporating an income statement and
  balance sheet to be drawn on a monthly basis.

	
 

	
 

	
 

	
 

	
 

	
16.3.

	
The parties
  shall cause the annual financial statements of the Company to be drafted by
  the auditor within 6 (six) months after the financial year end of the
  company.

	
 

	
 

	
 

	
 

	
17.

	
GUARANTEES

	
 

	
 

	
 

	
 

	
 

	
17.1.

	
Each
  shareholder shall be entitled, but not obliged, to give any guarantees
  (including performance guarantees) and/or suretyships and/or indemnities to
  any third party in respect of the obligations of the Company, as shall be
  necessary to enable the Company to conduct its business from time to time. If
  given the shareholders shall use their best endeavours to give guarantees
  and/or suretyships and/or indemnities jointly pro rata to their
  respective shareholdings in the Company but not severally, where the third
  parties concerned are agreeable thereto.

	
 

	
 

	
 

	
 

	
 

	
17.2.

	
All costs
  incurred by any shareholder in procuring or giving any such guarantees and/or
  indemnities contemplated by this clause 17. and which are usually associated
  with the provision of such guarantees and/or suretyships and/or indemnities
  shall be borne and paid by the Company.

	
 

	
 

	
 

	
 

	
18.

	
QUASI
  PARTNERSHIP

	
 

	
 

	
 

	
 

	
 

	
18.1.

	
The
  relationship between the shareholders as such shall not be construed as that
  of quasi partners. Notwithstanding the aforegoing-

	
 

	
 

	
 

	
 

	
 

	
 

	
18.1.1.

	
each of the
  shareholders will, in good faith, use its best endeavours to promote and
  extend the company’s business.

	
 

	
 

	
 

	
 

	
 

	
 

	
18.1.2.

	
each of the
  shareholders will, in good faith, use its best endeavours to avoid situations
  of conflict of interest.

	
 

	
 

	
 

	
 

	
 

	
 

	
18.1.3.

	
each of the
  shareholders will, in good faith, devote such time and attention to the
  companies affairs as is reasonably necessary to enable the shareholder to
  perform the functions assigned to such shareholder with due diligence.

	
 

	
 

	
 

	
 

	
19.

	
ISSUE OF
  SHARES

	
 

	
 

	
 

	
 

	
 

	
19.1.

	
No shares in
  the capital of the Company shall be issued other than by way of a pro rata
  rights offer to the holders of the relevant class of shares at the time.

	
 

	
 

	
 

	
 

	
20.

	
ARBITRATION

	
 

	
 

	
 

	
 

	
 

	
20.1.

	
Any dispute,
  question or difference arising at any time between the parties out of or in
  regard to:

	
 

	
 

	
 

	
 

	
 

	
 

	
20.1.1.

	
any matter
  arising out of; or

	
 

	
 

	
 

	
 

	
 

	
 

	
20.1.2.

	
the rights
  and duties of any party hereto; or 

	
 

	
 

	
 

	
 

	
 

	
 

	
20.1.3.

	
the
  interpretation of; or

	
 

	
 

	
 

	
 

	
 

	
 

	
20.1.4.

	
the
  termination of; or

13

	
 

	
 

	
 

	

 

	
 

	
 

	
20.1.5.

	
any matter
  arising out of the termination of; or

	
 

	
 

	
 

	
 

	
 

	
 

	
20.1.6.

	
the
  rectification of this Agreement shall be submitted to and decided by
  arbitration on notice given by either party to the other in terms of this clause.
  Nothing herein contained or implied shall prevent or prohibit any party from
  obtaining urgent relief from a court of competent jurisdiction in appropriate
  circumstances.

	
 

	
 

	
 

	
 

	
 

	
20.2.

	
Arbitration
  shall be held at Stellenbosch, informally and otherwise upon the provisions
  of the Arbitration Act No. 42 of 1965 (as amended or re-enacted from time to
  time), it being the intention that, if possible, it shall be held and
  concluded within 21 (twenty one) days after it has been demanded.

	
 

	
 

	
 

	
 

	
 

	
20.3.

	
Save as
  specifically provided in this Agreement, the referee shall be, if the
  question in dispute is:

	
 

	
 

	
 

	
 

	
 

	
 

	
20.3.1.

	
primarily an
  accounting matter – an independent practicing chartered accountant of not
  less than 15 (fifteen) years standing;

	
 

	
 

	
 

	
 

	
 

	
 

	
20.3.2.

	
primarily a
  legal matter – a practicing Attorney of not less than 15 (fifteen) years
  standing;

	
 

	
 

	
 

	
 

	
 

	
 

	
20.3.3.

	
any other
  matter – an independent and suitably qualified person; as may be agreed by
  the parties and failing agreement, nominated by the President for the time
  being of the Law Society of The Cape of Good Hope.

	
 

	
 

	
 

	
 

	
 

	
20.4.

	
If agreement
  cannot be reached on whether the question in dispute falls under sub-clauses
  20.3.1. or 20.3.2. or 20.3.3. or upon a particular referee in terms of
  sub-clause 20.3.3. within 7 (seven) days after the arbitration has been
  demanded, then the President shall:

	
 

	
 

	
 

	
 

	
 

	
 

	
20.4.1.

	
determine
  whether the question in dispute falls under 20.3.1. or 20.3.2. or 20.3.3; and

	
 

	
 

	
 

	
 

	
 

	
 

	
20.4.2.

	
nominate the
  referee in terms of the relevant sub-clause within 7 (seven) days after the
  parties have failed to agree, so that the arbitration can be held and
  concluded as soon as possible within the 21 (twenty one) days referred to in
  sub-clause 20.2.

	
 

	
 

	
 

	
 

	
 

	
20.5.

	
The clause
  20. shall constitute each party’s irrevocable consent to the arbitration
  proceedings, and no party shall be determined to withdraw therefrom or to
  claim at any such arbitration proceedings that it is not bound by this
  clause.

	
 

	
 

	
 

	
 

	
 

	
20.6.

	
Each of the
  parties hereby irrevocably agrees that the decision of the referee in the
  arbitration proceedings-

	
 

	
 

	
 

	
 

	
 

	
 

	
20.6.1.

	
shall be
  final and binding on each of them; and

	
 

	
 

	
 

	
 

	
 

	
 

	
20.6.2.

	
will be
  carried into effect; and

	
 

	
 

	
 

	
 

	
 

	
 

	
20.6.3.

	
can be made
  an order of any court to whose jurisdiction the parties are subject;

	
 

	
 

	
 

	
 

	
 

	
 

	
20.6.4.

	
may include
  an award as to the costs of the arbitration proceedings.

	
 

	
 

	
 

	
 

	
 

	
20.7.

	
This clause
  shall be saveable from the remaining provisions of this Agreement and shall
  continue to be of application, notwithstanding the cancellation or purported
  cancellation of this Agreement.

14

	
 

	
 

	
 

	
 

	
 

	
21.

	
AGREEMENT
  BINDING ON SHAREHOLDERS AND DIRECTORS

	
 

	
 

	
21.1.

	
It is hereby
  recorded that the provisions of this Agreement shall be binding upon any
  third party who may become a shareholder pursuant to the provisions of this
  Agreement and any registration of shares shall be subject to this Agreement
  being signed by such transferee shareholder, before registration of the
  shares in his name.

	
 

	
 

	
 

	
 

	
 

	
 

	
21.2.

	
It is hereby
  recorded that any member of the board appointed by a shareholder shall be
  bound by the provisions of this Agreement and before confirmation of
  appointment as a member of the board, such member shall be required to sign
  this Agreement thereby acknowledging his being bound by the provisions of the
  Agreement.

	
 

	
 

	
 

	
 

	
 

	
22.

	
SUBSIDIARIES

	
 

	
 

	
 

	
 

	
 

	
 

	
22.1.

	
Any
  shareholder nominated to represent the Company in the group shall do so in
  the best interest of the Company and shall be obliged to resign from any
  entity within the group if so directed by the board by simple majority.

	
 

	
 

	
 

	
 

	
 

	
 

	
22.2.

	
All and any
  interest in any entity in the group shall vest in and be for the sole benefit
  of the Company and any shareholder nominated to hold any interest shall do so
  as nominee only for the Company and shall not derive any personal interest
  therefrom and shall deal with such interest strictly in accordance with the
  directives of the Company through the board.

	
 

	
 

	
 

	
 

	
 

	
23.

	
NON-VARIATION
  STIPULATION

	
 

	
 

	
 

	
 

	
 

	
 

	
23.1.

	
This
  Agreement expresses the entire understanding between the parties and the
  parties agree that no oral undertakings have been made with regard thereto.

	
 

	
 

	
 

	
 

	
 

	
 

	
23.2.

	
This
  Agreement, including this non-variation clause, may be amended only by
  written instrument signed by all the parties.

	
 

	
 

	
 

	
 

	
 

	
 

	
23.3.

	
The parties
  hereto may not amend or delete clause 23. orally so as to render this
  Agreement variable orally.

	
 

	
 

	
 

	
 

	
 

	
24.

	
ASSIGNMENT

	
 

	
 

	
 

	
 

	
 

	
 

	
24.1.

	
None of the
  rights herein can be assigned by either party other than provided for in this
  Agreement.

	
 

	
 

	
 

	
 

	
 

	
25.

	
FORCE MAJEURE

	
 

	
 

	
 

	
 

	
 

	
 

	
25.1.

	
Force majeure
  means any fire, flood, earthquake or public disaster, strike, labour dispute
  or unrest, embargo, riot, war, insurrection or civil unrest; any other act of
  God, any act of legally constituted authority; or any other cause beyond
  control which would excuse performance as a matter of law. If because of force
  majeure, performance hereunder is delayed or prevented, then any
  performance period granted shall be extended for the time of such delay or
  prevention.

	
 

	
 

	
 

	
 

	
 

	
26.

	
SEVERABILITY

	
 

	
 

	
 

	
 

	
 

	
 

	
26.1.

	
Each and
  every provision of this Agreement (excluding only those provisions which are
  essential at law for a valid and binding agreement to be constituted) shall
  be deemed to be separate and severable from the remaining provisions of this
  Agreement. If any of the provisions of this Agreement (excluding only those
  provisions which are essential at law for a valid and binding agreement to be
  constituted) is found by any court of competent jurisdiction to be invalid
  and/or unenforceable then, notwithstanding such invalidity and/or
  unenforceability, the remaining provisions of this Agreement shall be and
  remain of full force and effect.

15

	
 

	
 

	
 

	
 

	
 

	
27.

	
OPERATION

	
 

	
 

	
 

	
 

	
 

	
 

	
27.1.

	
The
  expiration, cancellation or other termination of this Agreement shall not
  affect those provisions of this Agreement which expressly provide that they
  will operate after such expiration, cancellation or other termination or
  which of necessity must continue to endure after such expiration,
  cancellation or other termination, notwithstanding that the relevant clause
  may not expressly provide for such continuation.

	
 

	
 

	
 

	
 

	
 

	
 

	
27.2.

	
If the
  operation of this Agreement is suspensive or conditional upon the happening
  of any event and if any obligation or restriction imposed on the parties or
  any of them is clearly intended to be implemented and given effect to
  notwithstanding the fact that this Agreement in its entirety may at that time
  not yet be unconditional, then the relevant obligation or restriction shall
  nevertheless apply and be given effect to, and the relevant provisions shall
  create binding obligations on the parties. 

	
 

	
 

	
 

	
 

	
 

	
28.

	
RELAXATION

	
 

	
 

	
 

	
 

	
 

	
 

	
28.1.

	
No latitude,
  extension of time or other indulgence which may be given or allowed by any
  party to the other parties in respect of the performance of any obligation
  hereunder, and no delay or forbearance in the enforcement of any right of any
  party arising from this Agreement, and no single or partial exercise of any
  right by any party under this Agreement, shall in any circumstances be
  construed to be an implied consent or election by such party or operate as a
  waiver or a novation of or otherwise affect any of the party’s rights in
  terms of or arising from this Agreement or preclude any such party from
  enforcing at any time and without notice, strict and punctual compliance with
  each and every provision or term hereof.

	
 

	
 

	
 

	
 

	
 

	
29.

	
CUMULATIVE
  RIGHTS AND REMEDIES

	
 

	
 

	
 

	
 

	
 

	
 

	
29.1.

	
All rights,
  remedies, licenses, undertakings, obligations, covenants, privileges and
  other property granted herein shall be cumulative and the parties may
  exercise or use any of them separately or in conjunction with any one or more
  of the others.

	
 

	
 

	
 

	
 

	
 

	
30.

	
CONSENSUS
  OBTAINED BY IMPROPER MEANS

	
 

	
 

	
 

	
 

	
 

	
 

	
30.1.

	
The parties
  hereto warrant that no misrepresentation of any sort has induced any of them
  to engage in contracting with each other as set out in this instrument and
  that both parties have explored and investigated all the facts and conditions
  pertaining hereto and therefore, shall not have a claim to have this
  Agreement rescinded or, alternatively, shall not have a claim for a monetary
  award against each other based on misrepresentation.

	
 

	
 

	
 

	
 

	
 

	
 

	
30.2.

	
It is,
  however, understood that a claim for rescission or monetary compensation
  based on duress or undue influence, cannot be excluded.

	
 

	
 

	
 

	
 

	
 

	
31.

	
INDEPENDENT
  ADVICE

	
 

	
 

	
 

	
 

	
 

	
 

	
31.1.

	
Each of the
  parties to this Agreement hereby acknowledges and agrees that –

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
31.1.1.

	
it has been
  free to secure independent legal and other professional advice (including
  financial and taxation advice) as to the nature and effect of all of the
  provisions of this Agreement and that it has either taken such independent
  advice or has dispensed with the necessity of doing so; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
31.1.2.

	
all of the
  provisions of this Agreement and the restrictions herein contained are fair
  and reasonable in all the circumstances and are in accordance with the
  party’s intentions.

	
 

	
 

	
 

	
 

	
 

	
32.

	
DOMICILIUM CITANDI ET EXECUTANDI

	
 

	
 

	
 

	
 

	
 

	
 

	
32.1.

	
The parties
  choose as their domicilia citandi et executandi for all purposes under
  this agreement, whether in respect of court process, notices or other
  documents or communications of whatever nature (including the exercise of any
  option), the following addresses.

	
 

	
 

16

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
MILLENNIUM GROUP WORLDWIDE INC.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
32.1.1.

	
Street
  address: 2825 N. 10th st., st Augustine, Forida 32084
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Telefax: N/A 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
E-mail:
 N/A 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
LEMAN TRADING 33 (PTY) LTD

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
32.1.2.

	
Street
  address: De Waterkant Bldg., Hederburg Street, Stellenbasch 7600 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Telefax: N/A 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
E-mail: N/A 

	
 

	
 

	
 

	
 

	
 

	
 

	
32.2.

	
Any notice
  or communication required or permitted to be given in terms of this Agreement
  shall be valid and effective only if in writing but it shall be competent to
  give notice by telefax or by e-mail addressed to the party in alleged breach
  at the respective domicilium addresses set out in 32.1. supra.

	
 

	
 

	
 

	
 

	
 

	
 

	
32.3.

	
Any party
  may by notice to any other party change the physical address chosen as its domicilium
  citandi et executandi vis-à-vis that party to another physical
  address where postal delivery occurs in the Republic of South Africa or its
  telefax number or its e-mail address as the case may be, provided that the
  change shall become effective vis-à-vis that addressee on the 7th
  business day from the deemed receipt of the notice by the addressee.

	
 

	
 

	
 

	
 

	
 

	
 

	
32.4.

	
Any notice
  to a party-

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
32.4.1.

	
sent by
  prepaid registered post (by airmail if appropriate) in a correctly addressed
  envelope to it at an address chosen as its domicilium citandi et executandi
  to which post is delivered shall be deemed to have been received on the 7th
  business day after posting (unless the contrary is proved);

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
32.4.2.

	
delivered by
  hand to a responsible person during ordinary business hours at the physical
  address chosen as its domicilium citandi et executandi shall
  be deemed to have been received on the day of delivery; or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
32.4.3.

	
sent by
  telefax to its chosen telefax number stipulated in clause 32.1., shall be
  deemed to have been received on the date of dispatch (unless the contrary is
  proved);

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
32.4.4.

	
sent by
  e-mail to its chosen e-mail address stipulated in clause 32.1., shall be
  deemed to have been received on the date of the particular successful sending
  action (unless the contrary is proved).

	
 

	
 

	
 

	
 

	
 

	
 

	
32.5.

	
Notwithstanding
  anything to the contrary herein contained a written notice or communication
  actually received by a party shall be an adequate written notice or
  communication to it notwithstanding that it was not sent to or delivered at
  its chosen domicilium citandi et executand.

	
 

	
 

	
 

	
 

	
 

	
33.

	
COSTS

	
 

	
 

	
 

	
 

	
 

	
 

	
33.1.

	
All costs
  (including VAT) of negotiating and drafting this Agreement shall be borne and
  paid for by the Company.

	
 

	
 

	
 

	
 

	
 

	
34.

	
JURISDICTION

	
 

	
 

	
 

	
 

	
 

	
 

	
34.1.

	
This
  Agreement shall be construed according to the laws of the Republic of South
  Africa.

	
 

	
 

	
 

	
 

	
 

	
35.

	
CONFIDENTIALITY

	
 

	
 

	
 

	
 

	
 

	
 

	
35.1.

	
Subject to
  35.2, each shareholder undertakes to the other shareholders and to the
  company that it will treat as confidential the terms of this agreement,
  together with all information whether of a technical or strategic nature or
  otherwise relating in any matter of the business of the company or affairs of
  the other shareholders and the company as may be communicated to it hereunder
  or otherwise in connection with this agreement and will not disclose such
  information to any person, firm or company (other than to its auditors and
  other professional advisors) or to the media, and will not use such
  information other than for the purposes of this agreement, subject always to
  any prior specific authorisation in writing by the other party/parties to
  such disclosure or use.

17

	
 

	
 

	
 

	
 

	
 

	
 

	
35.2.

	
The
  provisions of 35.1 shall not apply to any information which:-

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
35.2.1.

	
Is in the
  public domain other than by default of the recipient shareholder.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
35.2.2.

	
Is obtained
  by the recipient shareholder from a bona fide third party having the right
  to disseminate such information.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
35.2.3.

	
Is or has
  already been independently generated by the recipient shareholder.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
35.2.4.

	
Is required
  to be disclosed by law or the valid order of a court of competent
  jurisdiction or the request of any governmental or other regulatory authority
  or agency, in which event the disclosing shareholder shall so notify the
  other shareholders and the company as promptly as practicable (and if
  possible prior to making any disclosure) and shall use its reasonable
  endeavours to seek confidential treatment of such information.

	
 

	
 

	
 

	
 

	
 

	
 

	
35.3.

	
The
  obligations in this clause 35 shall endure beyond the termination of this
  agreement without limit in time except and until any confidential information
  enters the public domain otherwise than through default of the shareholder
  receiving same.

	
 

	
 

	
 

	
 

	
 

	
36.

	
COMPANY TO
  BE BOUND

	
 

	
 

	
 

	
 

	
 

	
 

	
36.1.

	
The Company
  shall be bound by any provision of this agreement which either expressly or
  by implication imposes obligations on the Company, and each of the
  shareholders shall use its best endeavours to procure that the Company
  complies with such obligations.

	
 

	
 

	
 

	
 

	
 

	
37.

	
RESTRAINT

	
 

	
 

	
 

	
 

	
 

	
 

	
37.1.

	
The
  shareholders undertake that they shall not,

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
37.1.1.

	
While they,
  or any one of them, are directors or Shareholders of the Company, be directly
  or indirectly interested, engaged or concerned, whether as principal, agent,
  partner, representative, shareholder, director, employee, consultant,
  advisor, financier, administrator or in any other like capacity in any
  business which competes with the business of the Company; or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
37.1.2.

	
for a period
  of 3 (three) years after ceasing to be a director or Shareholder of the
  Company for any reason whatsoever, be directly or indirectly interested,
  engaged or concerned, whether as principal, agent, partner, representative,
  shareholder, director, employee, consultant, advisor, financier,
  administrator or in any other like capacity in any business which competes
  with the business of the Company.

	
 

	
 

	
 

	
 

	
 

	
 

	
37.2.

	
The
  shareholders acknowledges that:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
37.2.1.

	
The
  restraint imposed upon them in terms of this clause 37 are reasonable as to
  the subject matter, area and duration and is reasonably required by the
  Company to protect and maintain the goodwill of the Companies’ business and
  it’s legitimate interest;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
37.2.2.

	
The
  provisions of this clause 37 shall be construed as imposing a separate and
  independent restraint in respect of each year falling within the restraint
  period, and every locality falling within the territory and every activity
  falling within the ambit of the business as described above.

	
 

	
 

	
 

	
 

	
 

	
38.

	
BREACH

	
 

	
 

	
 

	
 

	
 

	
 

	
38.1.

	
In the event
  of any party (“the defaulting party”)
  failing to fulfil on due date any of the terms and/or conditions of this
  agreement, and remaining in default for a period of 14 (FOURTEEN) days after
  the other party (“the aggrieved party”)
  shall have given written notice to the defaulting party calling upon the
  defaulting party to remedy such default, then the aggrieved party shall be
  entitled without further notice (in addition to and without prejudice to any
  other rights available at Law) to –

	
 

	
 

	
 

	
 

	
 

18

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
38.1.1.

	
claim
  specific performance of the terms of this agreement; or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
38.1.2.

	
cancel this
  agreement forthwith and without further notice, with or without claiming
  damages from the defaulting party.

	
 

	
 

	
 

	
 

	
 

	
39.

	
SIGNATURE

	
 

	
 

	
 

	
 

	
 

	
 

	
39.1.

	
This
  agreement is signed by the parties on the dates and at the places indicated
  above their respective names. This done and signed at Hotel Intercontinental,
  Johannesburg, South Africa on this 16th day of October, 2005.

	
 

	
 

	
 

	
 

	
1.

	
 /s/ 

	
 

	
/s/ Julius
  V. Jackson , President 

	
 

	

	
 

	

	
 

	
WITNESS

	
 

	
MILLENNIUM
  GROUP WORLDWIDE INC.

	
2.

	
 /s/ 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
WITNESS

	
 

	
 

	
 

	
 

	
 

	
 

	
This done
  and signed at Hotel Intercontinental, Johannesburg, South Africa on this 16th
  day of October, 2005.

	
 

	
 

	
 

	
 

	
1.

	
 /s/ 

	
 

	
/s/ Naas
  Botha , President 

	
 

	

	
 

	

	
 

	
WITNESS

	
 

	
LEMAN
  TRADING 33 (PTY) LTD

	
 

	
 

	
 

	
 

	
2.

	
 /s/ 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
WITNESS

	
 

	
 

19Vacant
Land Contract

EXHIBIT 10.9

PARTIES AND DESCRIPTION OF PROPERTY

1. SALE AND PURCHASE: Cameron Jacobs
and Millennium Group Worldwide, Inc. agree to sell and buy on the terms
and conditions specified below the property (“Property”) described as: Address:Legal
Description: Parcel I.D. #’s as follows: 133560-1010, 133520-0510, 133530-0830,
133580-1450, 133560-1170, 133620-1740, 133690-2050, 133690-2170, 134120-4490,
134140-4770, 133450-0000  including all improvements and the following
additional property:

PRICE AND FINANCING

(a) $ 500.00 for delivery to Action

Deposit received (checks are subject to
clearance)

2. PURCHASE PRICE: $1,383,150.00 payable by Buyer in U.S. funds as
follows: Deposit received (checks are subject to clearance) on March 1st 2007 by (“Escrow Agent”) 

	
 

	
 

	
 

	
Name of
  Company

	
(Address of Escrow Agent)

	
 

	
 

	

	
(Phone # of Escrow Agent)

	
 

	
 

	

	
 

	
 

Additional deposits to be delivered to the
escrow agent by or  days from Effective Date (10 days if left blank).

(c) _______________ Total financing (see
Paragraph 3 below) (express as a dollar amount or percentage)

(d) $ Other:__________________

(e) $
____________________________________________________________________Balance to
close (not including Buyer’s closing costs, prepaid items and proration’s). All
funds paid at closing must be paid by locally drawn cashier’s check, official
check or wired funds.

(f) (complete only if purchase price will be
determined based on a per unit cost instead of a fixed price) The unit used to
determine the purchase price is  o  lot 1=1 acre  o  square foot [:-.1 other
(specify: prorating areas of less than a full unit. The purchase price will be
$__________per unit based on a calculation of total area of the Property as
certified to Buyer and Seller by a Florida-licensed surveyor in accordance with
Paragraph 8(c) of this Contract. The following rights of way and other areas
will be excluded from the calculation: 

3.
CASH/FINANCING: (Check as applicable) IA (a) Buyer will pay cash for the Property with no financing
contingency.

J
(b) This Contract is contingent on Buyer qualifying and obtaining the commitment(s) or
approval(s) specified below (the “Financing”) within __________ days from
Effective Date (if left blank then Closing Date or 30 days from Effective Date,
whichever occurs first) (the “Financing Period”). Buyer will apply for Financing within _________ days from
Effective Date (5 days if left blank) and will timely provide any and all
credit, employment, financial and other information required by the lender. If Buyer, after using diligence and good
faith, cannot obtain the Financing within the Financing Period, either party
may cancel this Contract and Buyer’s deposit(s) will be returned after Escrow
Agent receives proper authorization from all interested parties.

o 
(1) New Financing: Buyer will secure a commitment for new third party
financing for $ __________ or % of the purchase price at the prevailing
interest rate and loan costs based on Buyer’s creditworthiness. Buyer will keep Seller and Broker fully informed
of the loan application
status and progress and authorizes the lender or mortgage broker to disclose
all such information to Seller and
Broker.

[J
(2) Seller Financing: Buyer will execute a q first J second purchase money
note and mortgage to Seller in the  ________ amount of $ ________ bearing
annual interest at _________ % and payable as follows: ______________ 

The mortgage, note, and any security
agreement will be in a form acceptable to Seller
and will follow forms generally accepted in the county where the Property is
located; will provide for a late payment fee and acceleration at the
mortgagee’s Buyer ( ___ ) ( ____ )
and Seller 1 (1 acknowledge
receipt of a copy of this page, which is Page 1 of 7 Pages.

option if Buyer defaults; will give Buyer the right to prepay without penalty
all or part of the principal at any times) with interest only to date of
payment; will be due on conveyance or sale; will provide for release of
contiguous parcels, if applicable; and will require Buyer to keep liability insurance on the Property, with Seller as
additional named insured. Buyer
authorizes Seller to obtain
credit, employment and other necessary information to determine
creditworthiness for the financing. Seller will,
within 10 days from Effective Date, give Buyer
written notice of whether or not Seller
will make the loan.

o (3) Mortgage Assumption: Buyer will
take title subject to and assume and pay existing first mortgage to
________________LN # ____________________ in the approximate amount of
$_________________________________ currently payable at per month including
principal, interest, 1-11 taxes
and insurance and having a fixed ci other (describe)____________________________ interest rate of % which 0
will o 
will not escalate upon assumption. Any variance in the mortgage will be
adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase Seller’s 
escrow
account dollar for dollar.
if the lender disapproves Buyer, or
the interest rate upon transfer exceeds ______________________ % or the assumption/transfer fee
exceeds $_ , either party may elect to pay the excess, failing which this agreement will terminate and Buyer’s deposit(s)
will be returned.

CLOSING

4. CLOSING DATE;
OCCUPANCY: This
Contract will be closed and the deed and possession delivered on June 25th 2007 (‘Closing Date”).
Unless the Closing Date is
specifically extended by the Buyer and
Seller or CP by any other provision in this Contract, the Closing Date shall prevail
over all other time periods including, but not limited to, financing and
feasibility study periods. It on Closing Date insurance underwriting is
suspended, Buyer may postpone
closing up to days after the insurance
suspension is lifted. if this transaction does not close for any reason, Buyer will immediately return
all rz Seller-provided title evidence, surveys,
association documents and other items.

5. CLOSING PROCEDURE; COSTS: Closing
will take place in the county where the Property is located and may be
conducted by mail or electronic means. If title insurance insures Buyer for title defects arising between the
title binder effective date and recording of Buyer’s
deed, closing agent will disburse at closing the net sale proceeds
to Seller (in local cashier’s
checks if Seller requests in writing at least 5 days prior to
closing) and brokerage fees to Broker as per Paragraph 17, In addition to other
expenses provided in this Contract, Seller
and
Buyer will pay the costs
indicated below.

	
   

  	
   

  
	
  (a) Seller Costs:

  
	
   

  	
  Taxes on the
  deed

  
	
   

  	
  Recording
  fees for documents needed to cure title

  
	
   

  	
  Title evidence (if applicable under Paragraph 8) 

  
	
   

  	
  Other:

  

	
   

  	
   

  
	
  (b) Buyer Costs:

  
	
   

  	
  Taxes and recording tees on notes and mortgages

  
	
   

  	
  Recording fees on the deed and financing statements

  
	
   

  	
  Loan expenses

  
	
   

  	
  Lender’s title policy at the simultaneous issue rate 

  
	
   

  	
  Inspections

  
	
   

  	
  Survey and sketch

  
	
   

  	
  Insurance

  
	
   

  	
  Other:

  
	
   

  
	
  (c) Title Evidence and Insurance: Check (1)
  or (2):

  

(1) The title
evidence will be a Paragraph 8(a)(1) owner’s title insurance commitment. 0 Seller will select the title agent and
will pay for the owner’s title policy, search, examination and related charges
or 0 Buyer will select the title
agent and pay for the owner’s title policy, search, examination and related
charges or F-0 Buyer will
select the title agent and Seller will
pay for the owner’s title policy, search, examination and related charges.

(2) Seller will
provide an abstract as specified in Paragraph 8(a)(2) as title evidence. Li Seller Li Buyer
will pay for the owner’s title policy and select the title agent. Seller will pay fees for title searches
prior to closing, including tax search and lien search fees, and Buyer will pay fees for title searches after closing
(if any), title examination fees and closing fees, 

(d) Prorations: The
following items will be made current and prorated as of the day before Closing
Date: real estate taxes, interest, bonds, assessments, leases and other
Property expenses and revenues. If taxes and assessments for the current year
cannot be determined, the previous year’s rates will be used with adjustment
for any exemptions. 

PROPERTY TAX

DISCLOSURE SUMMARY: BUYER SHOULD
NOT RELY ON THE SELLER’S CURRENT
PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO
PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS
OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY
QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER’S OFFICE
FOR FURTHER INFORMATION.

(e) Special Assessment by Public Body: Regarding
special assessments imposed by a public body, Seller
will pay (i) the full amount of liens that are certified, confirmed
and ratified before closing and (ii) the amount of the last estimate of the
assessment Buyer ________________________________ and Seller (__) (acknowledge receipt of a copy
of this page, which is
Page 2 of 7 Pages.

di if an improvement is substantially completed as of
Effective Date but has not resulted in a lien before closing, and Buyer will pay all other amounts. If
special assessments may be paid in installments lD Buyer U Seller (if
left blank, Buyer) shall pay
installments is due after closing. If Seller is checked, Seller will pay the assessment in full
prior to or at the time of closing. Public body does not include a Homeowner
Association or Condominium Association.

(f) Tax Withholding: If Seller is a “foreign person” as defined by
FIRPTA, Section 1445 of the Internal Revenue Code requires Buyer to withhold 10% of the amount
realized by the Seller on the
transfer and remit the withheld amount to the Internal Revenue Service (IRS)
unless an exemption applies. The primary exemptions are (1) Seller provides Buyer with an affidavit that Seller
is not a “foreign person”, (2) Seller
provides Buyer with a
Withholding Certificate providing for reduced or eliminated withholding, or (3)
the gross sales price is $300,000 or less, Buyer
is an individual who purchases the Property to use as a residence,
and Buyer or a member of Buyer’s family has definite plans to reside
at the Property for at least 50%
of the number of days the Property is in use during each of the first two 12
month periods after transfer. The IRS requires Buyer and Seller to have a U.S. federal taxpayer
identification number (TIN”). Buyer and
Seller agree to execute and
deliver as e, directed any instrument, affidavit or statement reasonably necessary
to comply with FIRPTA requirements including applying for a TIN within 3 days
from Effective Date and delivering their respective TIN or Social Security
numbers to the Closing Agent.

If Seller applies for a withholding
certificate but the application is still pending as of closing, Buyer will place the 10% tax in escrow at Seller’s
expense to be disbursed in
accordance with the final determination of the IRS, provided Seller so requests and gives Buyer notice of the pending
application in
accordance with Section 1445. If Buyer does
not pay sufficient cash at closing to meet the withholding requirement, Seller will deliver to Buyer at closing the
additional cash
necessary to satisfy the requirement. Buyer will
timely disburse the funds to the IRS and provide Seller with copies of the tax forms and receipts.

(g) 1031 Exchange: If
either Seller or Buyer wishes to enter into a like-kind
exchange (either simultaneously with closing or after) under Section 1031 of
the Internal Revenue Code (“Exchange”), the other party will cooperate in all
reasonable respects to effectuate the Exchange including executing documents;
provided. however, that the cooperating party will incur no liability or cost related to the Exchange and that the
closing shall not be contingent upon, extended or delayed by the Exchange.

PROPERTY CONDITION

6. LAND USE: Seller will deliver the Property to Buyer at the time agreed in its present “as
is” condition, with conditions resulting
from Buyer’s Inspections and
casualty damage, if any, excepted. Seller will
maintain the landscaping and grounds
in a comparable condition and will not engage in or permit any activity that
would materially alter the Property’s condition
without the Buyer’s prior written
consent.

(a) Flood Zone: Buyer is
advised to verify by survey, with the lender and with appropriate government
agencies which flood zone the
Property is in, whether flood insurance is required and what restrictions apply
to improving the Property and rebuilding in the event of casualty.

(b) Government Regulation: Buyer is advised that changes in government regulations and levels of service
which affect Buyer’s intended use of the Property will
not be grounds for canceling this Contract if the Feasibility Study Period has expired or if Buyer has checked choice (c)(2)
below.

(c) Inspections: (check (1) or (2) below)

[4 (1) Feasibility Study: Buyer will, at Buyer’s expense
and within 75 days from Effective Date (“Feasibility Study Period”), determine whether the Property is
suitable, in Buyer’s sole and
absolute discretion, for ____________________________ use. During the
Feasibility Study Period, Buyer may
conduct a Phase I environmental assessment
and any other tests, analyses, surveys and investigations (“Inspections”) that Buyer deems necessary to determine to
Buyer’s
satisfaction the Property’s engineering, architectural and
environmental properties; zoning and zoning
restrictions; subdivision statutes; soil and grade; availability of access to
public roads, water, and other utilities; consistency with local, state and
regional growth management plans; availability of permits, government
approvals, and licenses: and other
Inspections that Buyer deems
appropriate to determine the Property’s suitability for the Buyer’s intended use. If the Property must be rezoned,
Buyer will obtain the rezoning from the appropriate government
agencies. Seller will sign
all documents Buyer is required to
file in connection with development or rezoning approvals. 

Seller gives
Buyer, its agents, contractors and
assigns, the right to enter the Property at any time during the Feasibility
Study Period for the purpose of conducting Inspections; provided, however, that
Buyer, its agents, contractors and
assigns enter the Property and conduct Inspections at their own risk, Buyer will indemnity and hold Seller
harmless from losses, damages, costs, claims and expenses of any nature,
including attorneys’ fees, expenses and liability incurred in application for
rezoning or related proceedings, and from liability to any person, arising from
the conduct of any and all Inspections or any work authorized by Buyer. Buyer will
not engage in any activity that could result in a construction lien being filed
against the Property without Seller’s prior
written consent. If this transaction does not close, Buyer will, at Buyer’s expense,
(1) repair all damages to the Property resulting from the Inspections and
return the Property to the condition it was in prior to conduct of
the Inspections, and (2) release to Seller all reports and other work generated as a result of the Inspections.

Buyer will deliver
written notice to Seller prior to
the expiration of the Feasibility Study Period of Buyer’s determination of whether or not the Property is
acceptable. Buyer’s failure to
comply with this notice requirement will constitute acceptance of the Property
as suitable for Buyer’s intended use in its “as is” condition. If the Property
is unacceptable to Buyer and
written notice of this fact is timely delivered to Seller, this Contract will be deemed
terminated as of the day after the Feasibility Study period ends and Buyer’s deposit(s) will be returned after
Escrow Agent receives proper authorization
from all interested parties.

ILI (2) No Feasibility Study: Buyer is
satisfied that the Property is suitable for Buyer’s
purposes, including being satisfied that either public sewerage and
water are available to the Property or the Property will be approved for the Buyer (J (__ . ) and Seller (__) (__) acknowledge
receipt of a copy of this
page, which is Page 3 of 7 Pages, installation of a well and/or private sewerage disposal system and that
existing zoning and other pertinent regulations and restrictions, such as subdivision or deed
restrictions, concurrency, growth management and environmental conditions, are acceptable to Buyer. This Contract is not
contingent on Buyer conducting any further
investigations.

(d) Subdivided Lands:
If this Contract is
for the purchase of subdivided lands, defined by Florida Law as “(a) Any contiguous land which is divided or is proposed to
be divided for the purpose of disposition into 50 or more lots, parcels, units, or interests: or (b) Any land,
whether contiguous or not, which is divided or proposed to be divided into 50 or more lots, parcels, units, or interests which
are offered as a part of a common promotional plan.”, Buyer may cancel this Contract for any reason whatsoever for a
period of 7 business
days from the date on which Buyer executes
this Contract. If Buyer elects to cancel within the period
provided, all funds or other property paid by Buyer
will be refunded without
penalty or obligation within 20 days of the receipt of the notice of
cancellation by the developer.

7. RISK OF LOSS;
EMINENT DOMAIN: If
any portion of the Property is materially damaged by casualty before closing,  or Seller negotiates with a governmental
authority to transfer all or part of the Property in lieu of eminent domain
proceedings,  or if an eminent domain proceeding is
initiated, Seller will promptly
inform Buyer. Either party may
cancel this Contract  by written notice to the
other within 10 days from Buyer’s receipt
of Seller’s notification, failing
which Buyer will close inaccordance with
this Contract and receive all payments made by the government authority or
insurance company, if any.

TITLE

8. TITLE: Seller will
convey marketable title to the Property by statutory warranty deed or trustee,
personal representative or guardian deed as appropriate
to Seller’s status.

(a) Title Evidence: Title evidence will show legal access to the
Property and marketable title of record in Seller
in accordance with current
title standards adopted by the Florida Bar, subject only to the following title
exceptions, none of which prevent Buyer’s intended use of the Property as Vacant Platted
Lots: covenants, easements and restrictions
of record; matters of plat; existing zoning and government regulations; oil,
gas and mineral rights of record if there
is no right of entry; current taxes; mortgages that Buyer will assume; and encumbrances that Seller will discharge at
or before
closing. Seller will deliver to Buyer Seller’s choice of one of the
following types of title evidence. which
must be generally accepted in the county where the Property is located (specify
in Paragraph 5(c) the selected type). Seller will
use option (1) in Palm Beach County and option (2) in Miami-Dade County.

(1) A title insurance commitment issued by a Florida-licensed title insurer in the
amount of the purchase price and subject
only to title exceptions set forth in this Contract and delivered no later than
2 days before Closing Date.

(2) An existing
abstract of title from
a reputable and existing abstract firm (if firm is not existing, then abstract
must be certified as correct by an
existing firm) purporting to be an accurate synopsis of the instruments
affecting title to the Property
recorded in the public records of the county where the Property is located and
certified to Effective Date. However
if such an abstract is not available to Seller,
then a prior owner’s title policy acceptable to the proposed insurer as a base for reissuance of coverage. Seller
will pay for copies of all policy
exceptions and an update in a format acceptable to Buyer’s closing agent from the policy effective date and
certified to Buyer or Buyer’s closing agent, together with copies of all documents recited in
the prior policy and in the update. If a prior policy is not available to Seller then (1) above will be the title evidence.
Title
evidence will be delivered no later than 10 days before Closing Date.

(b) Title Examination: Buyer will examine the title evidence and deliver written notice to Seller,
within 5 days from receipt of title
evidence Out no later than Closing Date, of any defects that make the title
unmarketable. Seller will have 30
days from receipt of Buyer’s notice of defects (“Curative
Period”) to cure the defects at Seller’s expense.
If Seller cures the defects within the Curative Period, Seller will deliver written notice to Buyer and the
parties will close the
transaction on Closing Date or within
10 days from Buyer’s receipt of Seller’s notice if Closing Date has passed.
If Seller is unable to cure the defects within the Curative Period, Seller will deliver written notice to Buyer
and Buyer
will, within 10 days from receipt of Seller’s notice, either cancel this Contract or accept title
with existing defects and close the transaction.

(c) Survey: Buyer may,
prior to Closing Date and at Buyer’s expense, have the Property surveyed and deliver
written notice to Seller, within 5 days from receipt of
survey but no later than 5 days prior to closing, of any encroachments on the
Property, encroachments by the Property’s improvements on other lands or deed
restriction or zoning violations. Any such encroachment or violation will be
treated in the same manner as a title defect and Buyer’s and Seller’s obligations
will be determined in accordance with
subparagraph (b) above.

(d) Coastal Construction Control Line: If
any part of the Property lies seaward of the coastal construction control line
as defined in Section 161.053 of the Florida Statutes, Seller shall provide Buyer with an affidavit or survey as
required by law delineating the line’s location on the Property, unless Buyer waives this requirement in writing.
The Property being purchased may be subject
to coastal erosion and to federal, state, or local regulations that govern
coastal property, including delineation of the coastal construction control line, rigid coastal protection
structures, beach nourishment, and the protection of marine turtles.
Additional information can be obtained from the Florida Department of
Environmental Protection, including whether there are significant erosion
conditions associated with the shoreline of the Property being purchased. 

     J Buyer
waives the right to receive a CCCL affidavit or survey.

MISCELLANEOUS

9. EFFECTIVE DATE; TIME; FORCE MAJEURE:

(a) Effective Date: The “Effective Date” of this Contract is the date
on which the last of the parties initials or signs and delivers final offer or counteroffer. Time is of the essence for all
provisions of this
Contract.

(b) Time: All time periods expressed as days will be
computed in business days (a “business day” is every calendar day except Saturday, Sunday and national legal
holidays). If any deadline falls on a Saturday, Sunday or national legal Buyer (__) (__) and Seller
(__)   ) acknowledge receipt
of a copy of this page, which is Page 4 of 7 Pages.

holiday,
performance will be due the next business day. All time periods will end at
5:00 p.m. local time (meaning in the county
where the Property is located) of the appropriate day.

(c) Force Majeure:
Buyer or Seller shall not be required to perform any
obligation under this Contract or be liable to each other for damages so
long as the performance or non-performance of the obligation is delayed, caused
or prevented by an act of God or force
majeure. An “act of God” or “force majeure” is defined as hurricanes,
earthquakes, floods, fire, unusual
transportation delays, wars, insurrections and any other cause not reasonably
within the control of the Buyer or
Seller and which by the exercise of due diligence the
non-performing party is unable in whole or in part to prevent or overcome. All time periods, including Closing Date,
will be extended (not to exceed 30 days) for the period that the force majeure
or act of God is in place. In the event that such “act of God” or “force
majeure” event continues beyond the 30 days
in this sub-paragraph, either party may cancel the Contract by delivering
written notice to the other and Buyer’s deposit shall be refunded.

10. NOTICES: All notices shall be in writing and will be
delivered to the parties and Broker by mail, personal delivery or electronic
media. Buyer’s failure to deliver timely
written notice to Seller, when such notice is required by this Contract, regarding any contingencies will render that
contingency null and void and the Contract will be construed as if the contingency did not exist. Any notice, document or
item delivered to or received by an attorney or licensee (including a transaction
broker) representing a party will be as effective as if delivered to or by that
party.

11.  COMPLETE AGREEMENT: This Contract is the entire agreement between Buyer and Seller.
Except for brokerage agreements, no prior or present agreements will bind
Buyer, Seller or Broker unless incorporated into this Contract. Modifications of this Contract will not be binding
unless in writing, signed or initialed and delivered by the party to be bound. This Contract, signatures, initials, documents
referenced in this Contract, counterparts and written modifications communicated
electronically or on paper will be acceptable for all purposes, including
delivery, and will be binding. Handwritten or
typewritten terms inserted in or attached to this Contract prevail over
preprinted terms. If any provision of this Contract is or becomes
invalid or unenforceable, all remaining provisions will continue to be fully
effective. Buyer and Seller will use diligence and good faith in
performing all obligations under this Contract. This Contract will not be
recorded in any public records.

12. ASSIGNABILITY;
PERSONS BOUND: Buyer may
not assign this Contract without Seller’s written consent. The terms “Buyer,” “Seller,”
and “Broker” may be singular or plural. This
Contract is binding on the heirs, administrators, executors, personal representatives and assigns (if
permitted) of Buyer, Seller and
Broker.

DEFAULT AND
DISPUTE RESOLUTION

13. DEFAULT: (a)
Seller Default: if
for any reason other than failure of Seller to
make Seller’s title marketable
after diligent effort, Seller fails, refuses or
neglects to perform this Contract, Buyer may
choose to receive a return of Buyer’s deposit
without waiving the right to seek
damages or to seek specific performance as per Paragraph 14. Seller will also be liable to Broker
for the full
amount of the brokerage fee. (b) Buyer
Default: If Buyer fails
to perform this Contract within the time specified, including timely payment of all deposits, Seller may choose to retain and
collect all
deposits paid and agreed to be paid as liquidated damages or to seek
specific performance as per Paragraph 14; and
Broker will, upon demand, receive 50% of all deposits paid and agreed to be paid (to be split equally among Brokers) up to the
full amount of the brokerage fee.

14. DISPUTE
RESOLUTION: This
Contract will be construed under Florida law. All controversies, claims, and
other matters in question arising out
of or relating to this transaction or this Contract or its breach will be settled as
follows:

(a) Disputes concerning entitlement to deposits made and agreed to be made:
Buyer and Seller will have 30 days from the date conflicting demands are made to attempt to
resolve the dispute through mediation. If
that fails, Escrow Agent will submit the dispute, if so required by Florida
law, to Escrow Agent’s choice of arbitration, a Florida court or the Florida Real Estate Commission (“FREC”). Buyer
and Seller
will be bound by any resulting award, judgment or order. A broker’s
obligation under Chapter 475, FS and the FREC rules to timely notify the FREC
of an escrow dispute and timely resolve
the escrow dispute through mediation, arbitration, interpleader, or an escrow disbursement
order, if the broker so chooses, applies only to brokers and does not
apply to title companies, attorneys or other escrow companies.

(b) All other disputes: Buyer and Seller will
have 30 days from the date a dispute arises between them to attempt to resolve the matter through mediation, failing which
the parties will resolve the dispute through neutral binding arbitration in the county where the Property is located. The
arbitrator may not alter the Contract terms or award any remedy not provided for in this Contract. The
award will be based on the greater weight of the evidence and will state findings of fact and the contractual
authority on which it is based, If the parties agree to use discovery, it will be in accordance with the Florida Rules of Civil
Procedure and the arbitrator will resolve all discovery-related disputes. Any disputes with a real estate licensee
named in Paragraph 17 will be
submitted to arbitration only if the licensee’s
broker consents in writing to become a party to the proceeding. This clause will survive closing.

(c) Mediation and
Arbitration; Expenses: “Mediation” is a
process in which parties attempt to resolve a dispute by submitting it to an
impartial mediator who facilitates the resolution of the dispute but who is not
empowered to impose a settlement on
the parties. Mediation will be in accordance with the rules of the American
Arbitration Association (“AAA”) or other mediator agreed on by the parties. The
parties will equally divide the mediation fee, if any. “Arbitration” is a
process in which the parties resolve a dispute by a hearing before a
neutral person who decides the matter and whose decision is binding on the parties. Arbitration will be in
accordance with the rules of the AAA or other arbitrator agreed on by the
parties. Each party to any arbitration
will pay its own fees, costs and expenses, including attorneys’ fees, and will
equally split the arbitrators’ fees and administrative fees of
arbitration. In a civil action to enforce an arbitration award, the prevailing
party to the arbitration shall be entitled to recover from the nonprevailing
party reasonable attorneys’ fees, costs and expenses. 

     Buyer ( ) and
Seller ( ) 

ESCROW AGENT
AND BROKER

15. ESCROW AGENT:
Buyer and Seller authorize Escrow Agent to receive, deposit and hold funds and other items
in escrow
and, subject to clearance, disburse them upon proper authorization and in
accordance with Florida law and the terms of this Contract, including
disbursing brokerage fees. The parties agree that Escrow Agent will not be
liable to any person for misdelivery of
escrowed items to Buyer or Seller, unless the misdelivery is
due to Escrow Agent’s willful breach of this SOS Contract or gross negligence. If Escrow Agent interpleads the subject
matter of the escrow, Escrow Agent will pay the filing fees and costs
from the deposit and will recover reasonable attorneys’ fees and costs to be
paid from the escrowed funds or equivalent and charged and
awarded as court costs in favor of the prevailing party. All claims against Escrow Agent will be arbitrated, so long as Escrow Agent
consents to arbitrate.

16. PROFESSIONAL
ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller
to verify all facts and representations that are important to them and to consult an appropriate professional
for legal advice (for example, interpreting contracts, determining the effect
of laws on the Property and transaction, status of title, foreign investor
reporting requirements, the effect of property lying
partially or totally seaward of the Coastal Construction Control Line, etc.)
and for tax, property condition, environmental and other specialized
advice. Buyer acknowledges that Broker does not reside in the Property and that all
representations (oral, written or otherwise) by Broker are based on Seller representations or public records. Buyer agrees
to rely solely on Seller, professional
inspectors and governmental agencies for verification of the Property condition and facts that materially affect Property
value. Buyer and Seller respectively will pay all
costs and expenses, including reasonable attorneys’ fees at all levels, incurred by
Broker
and Broker’s officers, directors, agents and employees in connection with or arising from Buyer’s or
Seller’s misstatement or failure to perform contractual obligations. Buyer and Seller
hold harmless and release Broker and Broker’s officers,
directors, agents and employees from all liability for loss or damage based on (1) Buyer’s or Seller’s
misstatement or failure to perform contractual
obligations; (2) Broker’s performance, at Buyer’s and/or Seller’s
request, of any task beyond the scope of services
regulated by Chapter 475, F.S., as amended, including
Broker’s referral, recommendation or retention of any vendor; (3) products or
services provided by any vendor; and (4) expenses incurred
by any vendor. Buyer
and Seller each assume full responsibility for selecting and compensating their respective vendors. This paragraph will
not relieve Broker of statutory obligations. For purposes of this
paragraph, Broker will be treated as a party to this Contract. This paragraph
will survive closing.

17. BROKERS: The licensee(s)
and brokerage(s) named below are collectively referred to as “Broker.” Instruction to Closing 
Agent: Seller and Buyer direct closing agent to disburse at closing the full amount of the
brokerage fees as specified in separate brokerage
agreements with the parties and cooperative agreements between the brokers,
except to the extent Broker has retained such
fees from the escrowed funds. In the absence of such brokerage agreements,
closing agent will disburse brokerage fees as indicated below. This
paragraph will riot be used to modify any MLS or other offer of compensation made by Seller or listing broker to
cooperating brokers, 

	
 

	
 

	
 

	
Selling Sales Associate/License No. N/A 

	
 

	
 Listing Firm Sales Associate/License No. N/A   

	
 

	
Selling Firm/Brokerage Fee: ($ or % of Purchase Pose) N/A   

	
 

	
Listing Firm/Brokerage Fee: ($ or % of Purchase Price) N/A   

ADDITIONAL TERMS

18. ADDITIONAL TERMS:

Buyer (__) and Seller (acknowledge receipt
of a copy of this page, which is Page 6 of 7 Pages,

          This is intended to be a legally binding
contract. If not fully understood, seek the advice of an attorney prior to
signing.

OFFER AND ACCEPTANCE

(Check if applicable:
Buyer received a written real
property disclosure statement from Seller before making this Offer.) Buyer offers
to purchase the Property on the above terms and conditions. Unless this
Contract is signed by Seller and a copy delivered to Buyer no
later than _____________________________ L l a.m.
..1-.1
p.m. on ____________________, this offer will be revoked and Buyer’s deposit
refunded subject to clearance of funds.

COUNTER OFFER/
REJECTION

Li Seller counters
Buyer’s offer
(to accept the counter offer, Buyer must sign or initial the
counter offered terms and deliver a copy of the acceptance
to Seller. Unless
otherwise stated, the time for acceptance of any counteroffers shall be 2 days
from the date the counter is delivered. Seller rejects Buyer’s offer.

	
 

	
 

	
 

	
 

	
Date: 2/25/2007

	
 

	
Buyer:

	
/s/ Julius Jackson

	
 

	
 

	
 

	

	
 

	
 

	
Print name:

	
Julius Jackson, President

	
 

	
 

	
Buyer: See above 

	
Date: 2/25/2007 

	
 

	
Print name: See above 

	
Phone: N/A 

	
 

	
Address: 2825 N, 10th street, st, Augustine Florida 32084 

	
Fax: N/A 

	
 

	
 

	
E-mail: N/A 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Date:
  2/25/2007

	
 

	
Seller:

	
/s/ Cameron Jacobs

	
 

	
 

	
 

	

	
 

	
 

	
Print name:

	
Cameron Jacobs

	
 

	
 

	
 

	
 

	
 

	
 

	
Seller: See above 

	
Date: 2/25/2007 

	
 

	
Print
  name: See above 

	
Phone: N/A 

	
 

	
Address: st, Augustine, Florida 

	
Fax: N/A 

	
 

	
 

	
 

	
E-mail: N/A 

	
 

	
 

	
 

Effective Date: _______________ (The date on which the last party signed or initialed and delivered the
final offer or counteroffer.)

Buyer
(________) and Seller (_________) ( ) acknowledge receipt of a
copy of this page, which is Page 7 of 7 Pages,

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00150-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00150-of-00352.parquet"}]]