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escrowagreementbertoliamerse.htm - Generated by SEC Publisher for SEC Filing

 

ESCROW AGREEMENT

                                                             

                         This
ESCROW AGREEMENT (this “Agreement”) is entered into this 6th day
of March, 2017 (the “Execution Date”), and made effective as of the 28th day of
February, 2017 (the “Effective Date”), by and among Nitin Amersey, a resident of
Michigan, USA (“Purchaser”), Louis Bertoli, a resident of Italy (“Seller”;
together with Purchaser, sometimes referred to individually as a “Party”
and collectively as the “Parties”), and Thrasher Worth LLC, a
Georgia (USA) limited liability company (the “Escrow Agent”).   

 

WHEREAS, Seller owns 36,000,000 shares (the “Shares”) of the
common stock, par value $0.0001 per share of HPIL Holding, a Nevada (USA) corporation
(the “Company”), which represents a controlling interest in the Company as of
the Effective Date.

WHEREAS, Purchaser and Seller have entered into that certain
Stock Purchase Agreement of even date hereof (the “SPA”) pursuant to which
Seller shall sell the Shares to Purchaser and Purchaser shall purchase the
Shares from Seller. 

WHEREAS, Purchaser and Seller wish to place with the Escrow
Agent the Escrow Deposit (as defined below) to be held in accordance with the
terms of this Agreement for the purpose of closing the purchase and sell of the
Shares.

WHEREAS, the Escrow Agent has agreed to accept, hold and
disburse the Escrow Deposit in accordance with the terms of this Agreement; and

NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties and the Escrow Agent,
for themselves, their successors and permitted assigns, as applicable, hereby
agree as follows:

1.            Appointment. 
The Parties hereby appoint the Escrow Agent as their escrow agent for the
purposes set forth herein, and the Escrow Agent hereby accepts such appointment
under the terms and conditions set forth herein.  

 

2.            Escrow Deposit;
IOLTA Account; No Interest.  

 

(a)          Seller agrees
to deposit with the Escrow Agent (i) the certificate evidencing the Shares,
(ii) an assignment or stock power duly executed by Seller pursuant to which
Seller assigns, transfers and delivers to Purchaser the Shares, and (iii) a
direction for payment of the Purchase Price to an account designated by Seller
(collectively, the “Seller Deliverables”), to be held in escrow in accordance
with the terms hereof.

 

(b)          Purchaser
agrees to deposit with the Escrow Agent the sum of $344,160 (“Purchase Prices”;
together with Seller Deliverables, “Escrow Deposit”).  The Escrow Agent
shall hold the Purchase Price in its IOLTA Account with Suntrust Bank, NA.  The
IOLTA Account is a non-interest bearing account, with any accrued interest
being transmitted to the State Bar of Georgia (USA) in accordance with its
regulations.  

 

(c) The
Parties hereby represent and warrant to the Escrow Agent that (i) there is no
sale or transfer of an United States Real Property Interest as defined under
IRC Section 897(c) in the underlying transaction giving rise to this Agreement;
and (ii) such underlying transaction does not constitute an installment sale
requiring any tax reporting or withholding of imputed interest or original
issue discount to the IRS or other taxing authority.

 

3.            Disposition
and Termination.      

 

(a)          The
Escrow Agent is directed to hold and distribute the Escrow Deposit in the
following manner: 

 

(i)           Closing
of Transaction.  Except as otherwise set forth herein, Escrow Agent shall
release from escrow to Seller all the Purchase Price without deduction
therefrom (except to the extent necessary to pay the Escrow Agent fees) in
accordance with the disbursement instructions provided by Seller and to
Purchaser the Shares certificate and executed
assignment or stock power delivered to Escrow Agent by Seller pursuant to
Seciton 2(a) as promptly as possible in accordance with written instructions
from Seller only upon the occurrence of all the following: (x) execution by Purchaser
and Seller of this Agreement; (y) Escrow Agent’s receipt of all of the Escrow
Deposit on or before 17:00 p.m. Atlanta, Georgia (USA) local time on April 28, 2017;
and (z) Escrow Agent’s receipt of instructions from Purchaser to close escrow
and disburse the Escrow Deposit in accordance with this Section 3(a)(i).  

 

 

 

 

(ii)          Failure
to Deposit the Purchase Price.  If the Purchase Price is not deposited in
full with the Escrow Agent on or before 17:00 p.m. Atlanta, Georgia (USA) local
time on April 21, 2017, Escrow Agent shall return the contents of the entire
Escrow Deposit, if any, to the respective Party from which it was received.

 

(iii)        Failure
to Deposit the Seller Deliverables.  If the Seller Deliverables are not deposited
in full with the Escrow Agent on or before 17:00 p.m. Atlanta, Georgia (USA)
local time on April 28, 2017, Escrow Agent shall return the contents of the entire
Escrow Deposit, if any, to the respective Party from which it was received.

 

(iv)         Joint
Instructions.               Notwithstanding anything to the contrary
contained in this Agreement, at any time prior to final termination of this
Agreement, the Escrow Agent shall, if so instructed in a writing signed by each
of Purchaser and Seller, disburse the Escrow Deposit as directed thereby,
including payment from the Purchase Price to Purchaser or to Seller, as
directed, the amount specified in such writing.

 

(v)          No
Other Disposition of the Escrow Deposit.  The Escrow Agent shall not
dispose of all or any portion of the Escrow Deposit other than as provided in
this Agreement.

 

(b)          Any
instructions setting forth, claiming, containing, objecting to, or in any way
related to the transfer or distribution of the Escrow Deposit, must be in
writing and executed by the appropriate Party or Parties as evidenced by the
signatures of such Party and delivered to the Escrow Agent only by confirmed
facsimile or as a Portable Document Format (“PDF”) attached to an email
on a Business Day only at the fax number or email address set forth in Section
8 below. No instruction for or related to the transfer or distribution of the
Escrow Deposit shall be deemed delivered and effective unless the Escrow Agent
actually shall have received it on a Business Day by facsimile or as a PDF
attached to an email only at the fax number or email address set forth in Section
8 and as evidenced by a confirmed transmittal to the Party’s or Parties’
transmitting fax number or email address and the Escrow Agent has been able to
satisfy any applicable security procedures as may be required hereunder.  The
Escrow Agent shall not be liable to any Party or other person for refraining
from acting upon any instruction for or related to the transfer or distribution
of the Escrow Deposit if delivered to any other fax number or email address,
including but not limited to a valid email address of any employee of the
Escrow Agent.  

(c)          The Parties acknowledge that there are
certain security, corruption, transmission error and access availability risks
associated with using open networks such as the internet and the Parties hereby
expressly assume such risks.  

(d)          As
used in this Agreement, “Business Day” shall mean any day other than a
Saturday, Sunday or any other day on which banks in Atlanta, Georgia (USA) are
authorized or required by law or executive order to remain closed. The Parties
acknowledge that the security procedures set forth in this Section 3 are
commercially reasonable. Upon delivery of the Escrow Deposit in full by the
Escrow Agent, this Agreement shall terminate, and all related account(s) shall
be closed, subject to the provisions of Section 6.  

4.            Escrow
Agent.  The Escrow Agent is a law firm which has represented and may
continue to represent the Company and Purchaser in various unrelated matters. 
Except as its role as Escrow Agent, the Escrow Agent has not provided legal
advice, does not represent and will not be deemed to represent either Seller or
Purchaser in connection with this Escrow Agreement or the transactions
contemplated hereby. To the extent this creates a conflict of interest, the
Parties waive such conflict of interest to the fullest extent allowed by law. 
The Escrow Agent shall have only those duties as are specifically and expressly
provided herein, which shall be deemed purely ministerial in nature, and no
other duties, including but not limited to any fiduciary duty, shall be
implied.  The Escrow Agent has no knowledge of, nor any obligation to comply
with, the terms and conditions of any other agreement between the Parties,
nor shall the Escrow Agent be required to determine if any Party has
complied with any other agreement.   Notwithstanding the terms of any other agreement between
the Parties, the terms and conditions of this Agreement shall control the
actions of the Escrow Agent.  The Escrow Agent may conclusively rely upon any written
notice, document, certification, instruction or request delivered by the
Parties believed by it to be genuine and to have been signed by such Party, as
applicable, without inquiry and without requiring substantiating evidence of
any kind and the Escrow Agent shall be under no duty to inquire into or
investigate the validity, accuracy or content of any such document, notice,
instruction or request. Any notice, document, instruction or request delivered
by a Party but not required under this Agreement may be disregarded by the
Escrow Agent.  The Escrow Agent shall not be liable for any action taken,
suffered or omitted to be taken by it in good faith except to the extent that
the Escrow Agent’s gross negligence or willful misconduct was the cause of any
direct loss to either Party.  The Escrow Agent
may execute any of its powers and perform any of its duties hereunder directly
or through affiliates or agents.   In the event the Escrow Agent shall be
uncertain, or believes there is some ambiguity, as to its duties or rights
hereunder or receives instructions, claims or demands from any Party hereto
which in the Escrow Agent’s judgment conflict with the provisions of this
Agreement, or if the Escrow Agent receives conflicting instructions from the
Parties, the Escrow Agent shall be entitled either to: (a) refrain from taking
any action until it shall be given (i) a joint written direction executed by
the Parties which
eliminates such conflict or (ii) a court order issued by a court of competent
jurisdiction (it being understood that the Escrow Agent shall be entitled
conclusively to rely and act upon any such court order and shall have no
obligation to determine whether any such court order is final); or (b) file an
action in interpleader.  The Escrow Agent shall have no duty to solicit any
payments which may be due it, including, without limitation, the Escrow
Deposit nor shall the Escrow Agent have any duty or obligation to confirm or verify the accuracy or correctness of any
amounts deposited with it hereunder. Anything in this Agreement to the contrary
notwithstanding, in no event shall the Escrow Agent be liable for special,
incidental, punitive, indirect or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Escrow
Agent has been advised of the likelihood of such loss or damage and regardless
of the form of action.  

	

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5.            Resignation; 
Succession.   The Escrow Agent may resign and be discharged from its
duties or obligations hereunder by giving ten (10) days advance notice in writing of such resignation to the
Parties.  The Escrow Agent’s sole responsibility after such ten (10) day notice
period expires shall be to hold the Escrow Deposit  and to deliver the same to
a designated substitute escrow agent, if any, appointed by the Parties, or such
other person designated by Parties, or in accordance with the directions of a
final court order, at which time of delivery, the Escrow Agent’s obligations
hereunder shall cease and terminate.  If prior to the effective resignation
date, the Parties have failed to appoint a successor escrow agent, or to
instruct the Escrow Agent to deliver the Escrow Deposit to another person as
provided above, or if such delivery is contrary to applicable law, at any time
on or after the effective resignation date, the Escrow Agent either (a) may
interplead the Escrow Deposit with a court located in the State of Georgia (USA)
and the costs, expenses and reasonable attorney’s fees which are incurred in
connection with such proceeding may be charged against and withdrawn from the
Escrow Deposit; or (b) appoint a successor escrow agent of its own choice.  Any
appointment of a successor escrow agent shall be binding upon the Parties and
no appointed successor escrow agent shall be deemed to be an agent of the
Escrow Agent.  The Escrow Agent shall deliver the Escrow Deposit to any
appointed successor escrow agent, at which time the Escrow Agent’s obligations
under this Agreement shall cease and terminate. Any entity into which the
Escrow Agent may be merged or converted or with which it may be consolidated,
or any entity to which all or substantially all of the escrow business may be
transferred, shall be the Escrow Agent under this Agreement without further
act. 

 

6.            Compensation;
Acknowledgment.  Seller and Purchaser each acknowledge and agree to be
joint and severally liable for Escrow Agent’s fees in connection with the
preparation of this Agreement and performance hereunder and direct Escrow Agent
to disburse to Escrow Agent from the Purchase Price all fees accrued hereunder
as of the closing of escrow and prior to the disbursement of the Purchase Price
to any other Party.  To the extent that Escrow Agent’s
fees are not fully paid by the Purchase Price deposited with the Escrow Agent,
the Parties hereby agree to pay Escrow Agent’s invoices for services rendered
in connection with the Agreement in accordance with the terms of such
invoices.  Seller and Purchaser each acknowledge that: (a) the duties of the
Escrow Agent hereunder are purely mechanical; and (b) the Escrow Agent is
acting hereunder for the convenience of the Parties and shall not be impeached
or accountable because of any conflicting or potentially conflicting duties to
each of the Company or Purchaser or any advice provided to either of them. 
Further, all costs and expenses incurred by the Escrow Agent in performing its
duties hereunder shall be paid by the Parties on a joint and several basis, and
will be those usually charged in performing legal services which will be based
on the Escrow Agent’s standard hourly rates in effect from time to time.

	

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7.            Indemnification
and Reimbursement.   The
Parties agree jointly and severally to indemnify, defend, hold harmless, pay or
reimburse the Escrow Agent and its affiliates and their respective successors,
assigns, directors, agents and employees (the “Indemnitees”) from and
against any and all losses, damages, claims, liabilities, penalties, judgments,
settlements, litigation, investigations, costs or expenses (including, without
limitation, the reasonable fees and expenses of outside counsel and experts and
their staffs and all expense of document location, duplication and shipment)
(collectively “Indemnitee Losses”), arising out of or in connection with
(a) the Escrow Agent’s  performance of this Agreement, except to the extent
that such Indemnitee Losses are determined by a court of competent jurisdiction
through a final order to have been caused by the gross negligence, willful
misconduct, or bad faith of such Indemnitee; and (b) the Escrow Agent’s
following, accepting or acting upon any instructions or directions, whether
joint or singular, from the Parties received in accordance with this
Agreement.  In furtherance of the foregoing, the Escrow Agent is expressly
authorized and directed, but shall not be obligated, to charge against and
withdraw from the Escrow Deposit for its own account or for the account of an
Indemnitee any amounts due to the Escrow Agent or to an Indemnitee under
Section 6 or 7. As among the Parties, the indemnification payment and
reimbursement obligations set forth in this Section 7 shall be the sole
responsibility of Seller. The obligations set forth
in this Section 7 shall survive the resignation, replacement or removal of the
Escrow Agent or the termination of this Agreement.

 

8.            Notices.   Except as
otherwise provided in Section 3, all communications hereunder shall be in
writing or set forth in a PDF attached to an email, and all instructions
from a Party or the Parties to the Escrow Agent shall be executed by such Party, and shall be delivered in accordance with the terms of
this Agreement by facsimile, email or overnight courier only to the appropriate
fax number,  email address, or notice address set forth for each party as
follows:

 

If to Purchaser:                                 Nitin
Amersey

3738 Coach Cove 

Sanford, Michigan
48657 

United States of
America

Email:  amersey@amersey.com

 

If to Seller:                                        Louis
Bertoli

Via
Valsorda 47/a

Concesio
25062

Italy

Email:  info@louisbertoli.com

 

If to the Escrow Agent:                    Thrasher
Worth LLC

                                                     Five
Concourse Parkway, Suite 3200

Atlanta, Georgia 30328

United States of America

Attention:  H. Grady Thrasher

Fax No.: (404) 760-6002

                                                            Email
Address:  gthrasher@thrasherworth.com 

 

9.            Compliance
with Court Orders.  In the event that a legal garnishment, attachment,
levy, restraining notice or court order is served with respect to any of the
Escrow Deposit, or the delivery thereof shall be stayed or enjoined by an order
of a court, the Escrow Agent is hereby expressly authorized, in its sole
discretion, to obey and comply with all such orders so entered or issued, which
it is advised by legal counsel of its own choosing is binding upon it, whether
with or without jurisdiction, and in the event that the Escrow Agent obeys or
complies with any such order it shall not be liable to any of the Parties
hereto or to any other person by reason of such compliance notwithstanding such
order be subsequently reversed, modified, annulled, set aside or vacated.

 

10.          Miscellaneous.  (a) 
The provisions of this Agreement may be
waived, altered, amended or supplemented only by a writing signed by the Escrow
Agent, Purchaser and Seller.  Neither this Agreement nor any right or interest hereunder may be assigned by any Party without the
prior consent of the Escrow Agent, Purchaser and Seller.  This Agreement shall
be governed by and construed under the laws of the State of Georgia (USA).   Each Party and the
Escrow Agent irrevocably waives any objection on the grounds of venue, forum
non-conveniens or any similar grounds and irrevocably consents to service of
process by mail or in any other manner permitted by applicable law and consents
to the jurisdiction of the courts located in the State of Georgia (USA). To the
extent that in any jurisdiction any Party may now or hereafter be entitled to
claim for itself or its assets, immunity from suit, execution, attachment
(before or after judgment) or other legal process, such Party shall not claim,
and hereby irrevocably waives, such immunity.  The Escrow Agent and the Parties
further hereby waive any right to a trial by jury with respect to any lawsuit
or judicial proceeding arising or relating to this Agreement.  No party to this
Agreement is liable to any other party for losses due to, or if it is unable to
perform its obligations under the terms of this Agreement because of, acts of
God, fire, war, terrorism, floods, strikes, electrical outages, equipment or
transmission failure, or other causes reasonably beyond its control.  This
Agreement and any joint instructions from the Parties may be executed in one or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument or instruction, as
applicable. All signatures of the parties to this Agreement may be transmitted
by facsimile or as a PDF attached to an email, and such facsimile or PDF will,
for all purposes, be deemed to be the original signature of such party whose
signature it reproduces, and will be binding upon such party.  If any provision of this
Agreement is determined to be prohibited or unenforceable by reason of any
applicable law of a jurisdiction, then such provision shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions thereof, and any
such prohibition or unenforceability in such jurisdiction shall not invalidate
or render unenforceable such provisions in any other jurisdiction.  The Parties
each represent, warrant and covenant that (i) each document, notice,
instruction or request provided by such Party to the Escrow Agent shall comply
with applicable laws and regulations; and (ii) such Party is competent and has
full power and authority to enter into this Agreement and to perform all of the
duties and obligations to be performed by it hereunder.  Except as expressly
provided in Section 7 above, nothing in this Agreement, whether express or
implied, shall be construed to give to any person or entity other than the
Escrow Agent and the Parties any legal or equitable right, remedy, interest or
claim under or in respect of the Escrow Deposit or this Agreement. 

	

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IN
WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the Execution Date set forth above.  

 

 

SELLER                                                                                         THRASHER
WORTH, LLC                                                

                                                                                           

 

 /S/ Louis Bertoli                                                                                          By:  /S/
H. Grady Thrasher             

Louis
Bertoli, individually

                                                                                                         Name:
H. Grady Thrasher

 

                                                                                                         Title:
Member     

 

PURCHASER

 

 

 

 /S/ Nitin Amersey                            
               

Nitin
Amersey, individuallyExhibit 10.1

 

William C. Gottschalk

Attorney at Law

STANDARD COMMERCIAL SALES CONTRACT

 

The undersigned Purchaser agrees to buy,
and the undersigned Seller agrees to sell:

 

SEE EXHIBIT A ATTACHED HERETO.

 

together with all electrical, mechanical,
plumbing, air-conditioning, and any other systems or fixtures as are attached thereto and all plants, trees, and shrubbery now
on the premises.

 

The purchase price of said property shall
be: ONE HUNDRED TWENTY-SIX THOUSAND SEVEN HUNDRED FIFTY AND 00/100 DOLLARS, ($126,750.00) to be paid as follows:

 

a) Seller to take back
a purchase money first mortgage, in the amount of $126,750.00, bearing interest at the rate of six and three-quarters (6.7500%)
percent per year, and being payable in 179 equal monthly payments of $1,127.99, beginning thirty (30) days after closing, and continuing
on each and every month thereafter, followed by a final 18oth installment payment, in the amount of $285.82, due and payable fifteen
(15) years from the date of closing.

 

Purchaser has paid to the undersigned Seller.
ONE HUNDRED AND 00/100 DOLLARS ($100.00) as good and sufficient consideration for the down payment, receipt whereof is hereby acknowledged
by Seller, as earnest money, which earnest money is to be applied as part payment of the purchase price of said property at the
time the sale is consummated.

 

Seller warrants that he presently has title
to said property, and at the time the sale is consummated, he agrees to convey good and marketable title to said property to Purchaser
by general warranty deed, subject only to (1) zoning ordinances affecting said property, (2) general utility easements of record
serving said property, (3) subdivision restrictions of record, and (4) leases, other easements, other restrictions and encumbrances
specified in this Contract. In the event leases are specified in this Contract, the Purchaser agrees to assume the Seller's responsibilities
thereunder to the tenant.

 

The Purchaser shall move promptly and in
good faith, after acceptance of this Contract, to examine title and to furnish Seller with a written statement of objections affecting
the marketability of said title. Seller shall have reasonable time after receipt of such objections to satisfy all valid objections,
and if Seller fails to satisfy such valid objections within a reasonable time, then at the option of the Purchaser, evidenced by
written notice to Seller, this Contract shall be null and void. Marketable title, as used herein, shall mean title with a title
insurance company licensed to do business in the State of Georgia will insure at its regular rates, subject only to standard exceptions
unless otherwise specified herein.

 

Seller and Purchaser agree that such papers
as may be necessary to carry out the terms of this Contract, shall be executed and delivered by such Parties at the time the sale
is consummated. Seller and Purchaser mutually agree to correct any errors in documents pertaining to the closing of the above described
property subsequently discovered after closing in a timely manner.

 

Purchaser, its agents, or representatives,
at Purchaser's expense, and at reasonable times during normal business hours, shall have the fight to enter upon the property for
the purpose of inspecting, examining (including soil boring), testing, and surveying the property. Purchaser assumes all responsibility
for the acts of itself, its agents, or representatives in exercising its rights under this Paragraph, and agrees to hold Seller
harmless for any damages resulting therefrom.

 

     

     

    

 

Seller warrants that when the sale is consummated,
the improvements on the property will be in the same condition as they are on the date this Contract is signed by the Seller, natural
wear and tear excepted. However, should the premises be destroyed or substantially damaged before the Contract is consummated,
then at the election of the Purchaser: (a) the Contract may be cancelled, or (b) Purchaser may consummate the Contract and receive
such insurance as is paid on the claim of loss. This election is to be exercised within ten (10) days after the Purchaser has been
notified in writing by Seller of the amount of the insurance proceeds, If any, Seller Will receive on the claim of loss; if Purchaser
has not been notified within forty-five (45) days subsequent to the occurrence of such damage or destruction, Purchaser may, at
its option, cancel the Contract.

 

Time is of essence of this Contract.

 

This Contract shall inure to the benefit
of, and be binding upon, the Parties thereto, their heirs, successors, administrators, executors, and assigns.

 

The interest of the Purchaser in this Contract
shall not be transferred or assigned without the written consent of Seller.

 

This Contract constitutes the sole and
entire agreement between the Parties hereto, and no modification of this Contract shall be binding unless attached hereto and signed
by all Parties to this agreement. No representation, promise, or inducement not included in this Contract shall be binding upon
any Party hereto. The signatures below confirm that each party to contract has read the terms and conditions of this contract,
understands these terms and conditions of this contract, and agrees to be bound by the terms and conditions of this contract.

 

The following stipulations shall, if conflicting
with printed matter, control:

 

SPECIAL

STIPULATIONS

 

1.        Real
estate taxes and condominium fees on said property shall be prorated as of the date of closing.

 

2.        Seller
shall pay State of Georgia property transfer tax.

 

3.        Sale
shall be closed on or before December 31, 2016.

 

4.        As
a portion of the consideration for this purchase and sale, Purchaser will pay a one-time $840.00 deposit into Tucker Professional
Association, Inc. escrow for Unit 15 to maintain said escrow account for the Tucker Professional Building. All regular condominium
monthly fees and taxes will be pro-rated on said unit 15 as of the date of said closing of this sale.

 

5.       In
the unfortunate event of a future bankruptcy, Purchaser to furnish a Deed in Lieu of Foreclosure to Seller prior to any such Declaration.

 

6.        The
property is sold in "as is" condition, with no warranties of any kind by Seller to Purchaser.

 

7.        The
closing will be handled by William H. Arroyo, Attorney At Law, at his office located at 4228 First Avenue, Suite 10, Tucker, Georgia
30084. Purchaser understands that Mr. Arroyo represents only the underlying debt-holders and does not, and cannot, represent the
Purchaser. Purchaser is not an attorney, but may have an independent attorney to represent him at closing, should he choose to
do so.

 

     

     

    

 

8.        Purchaser
and Seller to split all closing costs in connection with this purchase and sale.

 

9.        Purchaser
agrees that Purchase Money First Mortgage will have a “Due on Sale” clause and that said mortgage is not assumable.

 

10.        This
contract shall survive the closing and transfer of title to the Suite 15 property conveyed to Purchaser which legal description
is attached hereto as Exhibit “A,” and made part of this Standard Commercial Sales Contract.

 

11.        A
copy of the amortization schedule depicting the schedule of monthly payments Purchaser will make to Seller is attached hereto as
Exhibit “B,” and made part of this Standard Commercial Sales Contract. Purchaser to pay monthly condo association fee
beginning January 1, 2017.

 

12.        Purchaser
is a Corporation duly filed with the Georgia Secretary of State’s Office and authorized to do business in Georgia with Richard
J. Randolph, 111 as its Chief Financial Officer.

 

13.        Richard
J. Randolph, Ill agrees to personally guarantee Purchase Money First Mortgage and Promissory Note as an individual signatory at
the closing of this transaction.

 

14.        Purchaser
understands that Suite 15 is currently leased to Felicia N. Johnson, and Purchaser agrees to assume the Seller’s Responsibilities
thereunder to the tenant.

 

This instrument shall be regarded as an
offer by the Purchaser or Seller, who first sign to the other and is open for acceptance by the other until 5:00 o'clock P.M.,
on the 16th day of December, 2016, by which time written acceptance of such offer must have been actually received by the Purchaser
or Seller, who shall promptly notify the other Parties, in writing, of such acceptance. Execution of this contract shall be performed
by Purchaser in front of Seller and by Seller in front of Purchaser.

 

The foregoing proposition is hereby accepted
this 16th day of December, 2016 at 1:42 P.M.

 

 

	/s/ William C. Gottschalk	 	By:	/s/ Richard Randolph	 
	WILLIAM C. GOTTSCHALK, Seller	RANDOLPH ACQUISITIONS, INC., Purchaser
	 	Richard J. Randolph, Ill, Chief Executive Officer

 

     

     

    

 

STANDARD COMMERCIAL SALES CONTRACT

 

EXHIBIT A

 

I.        Legal
description of property being sold by Seller to Purchaser:

 

All that tract or parcel of land lying
and being in Land Lot 213 of the 18th District of DeKalb County, Georgia, being Unit 15 of Tucker Professional Condominium, as
shown on a floor plan of Tucker Professional Condominium, prepared by Eugene L. Surber, Registered Professional Architect, dated
November 1, 1984, revised December 13, 1985, and recorded as Condominium Floor Plan No. 185, in the Office of the Clerk of Superior
Court of DeKalb County, Georgia, which unit is a part of the property shown on a plat of survey (Master Site Plan) for Tucker Professional
Condominium by William A. White, R.L.S., dated January 20, 1978, revised October 29, 1984, and recorded in Condominium Plat book
6, Page 24, DeKalb County Records, together with all right, title and interest of Grantor in said unit and the appurtenances thereto
under the Declaration of Condominium of Tucker Professional Condominium, dated December 16, 1985, and recorded in Deed Book 5365,
Pages 325-366, DeKalb County Records, which plat and Declaration are by reference incorporated herein and made a part hereof. The
interest herein conveyed includes, without limited the generality of the foregoing, an undivided 10.51% interest in the common
area of Tucker Professional Condominium as the same is defined in said Declaration.

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