Document:

ex10_10.htm

                                                        Exhibit 10.10

 

 

 

 

	
FIXED TERM LEASE

 

COPYRIGHT 2003 LANDLORD.COM

	
Lang Estates

2067 North 21 Street

Independence KS 67301

This agreement is entered into on 12-09-14 (date) between Karl and Janet Lang                                          

 

DBA/ Lang Estates                                                                                                                                                      

hereinafter referred to as "landlord" and Virtual Sourcing, Inc. and their employees                                     

 

                                                                                                                                                                                        

 

                                                                                                                                                                                        

   [list the name of each and every occupant authorized to live in property], referred to as "tenant"

1. PREMISES. landlord rents to tenant those premises commonly known and referred to as

615 Washington                                                                                   (address). ______     ______ [APT. NO.]

Independence  KS                                                           [City/State]   67301                                       [Zip code]

for use and occupancy as a residence for aforestated individuals only. No other persons may occupy

the premises without the express written consent of landlord obtained in advance. Said tenancy shall

commence on .            12-19-14                           [date of commencement of tenancy] and continue for a 

period of  6 months [or such other period upon which the parties have agreed].

2. RENT. Tenant shall pay landlord rent in the amount of               600.00              per month in advance

on the FIRST DAY of each month as follows.

ALL RENT PAYMENTS ARE TO BE MADE TO:

                                         Lang Estates                                                                                                                         

                                    2067 N 21 Street                                      Suite/Apt. No.:                                                      

                                  Independence  KS                                       State/Zip           67301                                         

METHOD OF PAYMENT:

o Personal Check  o Cashier's or Certified Check  o Money Order  o Cash or  o Bank Draft o EFT/ATS

     o NO CASH IS ACCEPTED AT ANY TIME

 

DELIVERY METHOD (Select One):

o    1. Made in person and delivered to landlord (at the above address) between the hours of

          o 9:00 A.M. and 5:00 PM., Monday through Friday,

          o                       M. and .                           M., on the following days of the week;

 

                                                                                                                                                

 

o    2. By MAIL (to the above address) or

 

o    3. Other (describe);                                                                                                                                     

 

RENT PRORATlON Tenant shall pay landlord prorate rent in the amount of $        /           for the

period,         /                   to                   /                .

 

3.   LATE CHARGES. In the event the rent shall not be paid In full by the fifth day of the month, or in

the event that a check tendered for the rent shall be for any reason dishonored. then. in either of those

events. a late charge shall accrue in the amount of      $35.00     .[amount of late charge] which shall be

due and payable forthwith in addition to any rent unpaid.

 

                                                                                                                                               

           FIXED TERM LEASE AGREEMENT· COPYRIGHT 2003 LANDLORD.COM

  

  

  

4.           SECURITY DEPOSIT. Tenant has deposited with landlord the sum of $ 600.00   [amount of

security deposit] as and for a security deposit. Said deposit may be applied by landlord to any purpose

permitted by law and upon termination of this agreement accounted for according to law. No part of said

deposit shall be deemed a last month rent, or rent for any particular month, nor shall it be applicable to

any particular obligation arising out of this agreement at the request of tenant. In the event landlord shall,

in his discretion, use any portion of the deposit for a purpose permitted by law during the life of this

agreement, then tenant shall replenish the same to Its original amount upon written notice form landlord to

do so.

5.           UTILITIES. Tenant shall pay all utilities except      water, trash and sewer

[iist any utilities which are the responsibility of the landlord]. which shall be maintained by landlord.

6.           PARKING AND STORAGE. Tenant may occupy up to                               [number of parking spaces

assigned] off street parking spaces, designated in the parking and storage space assignment attached

hereto. Off street parking may not be used for storage or parking of unserviceable vehicles or for working

on vehicles. Any such use of off street parking shall be deemed a breach of this agreement. Such

storage space or facilities, if any, assigned to tenant in the parking and storage space assignment

attached hereto, is provided for tenant's use during the life of this agreement only. and shall promptly be

surrendered to the landlord upon termination of this agreement.

7.           ASSIGNMENT AND SUBLETTING. Tenant may not assign or sublet the whole or any part of the

premises rented to him hereunder.

8.           CONDITION OF PREMISES. Tenant has inspected the premises. including all appliances and

furnishing supplied therewith, and acknowledges the same to be in good order and repair. unless noted to

the contrary on landlord's copy of this agreement. Upon surrender cf possession of the premises by

tenant, tenant shall return the said premises and all appliances and furnishings supplied therewith clean

and in at least as good a condition as they were received by tenant. normal wear and tear excepted.

Burns, stains, holes, or tears of any size or kind in the carpeting, draperies. curtains, or walls shall not

constitute normal wear and tear. Tenant acknowledges that no representations have been made to him

by landlord with respect to landlord's intentions with respect to any improvements, alterations,

decorations, or repairs to the premises except as may otherwise be noted in this agreement.

9.           MAINTENANCE AND REPAIR. During the life of this agreement, tenant shall keep the premises

in clean and sanitary condition; dispose of all rubbish, garbage and waste promptly and in a clean and

sanitary manner; properly use and operate all electrical, gas and plumbing fixtures and keep the same in

clean condition; not permit any person in or about the premises with tenant's permission to deface,

damage or remove any part of the structure of the premises or the facilities, equipment or appurtenances

thereto, nor personally do such things; occupy and use the premises In accord with the purpose for which

they were rented to him. Tenant shall be responsible for all expenses In connection with any repairs

caused by tenant's failure to comply with the foregoing conditions Notwithstanding the foregoing. it is

landlord's obligation to maintain the premises In a habitable condition However, landlord is not

responsible for defective conditions caused by tenant's wrongful or negligent actions or inactions or those

of any person upon the premises with tenant's permission.

10.     USE OF PREMISES. The premises are rented to tenant for residential purposes only. Neither

tenant nor any person on the premises with his permission shall disturb, annoy. inconvenience or

 

                                                                                                                                               

           FIXED TERM LEASE AGREEMENT· COPYRIGHT 2003 LANDLORD.COM

  

  

  

endanger other tenants in the building, or neighbors, whether such neighbors are tenants of

landlord or not. Tenant shall perform no alternation or redecorations of the premises without

landlords prior written consent. Tenant shall comply with such Rules and Regulations,

pertaining to use of common areas and other things, as may be distributed or posted by

landlord from time to time. Failure to comply with such rules may be deemed a breach of this

agreement at the discretion of the landlord. Such rules and regulations are provided with this

agreement. Any alternations to such rules and regulations shall be deemed effective 30 days

after delivery to tenant.

11.    PETS. No pets shall be brought on to the premises without landlord's prior written consent

12.   MEGAN'S LAW NOTICE.

"Notice: The California Department of Justice, sheriff’s departments, police departments serving

jurisdictions of 200,000 or more and many other local law enforcement authorities maintain for public

access a data base of the locations of persons required to register pursuant to paragraph (1 j of

subdivision (a) of Section 290.4 of the Penal Code. The database IS updated on a quarterly basis and a

source of information about the presence of these individuals in any neighborhood. The Department of

Justice also maintains a Sex Offender Identification Line through which inquiries about individuals may be

made. This is a 900-telephone service. Callers must have specific information about individuals they

are checking. Information regarding neighborhoods is not available through the '900' -telephone service."

__________________ [initials of all tenants).

13.     LANDLORD'S ENTRY. Landlord may enter the premises for the purpose of inspecting the same,

or for any other purpose permitted by law, upon notice, under the provisions of applicable state law. Upon

proper notice, such entry may occur during normal business hours, or at any time in the case of

emergency, with or without the presence of tenant tenant shall not add or change any locks or security

devices on the premises without landlord's prior written consent and must, in the event of such change,

forthwith provide to landlord a key or keys.

 

14.     INSURANCE. Landlord will not insure tenant against any personal injury or property damage,

including that caused by an act or omission of any other tenant or third party. or by any criminal act or

activity, or any other cause whatsoever. Tenant is responsible for procuring::his own insurance.

 

15.     NOTICES. Service by landlord of any notice required or permitted by law upon any tenant

signatory to this agreement shall be deemed service upon all such tenant signatories.

 

16.     ABANDONMENT. The premises shall be deemed abandoned by tenant: if after a failure by

tenant to pay an installment of rent pursuant to the "RENT' paragraph .hereof or any portion thereof, for

any rental month, and after the date of service of a written notice on Tenant, pursuant to applicable state

law, demanding that tenant either pay the amount of rent then due or quit the premises. Tenant has been

absent from the premises for a period of 14 consecutive days and tenant has neither contacted landlord

in person nor cured said rent default.

 

17.     PERSONAL PROPERTY LEFT ON PREMISES. After tenant vacates the premises. landlord

may store any personal property left behind for a period of 30 days. If tenant fails to pick up said property

within that time, during which time landlord shall surrender the same to tenant cost free, such property,

regardless of its value, shall become the property of the landlord and may be retained by him or disposed

of as landlord sees fit.

 

                                                                                                                                               

           FIXED TERM LEASE AGREEMENT· COPYRIGHT 2003 LANDLORD.COM

  

  

  

18.           ATTORNEY FEES. In the event of the institution of any proceedings to enforce this agreement or

any part thereof, the prevailing party In such proceeding shall be entitled to a reasonable attorney fee.

 

 

19.           WAIVER, landlord's failure ,require strict compliance with the conditions of this agreement

to exercise any right provided herein, shall not be deemed a waiver by landlord of such condition or right

Landlord's acceptance of rent with knowledge of any default under this agreement by tenant shall not be

deemed a waiver of such default, nor shall it limit landlord's rights With respect to that or any subsequent

default,

20.           WILLFUL HOLDING OVER. If  tenant willfully and maliciously remains in possession of the

premises after expiration or termination of the tenancy, landlord may recover up to six hundred dollars

statutory damages In addition to any other remedy permitted by law for such withholding of possession.

21           SERVICE OF NOTICES. Notices, demands and service of process may be served on landlord

by service on the following individual at the following address during normal business hours

 

                                                                                                                                                                                         

[name and address of person authorized to accept service which may be the landlord himself].

22.           PARTIES. For the purposes of this agreement. the term "landlord" Includes the owner and any

other person acting upon his behalf With his authorization. The term "tenant" includes al! persons

designated as such in this agreement. The use of the term “landlord” or “tenant" herein shall refer to all

such, regardless of number or gender.

23.           SEVERABILITY. If any provision, or pan thereof, shall be declared invalid. said invalidity shall

not affect the balance of such provision, or any other provision hereof.

24.           WHOLE AGREEMENT, This document, including all attachments hereto, constitutes the entire

agreement between the parties and supersedes any oral or written representations o' agreements that

may have been made by either party, Tenant represents that he has relied solely on his own judgment.

experience, and expertise in entering into thiS agreement with landlord.

25           APPLICATION TO RENT. Tenant has submitted an application to rent as an inducement to

landlord to enter into this agreement. Landlord and tenant agree that landlord has relied upon the

statements made in such application in making the decision to enter into this agreement. The application

to rent is attached hereto and made a part hereof. Any material misrepresentation contained in said

application shall constitute a non-curable breach of a material term of this agreement and may, in the

landlord's discretion, be a ground termination of this agreement,

	
Date:

	
12/9/14

	  	
   /s/ Mario Farone

	 
	  	  	  	
Tenant's Signature

	 
	  	  	  	  	 
	
Date:

	  	  	  	 
	  	  	  	
Tenant's Signature

	 
	  	  	  	  	 
	
Date:

	  	  	  	 
	  	  	  	
Tenant's Signature

	 
	  	  	  	  	 
	
Date:

	  	  	  	 
	  	  	  	
Tenant's Signature

	 
	  	  	  	  	 
	
Date:

	  	  	  	 
	  	  	  	
Tenant's Signature

	 
	  	  	  	  	 
	
Date:

	  	  	  	 
	  	  	  	
Tenant's Signature

	 
	  	  	  	  	 
	
Date:

	
12/9/14

	  	
   /s/ Janet Lang

	 
	  	  	  	
Landlord/Agent’s Signature

	 

 

                                                                                                                                               

           FIXED TERM LEASE AGREEMENT· COPYRIGHT 2003 LANDLORD.COM

 

  

  

  

 

 

Scanned Original Executed Lease below.ex10_11.htm

Exhibit 10.11

 

CONVERTIBLE PROMISSORY NOTE

September 24, 2014

	
$25,000.00

FOR VALUE RECEIVED, the undersigned corporation (the “Company”), promises to pay to RLS Premiere Financial LLC, 2890 Ambleside Court, Oakland Township, MI 48306, a Michigan limited liability company (the “Lender”) the principal sum of Twenty-five Thousand Dollars ($25,000.00) and interest at the annual rate of six percent (6%) on the unpaid balance pursuant to the following terms:

 

1.           Principal and Interest.  For value received, the Company hereby promises to pay to the order of the Lender in lawful money of the United States of America and in immediately available funds the principal sum of Twenty-five Thousand Dollars ($25,000.00), together with interest on the unpaid principal of this note at the rate of six percent (6%) per year (computed on the basis of a 365-day year and the actual days elapsed) from the date of this Promissory Note (the “Note”) until paid.

 

2.           Principal and Interest Payments.  All principal and accrued interest shall be due and payable six months from the date of this Note, in shares or cash at the discretion of the Lender; provided, however, in the event that the Company receives any financing from any other source all proceeds received in connection with any such financing shall be paid to the Lender until such time that all outstanding principal and accrued interest has been paid to the Lender. All payment amounts shall be first applied to interest, if any, and then to the balance to principal.

 

3.           Conversion.

 

(a)           Notwithstanding the above, in no event shall the Lender (or its Assignee(s)) be entitled to convert any portion of this Note debt in excess of that  portion of  this debt upon conversion of which the sum of (I) the number of shares of Common Stock beneficially owned by the Lender and its affiliates and (2) the  number of shares of Common Stock issuable upon the conversion of the portion of this debt with respect to which the determination of this provision is being made, would result in beneficial ownership by the Lender and its affiliates of more than 4.9% of the outstanding shares of Common Stock. For purposes of the provision to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13 (d) of the Securities Exchange Act of 1934, as amended, and Regulations 130-G thereunder.

 (b)           At any time, any amount of the unpaid Principal Amount (the “Conversion Amount”) may be converted into restricted shares of Common Stock of the Company equal to the result of (i) the Conversion Amount, divided by $1.00 providing the share price at conversion is above $1.00 otherwise the conversion price shall be at the closing share price the day prior to the receipt of the conversion notice by the Company.

  

 

  

 (c)           In the event that the Principal Amount on this Note is converted into Common Stock in accordance with the terms of this Section 3, the Company shall promptly issue to the Noteholder a certificate representing the shares of Common Stock into which the obligations of the Company under this Note have been converted, which certificate shall bear restrictive legends restricting the transfer of such certificate or the shares of Common stock represented thereby, unless otherwise contemplated.

(d)           No certificates representing fractional shares of Common Stock shall be issued to Noteholder upon conversion of principal due hereunder into Common Stock, no dividend or distribution of the Company shall relate to fractional share interests and such fractional share interests will not entitle the Noteholder to vote or to any rights as a stockholder of the Company.  The Noteholder shall pay to Company cash in lieu of any fractional shares of Common Stock resulting from conversion of any principal due hereunder, concurrently with the issuance to Noteholder of the Common Stock to which such fractional shares relate.

4.           Waiver and Consent.  To the fullest extent permitted by law and except as otherwise provided herein, the Company waives demand, presentment, protest, notice of dishonor, suit against or joinder of any other person, and all other requirements necessary to charge or hold the Company liable with respect to this Note.

 

5.           Costs, Indemnities and Expenses.  In the event of default as described herein, the Company agrees to pay all reasonable fees and costs incurred by the Lender in collecting or securing or attempting to collect or secure this Note, including reasonable attorneys’ fees and expenses, whether or not involving litigation, collecting upon any judgments and/or appellate or bankruptcy proceedings.  The Company agrees to pay any documentary stamp taxes, intangible taxes or other taxes which may now or hereafter apply to this Note or any payment made in respect of this Note, and the Company agrees to indemnify and hold the Lender harmless from and against any liability, costs, attorneys’ fees, penalties, interest or expenses relating to any such taxes, as and when the same may be incurred.

 

6.           Concerning the Shares  In the event Company files a registration statement under the Securities Act of 1933, as amended, with respect to shares of the common shares received by Seller, prior to one year after the signing of this agreement, on a form appropriate for registering shareholders' common stock after conversion from preferred, Company shall give written notice to shareholders prior to filing, and shareholders shall have the right to request to have included such shares of Company common stock as shall be specified in the request; provided, however, that the inclusion of the shares shall not interfere with Buyer registration of its shares and that in no event shall Company be obligated (i) to file a registration statement at any time other than during the period ended March 31, 2015,  or (ii) to keep the prospectus with respect to the stock current for more than 30 days after the effective date of the registration statement; and provided, further, that all shares sold pursuant to the registration statement are effected within the 30 day period.  If Lender or its designees do not make a request for registration within 20 days after receipt of notice from Company, Company shall have no obligation to include any shares of Company common stock owned by Lender or its designees in the registration statement.

 

  

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7.           Event of Default.  An “Event of Default” shall be deemed to have occurred upon the occurrence of any of the following: (i) the Company should fail for any reason or for no reason to make any payment of the principal, interest, costs, indemnities, or expenses pursuant to this Note within ten (10) days of the date due as prescribed herein; (ii) any default, whether in whole or in part, in the due observance or performance of any obligations or other covenants, terms or provisions to be performed by the Lender under this Note or any other related agreements hereunder between the Company and the Lender of even date herewith which is not cured by the Company by any applicable cure period therein, or (iii) the Lender shall:  (1) make a general assignment for the benefit of its creditors; (2) apply for or consent to the appointment of a receiver, trustee, assignee, custodian, sequestrator, liquidator or similar official for itself or any of its assets and properties; (3) commence a voluntary case for relief as a debtor under the United States Bankruptcy Code; (4) file with or otherwise submit to any governmental authority any petition, answer or other document seeking:  (A) reorganization, (B) an arrangement with creditors or (C) to take advantage of any other present or future applicable law respecting bankruptcy, reorganization, insolvency, readjustment of debts, relief of debtors, dissolution or liquidation; (5) file or otherwise submit any answer or other document admitting or failing to contest the material allegations of a petition or other document filed or otherwise submitted against it in any proceeding under any such applicable law, or (6) be adjudicated a bankrupt or insolvent by a court of competent jurisdiction.  Upon an Event of Default (as defined above), the entire principal balance and accrued interest outstanding under this Note, and all other obligations of the Company under this Note, shall be immediately due and payable without any action on the part of the Lender, interest shall accrue on the unpaid principal balance at twenty-four percent (24%) per year or the highest rate permitted by applicable law, if lower, and the Lender shall be entitled to seek and institute any and all remedies available to it.

 

8.           Maximum Interest Rate.  In no event shall any agreed to or actual interest charged, reserved or taken by the Lender as consideration for this Note exceed the limits imposed by Nevada law.  In the event that the interest provisions of this Note shall result at any time or for any reason in an effective rate of interest that exceeds the maximum interest rate permitted by applicable law, then without further agreement or notice the obligation to be fulfilled shall be automatically reduced to such limit and all sums received by the Lender in excess of those lawfully collectible as interest shall be applied against the principal of this Note immediately upon the Lender’s receipt thereof, with the same force and effect as though the Company had specifically designated such extra sums to be so applied to principal and the Lender had agreed to accept such extra payment(s) as a premium-free prepayment or prepayments.

 

9.           Cancellation of Note. Upon the repayment by the Company of all of its obligations hereunder to the Lender, including, without limitation, the principal amount of this Note, plus accrued but unpaid interest, the indebtedness evidenced hereby shall be deemed canceled and paid in full.  Except as otherwise required by law or by the provisions of this Note, payments received by the Lender hereunder shall be applied first against expenses and indemnities, next against interest accrued on this Note, and next in reduction of the outstanding principal balance of this Note.

 

  

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10.           Severability.  If any provision of this Note is, for any reason, invalid or unenforceable, the remaining provisions of this Note will nevertheless be valid and enforceable and will remain in full force and effect.  Any provision of this Note that is held invalid or unenforceable by a court of competent jurisdiction will be deemed modified to the extent necessary to make it valid and enforceable and as so modified will remain in full force and effect.

 

11.           Amendment and Waiver.  This Note may be amended, or any provision of this Note may be waived, provided that any such amendment or waiver will be binding on a party hereto only if such amendment or waiver is set forth in a writing executed by the parties hereto.  The waiver by any such party hereto of a breach of any provision of this Note shall not operate or be construed as a waiver of any other breach.

 

12.           Successors.  Except as otherwise provided herein, this Note shall bind and inure to the benefit of and be enforceable by the parties hereto and their permitted successors and assigns.

 

13.           Assignment.  This Note shall not be directly or indirectly assignable or delegable by the Company.  The Lender may assign this Note as long as such assignment complies with the Securities Act of 1933, as amended.

 

14.           No Strict Construction.  The language used in this Note will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

 

15.           Further Assurances.  Each party hereto will execute all documents and take such other actions as the other party may reasonably request in order to consummate the transactions provided for herein and to accomplish the purposes of this Note.

 

16.           Notices, Consents, etc.  Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing and will be deemed to have been delivered:  (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) trading day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same.  The addresses and facsimile numbers for such communications shall be:

 

If to Company:                                           Address listed on the Pink Sheets website

If to the Lenders:                                           As in paragraph one

or at such other address and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3) trading days prior to the effectiveness of such change.  Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender's facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

  

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17.           Remedies, Other Obligations, Breaches and Injunctive Relief.  The Lender’s remedies provided in this Note shall be cumulative and in addition to all other remedies available to the Lender under this Note, at law or in equity (including a decree of specific performance and/or other injunctive relief), no remedy of the Lender contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy and nothing herein shall limit the Lender’s right to pursue actual damages for any failure by the Company to comply with the terms of this Note.  No remedy conferred under this Note upon the Lender is intended to be exclusive of any other remedy available to the Lender, pursuant to the terms of this Note or otherwise.  No single or partial exercise by the Lender of any right, power or remedy hereunder shall preclude any other or further exercise thereof.  The failure of the Lender to exercise any right or remedy under this Note or otherwise, or delay in exercising such right or remedy, shall not operate as a waiver thereof.  Every right and remedy of the Lender under any document executed in connection with this transaction may be exercised from time to time and as often as may be deemed expedient by the Lender.  The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Lender and that the remedy at law for any such breach may be inadequate.  The Company therefore agrees that, in the event of any such breach or threatened breach, the Lender shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, and specific performance without the necessity of showing economic loss and without any bond or other security being required.

 

18.           Governing Law; Jurisdiction. THIS NOTE SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEVADA APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS.  THE BORROWER HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEVADA WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS NOTE, THE AGREEMENTS ENTERED INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING.  BOTH PARTIES FURTHER AGREE THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT OR PROCEEDING.  NOTHING HEREIN SHALL AFFECT EITHER PARTY’S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.  BOTH PARTIES AGREE THAT A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER.  THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING UNDER THIS NOTE SHALL BE RESPONSIBLE FOR ALL FEES AND EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH SUCH DISPUTE.

 

  

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19.           No Inconsistent Agreements.  None of the parties hereto will hereafter enter into any agreement, which is inconsistent with the rights granted to the parties in this Note.

 

20.           Third Parties.  Nothing herein expressed or implied is intended or shall be construed to confer upon or give to any person or entity, other than the parties to this Note and their respective permitted successor and assigns, any rights or remedies under or by reason of this Note.

 

21.           Waiver of Jury Trial.  AS A MATERIAL INDUCEMENT FOR THE LENDER TO LOAN TO THE COMPANY THE MONIES HEREUNDER, THE COMPANY HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS AGREEMENT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH THIS TRANSACTION.

 

22.           Entire Agreement.  This Note (including any recitals hereto) set forth the entire understanding of the parties with respect to the subject matter hereof, and shall not be modified or affected by any offer, proposal, statement or representation, oral or written, made by or for any party in connection with the negotiation of the terms hereof, and may be modified only by instruments signed by all of the parties hereto.

 

[REMAINDER OF PAGE INTENTIONALY LEFT BLANK]

  

6

  

 

IN WITNESS WHEREOF, this Promissory Note is executed by the undersigned as of September 24, 2014.

	
Virtual Sourcing, Inc.

	 
	  	  	 
	  	  	 
	
By:

	
/s/ Mario Faraone

	 
	  	
Mario Faraone

	 
	  	
Chairman

	 

 

Acknowledged and Agreed to:

NOTE HOLDER:

	
RLS Premiere Financial LLC

	 
	  	  	 
	  	  	 
	  	  	 
	
By:

	
 /s/ Robert L Sanders

	 
	  	
Robert L Sanders, Managing Member

	 
	  	  	 

 

 

  

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EXHIBIT A

NOTICE OF HOLDER CONVERSION – September 24, 2014Note

(To be Executed by the Registered Holder in order to Convert the Note)

The undersigned hereby elects to convert the attached Convertible Note into restricted trading shares of common stock (the “Common Stock”), of Virtual Sourcing, Inc. (the “Company”) according to the conditions hereof, as of the date written below. No fee will be charged to the holder for any conversion, except for such transfer taxes, if any.

Conversion request:

                 ___________

Date to Effect Conversion

                                                            _______________

Number of Restricted shares of Common Stock to be Issued

 

_________       _ _______

Principal Amount Converted

 

___________      _______

Applicable Conversion Price

 

 

Taxpayer ID#                       _

WE HEREIN CERTIFY that RLS Premiere Financial LLC does not and will not own more than five percent (5%) or more of the Company’s Common Stock after the above conversion.

	  	  	 
	
By:

	
 /s/ Robert L Sanders

	 
	  	
Robert L Sanders, Managing Member

	 
	  	  	 

  

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