Document:

Exhibit103-GreeterAgreementandAssignment

This Instrument Was Prepared By,
and After Recording Return to:

KATTEN MUCHIN ROSENMAN LLP
525 West Monroe Street, Suite 1900
Chicago, Illinois  60661-3693
Attention:  Ann Marie Sink, Esq.
 
(Space Above This Line For Recorder’s Use Only)

ASSIGNMENT AND ASSUMPTION AGREEMENT

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”), dated January 6, 2015 and effective as of January 1, 2015 (the “Effective Date”), is by and among Nevada Resort Properties Polo Towers Limited Partnership, a Nevada limited partnership (“Polo Towers”), and JHJM Nevada I, LLC, a Nevada limited liability company formerly known as Diamond Resorts, LLC (“JHJM”; and Polo Towers and JHJM being referred to herein, together, as the “SJC Entities”), and Diamond Resorts Corporation, a Maryland corporation (“DRC”).  
RECITALS
A.     Certain of the SJC Entities have previously entered into that certain “Amended and Restated Grant of Reciprocal Easements and Declaration of Covenants, Conditions and Restrictions” dated as of June 19, 2002, executed by and among Grand Casinos Nevada I, Inc., a Minnesota corporation (“Grand”),  Metroflag Polo, LLC, a Nevada limited liability company (“Metroflag Polo”), Metroflag BP, LLC, a Nevada limited liability company (“Metroflag BP”), Polo Towers, Polo Towers Master Owners Association, a Nevada corporation (“Association”), Diamond Resorts, LLC, a Nevada limited liability company formerly known as Three Sticks, LLC (“DR/LLC”), recorded August 27, 2002 in Book 20020827 as Instrument No. 02443 in the Recorder’s Office of Clark County, Nevada (“Official Records”), as modified by that certain “Amendment to Article 9 (Only) of Amended and Restated Grant of Reciprocal Easements and Declaration of Covenants, Conditions and Restrictions” dated as of March 25, 2003, executed by and among Metroflag Polo, Polo Towers and DR/LLC, recorded March 26, 2003 in Book 20030326 as Instrument No. 00730 of the Official Records, as further modified by that certain “Amendment to Article Four (Only) of Amended and Restated Grant of Reciprocal Easements and Declaration of Covenants, Conditions and Restrictions” dated as of June 26, 2003, executed by and among Grand, Metroflag Polo, Metroflag BP, Polo Towers, the Association and DR/LLC, recorded June 26, 2003 in Book 20030626 as Instrument No. 03913 of the Official Records,  as further modified by that certain “Amendment to Article 10.02 (Only) of Amended and Restated Grant of Reciprocal Easements and Declaration of Covenants, Conditions and Restrictions” dated as of October 1, 2003, executed by and among DR/LLC, Polo Towers, the Association, and Hard Carbon, LLC, a Nevada limited liability company and successor in interest to Grand (“Carbon”), recorded October 21, 2003 in Book 20031021 as Instrument No. 00837 of the Official Records (as the same may be further amended from time to time, the “REA”).    

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B.      The REA governs the rights, duties and obligations of the various property owners party thereto that own the “Shark Parcel”, the “Brooks Parcel” and the “Plaza Parcel” (each as defined in the REA and as more specifically described in Exhibits A, B and C, respectively, attached hereto and made a part hereof), including the SJC Entities having rights in and to the “Towers Parcel” (as more specifically described in Exhibit D attached hereto and made a part hereof (the “Towers Parcel”).  
C.    On or prior to the date hereof, Stephen J. Cloobeck, individually, and certain of the SJC Entities and other entities controlled by Mr. Cloobeck intend to enter into a Master Agreement with DRC and other parties thereto (the “Master Agreement”) which, among other things, shall require Mr. Cloobeck to cause entities controlled by Mr. Cloobeck that are parties to the REA to assign all of their collective right, title and interest in and to the “Greeter Easement” (as defined in the REA and as more specifically described in Exhibit E attached hereto and made a part hereof) affecting the Plaza Parcel adjacent to the Towers Parcel, all as more specifically described in Article 8 of the REA (collectively, the “Article 8 Rights”), to DRC.
D.       The SJC Entities, on the one hand (collectively, the “Assignor”), have agreed to assign, and DRC, on the other hand (the “Assignee”), has agreed to assume, all of Assignor’s right, title and interest to and Assignor’s obligations under, the Article 8 Rights.
AGREEMENT
1.Incorporation of Recitals.  The recitals set forth above are hereby incorporated herein by reference as if same were fully set forth herein.
2.Assignment and Assumption of Article 8 Rights.  Assignor, for value received, the receipt and sufficiency of which are hereby acknowledged, hereby transfers, sells, assigns and quitclaims to Assignee, and Assignee hereby accepts and assumes, all of Assignor’s right, title and interest in and to, and all rights, powers, privileges, and obligations under, the Article 8 Rights accruing from and after the Effective Date. 
3.Further Assurances.  Assignor and Assignee agree that, from time to time, each of them will execute and deliver such further instruments of conveyance and transfer and take such other actions as may be reasonably necessary to carry out the purposes and intents of this Agreement and the transactions contemplated hereby, or to cause this Agreement to be recorded in recordable form in the applicable real property recording or filing offices.  No delay in recording, nor any failure to record, this Agreement shall limit or affect the parties’ agreements herein.
4.Hold Harmless.
(a)    Assignee hereby agrees to save, defend and hold harmless Assignor from and against all loss, liability and expense, including reasonable attorneys’ fees of Assignor, by reason of, arising out of or in any way connected with the Article 8 Rights after the Effective Date.

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(b)    Assignor hereby agrees to save, defend and hold harmless Assignee from and against all loss, liability and expense, including reasonable attorneys’ fees of Assignee, by reason of, arising out of or in any way connected with the Article 8 Rights before and including the Effective Date.

5.Agreement Binding.  This Agreement shall be for the benefit of and binding upon the parties hereto and their respective successors and assigns.
6.Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada.
7.Jurisdiction.  THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEVADA AND THE UNITED STATES DISTRICT COURT LOCATED IN LAS VEGAS, NEVADA IN ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION MAY AND SHALL BE HEARD AND DETERMINED IN SUCH STATE OR FEDERAL COURT. THE PARTIES HERETO IRREVOCABLY WAIVE, TO THE FULLEST EXTENT THEY MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING AND ANY RIGHTS THEY MAY HAVE TO TRANSFER OR CHANGE VENUE OF SUCH ACTION OR PROCEEDING.  THE PARTIES FURTHER AGREE, TO THE EXTENT PERMITTED BY LAW, THAT FINAL AND UNAPPEALABLE JUDGMENT AGAINST ANY OF THEM IN ANY ACTION OR PROCEEDING CONTEMPLATED ABOVE SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION WITHIN OR OUTSIDE THE UNITED STATES BY SUIT ON THE JUDGMENT, A CERTIFIED COPY OF WHICH SHALL BE CONCLUSIVE EVIDENCE OF THE FACT AND AMOUNT OF SUCH JUDGMENT.
8.Mutual Waiver of Jury Trial.  TO THE EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (iv) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.

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9.Costs.  All costs and expenses accrued in connection with the negotiation, execution, and delivery of this Agreement shall be borne by the respective parties hereto in accordance with the Master Agreement.
10.Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be a fully binding and enforceable agreement against the party signing the counterpart, and all such counterparts together shall constitute but one agreement.  This Agreement and any amendment hereto, to the extent signed and delivered by means of a facsimile machine or via electronic mail of a .pdf or .tif or similar file format, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.  At the request of any party hereto, each party shall re-execute original forms thereof and deliver them to all other parties.  No party shall raise the use of a facsimile machine or electronic mail of a .pdf or .tif or similar file format to deliver a signature, or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or via electronic mail of a .pdf or .tif or similar file format, as a defense to the formation or enforceability of this Agreement, and each party hereto forever waives any such defense.  Each of the parties hereto acknowledges receipt of a fully-executed copy of this Agreement.
[End of Page]
1.

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ASSIGNOR:

JHJM NEVADA I, LLC 
 
 
By:          /s/ Stephen J. Cloobeck                                
Name:         Stephen J. Cloobeck                              
Title:                 Manager                                         

NEVADA RESORT PROPERTIES POLO TOWERS LIMITED PARTNERSHIP  
 
 
By:        C&J Enterprises, LLC                               
Its:            General Partner                                       
By:           /s/ Stephen J. Cloobeck                              Name:         Stephen J. Cloobeck                                
Title:               Managing Member                           

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ASSIGNEE:

DIAMOND RESORTS CORPORATION 
 
 
By:            Howard S. Lanznar                                
Name:        Howard S. Lanznar                                         
Title:          Executive Vice President                      

EXHIBIT A

SHARK PARCEL LEGAL DESCRIPTION

ALL OF LOT 1 AND LOT 2 AS SHOWN BY MAP THEREOF ON FILE IN FILE 07, PAGE 87 OF PARCEL MAPS IN THE CLARK COUNTY RECORDER’S OFFICE, CLARK COUNTY, NEVADA, LYING WITHIN NORTHWEST QUARTER (NW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA. 

CONTAINING 3.32 ACRES

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EXHIBIT B

BROOKS PARCEL LEGAL DESCRIPTION

PARCEL 1:

THAT PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., DESCRIBED AS FOLLOWS:

COMMENCING AT THE NORTHWEST CORNER OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SECTION 21; THENCE SOUTH 89°07'15" EAST, A DISTANCE OF 80.01 FEET TO A POINT IN THE EAST LINE OF U.S. HIGHWAY NO. 91 (ORIGINAL ALIGNMENT, 80 FEET WIDE), SAID POINT BEING THE NORTHWEST CORNER OF THAT CERTAIN PARCEL OF LAND CONVEYED BY MORRIS ROSE, ET AL, TO LAND'O'SUN LAND COMPANY BY DEED RECORDED AUGUST 12, 1954, AS DOCUMENT NO. 17629 OF OFFICIAL RECORDS, CLARK COUNTY, NEVADA; THENCE CONTINUING SOUTH 89°07'15" EAST ALONG THE NORTH LINE OF THE ABOVE DESCRIBED PARCEL A DISTANCE OF 409.87 FEETTO A POINT; THENCE SOUTH 00°02’00” EAST A DISTANCE OF 158.92 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING SOUTH 00°02'00" EAST A DISTANCE OF 230.00 FEET TO A POINT IN THE SOUTH LINE OF SAID PARCEL CONVEYED BY DOCUMENT NO. 17629; THENCE NORTH 88°42'28" WEST ALONG SAID SOUTH LINE, A DISTANCE OF 410.00 FEET TO A POINT IN THE AFOREMENTIONED EAST LINE OF U.S. HIGHWAY NO. 91; THENCE NORTH 00°02'00" WEST ALONG SAID EAST LINE A DISTANCE OF 230.00 FEET TO A POINT IN A LINE THAT BEARS NORTH 88°42'28" WEST FROM THE TRUE POINT OF BEGINNING; THENCE ALONG SAID LAST MENTIONED LINE SOUTH 88°42'28" EAST PARALLEL WITH THE AFOREMENTIONED SOUTH LINE OF SAID CONVEYED PARCEL, A DISTANCE OF 410.00 FEET TO THE TRUE POINT OF BEGINNING.

EXCEPTING FROM THE HEREINABOVE DESCRIBED PARCEL, THAT INTEREST IN AND TO THE WESTERLY TEN (10) FEET; AS CONVEYED TO THE STATE OF NEVADA, FOR HIGHWAY PURPOSES. 

FURTHER EXCEPTING THEREFROM THAT PORTION OF SAID LAND LYING WITHIN PARCEL TWO (2) HEREIN BELOW DESCRIBED:

PARCEL 2: 

THAT PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF THE SOUTHWEST QUARTER (SW l/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., DESCRIBED AS FOLLOWS:

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COMMENCING AT THE NORTHWEST CORNER OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SECTION 21; THENCE 89°07'15" EAST A DISTANCE OF 80.01 FEET TO A POINT IN THE EAST LINE OF U.S. HIGHWAY NO. 91 (ORIGINAL ALIGNMENT, 80 FEET WIDE), SAID POINT BEING THE NORTHWEST CORNER OF THAT CERTAIN PARCEL OF LAND CONVEYED BY MORRIS ROSE, ET AL, TO LAND'O'SUN LAND COMPANY BY DEED RECORDED AUGUST 12, 1954, AS DOCUMENT NO. 17629 OF OFFICIAL RECORDS, CLARK COUNTY, NEVADA; THENCE CONTINUING SOUTH  89°07'15" EAST ALONG THE NORTH LINE OF THE ABOVE DESCRIBED PARCEL A DISTANCE OF 409.87 FEET TO A POINT; THENCE SOUTH 00°02'00" EAST A DISTANCE OF 158.92 FEET TO A POINT; THENCE NORTH 88°44'28" WEST PARALLEL WITH THE SOUTH LINE OF SAID PARCEL CONVEYED BY DOCUMENT NO. 17629, A DISTANCE OF 110.00 FEET TO THE TRUE POINT OF BEGINNING; THENCE SOUTH 00°02'00" EAST A DISTANCE OF 115.00 TO A POINT; THENCE NORTH 88°42'28" WEST PARALLEL WITH THE AFOREMENTIONED SOUTH LINE OF SAID CONVEYED PARCEL, A DISTANCE OF 300.00 FEET TO A POINT IN THE AFOREMENTIONED EAST LINE OF U.S. HIGHWAY NO. 91; THENCE NORTH 00°02'00" WEST ALONG SAID EAST LINE A DISTANCE OF 115.00 FEET TO A POINT IN THE EAST LINE THAT BEARS NORTH 88°42'28" WEST FROM THE TRUE POINT OF BEGINNING; THENCE ALONG SAID LAST MENTIONED LINE SOUTH 88°42’28" EAST PARALLEL WITH THE AFOREMENTIONED SOUTH LINE OF SAID CONVEYED  PARCEL, A DISTANCE OF 300.00 FEET TO THE TRUE POINT OF BEGINNING.

EXCEPTING THEREFROM THE HEREINABOVE DESCRIBED PARCEL, THE INTEREST IN AND TO THE WESTERLY TEN (10) FEET, AS CONVEYED TO THE STATE OF NEVADA FOR HIGHWAY PURPOSES.

PARCEL 3:

THAT PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., DESCRIBED AS FOLLOWS: 

COMMENCING AT THE NORTHWEST CORNER OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SECTION 21; THENCE SOUTH 89°07'15" EAST A DISTANCE OF 80.01 FEET TO A POINT ON THE EAST LINE OF U.S. HIGHWAY 91 (ORIGINAL ALIGNMENT, 80 FEET WIDE), SAID POINT BEING THE NORTHWEST CORNER OF PARCEL CONVEYED BY MORRIS ROSE, ET AL, TO LAND'O'SUN LAND COMPANY BY DEED RECORDED AUGUST 12, 1954, AS DOCUMENT NO. 17629 OF OFFICIAL RECORDS, CLARK COUNTY, NEVADA; THENCE SOUTH 00°02'00" EAST ALONG THE EAST LINE OF SAID U.S. HIGHWAY NO. 91, A DISTANCE OF 271.38 FEET TO A POINT; THENCE SOUTH 88°42'28" EAST, PARALLEL WITH THE SOUTH LINE OF THE ABOVE DESCRIBED PARCEL A DISTANCE OF 410.00 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING SOUTH 88°42'28" EAST A DISTANCE OF 400.00 FEET TO A POINT; THENCE SOUTH 00°02'00" EAST A DISTANCE OF 115.00 FEET TO SAID SOUTH LINE; THENCE NORTH 88°42'28" WEST ALONG SAID SOUTH LINE A DISTANCE OF 400.00 FEET TO A POINT; 

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THENCE NORTH 88°42'28" WEST A DISTANCE OF 115.00 FEET TO THE TRUE POINT OF BEGINNING. 

PARCEL 4:

THAT PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., DESCRIBED AS FOLLOWS:

COMMENCING AT THE NORTHWEST CORNER OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SECTION 2.1; THENCE SOUTH 89°07'15" EAST A DISTANCE OF 80.01 FEET TO A POINT ON THE EAST LINE OF U.S. HIGHWAY 91 (ORIGINAL ALIGNMENT, 80 FEET WIDE), SAID POINT BEING  THE NORTHWEST CORNER OF PARCEL CONVEYED BY MORRIS ROSE, ET AL, TO LAND'O'SUN LAND COMPANY BY DEED RECORDED AUGUST 12,1954, AS DOCUMENT NO. 17629 OF OFFICIAL RECORDS, CLARK COUNTY, NEVADA; THENCE CONTINUING SOUTH 89°07'15" EAST ALONG THE NORTH LINE OF THE ABOVE-DESCRIBED PARCEL A DISTANCE OF 409.87 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING SOUTH 89°07'15" EAST ALONG SAID NORTH LINE A DISTANCE OF 399.86 (339.31 RECORD) FEET TO A POINT; THENCE SOUTH 00°02'00" EAST A DISTANCE OF 161.42 FEET TO A POINT; THENCE NORTH 88°42'28" WEST PARALLEL WITH THE SOUTH LINE OF SAID CONVEYED PARCEL A DISTANCE OF 400.00 FEET TO A POINT; THENCE NORTH 00°02'00" WEST A DISTANCE OF 158.92 FEET TO THE TRUE POINT OF BEGINNING. 

EXCEPTING THEREFROM THE NORTH 40.00 FEET THEREOF FOR ROAD PURPOSES.

PARCEL 5:

THAT PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., DESCRIBED AS FOLLOWS:

COMMENCING AT THE NORTHWEST CORNER OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SECTION 21; THENCE SOUTH 89°07'15" EAST A DISTANCE OF 80.01 FEET TO A POINT ON THE EAST LINE OF U.S. HIGHWAY 91 (ORIGINAL ALIGNMENT, 80 FEET WIDE), SAID POINT BEING THE NORTHWEST CORNER OF PARCEL CONVEYED BY MORRIS ROSE, ET AL, TO LAND'O'SUN LAND COMPANY BY DEED RECORDED AUGUST 12, 1954, AS DOCUMENT NO. 17629 OF OFFICIAL RECORDS, CLARK COUNTY, NEVADA RECORDS; THENCE CONTINUING SOUTH 89°07'15" EAST ALONG THE NORTH LINE OF THE ABOVE DESCRIBED PARCEL A DISTANCE OF 409.87 FEET TO A POINT; THENCE SOUTH 00°02'00" EAST A DISTANCE OF 158.92 FEET TO .THE TRUE POINT OF BEGINNING; THENCE SOUTH 88°42'28" EAST, PARALLEL WITH THE SOUTH LINE OF THE ABOVE DESCRIBED PARCEL A DISTANCE OF 400.00 FEET TO A POINT; THENCE SOUTH 00°02'00" EAST  A DISTANCE OF 115.00 FEET TO A POINT; THENCE NORTH 88°42'28" WEST, PARALLEL WITH SAID SOUTH LINE A DISTANCE OF 400.00 FEET TO A 

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POINT; THENCE NORTH 00°02'00" WEST, A DISTANCE OF 115.00 FEET TO THE TRUE POINT OF BEGINNING. 

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EXHIBIT C

PLAZA PARCEL LEGAL DESCRIPTION

ALL OF LOT 1 AS SHOWN BY MAP THEREOF ON FILE IN FILE 69, PAGE 37 OF PARCEL MAPS IN THE CLARK COUNTY RECORDER’S OFFICE, CLARK COUNTY, NEVADA; LYING WITHIN THE NORTHWEST QUARTER (NW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA. 

CONTAINING 2.36 ACRES 

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EXHIBIT D

TOWERS PARCEL LEGAL DESCRIPTION

ALL OF LOT 2A OF “4TH AMENDED PLAT OF POLO TOWERS” AS SHOWN BY MAP THEREOF ON FILE IN BOOK 100, PAGE 35 OF PLATS IN THE CLARK COUNTY RECORDER’S OFFICE, CLARK COUNTY, NEVADA, LYING WITHIN THE NORTHWEST QUARTER (NW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA.

CONTAINING 2.59 ACRES.

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EXHIBIT E

GREETER EASEMENT LEGAL DESCRIPTION

BEING A PORTION OF LOT 1 AS SHOWN BY MAP THEREOF ON FILE IN FILE 69, PAGE 37 OF PARCEL MAPS IN THE CLARK COUNTY RECORDER’S OFFICE, CLARK COUNTY, NEVADA, LYING WITHIN THE NORTHWEST QUARTER (NW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, DESCRIBED AS FOLLOWS:

COMMENCING AT THE SOUTHWEST CORNER OF SAID LOT 1; THENCE ALONG THE
WEST LINE THEREOF, NORTH 00°02'18" WEST, 30.01 FEET TO THE POINT OF  BEGINNING; THENCE CONTINUING ALONG SAID WEST LINE; NORTH 00°02'18" WEST, 12.00 FEET; THENCE SOUTH 88°44'04" EAST, 20.00 FEET; THENCE SOUTH 00°02'18" EAST, 12.00 FEET; THENCE NORTH 88°44'04" WEST, 20.00 FEET TO THE POINT OF BEGINNING.Exhibit 10.01

 

 

LICENSE AGREEMENT

 

This License Agreement
(this "Agreement") is entered into effective as of this December
31st 2014 (the "Effective Date"), by and between CANNABICS PHARMACEUTICALS INC., a corporation organized and
existing under the laws of the State of Nevada or any of its subsidiaries (hereinafter referred to as "Cannabics"),
and A. BARAK guarding & security LTD, a corporation organized and existing under the laws of the State of Israel, or any affiliated
company of its group (hereinafter referred to as "BARAK").

 

		WHEREAS,	Cannabics has developed and is the owner of the Cannabics
Technology (as defined below); and

 

		WHEREAS,	BARAK wishes to acquire the exclusive right to manufacture,
market, sell and commercialize Cannabics SR Capsules based on the Cannabics Technology in certain territories as defined infra,
all pursuant to the terms set forth in this Agreement;

 

NOW, THEREFORE,
the parties hereby agree as follows:

 

1. Definitions

 

In
addition to capitalized terms defined elsewhere in this Agreement, the following terms shall have the meanings set forth opposite
each one of them:

 

		1.1	"SR Capsules" means orally-ingested capsules
containing cannabis extract that are manufactured using the Cannabics Technology.

 

		1.2	"Cannabics Technology" means all intellectual
property (whether registered or unregistered) and trade secrets controlled by or available to Cannabics related to the method
of manufacturing orally-ingested capsules containing cannabis-extract infusion.

 

		1.3	"Trademarks" means all trademarks, registered
or not, and trademark applications in Israel, that are now owned or licensed, or hereafter acquired or licensed during the term
of this Agreement, by or on behalf of Cannabics that may be adopted or used in connection with the promotion or sale of SR Capsules.

 

		1.4	"Territory'' means: the state of Israel and the Czech
Republic.

 

2. Exclusive
License

 

		2.1	Subject to Section 2.2 and the terms and conditions of
this Agreement, Cannabics hereby grants to BARAK throughout the Term, a non-transferable, non-assignable and non-sublicensable
exclusive license to use the Cannabics Technology solely for the manufacture, market, sell and commercialize of SR Capsules in
the Territory and under the Trademarks (the "License").

 

 

    	1

    	 

    

 

 

 

		2.2	Prior
to manufacturing, BARAK shall have to obtain Cannabics' written approval of the manufacturing facility and its quality standards,
attached as appendix A

 

		2.3	Other than the License expressly granted under Section
2.1 of this Agreement, no other rights or interests whatsoever are transferred or granted by Cannabics to BARAK, and Cannabics
retain all rights not expressly granted hereunder. BARAK agrees that the ownership of the Cannabics Technology and Trademarks
shall always remain vested in Cannabics and BARAK shall not obtain any rights with respect to them, other than the rights expressly
set forth herein. Without limiting the foregoing, BARAK shall not, during the Term, (i) manufacture any orally-ingested capsules
containing a cannabinoid extract which are not based on the Cannabics Technology; or (ii) use the Cannabics Technology for any
purpose other than for the purpose of the License granted under this Agreement.

 

3.Marketing and Commercialization

 

		3.1	BARAK is solely responsible for commercialization of the
SR Capsules in the Territory and will bear all associated costs thereto, including without limitation promotion, marketing, sales,
regulatory expenses, all necessary lab equipment, raw materials and any required labor.

 

		3.2	In all marketing and selling of the SR Capsules, BARAK
shall refer to Cannabics as the source of the Cannabics Technology and shall place the proprietary trademarks of Cannabics on
every single package of SR Capsules, in a manner to be agreed upon by the parties. In any event, upon termination of this Agreement
or the requirement by Cannabics, for any reason whatsoever, BARAK shall cease all display, advertising, and/or use of all Trademarks.

 

		3.3	BARAK shall be responsible for addressing consumer appeals
and complaints.

 

		3.4	BARAK undertakes throughout the term of this Agreement,
to make its best efforts to market and sale the SR Capsules in the Territory and to invest resources and efforts to ensure that
the SR Capsules penetrate the market and become a leading product.

 

		3.5	BARAK shall solely be responsible to obtain all governmental
licenses, permits and approvals necessary or desirable in connection with the exercise of the license rights granted under Section
2.1. Cannabics shall not be under any responsibility to certify or get any approval, license or permit but shall reasonably cooperate
with BARAK for the purpose of BARAK's obtainment of the above and will provide any required document and/or information accordingly
to the Israeli Ministry of Health.

 

		3.6	BARAK shall keep Cannabics promptly informed on a regular
basis relating to (i) any problems encountered with the SR Capsules and the Cannabics Technology (including any product recall),
and any resolutions arrived at for those problems; and (ii) general information about its distribution of the SR Capsules.

 

 

    	2

    	 

    

 

 

		 	BARAK shall be solely responsible and liable for any and
all SR Capsules it manufactures under this Agreement including but not limited to the quality, safety and reliability of the SR
Capsules.

 

4. Consideration

 

		4.1	As sole consideration for the grant of the License, BARAK
shall pay Cannabics 50% of the gross profit that will be generated through the commercialization of Cannabics SR capsules in the
territory. The gross profit will be calculated as Cannabics SR capsules sales revenues minus COGs (Cost of Goods) and the direct
expenses BARAK bare for manufacture and marketing of Cannabics SR capsules (the "Cost"). It is agreed that the IP license
fee paid by BARAK to Cannabics shall not be less than $10 per patient per month during the term of this agreement. It is further
agreed that following 12 months of operations from the effective date, the patties shall meet to discuss and reconsider the consideration
structure for the next period of engagement between the parties, including a consideration of possible G&A costs sharing structure.

 

		4.2	Within thirty (30) days after the end of each calendar
month during the Term, BARAK shall submit to Cannabics a detailed report setting forth for the preceding calendar month, the amount
of the SR Capsules sold, delivered or otherwise transferred to any third party within the Territory and the amount of the Consideration
accordingly due.

 

		4.3	The Consideration shall be paid on a monthly basis, not
later than thirty (30) days from the end of each calendar month. The consideration report required by Section 4.2 shall accompany
each such payment, and a copy of such report shall also be mailed to Cannabics at its address first set forth above.

 

		4.4	Cannabics shall be solely responsible for any and all other
taxes or payments required to be made to any governmental or state authority with respect to the Consideration received hereunder.

 

5. Audit

 

		5.1	BARAK shall maintain all records necessary for Cannabics
to determine whether it has been paid the proper amount of consideration. Cannabics shall be entitled to audit these records as
it sees fit upon reasonable notice to BARAK. In the event the audit reveals an underpayment, BARAK shall be responsible for the
cost of the audit and shall immediately pay to Cannabics the amount of the underpayment. In the event the audit reveals an overpayment,
Cannabics shall be responsible for the cost of the audit and the amount of the overpayment shall be set off against future consideration
payments to Cannabics.

 

6. Term and
Termination

 

		6.1.	The initial term of this Agreement will be for l year from
the Effective Date ("the Term") and shall be open for extension upon written agreement by both parties.

 

 

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		6.2	Any patty may terminate the agreement in the event that
regulatory changes in any of the parts of the Territory make it commercially infeasible to continue operations, or to comply with
the changes to applicable laws.

 

		6.3	Without derogating from the above, in the event that a
party commits any material breach or default of any of its obligations under this Agreement, including without limitation the
timely payment of the Consideration (the "Breaching Party"), the other party hereto (the "Non-Breaching
Party") may give the Breaching Patty written notice of such breach or default and demand that such breach or default
be cured. In the event that the Breaching Party fails to cure such breach or default within thirty (30) days after the date of
such written notice, the Non-Breaching Party may terminate this Agreement immediately upon giving written notice of termination
to the Breaching Party. Termination of this Agreement in accordance with this Section 6.3 shall not affect or impair the Non-Breaching
Patty's right to pursue any legal remedy, including the right to recover damages for all harm suffered or incurred as a result
of the Breaching Patty's breach or default hereunder. In the event that Cannabics exercises its rights granted in this Section
6.3, the Parties shall cooperate reasonably with respect to any matter which either Party reasonably deems necessary to successfully
accomplish the winding down, including but not limited to access to BARAK personnel, technical specifications and vendors.

 

		6.4	Subject to applicable law, either Party may terminate this
Agreement by written notice in the event: (i) the other Party voluntarily enters into bankruptcy proceedings; (ii) the other Party
makes an assignment for the benefit of creditors; (iii) a petition is filed against the other Party under a bankruptcy law, a
corporate reorganization law, or any other law for relief of debtors or similar law analogous in purpose or effect, which petition
is not stayed or dismissed within sixty (60) days of filing thereof; or (iv) the other Patty enters into liquidation or dissolution
proceedings or a receiver is appointed with respect to any assets of said Party, which appointment is not vacated within sixty
(60) days.

 

7. Rights after Termination

 

		7.1	Upon termination or expiration of this Agreement, the License
is terminated and BARAK will immediately cease from all further manufacture, marketing, sell, commercialization or other preparation
of the SR Capsules, except only for SR Capsules irretrievably in process or en route, which may be marketed for additional 30
days following termination.

 

8. Cannabics
Technology Information

 

		8.1.	Cannabics hereby represents and warrants that all of the
Cannabics Technology, Trademarks and Confidential Information included in the information furnished by Cannabics to BARAK shall
be correct in all material respects and shall contain such information as is necessary or appropriate to enable BARAK to manufacture,
sell and promote the SR Capsules in accordance with the terms and conditions of this Agreement.

 

 

 

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		8.2	The preparation, filing, prosecution and maintenance of
Cannabics' patent applications and trademarks in the Territory in Cannabics' name are upon Cannabics' sole responsibility, judgment
and at its own expense.

 

		 	Cannabics shall keep Barak reasonably informed, with respect
to the filing, prosecution and maintenance of its patent applications and trademarks in the Territory.

 

9. Warranties
and Limitation of Liability

 

		9.1	Cannabics warrants to BARAK that: (i) it is the owner of
the Cannabics Technology, and (ii) to its knowledge, the Cannabics Technology does not infringe the valid rights of any third
party. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE CANNABICS TECHNOLOGY IS LICENSED TO BARAK "AS IS" WITHOUT
ANY WARRANTIES, CONDITIONS OR OTHER TERMS OF ANY KIND, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE INCLUDING, WITHOUT LIMITATION,
ANY TERMS AS TO THE CONDITION, QUALITY, MERCHANTABILITY, PERFORMANCE OR FITNESS FOR PURPOSE.

 

		9.2	Without derogating from any of its other representations
or obligations in this Agreement, BARAK hereby warrants to Cannabics that it has all governmental, state and regulative licenses,
permits and approvals necessary or desirable for the manufacture, market, sell and commercialization of SR Capsules in the Territory,
that it complies, and shall continue to comply at all times, with any and all of the terms of such licenses, permits, approvals
and regulations that apply to the License and its execution and that it shall immediately notify Cannabics regarding any breach
(whether alleged or possible) or communication received from any authority in that respect.

 

		9.3	BARAK and Cannabics each represent and warrant for itself
that (i) it is a corporation duly organized and validly existing under the laws of the state of its incorporation; (ii) it has
the full right, power, and authority to execute and perform this agreement; (iii) this Agreement does not conflict with or otherwise
result in a breach of any agreement to which such Party is a party or to which it is bound; and (iv) this Agreement represents
a valid, legally binding obligation of it, enforceable against it in accordance with its terms.

 

		9.4	EXCEPT FOR BREACH UNDER SECTION ____ NEITHER PARTY WILL
BE LIABLE TOWARDS THE OTHER UNDER ANY LEGAL THEORY (INCLUDING, WITHOUT LIMITATION, TORT OR CONTRACT) FOR ANY INCIDENTAL, CONSEQUENTIAL,
INDIRECT OR PUNITIVE OR EXEMPLARY DAMAGES OF ANY KIND, INCLUDING BUT NOT LIMITED TO LOST DATA OR LOST PROFITS, EVEN IF SUCH PARTY
HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. OTHER THAN FOR BREACH DUE TO NON PAYMENT OR FOR BREACH UNDER SECTION Error!
Reference source not found., EACH PARTY'S LIABILITY UNDER OR FOR BREACH OF THIS AGREEMENT SHALL BE LIMITED TO THE AGGREGATE CONSIDERATIONS
RECEIVED BY CANNABICS FROM BARAK HEREUNDER DURING THE TWELVE (12) MONTHS PERIOD PRECEDING THE EVENT GIVING RISE TO THE LIABILITY.

 

 

 

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10. Confidential
Information, Proprietary Rights and Non-Compete

 

		10.1	The parties shall execute the Non-Disclosure, Proprietary
Rights and Non-Compete Agreement in the form attached hereto as Exhibit A.

 

11. Indemnification

 

		11.1.	BARAK agrees to indemnify, defend and hold Cannabics and any of
                                                                                                                      its officers, directors, employees, shareholders, sales agents, successors and permitted assigns harmless from any and all
                                                                                                                      damages (including, without limitation, amounts paid by Cannabics in judgment or in settlement with BARAK's consent), losses,
                                                                                                                      claims, demands, liabilities, costs and expenses, including, without limitation, reasonable court costs and attorney's fees
                                                                                                                      (collectively "Losses"), based upon or arising out of any claim, demand, cause or action suit or proceeding
                                                                                                                      ("Claims") resulting from (i) any BARAK breach of a representation, warranty, covenant or obligation in this
                                                                                                                      Agreement; (ii) the manufacturing, marketing, distributing and selling of the SR
                                                                                                                      Capsules, whether resulted in harm, injury or death of any person or not; (iii) the advertising, promoting,
                                                                                                                      marketing, distributing and selling of the SR Capsules, including, without limitation, any deceptive misleading, manipulative
                                                                                                                      or intentionally or inaccurate marketing or sales practices of BARAK or its representatives.

  

		11.2.	Each Party shall give the other prompt notice of any liability
of which it becomes aware, and upon receiving notice of any such liability, each Party shall, when possible, promptly notify the
other of commencement of any action, a general summary of the action and, when applicable, demand for indemnification the latter,
each Party shall have the right to participate in and to assume the defense of such action with counsel of its choosing; provided,
however, that the Parties shall cooperate in such defense.

 

12. Miscellaneous

 

		12.1	This Agreement will be governed by and construed in accordance
with the laws of the state of Israel without regard to any conflict of laws principles that would require the application of the
laws of another jurisdiction. The parties consent to the exclusive jurisdiction and venue of Israeli courts for any lawsuit filed
arising from or relating to the Agreement.

 

		12.2	Neither party may assign this Agreement without the other
party’s prior written consent, excluding assignment upon a merger or sale of all or substantially all of the assigning party’s
assets.

 

		12.3	This Agreement (i) states the entire agreement of the parties,
merges all prior negotiations, agreements and understandings, if any, and states in full all representations, warranties, covenants
and agreements which have induced this Agreement; and (ii) may be modified or amended only by an instrument in writing, duly executed
by both parties.

 

		12.4	Any failure of a Party to comply with any covenant, agreement
or condition herein may be waived in writing by the other Party hereto but such waiver or failure to insist upon strict compliance
with such covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other
failure.

 

IN WITNESS WHEREOF, the Parties have executed this Agreement through their duly authorized
representatives as of the date first written above.

 

	CANNABICS PHARMACEUTICALS INC.	 	BARAK
	 	 	 
	By: /s/ Zohar Koren	 	By: /s/ Meir Ariel
	Zohar Koren, CEO	 	Meir Ariel, CEO
	 	 	 

 

 

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