Document:

Exhibit

SEVENTH AMENDMENT TO LOAN AGREEMENT
THIS SEVENTH AMENDMENT TO LOAN AGREEMENT (this “Seventh Amendment”) is made and entered into as of December 15, 2017 by and among GLADSTONE LAND LIMITED PARTNERSHIP, a Delaware limited partnership (“Borrower”), GLADSTONE LAND CORPORATION, a Maryland corporation (“Guarantor”), and METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation (“Lender”).
RECITALS:

A.Borrower, Guarantor and Lender are parties to that certain Loan Agreement dated as of April 30, 2014, as amended by that certain First Amendment to Loan Agreement dated as of August 26, 2014, as further amended by that certain Second Amendment to Loan Agreement dated as of October 29, 2014, as further amended by that certain Third Amendment to Loan Agreement dated as of September 3, 2015, as further amended by that certain Fourth Amendment to Loan Agreement dated as of October 5, 2016, as further amended by that certain Fifth Amendment to Loan Agreement dated as of December 28, 2016, and as further amended by that certain Sixth Amendment to Loan Agreement dated as of May 31, 2017 (as amended, the “Loan Agreement”).  The Loan Agreement was executed in connection with a loan or loans (the “Loan”) made by Lender to Borrower evidenced by (i) that certain Promissory Note (Note A) in the principal amount of up to One Hundred Million and 00/100 Dollars ($100,000,000.00) dated as of April 30, 2014 and executed by Borrower to the order of Lender, as amended by that certain First Amendment to Promissory Note (Note A) dated as of September 3, 2015, and as further amended by that certain Second Amendment to Promissory Note (Note A) dated as of October 5, 2016 (as amended, “Note A”), (ii) that certain Promissory Note (Note B - RELOC) in the principal amount of up to Twenty-Five Million and 00/100 Dollars ($25,000,000.00) dated as of April 30, 2014 and executed by Borrower to the order of Lender, as amended by that certain First Amendment to Promissory Note (Note B) dated as of September 3, 2015, and as further amended by that certain Second Amendment to Promissory Note (Note B), dated as of October 5, 2016 (as amended, “Note B”), (iii) that certain Promissory Note (Note C-2016 Term Facility) in the principal amount of up to Fifty Million and 00/100 Dollars ($50,000,000.00) dated as of October 5, 2016 and executed by Borrower to the order of Lender (“Note C”), and (iv) that certain Promissory Note (Note D - 2016 RELOC) in the principal amount of up to Twenty-Five Million and 00/100 Dollars ($25,000,000.00) dated as of October 5, 2016 and executed by Borrower to the order of Lender (“Note D”, and collectively with Note A, Note B and Note C, the “Notes”).  The Notes are currently secured by the Security Instruments, as defined in the Loan Agreement.  Guarantor has guaranteed the payment and performance of the Loan pursuant to that certain Loan Guaranty Agreement dated as of April 30, 2014 (the “Guaranty”).  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Loan Agreement.
B.Borrower has requested and Lender has agreed, subject to the terms and conditions of this Seventh Amendment, to commit to increase the amount of credit available to Borrower under Note C to the principal amount of up to One Hundred Million and 00/100 Dollars ($100,000,000), and under Note D to the principal amount of up to Fifty Million and 00/100 Dollars ($50,000,000).  

C.Borrower has further requested that Lender consent to certain modifications to the terms of the Loan, including without limitation, an extension of to the date by which Subsequent Disbursements may be requested under Note A and Note C and modifications to the Unused Commitment Fee payable under Note C and Note D.

D.The parties enter into this Seventh Amendment to amend the Loan Agreement as described above and as otherwise provided for herein.

AGREEMENT:

NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower, Guarantor and Lender hereby agree as follows:

1.Status of Existing Loan.  Borrower and Guarantor acknowledge for the benefit of Lender that the Notes, the Loan Agreement as amended by this Seventh Amendment, the Security Instruments, and any other Loan Documents are all valid and binding obligations enforceable in accordance with their terms, and that neither Borrower nor Guarantor has any offset or defense against the indebtedness evidenced by the Notes or any of the obligations set forth in the Loan Documents.  

2.Commitment to Increase Availability Under Note C and Note D.  Lender hereby commits to increase the amount of credit available to Borrower under Note C to an original principal amount of up to One Hundred Million and 00/100 Dollars ($100,000,000), and under Note D to an original principal amount of up to Fifty Million and 00/100 Dollars ($50,000,000) (such increases, the “Credit Facility Expansion”), subject to the full and complete satisfaction, as determined by Lender in its sole and absolute discretion, of the following conditions precedent:

(a)    Borrower executes and delivers to Lender (i) an Amended and Restated Promissory Note (Note C - Term Facility) in the original principal amount of up to One Hundred Million and 00/100 Dollars ($100,000,000) amending and restating Note C in its entirety (“Amended and Restated Note C”), and (ii) an Amended and Restated Promissory Note D (Note D - RELOC) in the original principal amount of up to Fifty Million and 00/100 Dollars ($50,000,000) amending and restating Note D in its entirety (“Amended and Restated Note D”), each in substantially the same form and content as Note C and Note D, respectively, except as otherwise provided herein.

(b)    Each Property Owner executes and delivers to Lender an amendment to the respective Security Instrument of which it is grantor or trustor, in form and content acceptable to Lender, providing that such Security Instrument secures Amended and Restated Note C and Amended and Restated Note D.

(c)    Borrower provides to Lender, at Borrower’s cost, such endorsements to Lender’s ALTA loan policies of title insurance insuring Lender as to the continued first lien priority of all of the Security Instruments as security for the Loan, as modified to secure the Credit Facility Expansion, as Lender deems necessary or appropriate in its sole and absolute discretion, showing title to be subject to no matters other than the Permitted Encumbrances and those which may otherwise be approved in writing by Lender.

(d)    Borrower, Property Owners and Guarantor execute and deliver to Lender such other documents, agreements, reaffirmations, guaranties and amendments as Lender may deem necessary to document the Credit Facility Expansion in a manner consistent with the balance of the Loan Documents.

(e)    No Event of Default under the Loan Agreement, the Notes, the Security Instruments, or any of the Loan Documents exists at the time of or shall have existed prior to the 

completion of the Credit Facility Expansion, and no event or condition exists which with the giving of notice or the passage of time or both would constitute an Event of Default.

(f)    Borrower pays all costs incurred by Lender, including title insurance premiums and endorsement costs, reasonable legal fees of outside counsel, escrow fees, recording fees and any other third party costs relating to the Credit Facility Increase and the satisfaction of the foregoing conditions.

The date on which the Credit Facility Expansion is complete, including all conditions precedent thereto, is herein referred to as the “Effective Date”. 

3.Unused Commitment Fee. As of the Effective Date, the Unused Commitment Fee currently payable in Note C and Note D shall be adjusted in Amended and Restated Note C and in Amended and Restated Note D, respectively, as follows:
(a) Amended and Restated Note C shall contain the following provision with respect to the Unused Commitment Fee:
“Borrower shall pay to Lender an unused commitment fee payable in arrears with each interest payment payable on an Interest Payment Date under the terms of this Note, in an amount equal to (i) if the outstanding principal balance under this Note is less than or equal to fifty percent (50%) of the maximum amount available to be borrowed under this Note (initially $100,000,000, as may be reduced by any permitted prepayments of principal that may not be reborrowed), twenty (20) basis points per annum, or (ii) if the outstanding principal balance under this Note is greater than fifty percent (50%) of such maximum amount available to be borrowed under this Note, ten (10) basis points per annum, in each case times the average daily difference between such maximum amount and the actual advanced and outstanding balance of this Note for the immediately preceding interest accrual period (i.e., the semiannual period). Borrower may elect in its discretion, and Lender may elect upon the occurrence of an Event of Default as defined in the Loan Agreement, to cancel any portion of the commitment to continue to make or draw funds available under this Note. Upon any such cancellation, Borrower’s future obligation to pay any unused commitment fees that have yet to accrue will be relieved. Borrower’s obligation to pay any Unused Commitment Fees that has not then accrued shall cease upon the expiration of Borrower’s ability to request Subsequent Disbursements under this Note, as established in the Loan Agreement.”

(b) Amended and Restated Note D shall contain the following provision with respect to the Unused Commitment Fee:

“Borrower shall pay to Lender an unused commitment fee payable in arrears with each interest payment payable on an Interest Payment Date under the terms of this Note in an amount equal to (i) if the outstanding principal balance under this Note is less than or equal to fifty percent (50%) of the maximum amount available to be borrowed under this Note, twenty (20) basis points per annum, or (ii) if the outstanding principal balance under this Note is greater than fifty percent (50%) of the maximum amount available to be borrowed under this Note, ten (10) basis points per annum, in each case times the average daily difference between the maximum available amount under this Note ($50,000,000.00) and the actual advanced and outstanding balance of this Note for the immediately preceding quarter. Borrower may elect in its discretion, and Lender may elect upon the occurrence of an Event of Default as defined in the Loan Agreement, to cancel 

any portion of the commitment to continue to make or draw funds available under this Note. Upon any such cancellation, Borrower’s future obligation to pay any unused commitment fees that have yet to accrue will be relieved.”

Notwithstanding anything herein or in Note C or in Note D to the contrary, the provisions stated in this Section 3 to be included in Amended and Restated Note C and Amended and Restated Note D shall be apply and be effective as to Note C and Note D as of the date first written above.
4.Subsequent Disbursements Subject to Loan Agreement.  Borrower hereby agrees that all Subsequent Disbursements of funds available under Amended and Restated Note C and Amended and Restated Note D are and shall remain subject to the terms and conditions of the Loan Agreement, as amended hereby, including without limitation, the conditions stated in Section 3 thereof.  No Subsequent Disbursements under Amended and Restated Note C and Amended and Restated Note D shall be available until the Effective Date. Notwithstanding the foregoing, this section and this Amendment generally are not intended to prohibit, and shall not prohibit, Subsequent Disbursements under the existing Notes that would otherwise be available and permitted under the Loan Documents prior to the Effective Date.

5.Definitions.  Borrower and Lender hereby agree that (i) all references in the Loan Agreement to the Loan Documents shall include this Seventh Amendment, (ii) as of the Effective Date, all references in the Loan Agreement to the Notes shall mean Note A, Note B, Amended and Restated Note C and Amended and Restated Note D, collectively, and (iii) as of the Effective Date all references to Note C and Note D shall refer to the Amended and Restated Note C and the Amended and Restated Note D, respectively.

6.Note A Disbursements.  As of the Effective Date, the following modifications are made to the Loan Agreement:

(a)    Section 3.1(b)(1) is hereby deleted in its entirety and replaced with the following:

“The amount of each Subsequent Disbursement under Note A will be based on and limited such that the amount disbursed under the Loan shall not exceed sixty percent (60%) of the aggregate Appraised Value of the Real Property and any new agricultural property accepted by Lender as Collateral for Subsequent Disbursements (the “Future Property”), as established by appraisals in form and substance acceptable to Lender in all respects, and otherwise limited as provided in this Section 3.1(b).  In no event shall the total aggregate Note A Disbursements plus the aggregate Note C Disbursements collectively exceed the lesser of Two Hundred Million and 00/100 Dollars ($200,000,000.00) or sixty percent (60%) of the Appraised Value of the Collateral.”

(b)    The date stated in Section 3.1(b) after which Lender may, at its option, be relieved of any obligation to make any Subsequent Disbursements or other disbursements under Note A is hereby revised to be December 31, 2019.

7.Note B Disbursements.  As of the Effective Date, the following modifications are made to the Loan Agreement:

(a)    the first sentence of Section 3.2(a) is hereby deleted in its entirety and replaced with the following: 

“Borrower shall have the right from time to time, to request additional advances under Note B (a “Note B Advance”), up to the face amount of Note B (i.e., $25,000,000.00), under the following conditions: (i) no Event of Default has occurred and is continuing and no event has occurred and is continuing which with the passing of time or giving of notice or both would become an Event of Default, and (ii) Note B Advances shall be available so long as the combined outstanding principal balances of Note A, Note B, Note C and Note D, plus the amount of the requested Note B Advance do not exceed the lesser of (a) the combined face principal amounts of Note A ($100,000,000), Note B ($25,000,000), Note C ($100,000,000) and Note D ($50,000,000), and (b) the amount equal to 60% of the Appraised Value.”

(b)    Section 3.2(b) is hereby deleted in its entirety and replaced with the following:

“Balance in Excess of Original Principal Amount.  Notwithstanding anything contained herein to the contrary, in the event that (i) the aggregate outstanding unpaid principal amount of Note B at any time exceeds the amount of $25,000,000.00 or (ii) the aggregate outstanding principal balance of Note A, Note B, Note C and Note D exceeds the lesser of $275,000,000.00, or the amount equal to sixty percent (60%) of the Appraised Value of the Collateral, all Subsequent Disbursements shall be suspended and Borrower shall immediately, without the requirement of any oral or written notice by Lender, prepay the principal of one or more of the Notes in an aggregate amount at least equal to such excess.”

8.Note C Disbursements.  As of the Effective Date, the following modifications are made to the Loan Agreement:

(a)    Section 3.3(b) is hereby deleted in its entirety and replaced with the following:

“Subsequent Disbursements.  Following the Initial Disbursement, Borrower may request a Subsequent Disbursement under Note C in an aggregate amount not to exceed Seventy-Eight Million Four Hundred Fifty Thousand and 00/100 Dollars ($78,450,000) at any time after the Initial Disbursement but no later than  December 31, 2019, provided that each of the following conditions has been satisfied on or before the date of disbursement:
(1)    The amount of each Subsequent Disbursement will be based on and limited such that the amount disbursed under the Loan shall not exceed sixty percent (60%) of the aggregate Appraised Value of the Real Property and any new agricultural property accepted by Lender as Collateral for Subsequent Disbursements (the “Future Property”), as established by appraisals in form and substance acceptable to Lender in all respects, and otherwise limited as provided in this Section 3.3(b).  In no event shall the total aggregate Note A Advances and the aggregate Note C Advances exceed the lesser of Two Hundred Million and No/100 Dollars ($200,000,000.00) or sixty percent (60%) of the Appraised Value of the Collateral. 
(2)    Note C Disbursements shall be subject to all of the conditions to subsequent Disbursements applicable to Note A Advances as provided in Section 3.1 of the Loan Agreement.”

9.Note D Disbursements.  As of the Effective Date, the following modifications are made to the Loan Agreement:

(a)    Section 3.4(a) is hereby deleted in its entirety and replaced with the following:

“Advances.  Borrower shall have the right from time to time, to request additional advances under Note D (a “Note D Advance”), up to the face amount of Note D (i.e., $50,000,000.00), under the following conditions: (i) no Event of Default has occurred and is continuing and no event has occurred and is continuing which with the passing of time or giving of notice or both would become an Event of Default, and (ii) Note D Advances shall be available so long as the combined outstanding principal balances of Note A, Note B, Note C and Note D plus the amount of the requested Note D Advance do not exceed the lesser of (a) the face principal amounts of Note A ($100,000,000),  Note B ($25,000,000), Note C ($100,000,000) and Note D ($50,000,000) and (b) the amount equal to 60% of the Appraised Value.  Borrower may repay and reborrow such amounts as a revolving credit.  Revolver draws and repayments shall be made not more than twice per calendar month per each type of transaction and written request for a Note D Advance must be received by Lender no later than 12:00 p.m., Pacific Time, on the Business Day prior to the Business Day on which funds are desired.  All draws and repayments will be by wire transfer and any draws shall be in amounts not less than One Hundred Thousand and No/100 Dollars ($100,000.00) and in even increments of One Thousand and No/100 Dollars ($1,000.00). 
(b)    Section 3.4(b) is hereby deleted in its entirety and replaced with the following:

“Balance in Excess of Original Principal Amount.  Notwithstanding anything contained herein to the contrary, in the event that (i) the aggregate outstanding unpaid principal amount of Note D at any time exceeds the amount of $50,000,000.00 or (ii) the aggregate outstanding principal balance of Note A, Note B, Note C and Note D exceed the lesser of $275,000,000.00 and the amount equal to sixty percent (60%) of the Appraised Value of the Collateral, all Subsequent Disbursements shall be suspended and Borrower shall immediately, without the requirement of any oral or written notice by Lender, prepay the principal of one or more of the Notes an aggregate amount at least equal to such excess.
10.Consent of Guarantor.  Guarantor hereby consents to the Credit Facility Expansion under the terms of the Loan Agreement as amended hereby and further consents to the execution by all parties of this Seventh Amendment and any other documents or modifications to documents contemplated hereby or made in connection with the Credit Facility Expansion.  Guarantor agrees that the Guaranty remains in full force and effect with regard to all disbursements of the Loan and the Loan Documents as so modified.

11.Reaffirmation of Guaranty.  Guarantor hereby confirms and reaffirms all of the representations, warranties, covenants and obligations of the Guaranty and the other Loan Documents, and further confirms and agrees that Guarantor is and shall continue to be liable for all obligations arising under and in connection with the Loan. 

12.Reaffirmation by Borrower.  Except as specifically amended by this Seventh Amendment, the Loan Agreement shall remain unmodified and in full force and effect.  Borrower hereby reaffirms for the benefit of Lender, each and every of the terms and provisions of the Notes and the Loan Agreement, as amended and as originally set forth therein.

13.Representations  and Warranties of Borrower.  Borrower hereby restates and reaffirms all of the covenants, representations and warranties set forth in the Loan Agreement, as if made as of 

the date of this Seventh Amendment and with regard to the Loan and the Credit Facility Expansion.  In particular, all of the representations and warranties set forth in Section 4 of the Loan Agreement, as applied to Borrower and all of the Property, remain true, accurate and complete.

14.Counterparts.  This Seventh Amendment may be executed in multiple counterparts, each of which shall be an original and all of which, when combined, shall constitute one and the same instrument.

[Signature page follows]

IN WITNESS WHEREOF, Borrower and Guarantor have executed this Seventh Amendment, or have caused this Seventh Amendment to be executed by its duly authorized representative(s) as of the day and year first written above.
BORROWER:

GLADSTONE LAND LIMITED PARTNERSHIP,
a Delaware limited partnership

By:    Gladstone Land Partners, LLC,
a Delaware limited liability company
Its General Partner

By:    Gladstone Land Corporation, 
a Maryland corporation 
Its Manager
        
                                                                                 	
		
	By:
	/s/ David Gladstone

	 
	David Gladstone

	 
	Its Chief Executive Officer

GUARANTOR:

GLADSTONE LAND CORPORATION, 
a Maryland corporation

                                                        	
		
	By:
	/s/ David Gladstone

	 
	David Gladstone

	 
	Its Chief Executive Officer

                

[Signatures continue on next page]

LENDER:
METROPOLITAN LIFE INSURANCE COMPANY
  
       	
		
	By:
	/s/ Leon A. Moreno

	 
	Its Directorcgnd_ex101.htm

EXHIBIT 10.1

 

CONSULTING SERVICES AGREEMENT

 

THIS CONSULTING SERVICES AGREEMENT (the “Agreement”) is made and entered into by and between China Grand Resorts, Inc., a Nevada corporation (the “Company”), and Bryan Glass (“Consultant”), dated as of this 6th day of May 2016 (the “Effective Date”). 

 

RECITALS 

 

WHEREAS, the Company desires to engage Consultant to render the services described on Exhibit A and Consultant agrees to provide such advice and services to the Company through a consulting relationship with the Company. 

 

NOW, THEREFORE, in consideration of the mutual obligations specified in this Agreement, the parties agree to the following: 

 

1. Consulting Services Engagement. The Company hereby retains Consultant, and Consultant hereby accepts such retention, to perform consulting services for the Company as set forth herein. 

 

(a) Scope. Consultant shall provide consulting services (“Services”) to the Company as defined in Exhibit A attached hereto. 

 

(b) Performance and Time Commitment. Consultant shall render the Services working at least three full (3) days a week at the Company’s principal place of business, other Company locations, or at other places upon mutual agreement of the parties, and as available on other days remotely. Subject to this Agreement, Company acknowledges that Consultant has other clients. 

 

(c) Professional Standards. The manner and means used by Consultant to perform the Services desired by the Company are in the discretion and supervision of the Chief Executive Officer of the Company. Consultant’s Services, and the results thereof, will be performed with and be the product of the highest degree of professional skill and expertise. 

 

(d) Independent Contractor Status. It is understood and agreed that Consultant is an independent contractor, is not an agent or employee of the Company, and is not authorized to act on behalf of the Company. Consultant agrees not to hold itself out as, or give any person any reason to believe that it is, an employee, agent, or partner of the Company. Consultant’s employees will not be eligible for any employee benefits, nor will the Company make deductions from any amounts payable to Consultant for taxes or insurance. All payroll and employment taxes, insurance, and benefits of Company’s employees shall be the sole responsibility of Consultant. Consultant retains the right to provide services for others during the term of this Agreement and is not required to devote its services exclusively for the Company. 

 

	 
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2. Compensation and Reimbursement. 

 

(a) In consideration of Consultant’s provision of the Services, the Company shall issue to Consultant 30 million shares (“Shares”) of the Company’s common stock.

 

(b) The Company shall reimburse Consultant for pre-approved expenses actually incurred by Consultant in performing the Services, including but not limited to travel and accommodation expenses, so long as such expenses are reasonable and necessary as determined by the Company. Consultant shall maintain adequate books and records relating to any expenses to be reimbursed and shall submit requests for reimbursement in a timely manner and form acceptable to the Company. 

 

3. Representations and Warranties of Consultant. 

 

(a) Authority. Consultant has all necessary power and authority to execute and deliver this Agreement and to carry render the Services. 

 

(b) No Conflicts. Consultant is not party to any agreement that would conflict with the terms of this Agreement or that would prohibit Consultant from rendering the Services.

 

(c) Representations with Respect to the Shares.

 

(i) Purchase for Own Account for Investment. Consultant is acquiring the Shares for Consultant’s own account for investment purposes only and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). Consultant has no present intention of selling or otherwise disposing of all or any portion of the Shares and no one other than Consultant has any beneficial ownership of any of the Shares.

 

(ii) Access to Information. Consultant has had access to all information regarding the Company and its present and prospective business, assets, liabilities and financial condition that Consultant reasonably considers important in making the decision to accept the Shares as compensation for the Services, and Consultant has had ample opportunity to ask questions of the Company’s representatives concerning such matters and this investment.

 

(iii) Acknowledgement of Risks. Consultant is fully aware of: (i) the highly speculative nature of the investment in the Shares; (ii) the financial hazards involved; (iii) the lack of liquidity of the Shares and the restrictions on transferability of the Shares; and (iv) the tax consequences of an investment in the Shares. Consultant is capable of evaluating the merits and risks of this investment, has the ability to protect Consultant’s own interests in this transaction and is financially capable of bearing a total loss of this investment.

 

(iv) Restricted Securities. Consultant acknowledges that the Shares are “restricted securities” as such term is defined under Rule 144 promulgated under the Securities Act and may not be offered for sale. sold, assigned or transferred unless the Shares have been registered pursuant to Section 5 under the Securities Act or unless an exemption from the registration provisions of the Securities Act is available for any such transaction. In connection with any offer, sale, assignment or transfer of the Shares other than pursuant to an effective registration statement under the Securities Act or an exemption from the registration provisions thereof, the Company may require the Consultant to provide to the Company an opinion of counsel selected by the Consultant, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transaction does not require registration thereof under the Securities Act. As a condition of transfer, any such transferee shall execute an agreement in favor of the Company agreeing to be bound by the terms of these transfer restrictions.

 

	 
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(v) Legend. Consultant agrees to the imprinting, so long as is required by this Section 4.01, of a legend on the certificate(s) or instruments representing any of the Securities substantially in the following form:

 

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED, PLEDGED, GIVEN, TRANSFERRED OR OTHERWISE DISPOSED OF OR ENCUMBERED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

4. Confidential Information. During the term of this Agreement and in the course of Consultant’s performance hereunder, Consultant may receive or otherwise be exposed to confidential and proprietary information relating to the Company’s technology, including know-how, data, copyrights, inventions, trade secrets, developments, plans business practices, and strategies. Such confidential and proprietary information of the Company (collectively referred to as “Information”) may include but not be limited to: (i) confidential and proprietary information supplied to Consultant with the legend “Company Confidential” or equivalent; (ii) the Company’s marketing and customer support strategies, financial information, internal organization, employee information, and customer lists; (iii) technology, including, inventions, development efforts, data, software, trade secrets, processes, methods, product and know-how and show-how; (iv) all derivatives, improvements, additions, modifications, and enhancements to any of the above; and (v) information of third parties as to which the Company has an obligation of confidentiality. Consultant acknowledges the confidential nature of the Information and agrees that the Information is the sole, exclusive and valuable property of the Company. Accordingly, Consultant agrees not to reproduce any of the Information without the applicable prior written consent of the Company, not to use the Information except in the performance of this Agreement, and not to disclose all or any part of the Information in any form to any third party, either during or after the term of this Agreement. Upon termination of this Agreement for any reason, including expiration of term, Consultant agrees to cease using and to return to the Company all whole and partial copies and derivatives of the Information, whether in Consultant’s possession or under Consultant’s direct or indirect control. 

 

5. Term of Agreement. This Agreement shall commence as of the date set forth above and shall continue until the completion of the Services; provided, however, that this Agreement may be terminated by either party upon thirty (30) days notice. In the event of termination, Consultant shall cease work immediately after giving or receiving such notice or termination, unless otherwise advised by the Company to continue work during the notice period. Consultant shall return to the Company all Information and other materials belonging to the Company, and shall notify the Company of costs incurred up to the termination date. Sections 3(c), 4, 8, 9 and 10 of this Agreement shall survive any termination of this Agreement. 

 

6. Compliance with Applicable Laws. Consultant warrants that all material supplied and work performed under this Agreement complies with or will comply with all applicable United States and foreign laws and regulations. 

 

7. Assignment; Benefit. This Agreement is for the exclusive services of Consultant and may not be assigned by Consultant or the Company, nor shall it be assignable by operation of law by either party, without the prior written consent of the other party. The parties’ rights and obligations under this Agreement will bind and inure to the benefit of their respective successors, heirs, executors, and administrators and permitted assigns. 

 

8. Legal and Equitable Remedies. Consultant hereby acknowledges and agrees that in the event of any breach of this Agreement by Consultant, including the actual or threatened disclosure of Information without the prior written consent of the Company, the Company will suffer an irreparable injury, such that no remedy at law will afford it adequate protection against, or appropriate compensation for, such injury. Accordingly, Consultant hereby agrees that the Company shall be entitled to specific performance of Consultant’s obligations under this Agreement, as well as such further relief as may be granted by a court of competent jurisdiction. 

 

	 
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9. Governing Law; Severability. This Agreement shall be governed by and construed according to the laws of the State of New York. If any provision of this Agreement is found by a court of competent jurisdiction to be unenforceable, that provision shall be severed and the remainder of this Agreement shall continue in full force and effect. 

 

10. Injunctive Relief for Breach. Consultant’s obligations under this Agreement are of a unique character that gives them particular value; breach of any of such obligations will result in irreparable and continuing damage to the Company for which there will be no adequate remedy at law; and, in the event of such breach, the Company will be entitled to injunctive relief and/or a decree for specific performance, and such other and further relief as may be proper (including monetary damages if appropriate). 

 

11. Complete Understanding; Modification. This Agreement, together with its Exhibits, constitutes the final, exclusive and complete understanding and agreement of the Company and Consultant with respect to the subject matter hereof. Any waiver, modification or amendment of any provision of this Agreement shall be effective only if in writing and signed by a Company officer. 

 

12. Notices. Any notices required or permitted hereunder shall be given to the appropriate party at the address specified below or at such other address as the party shall specify in writing. Such notice shall be deemed given upon personal delivery to the appropriate address or sent by certified or registered mail, three days after the date of mailing. 

 

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

 

	
 
	
COMPANY:
	
 
	
CONSULTANT:

	
 
	
 
	
 
	
 

	
 
	
CHINA GRAND RESORTS, INC.
	
 
	
BRYAN GLASS

	
 
	
 
	
 
	
 

	
 
	
By: /s/ Bryan Glass 
	
 
	
By: /s/ Bryan Glass 

	
 
	
 
	
 
	
 

	
 
	
Print Name: Bryan Glass 
	
 
	
Print Name: Bryan Glass 

	
 
	
 
	
 
	
 

	
 
	
Title: President 
	
 
	
 

 

EXHIBIT A

 

SERVICES

 

Nature of Services: 

 

General organizational, business affair and business development services, as approved by CEO, including without limitation: 

 

	
 
	
1. 

 
	
to identify, negotiate with and consummate, subject to the approval of the board of directors, a business transaction whereby the Company merges with or acquires a development stage or operating company or acquires assets from which the Company may develop a business.

 

	 
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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}]]