Document:

Exhibit 10.8

 

Lawson
Software, Inc.

 

Notice of
Amendment of “Out-Of-The Money” Stock Options

Held by
Officers Subject to Section 16 of the Securities Exchange Act as of June 1,
2005

(extending exercise period after termination of employment)

 

To:                              Each
Officer of Lawson Software, Inc. (“Lawson”) who is subject to the
reporting requirements of Section 16 of the Securities Exchange Act as of June 1,
2005 (individually a “Section 16 Reporting Officer”)

 

By
approval of the Board of Directors of Lawson on June 1, 2005, and
notwithstanding any provision to the contrary contained in any stock option
agreement or grant notice:

 

each respective option to purchase common stock of
Lawson that is outstanding as of June 1, 2005 (whether or not vested) and
previously granted to a Section 16 Reporting Officer under Lawson’s 1996
Stock Incentive Plan or Lawson’s 2001 Stock Incentive Plan, and that has an
exercise price per share greater than or equal to $5.95 (the closing price per
share on Nasdaq (symbol:  LWSN) as of June 1,
2005) (the “Out-Of-The-Money Options”) is hereby amended effective June 1,
2005 as follows:

 

each of the respective Out-Of-The-Money Options
that is unexercised and vested as of the respective date of termination of
employment of each Section 16 Reporting Person may be exercised until the
earlier of:  (a) two years after
termination of employment or (b) ten years after the date of grant.     ,

 

Stock
options previously granted to any Section 16 Reporting Person with an
exercise price per share that is less than $5.95 are not amended by this
Notice.

 

 

	
   

  	
  By Order of the Board of Directors

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Bruce B. McPheeters

  	
   

  
	
   

  	
  Bruce B.
  McPheeters,

  
	
   

  	
  Corporate
  Secretary

  

 

 

Lawson
Software, Inc.

 

Notice of
Amendment of All Stock Options

Held by
Non-Employee Directors as of June 1, 2005

(eliminating Lawson call right and extending exercise period
after resignation)

 

To:                              Each
Non-Employee Director of Lawson Software, Inc. (“Lawson”) as of June 1,
2005 (individually a “Non-Employee Director”)

 

By
approval of the Board of Directors of Lawson on June 1, 2005, and
notwithstanding any provision to the contrary contained in any stock option
agreement or grant notice:

 

all respective options to purchase common stock of
Lawson that are outstanding as of June 1, 2005 (whether or not vested) and
previously granted to each respective Non-Employee Director, and regardless of
whether the exercise price per share is less than, equal to or greater than
$5.95 (the closing price per share on Nasdaq (symbol:  LWSN) as of June 1, 2005) (the “Non-Employee
Director Options”) is hereby amended effective June 1, 2005 as follows:

 

1.                                       all
Non-Employee Director Options shall be deemed fully vested as of June 1,
2005 and Lawson irrevocably waives any right to call and purchase any shares of
common stock issued or issuable upon exercise of those options; and

 

2.                                       all Non-Employee Director Options that are
unexercised as of the respective date of resignation as a director shall be
100% vested and may be exercised until the earlier of:  (a) two years after resignation as a
director or (b) ten years after the date of grant.

 

 

	
   

  	
  By Order of the Board of Directors

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Bruce B. McPheeters

  	
   

  
	
   

  	
  Bruce B.
  McPheeters,

  
	
   

  	
  Corporate
  SecretaryExhibit
10.1

 

ASSET
PURCHASE AGREEMENT

 

DATED
AS OF JUNE 1, 2005

 

By and
Among

 

MARKET
STREET MORTGAGE CORPORATION

(“Buyer”)

 

and

 

MAJOR
MORTGAGE

(“Seller”)

 

and

 

WERCS

(the “Shareholder”)

 

 

TABLE OF
CONTENTS

 

	
  ARTICLE I

  	
   

  	
  CERTAIN DEFINITIONS

  	
   

  
	
  1.1

  	
  Acquired Assets

  	
   

  
	
  1.2

  	
  Acquired Contracts

  	
   

  
	
  1.3

  	
  Acquisition

  	
   

  
	
  1.4

  	
  Affiliate

  	
   

  
	
  1.5

  	
  Agency

  	
   

  
	
  1.6

  	
  Agreement

  	
   

  
	
  1.7

  	
  Assumed Liabilities

  	
   

  
	
  1.8

  	
  Buyer

  	
   

  
	
  1.9

  	
  Claimed Amount

  	
   

  
	
  1.10

  	
  Claim Notice

  	
   

  
	
  1.11

  	
  Closing

  	
   

  
	
  1.12

  	
  Closing Date

  	
   

  
	
  1.13

  	
  Contact Data

  	
   

  
	
  1.14

  	
  Disclosure Schedule

  	
   

  
	
  1.15

  	
  Division

  	
   

  
	
  1.16

  	
  Division Data

  	
   

  
	
  1.17

  	
  Encumbrance

  	
   

  
	
  1.18

  	
  Environmental,
  Health, and Safety Requirements

  	
   

  
	
  1.19

  	
  Excluded Assets

  	
   

  
	
  1.20

  	
  Filings and consent
  solicitations

  	
   

  
	
  1.21

  	
  Financial Information

  	
   

  
	
  1.22

  	
  Injunction

  	
   

  
	
  1.23

  	
  Investor

  	
   

  
	
  1.24

  	
  Leases

  	
   

  
	
  1.25

  	
  Legal Proceedings

  	
   

  
	
  1.26

  	
  Loss

  	
   

  
	
  1.27

  	
  Material Adverse Effect

  	
   

  
	
  1.28

  	
  Mortgage Loan

  	
   

  
	
  1.29

  	
  Operating Information

  	
   

  
	
  1.30

  	
  Party and/or Parties

  	
   

  
	
  1.31

  	
  Person

  	
   

  
	
  1.32

  	
  Pipeline Loans

  	
   

  
	
  1.33

  	
  Regulations

  	
   

  
	
  1.34

  	
  Representations
  and Warranties Expiration Date

  	
   

  
	
  1.35

  	
  Seller

  	
   

  
	
  1.36

  	
  Shareholder

  	
   

  
	
  1.37

  	
  Tangible Assets

  	
   

  
	
  1.38

  	
  Taxes

  	
   

  
	
  1.39

  	
  Transferred Employees

  	
   

  
	
  1.40

  	
  Unresolved Claims

  	
   

  
	
  1.41

  	
  Welfare Benefits

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  	
  THE ACQUISITION

  	
   

  

 

i

 

	
  2.1

  	
  The Acquisition

  	
   

  
	
  2.2

  	
  Purchase Price

  	
   

  
	
  2.3

  	
  Employment Agreements

  	
   

  
	
  2.4

  	
  Proration

  	
   

  
	
  2.5

  	
  Taxes and Expenses

  	
   

  
	
  2.6

  	
  Allocation

  	
   

  
	
  2.7

  	
  Closing

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
  REPRESENTATIONS
  AND WARRANTIES OF THE SHAREHOLDER AND SELLER

  	
   

  
	
  3.1

  	
  Organization

  	
   

  
	
  3.2

  	
  Authority; No Violation

  	
   

  
	
  3.3

  	
  Consents and Approvals

  	
   

  
	
  3.4

  	
  Financial Information

  	
   

  
	
  3.5

  	
  No Material Adverse Change

  	
   

  
	
  3.6

  	
  Legal Proceedings

  	
   

  
	
  3.7

  	
  Material Contracts

  	
   

  
	
  3.8

  	
  Taxes

  	
   

  
	
  3.9

  	
  Employee Benefits

  	
   

  
	
  3.10

  	
  Ownership of Property

  	
   

  
	
  3.11

  	
  Brokers and Finders

  	
   

  
	
  3.12

  	
  Licenses and Qualifications

  	
   

  
	
  3.13

  	
  Compliance

  	
   

  
	
  3.14

  	
  Environmental Matters

  	
   

  
	
  3.15

  	
  Employment Contracts

  	
   

  
	
  3.16

  	
  Inquiries

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  	
  REPRESENTATIONS
  AND WARRANTIES OF BUYER

  	
   

  
	
  4.1

  	
  Organization

  	
   

  
	
  4.2

  	
  Authority; No Violation

  	
   

  
	
  4.3

  	
  Consents and Approvals

  	
   

  
	
  4.4

  	
  Brokers and Finders

  	
   

  
	
  4.5

  	
  Legal Proceedings

  	
   

  
	
  4.6

  	
  Availability of Funds

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  	
  PRE-CLOSING
  COVENANTS

  	
   

  
	
  5.1

  	
  Commercially Reasonable
  Efforts

  	
   

  
	
  5.2

  	
  Conduct Prior to Closing

  	
   

  
	
  5.3

  	
  Access to Properties
  and Records

  	
   

  
	
  5.4

  	
  Filings and Consent

  	
   

  
	
  5.5

  	
  Press Releases

  	
   

  
	
  5.6

  	
  Supplements to
  Disclosure Schedule

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  	
  POST-CLOSING
  COVENANTS

  	
   

  
	
  6.1

  	
  Division Employees

  	
   

  
	
  6.2

  	
  No Solicitation

  	
   

  

 

ii

 

	
  6.3

  	
  Landlord
  Consents and Contract Consents

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  	
  CONDITIONS TO
  CLOSING

  	
   

  
	
  7.1

  	
  Conditions
  to Each Party’s Obligations under this Agreement

  	
   

  
	
  7.2

  	
  Additional
  Conditions to the Shareholder’s and the Seller’s Obligations under this
  Agreement

  	
   

  
	
  7.3

  	
  Additional
  Conditions to Buyer’s Obligations under this Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
   

  	
  INDEMNIFICATION

  	
   

  
	
  8.1

  	
  Indemnification
  by Seller and Shareholder

  	
   

  
	
  8.2

  	
  Indemnification by Buyer

  	
   

  
	
  8.3

  	
  Indemnification Claims

  	
   

  
	
  8.4

  	
  Materiality

  	
   

  
	
  8.5

  	
  Limitation

  	
   

  
	
  8.6

  	
  Buyer’s
  Remedies for Breach of Representations and Warranties Relating to Pipeline
  Loans

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
   

  	
  TERMINATION,
  WAIVER AND AMENDMENT

  	
   

  
	
  9.1

  	
  Termination

  	
   

  
	
  9.2

  	
  Effect of Termination

  	
   

  
	
  9.3

  	
  Amendment, Extension
  and Waiver

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
   

  	
  MISCELLANEOUS

  	
   

  
	
  10.1

  	
  Survival

  	
   

  
	
  10.2

  	
  Waiver of Jury Trial

  	
   

  
	
  10.3

  	
  Confidentiality

  	
   

  
	
  10.4

  	
  Expenses

  	
   

  
	
  10.5

  	
  Entire Agreement

  	
   

  
	
  10.6

  	
  Parties in Interest

  	
   

  
	
  10.7

  	
  Assignment

  	
   

  
	
  10.8

  	
  Notices

  	
   

  
	
  10.9

  	
  Captions

  	
   

  
	
  10.10

  	
  Counterparts

  	
   

  
	
  10.11

  	
  Governing Law

  	
   

  

 

iii

 

SCHEDULES

 

	
  SCHEDULE 1.1(a)

  	
  -

  	
  List of Tangible Property

  
	
  SCHEDULE 1.1(c)

  	
  -

  	
  List of Intangible Assets

  
	
  SCHEDULE 1.1(d)

  	
  -

  	
  List of Security Deposits for Office Leases

  
	
  SCHEDULE 1.1(e)

  	
  -

  	
  List of Prepaid Assets

  
	
  SCHEDULE 1.1(f)

  	
  -

  	
  Pipeline Loan Schedule

  
	
  SCHEDULE 1.2

  	
  -

  	
  List of Acquired Contracts

  
	
  SCHEDULE 1.16

  	
  -

  	
  List of Seller’s Offices Comprising the
  Division

  
	
  SCHEDULE 3

  	
  -

  	
  Seller Disclosure Schedule

  

 

iv

 

ASSET
PURCHASE AGREEMENT

 

THIS ASSET PURCHASE AGREEMENT (the “Agreement”), dated as of the 1st
day of June, 2005, is made by and among MARKET STREET MORTGAGE
CORPORATION, a Florida
corporation (“Buyer”), MAJOR MORTGAGE, a Wyoming corporation (“Seller”), and WERCS, a Wyoming
corporation (the “Shareholder”). 
Buyer, the Seller and the Shareholder are collectively referred to
herein as the “Parties” or individually as a “Party.”

 

Recitals

 

A.                                   Seller
is engaged in the business of providing residential mortgage services.  Seller and Shareholder have decided to sell
certain specified assets, and transfer certain specified liabilities, of Seller
in one or more transactions each of which is outside of the ordinary and
regular course of business of Seller.

 

B.                                     The
Shareholder owns all of the issued and outstanding capital stock of Seller.

 

C.                                     Buyer
is engaged in the business of providing residential mortgage services.

 

D.                                    In
exchange for the consideration set forth below, Seller desires to assign,
transfer and convey to Buyer, and Buyer desires to purchase from Seller certain
assets owned by Seller and used by Seller, and assume certain liabilities
incurred by Seller, in connection with Seller’s business of providing
residential mortgage services, on the terms and subject to the conditions
hereinafter stated.

 

All capitalized terms not otherwise defined herein have the meanings
ascribed to such terms in Article I of this Agreement.

 

Agreement

 

NOW, THEREFORE, in consideration of the Recitals, premises and of the
mutual covenants, agreements, representations and warranties herein contained,
the Parties agree as follows:

 

ARTICLE I

 

CERTAIN
DEFINITIONS

 

For purposes of this Agreement, except as otherwise expressly provided,
the terms defined in this Article I
have the meanings assigned to them in this Article I
and include the plural as well as the singular.

 

1.1                                 Acquired Assets.  All right, title, and interest of Seller as
of the Closing in and to Seller’s (a) Tangible Assets listed on Schedule 1.1(a), (b) certain data
related to the Division provided on tape or compact disk, (c) intangible
assets of the Division listed on Schedule 1.1(c),
(d) security deposits for office leases listed on Schedule 1.1(d), (e) prepaid
assets listed on

 

 

Schedule 1.1(e) (f) the
Pipeline Loans listed on Schedule 1.1(f),
and any and all fees and charges remitted by customers in connection
with such Pipeline Loans held in escrow, including, without limitation, any
application fees, appraisal fees, credit search fees, and other similar fees,
received from mortgagors, but only to the extent such fees have not been
utilized by Seller to obtain such services, and (g) all Acquired
Contracts.  In no case shall the Acquired
Assets include any Excluded Assets.

 

1.2                                 Acquired Contracts.  Those certain agreements, contracts, leases
and understandings listed on Schedule 1.2
which Seller shall assign and Buyer shall assume pursuant to the terms and
conditions of this Agreement, effective as of the Closing Date.

 

1.3                                 Acquisition.  The acquisition of the Acquired Assets and
the assumption of the Assumed Liabilities by Buyer.

 

1.4                                 Affiliate.  With respect to any Person, any Person
directly or indirectly controlling, controlled by, or under common control with
such other Person.  For purposes of this
definition, “control” (including with correlative meaning, the terms “controlled
by” and “under common control with”) as used with respect to any Person, means
the possession, directly or indirectly, of the legal authority to direct or cause
the direction of the management and policies of such Person, whether through
ownership of voting securities, by contract or other legal force.

 

1.5                                 Agency.  Federal Housing Administration, Department of
Veteran’s Affairs, Federal National Mortgage Association, Government National
Mortgage Association, Federal Home Loan Mortgage Corporation, United States
Department of Housing and Urban Development, Office of Thrift Supervision, any
state or federal agency with authority to regulate the business of Seller or
determine the investment or servicing requirements with regard to loans
originated by Seller, or any successors to any of the above, whether singularly
or en masse.

 

1.6                                 Agreement.  This Asset Purchase Agreement and all
schedules hereto, as the same may from time to time be amended or supplemented
by one or more instruments executed by the Parties.

 

1.7                                 Assumed Liabilities.  All of Seller’s obligations under the
Acquired Contracts arising on or after the Closing Date.  Buyer shall not assume or have any
responsibility with respect to any other obligation or liability of Seller not
included within this definition of Assumed Liabilities.

 

1.8                                 Buyer. 
Market Street Mortgage Corporation, a Florida corporation, and its
successors and permitted assigns.

 

1.9                                 Claimed
Amount.  As defined in Section 8.3(e).

 

1.10                           Claim Notice.  As defined in Section 8.3(e).

 

1.11                           Closing.  The closing with respect to the Acquisition.

 

1.12                           Closing Date.  The date and time of Closing as defined in Section 2.7.

 

2

 

1.13                           Contact Data.  As defined in Section 6.1(f).

 

1.14                           Disclosure Schedule.  The disclosure schedule of Seller
designated as Schedule 3
hereto, which is divided into sections to correspond to the subsections of Article III of this Agreement.

 

1.15                           Division.  The Seller’s office locations listed on Schedule 1.15 of this Agreement.

 

1.16                           Division Data.  As defined in Section 1.1.

 

1.17                           Encumbrance.  Any lien, pledge, security interest, claim,
charge, easement, restriction or encumbrance of any kind or nature whatsoever.

 

1.18                           Environmental, Health, and Safety Requirements.  All federal, state, local and foreign
statutes, regulations, ordinances and other provisions having the force or
effect of law, all judicial and administrative orders and determinations, all
contractual obligations and all common law concerning public health and safety,
worker health and safety, and pollution or protection of the environment,
including without limitation all those relating to the presence, use,
production, generation, handling, transportation, treatment, storage, disposal,
distribution, labeling, testing, processing, discharge, release, threatened
release, control, or cleanup of any hazardous materials, substances or wastes,
chemical substances or mixtures, pesticides, pollutants, contaminants, toxic
chemicals, petroleum products or byproducts, asbestos, radon, mold,
polychlorinated biphenyls, noise or radiation, each as amended and as in effect
on or before the Closing Date.

 

1.19                           Excluded Assets.  The following assets of Seller, which are
expressly excluded from the Acquired Assets: (a) the consideration
delivered by Buyer to Seller pursuant to this Agreement; (b) cash, cash
equivalents, notes receivable and securities; (c) all accounts receivable,
except those with respect to Pipeline Loans; (d) all corporate franchises,
articles of incorporation and similar documents, corporate seals, minute books
and other records of corporate proceedings; (e) all trade names,
trademarks, servicemarks and other rights to the names “Major,” “Major Mortgage”
and any derivative thereof; (f) all insurance policies and all claims,
refunds and credits from insurance policies due or to become due to Seller or
its affiliates accruing prior to the Closing Date; (g) all tax credits and
refunds due or to become due to Seller or its Affiliates; (h) loans in the
GMAC/RFC warehouse facility of Major Mortgage; and (i) all other assets
owned by Seller and not specifically included in the Acquired Assets.

 

1.20                           Filings and consent solicitations.  As defined in Section 5.4.

 

1.21                           Financial Information.  As defined in Section 3.5.

 

1.22                           Injunction.  As defined in Section 7.1(b).

 

1.23                           Investor.  Any Person (including any Agency) who is a
party (other than Buyer) to a commitment to purchase a Pipeline Loan.

 

1.24                           Leases. 
The real estate and/or equipment leases included in Schedule 1.15 for the Division
locations, together with security deposits and any leasehold improvements at
such properties.

 

3

 

1.25                           Legal Proceedings.  As defined in Section 3.6.

 

1.26                           Loss or Losses.  Any liability, loss, cost, damage, penalty,
fine, interest, obligation or out-of-pocket expense (including, without
limitation, reasonable attorneys’, accountants’, consultants’ or experts’ fees
and disbursements) actually incurred.

 

1.27                           Material Adverse Effect.  Any change or changes or effect or effects
that individually or in the aggregate is or may reasonably be expected to
result in a Loss that exceeds Fifty Thousand Dollars ($50,000) or is reasonably
expected to prevent or materially hinder a Party’s ability to perform its
obligations under this Agreement.

 

1.28                           Mortgage Loan.  Any closed mortgage loan or home equity line
of credit loan, whether for purchase of a one-to-four family residence or a
refinancing, whether or not such mortgage is included in a securitized
portfolio, as evidenced by notes or other evidences of indebtedness secured by
mortgages or deeds of trust.

 

1.29                           Operating Information.  As defined in Section 3.4.

 

1.30                           Party and/or Parties.  As defined in the preamble to this Agreement.

 

1.31                           Person.  Any individual, corporation, company, limited
liability company, partnership (limited or general), joint venture,
association, trust or other entity.

 

1.32                           Pipeline Loans.  Those pending applications with action that
has occurred in the 75 days preceding the Closing of customers of the Division,
as of the Closing Date, for Mortgage Loans to be secured by a first or second
priority mortgage lien on a one-to-four family residence which have not yet
resulted in a closed Mortgage Loan on the Closing Date.  These applications could either be “Locked”, the
interest rate on the Mortgage Loan has been established, or “Floating”, the
interest rate on the Mortgage Loan has not been established.

 

1.33                           Regulations.  (i) Federal, rules and regulations,
and to the extent applicable state and local laws, rules and regulations,
with respect to the origination, insuring, purchase, sale or filing of claims
in connection with a Pipeline Loan or Mortgage Loan, (ii) the
responsibilities and obligations set forth in any agreement between Seller and
an Investor or private mortgage insurer, and (iii) the laws, rules,
regulations, guidelines, handbooks and other published requirements of an
Investor, Agency, private mortgage insurer, public housing program or Investor
program, with respect to the origination, insuring, purchase, sale, or filing
of claims in connection with a Pipeline Loan or Mortgage Loan.

 

1.34                           Representations and Warranties Expiration Date.  As defined in Section 11.1.

 

1.35                           Seller.  Major Mortgage, a Wyoming corporation, and
its successors and permitted assigns.

 

1.36                           Shareholder.  WERCS, a Wyoming corporation, and its
successors and permitted assigns.

 

4

 

1.37                           Tangible Assets.  Tangible personal property, such as
furniture, fixtures, equipment, and computer hardware systems (excluding
software), which is owned by Seller as of the Closing Date and is listed on Schedule 1.1(a) as a Tangible
Asset.

 

1.38                           Taxes.  All taxes, charges, fees, levies, penalties
or other assessments imposed by any United States federal, state, local or
foreign taxing authority including, but not limited to, income, excise,
property, sales, transfer, franchise, payroll, gains, withholding, ad valorem,
social security or other taxes, including any interest, penalties or additions
attributable to such taxes.

 

1.39                           Transferred Employees.  As defined in Section 6.1(a).

 

1.40                           Unresolved Claims.  Any claim arising from a breach of any one or
more of a Party’s representations, warranties or covenants under this Agreement
or for any other matter subject to indemnification under Article VIII
that has not been fully resolved.

 

1.41                           Welfare Benefits.  As defined in Section 6.1(c).

 

ARTICLE II

 

THE
ACQUISITION

 

2.1                                 The Acquisition.  On the Closing Date, upon satisfaction in
full of each condition set forth in Article VII
of this Agreement or waiver by the appropriate Party of any such condition and
in consideration of payment of the Purchase Price, Buyer agrees to purchase
from Seller, and Seller agrees to sell, transfer and assign to Buyer all of the
Acquired Assets, and Buyer agrees further to assume and become responsible for
all of the obligations arising under the Assumed Liabilities on or after the
Closing Date.  Seller shall be
responsible for its obligations under the Acquired Contracts arising or
accruing prior to the Closing Date. 
Except as set forth herein, Buyer shall not assume or become liable or
obligated for any of Seller’s liabilities, obligations, debts, fines, contracts
(other than the Assumed Contracts) or other commitments of any kind or nature,
known or unknown, whether fixed or contingent, and whether arising under
contract, tort, statutes, ordinances, regulations, or otherwise.

 

2.2                                 Purchase Price.  In consideration for the Acquisition, Buyer
agrees to pay to Seller on the Closing Date, by wire transfer or other
immediately available funds the purchase price (the “Purchase Price”) which has
the following components:

 

(a)  The
net book value of the Acquired Assets as of the Closing Date.

 

(b)  Based upon Locked Pipeline as of the Closing Date, the
Buyer agrees to pay to the Seller twenty-five basis points (25 bps) on all of
the loans that close within sixty (60) days following Closing.

 

2.3                                 Employment Agreements.  Upon consummation of the Acquisition,
Buyer will enter into separate employment agreements with Bob McBride,
President of Seller, and certain members of his senior staff.  These employment agreements will be with certain
of Seller’s employees that both Buyer and Seller, in good faith, believe are
necessary and essential to the

 

5

 

on-going business of the Seller. 
The employment agreements will be for a term of 36 months and will
provide for covenants of non-competition during the 3 year term plus 12 months
thereafter.  Specific terms of the
employment agreements shall be as negotiated between Buyer and the employees.

 

2.4                                 Proration.  The Parties shall prorate and adjust as of
the Closing Date the pre-paid assets listed on Schedule 1.1(e) on a per diem basis as of the
Closing Date and any ad valorem taxes, including personal property taxes, and
assessments and other taxes, if any, on and with respect to the Acquired
Assets, with Seller remaining liable to the extent such relate to any time
period up to the Closing Date and Buyer being liable to the extent such taxes
relate to periods on and after the Closing Date.  In addition, Buyer agrees to credit Seller in
an amount equal to the security deposits for office leases listed on Schedule 1.1(d).  To the extent possible, the net amount of all
such prorations and credits will be settled in cash as of the Closing
Date.  If the actual expense of any of
the above items for the billing period during which said date falls is not
known on said date, the prorations shall be made based on the expense incurred
in the previous billing cycle, for expenses billed less often than quarterly,
and on the average expense incurred in the preceding three (3) billing
periods for expenses billed quarterly or more often.  To the extent that any income, checks, wire
transfers or other funds (for fees, commissions, deposits, etc.) are received
by either Buyer or Seller for periods relating to or for Mortgage Loans closed
on or after the Closing Date, each Party agrees to promptly pay or reimburse
the Party that incurred the expense for same or endorse such checks or funds to
such Party.

 

2.5                                 Taxes and Expenses.  Each Party will be responsible for its own
costs associated with the consummation of this Agreement, including but not
limited to broker, finder and investment banker fees, accounting expenses, and
consulting charges. All applicable Taxes, costs and fees relating to the
transfer of title to the Acquired Assets shall be paid one-half by Buyer and
one-half by the Seller.

 

2.6                                 Allocation.  The Parties agree to allocate the Purchase
Price among the Acquired Assets for tax purposes in accordance with an
allocation schedule agreed to by the Parties on or before the Closing
Date.

 

2.7                                 Closing.  The Closing shall occur by telephone with
deliveries of Closing documents by Federal Express, or in person at a mutually
convenient location, or by such other method as shall be mutually agreeable to
the Parties.  Any executed Closing
documents sent by a Party or its counsel to the other Party or its counsel
prior to Closing shall be held in escrow by such other Party or its counsel
until such executed documents are authorized to be released by an executive
officer of the sending Party or by the sending Party’s counsel.  The Closing shall occur on or before July 8,
2005 (the “Closing Date”), or such other time and/or date as shall be mutually
agreeable to the Parties.

 

ARTICLE III

 

REPRESENTATIONS
AND WARRANTIES OF THE SHAREHOLDER AND SELLER

 

The Shareholder and Seller, jointly and severally, hereby represent and
warrant to Buyer as of the date of this Agreement as follows:

 

6

 

3.1                                 Organization.  Seller is a corporation duly organized,
validly existing and in good standing under the laws of the state of Wyoming with
full corporate power and authority to own or lease the Acquired Assets and is
duly licensed or qualified to do business and is in good standing in each state
or jurisdiction where its ownership or leasing of the Acquired Assets requires
such licensing or qualification. 
Shareholder is a Wyoming corporation.

 

3.2                                 Authority; No Violation.

 

(a)  Each
of Seller and Shareholder has full corporate power and authority to execute and
deliver this Agreement and to consummate the transactions contemplated
hereby.  The execution and delivery of
this Agreement and the consummation of the transactions contemplated hereby
have been duly authorized by all requisite corporate action on the part of
Seller and the Shareholder and no other corporate proceedings on the part of
Seller or Shareholder are necessary to consummate the transactions contemplated
hereby.  This Agreement has been duly and
validly executed and delivered by the Shareholder and Seller and, assuming this
Agreement constitutes a valid and binding obligation of Buyer, it constitutes a
valid and binding obligation of the Shareholder and Seller, enforceable against
the Shareholder and Seller in accordance with its terms subject to applicable
bankruptcy, insolvency, and similar laws affecting creditors’ rights generally
and subject, as to enforceability, to general principles of equity whether
applied in a proceeding in equity or at law.

 

(b)  Neither
the execution and delivery of this Agreement by the Shareholder or Seller nor
the consummation by the Shareholder or Seller of the transactions contemplated
hereby, nor compliance by the Shareholder or Seller with any of the terms or provisions
hereof, will (i) conflict with or result in a breach of any provision of
the articles of incorporation or by-laws of Seller or the charter or bylaws of
Shareholder, or (ii) violate any statute, code, ordinance, rule,
regulation, judgment, order, writ, decree or injunction applicable to Seller or
the Shareholder or any of the Acquired Assets or violate, conflict with, result
in a breach of any provisions of, constitute a default (or an event which, with
notice or lapse of time, or both, would constitute a default) under, result in
the termination of, accelerate the performance required by, or result in a
right of termination or acceleration or the creation of any Encumbrance upon
any of the Acquired Assets under any of the terms, conditions or provisions of
any note, bond, mortgage, indenture, deed of trust, license, lease, agreement
or other instrument, or obligation to which Seller is a party, or by which
Seller or any of its properties or assets may be bound except, in the case of
this clause (ii), for such violations, conflicts, breaches, defaults,
terminations, accelerations or rights thereto or creations of any Encumbrance
which, either individually or in the aggregate, would not have a Material
Adverse Effect on the Acquired Assets.

 

3.3                                 Consents and Approvals.  Except as set forth in Section 3.3  of the Disclosure Schedule, no consents, permits, notices,
authorizations or approvals of, or filings or registrations with, any
governmental or regulatory authorities, government sponsored agencies or
corporations, Investors or other third parties are necessary to be obtained or
made by the Shareholder or Seller in connection with the execution and delivery
of this Agreement or the consummation of the transactions contemplated hereby.

 

7

 

3.4                                 Financial Information.  Section 3.4
of the Disclosure Schedule is
a true, complete and accurate copy of financial information delivered by Seller
to Buyer (collectively the “Operating Information”) related to the Division.  The Operating Information, other than value
of servicing, was derived from and is consistent with the financial books and
records of the Seller related to the Division which were prepared in accordance
with generally accepted accounting principles applied to mortgage lending or
the banking industry.  The value of servicing
was derived from internal servicing value tables used by Buyer in evaluating
the performance of the Division applied to all loans produced by the
Division.  The Operating Information
delivered to Buyer fairly presents the results of operations of Seller at the
Division for the periods covered by such statements, subject to (i) inclusion
of the value of servicing as if the servicing for all loans produced by the
Division had been sold to third parties at the internally assigned values, (ii) the
absence of a cash flow statement and statements of changes in stockholders
equity, (iii) the absence of footnote disclosure, and (iv) the effect
of financial support and overhead services provided by Shareholder.

 

3.5                                 No Material Adverse Change.  Since January 31, 2005, to the best of
the Seller and/or Shareholder knowledge, there has not been any material
adverse change which would have a Material Adverse Effect in the business,
financial condition, or results of operations of the Division not otherwise
shown in the Operating Information or disclosed in Section 3.5  of the
Disclosure Schedule; provided, that no representation or
warranty is made regarding the effect on the business, financial condition or
results of operation of the Division as a result of any actions or omissions of
the Shareholder or Seller prior to Closing that were taken or omitted in
response to requests received by Seller from, or directions made to Seller by,
Buyer with respect to the business of the Division.

 

3.6                                 Legal Proceedings.  Except as set forth in Section 3.6  of the Disclosure Schedule, there are no pending legal,
administrative, arbitral, governmental or other proceedings, actions or
governmental investigations of any nature (“Legal Proceedings”) involving the
Division or any of the Acquired Assets that are likely, either individually or
in the aggregate, to affect Seller’s performance under this Agreement or the
consummation of the transactions contemplated herein.  Seller and/or Shareholder have no knowledge
of any acts or omissions of Seller that would give rise to any legal,
administrative, arbitral, governmental or other proceedings, actions or
governmental investigations of any nature against the Seller, Shareholder, the
Division or any of the Acquired Assets that are likely, either individually or
in the aggregate, to affect performance by Seller or Shareholder under this
Agreement or the consummation of the transactions contemplated herein.  To Seller’s and Shareholder’s knowledge, none
of the Transferred Employees are currently or previously were under
investigation by any Agency or subject to any formal administrative or
regulatory enforcement action which resulted in the removal of any required
license.

 

3.7                                 Material Contracts.  Schedule 1.2
is a complete and accurate list of the Acquired Contracts.  Seller has made available to Buyer a correct
and complete copy of each Acquired Contract listed on Schedule 1.2.  To Seller’s knowledge and/or Shareholder’s with
respect to each Acquired Contract so listed: 
(i) the contract is in full force and effect; (ii) the Seller
is not in breach or default thereof, and no event has occurred which with
notice or lapse of time or both would constitute a breach or default by the
Seller or permit termination, modification, or acceleration against the Seller
under the contract applicable to it; (iii) the Seller

 

8

 

has not repudiated or waived any material provision of any such contract;
and (iv) no other party to any such contract is in default in any material
respect or has repudiated or waived any material provision thereunder.  With respect to any lease disclosed pursuant
to this Section 3.7, all rents and other
amounts currently due thereunder have been paid; no material waiver or
indulgence or postponement of any obligation thereunder has been granted by any
lessor or sublessor or to Seller’s knowledge been requested by any lessee or
sublessee, and the Seller has not received any notice that the Seller or any
other party to such lease has breached any term, condition or covenant
thereunder.

 

3.8                                 Taxes.  To the best of Seller’s and Shareholder’s
knowledge, there are no Encumbrances on any of the Acquired Assets that arose
in connection with any failure (or alleged failure) by Seller to pay any Tax.

 

3.9                                 Employee Benefits.  To the best of Seller’s and Shareholder’s
knowledge, there are no liens or other claims which affect or could affect the
Acquired Assets of any nature, whether at law or in equity, asserted or
unasserted, perfected or unperfected, arising out of or relating to any
employee, officer, or director of Seller, or the operation, sponsorship or
participation of any such persons or by Seller in any employee benefit plan,
program, procedure or other employee benefit practice, whether or not subject
to the Employee Retirement Insurance Security Act of 1974.

 

3.10                           Ownership of Property.  Seller has good and marketable title to the
Acquired Assets, whether real or personal, tangible or intangible, subject to
no Encumbrances.  With respect to any
Acquired Assets which are subject to a Lease, Seller as lessee has the right
under valid and existing leases to occupy, use, possess and control any such
Acquired Assets leased by Seller, as presently occupied, used, possessed and
controlled by Seller.  Seller has made
available for inspection by Buyer all of the Tangible Assets, and such Tangible
Assets are sold and purchased hereunder on an “as is” basis, with all
faults.  All the Acquired Assets are
being operated and maintained in material compliance with all leases, contracts
and commitments to which Seller is a party or by which Seller or such Acquired
Assets are bound.

 

3.11                           Brokers and Finders.  The Assumed Liabilities do not include any
liability incurred by the Seller, Shareholder or any of their respective
officers, directors, employees or agents, for any financial advisory fees,
brokerage fees, commissions or finder’s fees directly or indirectly in
connection with the transactions contemplated by this Agreement. All such fees
or commissions shall be paid by Seller or its Shareholder.  Except for Charbonneau and Associates, Inc.,
Seller has not employed, and is not subject to any valid claim of, any broker,
finder, investment banker, consultant or other intermediary in connection with
the transactions contemplated by this Agreement who will be entitled to a fee
or commission.

 

3.12                           Licenses and Qualifications.  With respect to the generation or origination
of the Pipeline Loans, Seller has not been advised by any Agency that Seller is
prohibited under any applicable federal, state and local laws and regulations
from conducting its business as a mortgage broker or lender and Seller and/or
Shareholder knows of no such prohibition.

 

3.13                           Compliance.  Except as disclosed in Section 3.13  of the Disclosure Schedule, and except as
to Environmental, Health and Safety Requirements which are covered in Section 3.14,

 

9

 

Seller is, to the best of Seller’s and/or Shareholder’s knowledge and
belief, in compliance in all material respects with all federal, state and
other applicable laws, rules, regulations, Investor guidelines, judgments,
orders, writs, decrees, injunctions and other requirements of any court or
governmental authorities applicable to the Division or the Acquired
Assets.  Seller has timely filed, or will
have timely filed by the Closing Date, all material reports required by any
Investor or Insurer or by any federal, state or municipal law, regulation or
ordinance, to be filed with respect to the Acquired Assets.  Except as disclosed on the Disclosure
Schedule, no Agency, Investor or private mortgage insurer has (i) to the
knowledge of Seller and/or Shareholder claimed that Seller has violated or has
not complied with the applicable underwriting standards with respect to
Mortgage Loans brokered or sold by Seller to an Investor under any Contract or (ii) imposed
restrictions on the activities (including commitment authority) of Seller with
respect to the Acquired Assets.

 

3.14                           Environmental Matters.

 

(a)  With
respect to the Acquired Assets, Seller is, to the best of Seller’s and/or
Shareholder’s knowledge and belief, in compliance in all material respects with
all applicable Environmental, Health, and Safety Requirements.  No representation is made as to compliance
with any Environmental, Health and Safety Requirements by any borrower or
mortgagor whose application for a mortgage loan is included in the Pipeline
Loans.

 

(b)  Seller
has not received any written notice, report or other information regarding any
actual or alleged violation of Environmental, Health, and Safety Requirements,
or any liabilities threatened or pending claims, Encumbrances, or potential
liabilities (whether accrued, absolute, contingent, unliquidated or otherwise),
including any investigatory, remedial or corrective obligations, relating to
the Acquired Assets or Division arising under Environmental, Health, and Safety
Requirements.

 

(c)  With
respect to the Acquired Assets or Division, Seller has not treated, stored,
disposed of, arranged for or permitted the disposal of, transported, handled,
or released any substance including without limitation any hazardous substance
or materials in a manner that has given or would reasonably be expected to give
rise to liabilities, including any liability for response costs, threatened or
pending claims, Encumbrances, corrective action costs, personal injury,
property damage, natural resources damages or attorney fees, pursuant to any
Environmental, Health, and Safety Requirements, except for such liabilities as
would not have a Material Adverse Effect on the Acquired Assets.

 

3.15                           Employment Contracts.  Except as disclosed in Section 3.15  of the Disclosure Schedule, there are no
written employment contracts between Seller and any of the Transferred
Employees.  Seller has fully disclosed to
Buyer any and all agreements or understandings between Seller and the
Transferred Employees.

 

3.16                           Inquiries.  Except as disclosed in Section 3.16
of the Disclosure Schedule, there are no audits, investigations,
written complaints, written non-routine or unresolved inquiries of Seller
relating to the Division or the Acquired Assets by an Agency, an Investor, or a
private mortgage insurer commenced since July 1, 2004, or ongoing as of
the date of this Agreement.

 

10

 

Except for customary ongoing quality control reviews, no audit or
investigation is pending or, to the best knowledge of the Seller and/or
Shareholder, threatened, or contemplated that could have an effect on the
Acquired Assets.

 

ARTICLE IV

 

REPRESENTATIONS
AND WARRANTIES OF BUYER

 

Buyer hereby represents and warrants to the Shareholder and Seller as
of the date of this Agreement as follows:

 

4.1                                 Organization.  Buyer is duly organized, validly existing and
in good standing as a Florida corporation. 
Buyer has full corporate power and authority to carry on its business as
now conducted and to own and lease its properties and assets and the Acquired
Assets and is duly licensed or qualified to do business and is in good standing
in each state or jurisdiction where its ownership or leasing of property or
assets or the conduct of its business or the ownership of the Acquired Assets
requires such licensing or qualification, except where the failure to be so
licensed or qualified would not have a Material Adverse Effect on the business,
financial condition or results of operation of Buyer.

 

4.2                                 Authority; No Violation.

 

(a)  Buyer
has full corporate power and authority to execute and deliver this Agreement
and to consummate the transactions contemplated hereby.  The execution and delivery of this Agreement
and the consummation of the transactions contemplated hereby has been duly
authorized by all requisite corporate action on the part of Buyer and no other
corporate proceedings on the part of Buyer is necessary to consummate the
transactions contemplated hereby.  This
Agreement has been duly and validly executed and delivered by Buyer and,
assuming this Agreement constitutes a valid and binding agreement of the
Shareholder and Seller, constitutes a valid and binding obligation of Buyer,
enforceable against Buyer in accordance with its terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors’ rights generally
and subject, as to enforceability, to general principles of equity whether
applied in a proceeding in equity or at law.

 

(b)  Neither
the execution and delivery of this Agreement nor the consummation by Buyer of
the transactions contemplated hereby, nor compliance by Buyer with any of the
terms or provisions hereof, will (i) conflict with or result in a breach
of any provision of the articles of incorporation or by-laws of Buyer or (ii) 
violate any statute, code, ordinance, rule, regulation, judgment, order, writ,
decree or injunction applicable to Buyer or any of its Affiliates, or violate,
conflict with, result in a breach of any provisions of, constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a
default) under, result in the termination of, accelerate the performance
required by, or result in a right of termination or acceleration or the
creation of any Encumbrance upon any of the properties or assets of Buyer under
any of the terms, conditions or provisions of any note, bond, mortgage,
indenture, deed of trust, license,

 

11

 

lease, agreement or other
instrument or obligation to which Buyer is a party, or by which its properties
or assets may be bound or affected.

 

4.3                                 Consents and Approvals.  Other than approval by the Office of Thrift
Supervision, no consents, permits, authorizations or approvals of, or filings
or registrations with, any governmental or regulatory authorities, government-sponsored
agencies or corporations or other third parties are necessary to be obtained or
made by Buyer in connection with execution and delivery of this Agreement or
the consummation of the transactions contemplated hereby.

 

4.4                                 Brokers and Finders.  Neither Buyer nor its officers, directors,
employees or agents has employed any broker, finder or financial advisor or
incurred any liability for any broker’s or finder’s fees or commissions in
connection with the transactions contemplated hereby.

 

4.5                                 Legal Proceedings.  There are no Legal Proceedings pending
against Buyer, that are reasonably likely, either individually or in the
aggregate, to affect Buyer’s performance under this Agreement or the
consummation of the transactions contemplated herein.

 

4.6                                 Availability of Funds.  Buyer has, and at the Closing will have,
sufficient access to funds to pay the Purchase Price, to provide the Division
with sufficient working capital and to pay any other amounts payable pursuant
to this Agreement and to effect the transactions contemplated hereby.

 

ARTICLE V

 

PRE-CLOSING
COVENANTS

 

5.1                                 Commercially Reasonable Efforts.  Subject to the terms and conditions hereof,
each of the Parties shall use its respective commercially reasonable efforts to
take, or cause to be taken, all action and to do, or cause to be done, all
things necessary, proper or advisable to consummate and make the Acquisition
effective.

 

5.2                                 Conduct Prior to Closing.  During the period from the date of this
Agreement to the Closing Date, and except as otherwise contemplated by this
Agreement or the Disclosure Schedule or consented to by Buyer, Seller will
operate the Division only in the ordinary course consistent with past practices
and will use its commercially reasonable efforts to preserve intact the
Division’s organization, properties, business and relationships with customers,
employees and others with whom business relationships exist.  Furthermore, from the date of this Agreement
until the earlier of the Closing Date or the termination of this Agreement,
unless the prior written consent of Buyer shall have been obtained and except
as otherwise expressly contemplated herein, Seller covenants that with respect
to the Acquired Assets it shall not do or agree or commit to do any of the following:

 

(a)  Except
in the ordinary course of business, enter into or amend any employment contract
with any person; or

 

(b)  Except
in the ordinary course of business, enter into, modify, amend or terminate any
Acquired Contract.

 

12

 

5.3                                 Access to Properties and Records.  Subject to applicable federal and state
privacy laws, Seller shall permit Buyer to conduct its due diligence review of
the Division through the Closing Date. 
Upon reasonable advance notice by Buyer and during normal business
hours, Buyer shall have access to and the Seller shall disclose and make
available all of the Division’s facilities, books, records, financial data and
other information relating to the Acquired Assets, the Assumed Liabilities, and
Division employees that are reasonably necessary in order for Buyer to complete
the due diligence process or any data relevant to Buyer’s regulatory approval
process.  The due diligence searches will
be subject to applicable laws relating to disclosure and exchange of
information and may be staggered upon request of the Seller so as not to
adversely impact day-to-day operations.

 

5.4                                 Filings and Consent.  Promptly following the execution and delivery
hereof, the Shareholder, Seller, Buyer, and their respective Affiliates, as
applicable, shall file and use their commercially reasonable efforts to obtain
all consents, approvals, permits, authorizations, notices, and registrations
(collectively, “filings and consent solicitations”) necessary to consummate the
Acquisition.  Each Party shall cooperate
and consult with each other with respect to the making of all filings and
obtaining all consents and each Party will keep the others apprised of the
status of matters relating thereto.  To
the extent permitted by law, the Seller and its Affiliates, as applicable, and
Buyer shall promptly furnish each other with copies of written communications
received from or delivered by any of them to any governmental body, Agency,
Investor or other third party in respect of the transactions contemplated
hereby.

 

5.5                                 Press Releases.

 

(a)  The
Shareholder, Seller and Buyer shall provide each other with copies of all news
releases and other public information disclosures made by them or their
Affiliates with respect to this Agreement or the transactions contemplated
hereby prior to their distribution; provided, however, no Party
hereto (or their respective Affiliates) shall make any public announcement or
disclosure without the prior approval of the other Party, except where
disclosure is, in the written opinion of counsel to the Party seeking to
disclose, required by law, and prior notice of such disclosure or announcement
is to the extent permitted by law provided to the other parties.

 

(b)  Notwithstanding
Section 5.5(a), Buyer and the
Seller are expressly authorized to publish such details of this Agreement as
may be required to meet any of their or their Affiliates’ reporting or
disclosure obligations to their shareholders and/or regulators, including,
without limitation, the Securities and Exchange Commission, the New York Stock
Exchange, and any state securities authority, or to satisfy any requirements of
federal, state, or local authorities necessary to consummate the
Acquisition.  Upon any such disclosure,
Buyer will provide notice of such disclosure to Seller.

 

5.6                                 Supplements to Disclosure Schedule.  From time to time prior to the Closing Date,
Seller shall promptly supplement and amend the Disclosure Schedule of this
Agreement to reflect any matter hereafter arising that would make any
representation or warranty set forth in Article III
inaccurate in any material respect.

 

13

 

(a)  If
the Acquisition is not consummated, for purposes of determining the fulfillment
of the condition set forth in Section 7.3(a) as
of the Closing Date and the accuracy of the representations and warranties
contained in Article III, the
Disclosure Schedule shall be deemed to include only the information
contained therein on the date of this Agreement and shall be deemed to exclude
any information contained in any subsequent supplement or amendment
thereto.  If the Acquisition is not
consummated, delivery of any supplemental disclosure schedules pursuant to this
section will not affect the rights and remedies of the Parties hereunder.

 

(b)  If
the Acquisition is consummated, for purposes of determining the fulfillment of
the condition set forth in Section 7.3(a) and
the accuracy of the representations and warranties contained in Article III, the Disclosure Schedules
shall be deemed to include all information contained in any supplement or
amendment thereto made before the Closing Date.

 

ARTICLE VI

 

POST-CLOSING
COVENANTS

 

6.1                                 Division Employees.

 

(a)  All of
the Division’s employees (a list of which was previously provided to Buyer by
Seller) who, in Buyer’s sole discretion, are considered for employment with
Buyer will be subject to routine employment screening as applicable to all
Buyer new hires and in accordance with all applicable regulatory requirements
and subject to all rules and requirements pertaining to Buyer’s
employees.  Seller’s employees who become
employees of Buyer in connection with the Acquisition (the “Transferred
Employees”) shall be entitled to participate on the same terms and conditions
as similarly situated Buyer employees in those benefit and incentive plans
(including stock option plans) provided by Buyer or its Affiliates, as
applicable to their respective employees, with credit for prior service with
Seller for purposes of eligibility, vesting, benefit accrual and benefit
determination under such plans provided by Buyer or its Affiliates.  A Transferred Employee’s eligibility for
participation in Buyer’s welfare benefit plans (i.e., medical plan, dental
plan, vision plan, group life plans, group disability plans, Employee Stock
Purchase Plan, and the 401(k) Plan) will be based on that individual’s prior
service with the Seller or Shareholder permitting some Transferred Employees to
move directly into Buyer’s employee welfare plans in which they elect to
participate.  With the exception of group
health, prescription drug and dental plans, Buyer shall cause each Transferred
Employee and his or her eligible dependents to be covered under welfare benefit
plans maintained by Buyer or its Affiliates that provide benefits to the
Transferred Employees and such eligible dependents effective immediately upon
the Closing Date, subject to the Transferred Employee’s prior service length
and any benefit plans’ eligibility waiting periods.  Severance costs related to the termination of
any employees terminated by Seller and not hired by Buyer shall be paid by the
Seller.

 

(b)  Claims
of Transferred Employees and their eligible beneficiaries and dependents for
medical, dental, prescription drug, life insurance, and/or other welfare

 

14

 

benefits (“Welfare
Benefits”) that are incurred before the Closing Date shall be the sole
responsibility of the employee benefit plans sponsored and maintained by the
Seller and its Affiliates.  Claims of
Transferred Employees and their eligible beneficiaries and dependents for
Welfare Benefits that are incurred on or after the Closing Date shall be the
sole responsibility of Buyer and it Affiliates.

 

(c)  For purposes
of the preceding provisions of this Section, a medical/dental claim shall be
considered incurred on the date when the medical/dental services are rendered
or medical/dental supplies are provided, and not when the condition arose or
when the course of treatment began. 
Coverage of a claim relating to a pre-existing condition will be
determined in accordance with applicable federal law.

 

(d)  Buyer
shall have no liabilities or obligations arising out of any Transferred
Employee’s previous employment by Seller or any promises made by Seller to any
Transferred Employee except as set forth in this Section 6.1. 
Seller shall remain responsible and liable for any wages, salaries,
commissions, bonuses, benefits, earned but unused vacation, and claims arising
under the employment relationship for the Transferred Employees which have been
earned or which have accrued prior to the Closing Date.

 

(e)  Any
Contact Data (as defined below) in electronic or physical form, including, but
not limited to, any Contact Data found in the Rolodex of any employee that is
terminated by Seller and subsequently hired by Buyer, shall be an Asset
purchased by Buyer pursuant to the terms of this Agreement.  For purposes of this Section 6.1(e), “Contact Data” shall
mean any information that would form part of a “consumer report,” as that term
is defined by 14 U.S.C. Section 1681a(d).

 

6.2                                 No Solicitation.  Seller and Shareholder agree that for a
period of two (2) years following the Closing Date they or their
Affiliates shall not, without the Buyer’s prior written consent, on their own
behalf, or on the behalf of their agents, any partnership or corporation in
which they hold an ownership interest, their successors or assigns, employ,
directly or indirectly, in any capacity, including but not limited to as an
employee, independent contractor, or consultant, any person who is a
Transferred Employee or an existing employee of Buyer and shall not encourage
or cause any such person to leave the employ of Buyer.

 

6.3                                 Landlord Consents and Contract Consents.   Shareholder and Seller and Buyer shall use
their best efforts to obtain the landlord or
lessor consents for all Leases and other Acquired Contracts (as necessary or
applicable) set forth in Schedule 1.2 or
as otherwise agreed by the parties, and estoppel certificates or letters from
the landlords and third parties to the Leases or Acquired Contracts prior to
the Closing Date, and if necessary after the Closing Date.  Shareholder and Seller shall pay all costs
related to obtaining the landlord or lessor consents and Acquired Contract consents
including any costs for which Seller is responsible under the Leases or Acquired
Contracts in connection with an assignment or sublease of the Leases or
assignment of the Contracts. 
Shareholder, Seller and Buyer agree, however, that obtaining a Landlord
Consent for any of the Leases shall not be a condition to Closing.  Subsequent to Closing, Shareholder, Seller
and Buyer shall continue to use their best efforts to obtain Landlord Consents
for those Leases for which a Landlord Consent was not obtained as of the
Closing Date.  If it is

 

15

 

determined that a Landlord Consent cannot
reasonably be obtained for an assignment of a Lease, Shareholder, Seller and
Buyer shall enter into a sublease for the location covered by that Lease.  During the term of the sublease, the parties
shall use their best efforts to obtain the required Landlord Consents or a
consent to the applicable sublease.

 

ARTICLE VII

 

CONDITIONS
TO CLOSING

 

7.1                                 Conditions to Each Party’s Obligations under this
Agreement.  The respective
obligations of each Party to consummate the Acquisition shall be subject to the
satisfaction at or prior to the Closing Date of the following conditions:

 

(a)  All
regulatory approvals required to be obtained in connection with the
transactions contemplated by this Agreement shall have been obtained on terms
reasonably satisfactory to the Parties hereto, all notices required to be filed
with any governmental agency in connection with the transactions contemplated
by this Agreement shall have been filed, all such regulatory approvals shall be
in full force and effect, and all notice periods and waiting periods required
by law or regulation applicable to the transactions contemplated by this
Agreement shall have expired or been terminated and no adverse action shall
have been taken or threatened with respect thereto.

 

(b)  Neither
the Seller nor Buyer shall be subject to any order, decree or injunction (“Injunction”)
of a court or agency of competent jurisdiction which enjoins or prohibits the
consummation of the transactions contemplated hereby, and no proceeding
initiated by a governmental agency or similar authority seeking an Injunction
shall be threatened; provided, that if such an Injunction is in effect or any
proceeding is commenced or threatened pursuant to which an Injunction is
sought, the Parties shall cooperate and use reasonable best efforts
expeditiously to remove the impediment prohibiting the Closing of the
Acquisition.

 

(c)  No
statute, rule, regulation, order, injunction or decree shall have been enacted,
entered, promulgated or enforced by any governmental authority which prohibits
or makes illegal the consummation of the Acquisition.

 

7.2                                 Additional Conditions to the Shareholder’s and the
Seller’s Obligations under this Agreement.  The obligations of the Shareholder and Seller
hereunder shall be subject to the satisfaction at or prior to the Closing Date
of the following conditions unless waived by the Shareholder and Seller
pursuant to Section 9.3 hereof:

 

(a)  The
obligations of Buyer required to be performed by it at or prior to the Closing
Date pursuant to the terms of this Agreement shall have been duly performed and
complied with in all material respects and the representations and warranties
of Buyer set forth in this Agreement shall be true and correct in all material
respects as of the date of this Agreement and as of the Closing Date as though
made on and as of the Closing Date (except as to any representation or warranty
which speaks to an earlier date).  The
Shareholder and Seller shall receive a certificate duly executed by an
authorized officer

 

16

 

of Buyer certifying the
foregoing, provided, however, that nothing contained in this Section 7.2(a) shall be deemed to preclude, or
otherwise limit, the right of Seller to be indemnified for any breach of a
representation or warranty by Buyer in accordance with the provisions of Article VIII hereof.

 

(b)  The
Shareholder and Seller shall have properly filed all notices with such
Investors and Agencies which are required as a result of such Acquisition.

 

(c)  Buyer
shall have executed and delivered to the Shareholder and Seller such
instruments of assumption relating to the Assumed Liabilities as the
Shareholder and Seller and their counsel reasonably may request.

 

7.3                                 Additional Conditions to Buyer’s Obligations under
this Agreement.  The
obligations of Buyer hereunder shall be subject to the satisfaction at or prior
to the Closing Date of each of the following conditions unless waived by Buyer
pursuant to Section 9.3 hereof:

 

(a)  The
respective obligations of the Shareholder and Seller required to be performed
at or prior to the Closing Date pursuant to the terms of this Agreement shall
have been duly performed and complied with in all material respects and the
respective representations and warranties of the Shareholder and Seller set
forth in this Agreement shall be true and correct in all material respects as
of the date of this Agreement and as of the Closing Date as though made on and
as of the Closing Date (except as to any representation or warranty which
speaks to an earlier date).  Buyer shall
have received a certificate duly executed by the Shareholder and a duly
authorized officer of Seller certifying the foregoing, provided, however,
that nothing contained in this Section 7.3(a) shall
be deemed to preclude, or otherwise limit, the right of Buyer to be indemnified
for any breach of a representation or warranty by the Shareholder or Seller in
accordance with the provisions of Article VIII
hereof.

 

(b)  The
Shareholder and Seller shall have properly filed all notices with such
Investors and Agencies which are required as a result of such Acquisition.

 

(c)  Seller
shall have executed and delivered to Buyer a bill of sale and assignment with
respect to the Acquired Assets and such other instruments of sale, transfer,
conveyance, and assignment as Buyer and its counsel reasonably may request.

 

ARTICLE VIII

 

INDEMNIFICATION

 

8.1                                 Indemnification by Seller and Shareholder.  From and after the Closing Date, subject to
the terms and conditions of this Agreement (including the survival period set
forth in Section 10.1 and the indemnification limitation as set
forth in Section 8.5), the Shareholder
and Seller shall jointly and severally indemnify and hold harmless Buyer and
its Affiliates and their respective officers, directors and employees, and
agents from and against any and all Losses which any of them actually suffer,
incur or sustain arising out of or directly attributable to (whether or not
arising out of third party claims): (i) any breach of any representation
or warranty made by the Shareholder or Seller in this Agreement, (ii) any
breach of any covenant to

 

17

 

be performed by the Shareholder or Seller pursuant to this Agreement,
and (iii) any and all liabilities of the Shareholder and/or Seller arising
prior to the Closing Date relating to the Acquired Assets and Assumed
Liabilities.

 

8.2                                 Indemnification by Buyer.  From and after the Closing Date, subject to
the terms and conditions of this Agreement, Buyer shall indemnify and hold
harmless the Shareholder, Seller and their respective officers, directors,
employees and agents from and against any and all Losses which any of them
actually suffer, incur or sustain arising out of or directly attributable to
(whether or not arising out of third party claims) (i) any breach of any
representation or warranty made by Buyer in this Agreement, (ii) any
breach of any covenant to be performed by Buyer pursuant to this Agreement, and
(iii) any and all liabilities of the Shareholder and/or Seller arising
after the Closing Date relating to the Acquired Assets and Assumed Liabilities.

 

8.3                                 Indemnification Claims.

 

(a)  With
respect to a claim for indemnification arising out of or involving an assertion
by a third party of liability on the part of an indemnified party, the
indemnified party shall promptly notify the indemnifying party of the discovery
by it of, or the assertion against it of, any claim or potential liability for
which indemnification is provided herein or the commencement of any action or
proceeding in respect of which indemnity may be sought hereunder; provided,
however, that the failure promptly to give such notice shall affect any
indemnified party’s rights hereunder only to the extent that such failure (i) actually
materially and adversely affects any indemnifying party, its rights or its
ability to defend such claim, or (ii) results in the indemnified party’s
failure to give notice of a claim for indemnification prior to the expiration
of the Representations and Warranties Expiration Date to which the claim
relates.

 

(b)  Within
thirty (30) days after delivery of the notification described in Section 8.3(a), the indemnifying party
may, upon written notice thereof to the indemnified party, assume control of
the defense of such suit or proceeding with counsel reasonably satisfactory to
the indemnified party.

 

(c)  With
respect to a claim for indemnification arising out of or involving an assertion
by a third party of liability on the part of an indemnified party, the
indemnified party and the indemnifying party shall cooperate in the defense of
such claim.  The indemnified party shall
have the right to retain its own counsel and to participate in the defense, but
the fees and expenses of such counsel shall be at the expense of the
indemnified party unless the indemnifying party and indemnified party otherwise
agree in writing.

 

(d)  Notwithstanding
the foregoing, the indemnifying party may not assume control of the defense of
a suit or proceeding involving criminal liability of the indemnified party or
in which injunctive relief is sought against the indemnified party, unless the
indemnified party consents.  In the
absence of consent by the indemnified party in such case, each Party shall
control its own defense.  In such case,
neither Party shall agree to any settlement of, or the entry of any judgment
arising from, any such suit or proceeding without the prior written consent of
the other Party, which shall not be

 

18

 

unreasonably withheld or
delayed. In the event either Party withholds or delays its consent to such
settlement or the entry of any such judgment and, thereafter, the Loss incurred
following resolution of such suit or proceeding exceeds the Loss that would
have been incurred had the indemnified party not withheld or delayed such
consent, the Claimed Amount indemnified pursuant to this Section 8.3
shall not exceed the Loss that would have been incurred had the indemnified
party given its consent to such settlement or the entry of such judgment.

 

(e)  In
order to seek indemnification under this Article VIII
for a claim not arising out of or involving an assertion by a third party of
liability on the part of an indemnified party, an indemnified party shall give
a claim notice to the indemnifying party prior to the Representations and
Warranties Expiration Date which contains (i) a description and the
amount, if capable of estimation, of the claimed amount of any Losses incurred
or reasonably expected to be incurred by the indemnified party (the “Claimed
Amount”), (ii) a statement that the indemnified party is entitled to
indemnification under this Article VIII
for such Losses and a reasonable explanation of the basis therefor, and (iii) a
demand for payment (in the manner provided in paragraph (f) below) in the
amount of such Losses (a “Claim Notice”).

 

(f)  Within
ten (10) days after delivery of a Claim Notice, the indemnifying party
shall deliver to the indemnified party a response in which the indemnifying
party shall:

 

(1)                                  agree
that the indemnified party is entitled to receive all of the Claimed Amount in
which case the response shall be accompanied by a payment by the indemnifying
party to the indemnified party of the Claimed Amount of Losses, by check or by
wire transfer in exchange for a release of further liability by the Claim
Notice;

 

(2)                                  reach
agreement with the indemnified party upon the amount of Losses that the
indemnified party is entitled to receive, in which case the response shall be
accompanied by a payment by the indemnifying party to the indemnified party of
the agreed amount, by check or by wire transfer in exchange for a release of
further liability for claims covered by the Claim Notice; or

 

(3)                                  dispute
that the indemnified party is entitled to receive the Claimed Amount or any
agreed amount. If the indemnifying party in the response disputes its liability
for all or part of the Claimed Amount, the indemnifying party and the
indemnified party shall use good faith efforts to resolve the dispute.

 

(g)  The
indemnifying party shall have the right to settle or compromise any claim or
liability subject to indemnification under this Article VIII which is susceptible to being settled or
compromised; provided, however, that any such settlement shall
require the consent of the indemnified party, which consent shall not be
unreasonably withheld; provided  further  however, that the
consent of the indemnified party shall not be required if (i) the terms of
the settlement require only the payment of damages and payment of the full
amount of the relevant indemnification obligation to the indemnified party is
assured

 

19

 

and (ii) the
indemnified party is not otherwise materially and adversely affected by the
terms of the settlement.

 

8.4                                 Materiality.  For the purposes of determining the
Shareholder’s and Seller’s indemnification obligations under this Article VIII and whether the representation contained
in Section 3.5 is true and
correct on the Closing Date so that the condition specified in Section 7.3(a) is satisfied, the
terms “material,” “materially,” “Material Adverse Effect” or similar words to
that effect in this Agreement shall mean the incurrence by a Party of actual
Losses in excess of $50,000 in the aggregate; provided, that such terms
shall not include any effect on the Division or the Acquired Assets of (i) changes
in laws and regulations or interpretations thereof that are generally
applicable to the mortgage banking industry, (ii) changes in generally
accepted accounting principles that are generally applicable to the mortgage
banking industry, (iii) changes in interest rates, or (iv) actions or
omissions of the Shareholder or Seller prior to Closing that were taken or
omitted in response to requests received by Seller from, or directions made to
Seller by, Buyer with respect to the business of the Division.

 

8.5                                 Limitation.  Except as to (a) any Loss arising from
actual fraud by a Party or (b) the matters covered by Section 8.6 below, the Seller’s and
the Shareholder’s collective aggregate liability with respect to Losses shall
not exceed an amount equal to the Purchase Price.

 

8.6                                 Buyer’s Remedies for Breach of Representations and Warranties Relating
to Pipeline Loans.

 

(a)  In the
event there is a breach of any of Seller’s representations and warranties with
respect to the Pipeline Loans, including, without limitation, the
representations and warranties under Sections 3.12, 3.13 and
3.16, Seller shall cure such breach within sixty (60) days after
notice of the breach from Buyer to Seller.

 

(b)  Buyer may require the Seller and/or Shareholder to repurchase
any Pipeline Loan that was fraudulently underwritten by Seller’s employees
and/or involving fraudulent activities by the applicant, appraiser, realtor or
title company in seeking to obtain the Pipeline Loan.

 

(c)  In the
event Seller and/or Shareholder is required to repurchase a Pipeline Loan, the
repurchase price shall be equal to the unpaid principal of such loan plus (i) accrued
and unpaid interest on such principal balance at the interest rate borne by
such loan through the date of repurchase, and (ii) any out of pocket cost
and expense incurred by Buyer in connection with such repurchase, including,
without limitation, any premium rebate or recapture.  Seller and/or Shareholder shall consummate
the repurchase within thirty (30) days after written demand from Buyer for
repurchase of the loan.  Seller and/or
Shareholder shall pay the repurchase price to Buyer by wire transfer to an
account designated by Buyer.

 

(d)  In the
event of any repurchase of a loan by Seller and/or Shareholder (as applicable),
(i) Buyer shall tender to Seller and/or Shareholder the mortgage file
maintained by Buyer with respect to such loan, including, without limitation,
the original mortgage note, mortgage and all other documents in Buyer’s
possession relating to the

 

20

 

origination and servicing
of the loan, (ii) Buyer shall transfer to Seller all escrow accounts
relating to such loan, including, without limitation, unapplied suspense funds
held for any purpose and accrued interest on such escrow accounts at the
overnight rate charged by the Federal Home Loan Bank of Dallas (less any
interest on escrow obligation due the mortgagor) and (iii) Buyer shall
assign or endorse to Seller, without recourse, all documents constituting a
part of the mortgage file to be endorsed and assigned by Seller to Buyer,
except that Buyer shall warrant that it is transferring to Seller whatever
title was transferred to Buyer from the Agency or Investor, free and clear of
any liens in favor of any person claiming such, through or under Buyer.

 

ARTICLE IX

 

TERMINATION,
WAIVER AND AMENDMENT

 

9.1                                 Termination.  This Agreement may be terminated on or at any
time prior to the Closing Date:

 

(a)  by
the mutual written consent of Buyer, the Shareholder, and Seller;

 

(b)  by
the Shareholder and Seller, if there shall have been any material breach as
defined in Section 7.2(a) of any
obligation of Buyer contained herein and such breach shall not have been
remedied within thirty (30) days after receipt by Buyer of notice in
writing specifying the nature of such breach and requesting that it be
remedied;

 

(c)  by
Buyer, if there shall have been any material breach as defined in Section 7.3(a) of any obligation of the
Shareholder or Seller contained herein and such breach shall not have been
remedied within thirty (30) days after receipt by the Shareholder or
Seller, as applicable, of notice in writing specifying the nature of such
breach and requesting that it be remedied;

 

(d)  by
Buyer or by the Shareholder and Seller, if the Closing Date shall not have
occurred on or prior to August 31, 2005, unless the failure of such
occurrence shall be due to the failure of the Party seeking to terminate this
Agreement to perform or observe its agreements as set forth in this Agreement
required to be performed or observed by such Party on or before the Closing
Date; or

 

(e)  by
Buyer or by Shareholder and Seller if the conditions set forth in Section 7.1(a) are unable to be fulfilled.

 

9.2                                 Effect of Termination.  In the event of a termination of this
Agreement pursuant to Section 9.1
hereof, this Agreement shall become void and have no effect; provided, however,
that no such termination shall relieve any Party from liability for any willful
breach of this Agreement.

 

9.3                                 Amendment, Extension and Waiver.  Subject to applicable law, Seller, the
Shareholder and Buyer may (i) amend this Agreement, (ii) extend the
time for the performance of any of the obligations or other acts of any other
Party hereto, (iii) waive any inaccuracies in the representations and
warranties contained herein or in any document delivered pursuant

 

21

 

hereto, or (iv) waive compliance with any of the agreements or
conditions contained in this Agreement by an instrument in writing signed by or
on behalf of each of the Parties hereto. 
Any agreement on the part of a Party hereto to any extension or waiver
shall be valid only if set forth in an instrument in writing signed by or on
behalf of such Party, but such waiver or failure to insist on strict compliance
with such obligation, covenant, agreement or condition shall not operate as a
waiver of, or estoppel with respect to, any subsequent or other failure.

 

ARTICLE X

 

MISCELLANEOUS

 

10.1                           Survival.  Except as to any Loss arising from actual
fraud, the representations, warranties, covenants, and obligations set forth in
this Agreement shall be deemed to have been relied upon by the Party to whom
they are made and survive the Closing until the expiration of two (2) years
following the Closing Date (the “Representations and Warranties Expiration Date”).  If any Unresolved Claims are outstanding on
the Representations and Warranties Expiration Date, such representations and
warranties or indemnity obligations pertinent to the Unresolved Claims shall
survive the Closing until the date of the final resolution of any Unresolved
Claims outstanding on the Representations and Warranties Expiration Date.

 

10.2                           Waiver of Jury Trial.  THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT THEY MAY HAVE
TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION, OR IN ANY LEGAL PROCEEDING,
DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT (WHETHER BASED ON CONTRACT, TORT,
OR ANY OTHER THEORY).  EACH PARTY (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTIES WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

10.3                           Confidentiality.  Prior
to the Closing Date (or at any time if Closing does not occur), Buyer shall
keep confidential and not disclose to any Person (other than its directors,
officers, stockholders, employees, lenders, attorneys, accountants and
advisers) or use (except in connection with the transactions contemplated in
this Agreement) any non-public information obtained by Buyer from Seller and/or
Shareholder (if any) in connection with the transactions contemplated in this
Agreement and as restricted in 12 C.F.R. §573.11(a).  This Section 10.3
shall not be violated by disclosure of information which, at the time of
disclosure is publicly available or becomes publicly available through no act
of omission of a Person having a confidentiality obligation under this section,
is disclosed to such Person by a third party which did not acquire the
information under an obligation of confidentiality, is independently acquired
by such Person as a result of work carried out by such Person to whom no
disclosure of such information has been made, is disclosed as reasonably
required in connection with a proceeding to enforce or defend a party’s rights,
or defend against a party’s alleged liabilities, under this

 

22

 

Agreement, or is disclosed as required by
court order or as otherwise required by law, on condition that notice of the
requirement for such disclosure is given to the other parties prior to making
any disclosure and such Person cooperates as the others may reasonably request
in resisting it.

 

10.4                           Expenses.  Except as otherwise specified in this
Agreement, each Party hereto shall bear and pay all costs and expenses incurred
by it in connection with the transactions contemplated hereby, including fees
and expenses of its own accountants and counsel; provided, however, that
nothing contained in this Section 10.4
shall limit a Party’s rights to recover damages for willful breach of this
Agreement as specified in Section 9.2 hereof.

 

10.5                           Entire Agreement.  This Agreement contains the entire agreement
and understanding of the Parties with respect to its subject matter.  This Agreement supersedes all prior
arrangements and understandings between the Parties, both written and oral,
with respect to its subject matter.

 

10.6                           Parties in Interest.  The Agreement shall be binding upon and shall
inure to the benefit of and be binding upon the Parties hereto and their
respective successors, heirs, personal representatives, and permitted assigns,
as appropriate; provided, however, that nothing in this
Agreement, expressed or implied, is intended to confer upon any other Person
any rights, remedies, obligations or liabilities of any nature whatsoever under
or by reason of this Agreement.

 

10.7                           Assignment.  No Party hereto may assign any of its rights
or obligations hereunder to any other Person, without prior written consent of
the other Parties, provided, however, Buyer may assign its rights
and obligations hereunder to any one or more of its Affiliates (whether
existing on the date hereof or hereafter created) designated to carry out all
or part of the transaction contemplated hereby and with reasonably sufficient
ability to fulfill the obligations of Buyer hereunder and the guaranty of Buyer
with respect to the same.  In addition,
upon the dissolution of Seller, Seller may assign its rights and obligations
hereunder to the Shareholder.

 

10.8                           Notices.  All notices or other communications hereunder
shall be in writing and shall be deemed to be delivered upon receipt if
delivered personally or by overnight courier, or telecopy or upon mailing if
mailed by prepaid registered or certified mail (return receipt requested),
addressed as follows:

 

(a)                                  If to the Shareholder
or Seller:           Major Mortgage

6101
Yellowstone Road

Suite LL
17

Cheyenne, WY
82009

Attention:  Robert McBride, President

Facsimile: 307-634-6009

 

23

 

	
    Copy to:

  	
  WERCS

  
	
   

  	
  400 E. 1st Street

  
	
   

  	
  Casper, Wyoming 82601

  
	
   

  	
  Attention: Robert Moberly

  
	
   

  	
  Facsimile: 307-473-5585

  

 

	
  (b)

  	
  If to Buyer:

  	
  Market Street Mortgage Corporation

  
	
   

  	
   

  	
  2650 McCormick Drive, Suite 200

  
	
   

  	
   

  	
  Clearwater, Florida 33759

  
	
   

  	
   

  	
  Attention:  Randall C. Johnson,
  CEO

  
	
   

  	
   

  	
  Facsimile:  (727) 791-4136

  
	
   

  	
   

  	
   

  
	
  Copy to:

  	
   

  	
  R. Donald Mastry, Esquire

  
	
   

  	
   

  	
  Holland & Knight LLP

  
	
   

  	
   

  	
  200 Central Avenue, Suite 1600

  
	
   

  	
   

  	
  St. Petersburg, Florida 33701

  
	
   

  	
   

  	
  Facsimile:  727-822-8048

  

 

10.9                           Captions.  The table of contents and captions contained
in this Agreement are for reference purposes only and are not part of this
Agreement.

 

10.10                     Counterparts.  This Agreement may be executed in any number
of counterparts, and each such counterpart shall be deemed to be an original
instrument, but all such counterparts together shall constitute but one
Agreement.

 

10.11                     Governing Law.  This Agreement shall be governed by and construed
in accordance with the laws of the State of Florida, without giving effect to
the principles of conflict of laws thereof.

 

[signature
page follows]

 

24

 

IN WITNESS WHEREOF, the Parties hereto have executed or caused this
Agreement to be executed by their signature as natural persons or by their duly
authorized officers as of the date first written above.

 

	
   

  	
  THE SHAREHOLDER:

  
	
   

  	
   

  
	
   

  	
  WERCS

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  MAJOR
  MORTGAGE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  Robert McBride, President

  

 

	
   

  	
  BUYER:

  
	
   

  	
   

  
	
   

  	
  MARKET
  STREET MORTGAGE

  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

25

 

SCHEDULE 1.1(a)

 

List
of Tangible Property

 

26

 

SCHEDULE 1.1(c)

 

List
of Intangible Assets

 

27

 

SCHEDULE 1.1(d)

 

List
of Security Deposits for Office Leases

 

28

 

SCHEDULE 1.1(e)

 

List
of Pre-paid Assets

 

29

 

SCHEDULE 1.1(f)

 

Pipeline
Loan Schedule

 

30

 

SCHEDULE 1.2

 

List
of Acquired Contracts

 

31

 

SCHEDULE 1.16

 

List
of Seller’s Offices Comprising the Division

 

32

 

SCHEDULE 3

 

Seller
Disclosure Schedule

 

33

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