Document:

Exhibit 10.1

 

SIXTH AMENDMENT TO PURCHASE AGREEMENT

 

THIS AGREEMENT (the “Agreement”) is made
effective as of the 25th day of May, 2022 ("Effective Date")

 

BETWEEN:

 

GTA OFFICE DMM INC.

(hereinafter referred to as the "Vendor")

 

- and -

 

VISIONARY EDUCATION SERVICES
& MANAGEMENT INC.

(hereinafter referred to as the "Purchaser")

 

WHEREAS 123 Real
Estate Development Ontario Ltd., as purchaser, and the Vendor, as vendor, are parties to an agreement of purchase and sale dated May
19, 2021, as amended by an email amendment dated July 23, 2021, as amended by a first amendment to purchase agreement made between the
Vendor and the Purchaser (as successor in interest to 123 Real Estate Development Ontario Ltd.) dated July 26, 2021, as amended by a
second amendment to purchase agreement made between the Vendor and Purchaser dated August 6, 2021, as amended by a waiver and third amendment
to purchase agreement made between the Vendor and the Purchaser dated October 6, 2021, as amended by a fourth amendment to purchase agreement
dated December 16, 2021, as amended by a fifth amendment to purchase agreement dated March 31, 2022 and as amended by email amendments
dated September 17, 2021, September 20, 2021, September 21, 2021, September 22, 2021, September 23, 2021, September 24, 2021, September
27, 2021, September 28, 2021, September 29, 2021, September 30, 2021, October 4, 2021, October 5, 2021, and October 6, 2021 (such agreement,
as amended or supplemented to the date hereof, being referred to herein as the "Purchase Agreement") for the property
municipally known as 95-105 Moatfield Drive, Toronto, Ontario;

 

AND WHEREAS the
Purchaser has requested certain amendments to the Purchase Agreement and the Vendor has agreed to the same on the terms and conditions
herein;

 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth in this agreement and the sum of $10.00
now paid by each of the parties to the other and for other good and valuable consideration (the receipt and sufficiency of which are
hereby acknowledged), the parties hereby agree and covenant as follows:

 

		1.	Definitions

 

Unless otherwise defined herein, all capitalized terms used
in this agreement shall have the respective meanings ascribed to them in the Purchase Agreement.

 

		2.	Amendments

 

		(a)	The definition of “Closing Date” set out in Section 1.1 of the
Purchase Agreement is hereby deleted in its entirety and replaced with the following:

 

“Closing Date” means June 23, 2022
or such other date as the Vendor and Purchaser may agree in writing;”

 

		(b)	A new section 3.1(d3) is added to the Purchase Agreement following Section 3.1(d2),
as follows:

 

“(d3) on or prior to May 25,
2022, the Purchaser shall pay an additional Six Million Dollars ($6,000,000), by wire transfer in immediately available funds from a Schedule
I Canadian chartered bank as a further deposit to the Vendor’s Solicitors, to be held by them on the same terms as referred to in
Subsection 3.1(a).”

 

 

 

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		(c)	Section 3.1(e) of the Purchase Agreement is hereby amended by deleting the words
“Subsections 3.1(a), 3.1(b), 3.1(c), 3.1(d) above, and 3.1(d2) above” and replacing the same with “Subsections 3.1(a),
3.1(b), 3.1(c), 3.1(d), 3.1(d2), and 3.1(d3) above”.

 

		(d)	Section 4.1(b) of the Purchase Agreement its deleted in its entirety and replaced
with the following:

 

“(b) on or prior to May 31,
2022, the Purchaser shall have delivered a fully executed commitment letter from Bank of China (Canada) or any other lender selected by
the Purchaser with respect to the Purchaser’s debt financing for the transaction and evidence that it has paid any fees payable
thereunder upon acceptance thereof, and the Vendor shall be satisfied with same and the Purchaser’s ability to complete the transaction
contemplated herein on the Closing Date.”

 

		(e)	Section 4.3(b) of the Purchase Agreement is hereby amended by adding the following
sentence to the end thereof:

 

“In addition and notwithstanding
anything else contained in this Agreement, the Purchaser acknowledges and agrees that the Vendor’s Solicitors shall be permitted,
at any time, to release to the Vendor that portion of the Deposit paid prior to May 13, 2022 and that the Purchaser agrees that regardless
of whether the transactions contemplated in this Agreement are completed or are not completed, the Purchaser shall have no claim whatsoever
against the Vendor or the Vendor’s Solicitors in connection with such portion of the Deposit or the release by the Vendor’s
Solicitors of such portion of the Deposit to the Vendor. The Vendor and Purchaser agree that such portion of the Deposit shall not be
subject to any escrow provisions and may be used by the Vendor for whatever purposes it chooses.”

 

		(f)	Section 6.4 of the Purchase Agreement is hereby amended by adding the following
sentence to the end thereof:

 

“For greater certainty, the
Purchaser acknowledges that the Vendor shall have no obligation to provide updated or refreshed Estoppel Certificates from any Tenant
notwithstanding any extension of the Closing Date from time to time.”.

 

		3.	Successors and Assigns

 

This agreement shall enure to the benefit of and shall be binding
on and enforceable by the parties and their respective successors and permitted assigns.

 

		4.	Time of the Essence and Ratification

 

All other terms and conditions of the Purchase Agreement continue
to be in force and full effect. Time shall continue to be of the essence.

 

		5.	Headings, Extended Meanings

 

The headings in this agreement are
inserted for convenience of reference only and shall not constitute a part hereof and are not to be considered in the interpretation hereof.
In this agreement, words importing the singular include the plural and vice versa; words importing the masculine gender include
the feminine and vice versa; and words importing person include firms or corporations and vice versa.

 

		6.	Counterparts

 

This agreement may be executed in
counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Execution
copies of this agreement may be delivered by electronic transmission or fax and the parties agree to accept and be bound by signatures
on any document that is delivered by electronic transmission or fax. The signature of any party thereon, for purposes hereof, is to be
considered as an original signature, and the document transmitted is to be considered to have the same effect as an original signature
on an original document.

 

[remainder of page intentionally left blank. Signature
page follows]

 

 

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IN WITNESS WHEREOF the parties have executed this Agreement
as of the date first written above.

 

	 	GTA OFFICE DMM INC.
	 	 
	 	by: /s/ Steve Hodgson                   
	 	Name: Steve Hodgson
	 	Title: Authorized Signing Officer

 

I have the authority to bind the Corporation.

 

	 	VISIONARY EDUCATION SERVICES
& MANAGEMENT INC.
	 	 
	 	by: /s/ Zaiyi Liao                          
	 	Name: Zaiyi Liao
	 	Title: Director

 

I have the authority to bind the Corporation.

 

 

 

    	 	3Exhibit 10.2

 

 

LOAN AGREEMENT

 

THIS AGREEMENT made effective as of this
26th day of May, 2022, by Fan Zhou (the “Lender”), of the City of Richmond Hill, Ontario to and for
the benefit of Visionary Education Technology Holdings Group Inc. (the
“Corporation”), a company incorporated under the laws of Ontario, Canada.

 

WHEREAS, the Corporation has entered
into an Agreement of Purchase and Sale (the “Purchase Agreement”) for the purchase of the property municipally known
as 95# - 105# Moatfield Dr., North York, ON M3B 3L6 (the “Property”) dated May 19, 2021, as amended from time to time.

 

WHEREAS, as of May 25, 2022, the Corporation,
through its indirect wholly owned subsidiary Visionary Education Services & Management, Inc., entered into to the sixth amendment
to the Purchase Agreement (the “Sixth Amendment”).

 

WHEREAS, pursuant to the Sixth Amendment,
the closing date for the purchase of the Property was extended until June 23, 2022 and the Corporation paid an additional deposit of C$6
million (approximately $4.8 million) on May 25, 2022 (the “Additional Deposit”).

 

WHEREAS, under the Purchase Agreement,
the Corporation has paid the seller $8.64 million (C$10.8 million) to date as deposits (the “Deposits”) for the closing of
the purchase of the Property (the “Transaction”).

 

WHEREAS, the Lender has loaned to
the Corporation the amount of the Deposits and an additional $643,000 in connection with the acquisition of Max the Mutt Animation Inc.
for a total of $9,033,618 prior to the date of this Agreement.

 

WHEREAS, the Lender has agreed to
loan the Corporation the amount of the Additional Deposit on or before August 31, 2022, pursuant to the terms of the promissory
note attached as Exhibit A.

  

AND WHEREAS, the Lender has agreed
to release the Corporation from its obligations in connection with the amount of the $9,033,618 plus the Additional Deposit (collectively,
the “Debt”) if the Corporation fails to close the Transaction and forfeits the Deposits pursuant to the terms of the Purchase
Agreement.

 

NOW, THEREFORE, IN CONSIDERATION OF good
and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the Lender and the Corporation agree as follows:

 

	 	1.	
    Loan and Release The Lender will loan the Corporation the
    principal amount of C$6,000,000 (approximately $4.8 million) on or before August 31, 2022, pursuant to the terms of the
    promissory note attached at Exhibit A.

     

    In the event that the Corporation is unsuccessful in closing the Transaction
    pursuant to the terms of the Purchase Agreement and forfeits the Deposits (including the Additional Deposit), the Lender shall release
    the Corporation from any and all obligations in connection with the Debt, including but not limited to any obligation by the Corporation
    to repay any principal amount, interest or any other amounts due to the Lender, and the Lender agrees that she releases the Corporation
    from any and all claims and proceedings of any kind which the Lender may make against, or engage in with respect to, the Corporation,
    in connection with the Debt.

 

 

 

 

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	2.	
    General:

     

    a.     
    Modification of the Agreement Any amendment or modification of this Agreement or additional obligations assumed by either party
    in connection with this Agreement will only be legally binding and enforceable if evidenced in writing signed by the Lender and the Corporation.

     

    b.     
    Entire Agreement There is no representation, warranty, collateral agreement or conditions affecting this agreement except as
    expressly provided in this Agreement.

     

    c.      
    Choice of Law and Forum Any dispute arising out of this Agreement shall be resolved in a court of competent jurisprudence in
    Toronto, Ontario, under the laws of the province of Ontario and Canada.

     

    d.     
     Severability In the event that any provision of this Agreement is held to be invalid or unenforceable, in part or in whole,
    such provision is severed from this Agreement and all other provisions will continue to be valid and enforceable.

     

    e.       Successors
    and Assigns This Agreement shall inure to the benefit of the successors, permitted assigns and legal representatives of the
    Lender and Corporation. This Agreement may only be assigned with the written consent of the Lender and Corporation.

     

    f.       
    Counterparts This Agreement may be executed and delivered (including by facsimile copy or by scanned copy attached to an email)
    in any number of counterparts, with the same effect as if all parties had signed and delivered the same document, and all counterparts
    shall be construed together to be an original and will constitute one and the same Agreement.

 

 

IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first above written

 

Visionary Education Technology Holdings Group Inc.

 

	By: Dr. Liao Zaiyi	 	/s/ Fan Zhou	 
	Dr. Liao Zaiyi, Chief Operating Officer	 	Fan Zhou	 

 

 

 

 

 

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Exhibit A

 

 

PROMISSORY NOTE

 

	Amount: $6,000,000 Canadian Dollars	Due:______, 2023

 

FOR VALUE RECEIVED, the undersigned,

 

Visionary Education Technology Holdings
Group Inc. (“Company”) promises to pay to Ms. Fan Zhou to its order, the principal sum
of six million Canadian dollars (C$6,000,000)  without interest with one year term and a due date on ____, 2023, and the
Company has an option to extend the due date for one year from the initial due date.

 

This promissory note and the rights, obligations
and relations of the undersigned and the holder hereto shall be governed by and construed in accordance with the laws of the Province
of Ontario (but without giving effect to the conflict of law rules thereof). The undersigned and the holder hereto agree that the Courts
of Ontario shall have jurisdiction to entertain any action or other legal proceedings based on any provisions of this promissory note.

 

The undersigned and the holder hereto do hereby attorn to
the jurisdiction of the Courts of the Province of Ontario.

 

	 	Visionary Education Technology Holdings Group Inc.
	 	 	 
	 	Per:	 
	 	 	Name: Dr. Liao Zaiyi
	 	 	Title: Chief Operating Officer
	 	 	 
	 	I have the authority to bind the Corporation

 

 

 

 

 

 

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