Document:

EX-10.35

 Exhibit 10.35 
 Execution Version 
 ASSIGNMENT AND ASSUMPTION OF PURCHASE
AGREEMENT 
 THIS ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT (this “Agreement”) is made as of the 8th day
of February, 2012, by and between AREP SOUTH LAKE AT DULLES CORNER LLC, a Delaware limited liability company (“Assignor”), and WELLS CORE REIT – SOUTH LAKE AT DULLES, LLC, a Delaware limited liability company
(“Assignee”). 
 R E C I T A L S 

R-1.    Assignor has entered into that certain Agreement of Sale dated as of November 23, 2011, as
amended by that certain First Amendment to Agreement of Sale dated as of December 15, 2011, that certain Second Amendment to Agreement of Sale dated as of December 29, 2011, that certain Third Amendment to Agreement of Sale dated as of
January 6, 2012, that certain Fourth Amendment to Agreement of Sale dated as of January 17, 2012, that certain Fifth Amendment to Agreement of Sale dated as of January 23, 2012, and that certain Sixth Amendment to Agreement of Sale
dated as of February 3, 2012 (collectively, the “Purchase Agreement”), with Brandywine Acquisition Partners LP, a Delaware limited partnership (“Brandywine”), a true and complete copy of which is attached
hereto as Exhibit A, whereby Assignor has agreed to purchase, and Brandywine has agreed to sell, the real property and improvements thereon, located at 13820 Sunrise Valley Drive, Herndon, Virginia, and other real and personal property
more particularly described in the Purchase Agreement (the “Property”). 

R-2.    All capitalized terms not otherwise defined herein shall have the meaning set forth in
the Purchase Agreement. 
 R-3.    Assignor desires to assign all of its right, title
and interest in and to the Purchase Agreement to Assignee, and Assignee desires to accept such assignment from Assignor and to assume certain of Assignee’s obligations as purchaser under the Purchase Agreement on the terms and conditions
hereinafter set forth. 
 NOW THEREFORE, in consideration of the foregoing premises and the mutual
covenants and agreements hereinafter set forth, the sum of Ten and No/100 Dollars ($10.00) in hand paid by Assignee to Assignor, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor
and Assignee hereby agree as follows: 

1.        Assignment.  Assignor hereby grants, transfers,
assigns, delivers, and conveys to Assignee, all of Assignor’s right, title, interest, duties and obligations in and to the Purchase Agreement as and to the extent expressly set forth in this Agreement (the “Assignment”), and
Assignee hereby accepts the Assignment. Assignee shall have and be vested with all of the same rights, benefits, risks and obligations conferred upon and undertaken by Assignor in the Purchase Agreement as though, and to the same extent as if,
Assignee had been named the “Purchaser” in the Purchase Agreement, except that the Assignor shall retain all liability and responsibility related to its entry, insurance, indemnification and restoration obligations, if any, related to its
entry and inspections conducted on the Property as specified in Section 7.4 of the Purchase Agreement and Assignee shall have no liability for the same. 

  
 1 

 Execution Version 
  

2.        Assumption.  Assignee hereby assumes, and agrees to be bound by
and discharge, all agreements, covenants, obligations and liabilities of Assignor under the Purchase Agreement as and to the same extent as if Assignee had been an original party thereto, to the extent such agreements, covenants, obligations and
liabilities are performable from and after the date of this Agreement, specifically including, but not limited to, the obligations specified in Section 2.2.1 of the Purchase Agreement (including the posting of an additional $1 million deposit
within two (2) business days of the Inspection Period Expiration Date) as of the date hereof and as amended by this Agreement, but specifically excluding the Assignor’s entry, insurance, indemnification and restoration obligations, if any,
related to Assignor’s entry and inspections conducted on the Property as specified in Section 7.4 of the Purchase Agreement (the “Assumption”). 
 3.        Due Diligence Expenses.  As a material inducement to Assignor entering into this Assignment, Assignee hereby covenants and agrees
to reimburse Assignor for Assignor’s due diligence expenses (evidenced by reasonable supporting written documentation) incurred by Assignor in connection with the Purchase Agreement, as such expenses are set forth on Schedule 1
attached hereto and made a part hereof, in the aggregate amount of $95,785.00, unless otherwise agreed to in writing. Assignee shall make such reimbursement payment to Assignor at Closing. 

4.        Conditions and Escrow.  If any of the following
conditions have not been met as of 5:00 p.m. (EST) on the Inspection Period Expiration Date, then this Agreement shall: (i) if fully executed and disbursed from escrow, automatically terminate and Assignor and Assignee shall be released from
their obligations hereunder and shall have no further obligations or liabilities to each other hereunder; or (ii) if not so fully executed and disbursed, not become effective at all, and all execution pages and signatures shall be returned to
the signing party; unless, in either such case, the applicable party or parties waives in advance such condition(s) in writing. 
   (a)      Purchase Agreement Amendment.  Brandywine and Assignee shall have each executed and delivered to Escrow Agent counterpart signature
pages to that certain Seventh Amendment to Agreement of Sale to accommodate certain requirements of the Assignee as “Purchaser”, substantially in the form attached hereto as Exhibit B (the “Purchase Agreement
Amendment”). 
   (b)      Replacement Deposit.  Assignee
shall have wire transferred to Escrow Agent the $1 million Initial Deposit and the $2 million Supplemental Initial Deposit (which $3 million shall be in replacement of and in exchange for Assignor’s funds that are currently being held in escrow
by Escrow Agent and is collectively referred to as the “Replacement Deposit”). 

  (c)      Brandywine Acknowledgement.  Brandywine shall have executed and
delivered to Escrow Agent the Seller Acknowledgement and Agreement attached hereto as Exhibit C. 

  (d)      Property Management Agreement.  Assignee and American Real Estate
Partners Management LLC, an affiliate of Assignor (“Property Manager”), shall have each executed and delivered to Escrow Agent counterpart signature pages to that certain undated but

  
 2 

 Execution Version 
  

 
finalized Property Management Agreement (the “Property Management Agreement”) (it being understood, however, that the Property Management Agreement shall not be effective unless
and until Closing occurs, whereupon Escrow Agent shall date the Property Management Agreement with the date of Closing and release the same to Assignee and Property Manager pursuant to a closing instruction letter to be delivered to Escrow Agent
prior to Closing by Assignee’s counsel). 
   (e)      Escrow Agent
Confirmation.  Escrow Agent shall have provided written confirmation to the parties of (i) the satisfaction of each of the foregoing conditions (i.e., receipt of counterpart originals of the documents from Assignor, Assignee,
Property Manager, and Brandywine that each is required to deliver under this Agreement), and (ii) receipt of the Replacement Deposit from Assignee. Upon receipt of such written confirmation, Brandywine, Assignee and Assignor shall authorize
Escrow Agent to (x) release the counterpart signature pages of this Agreement, the Seller Acknowledgement and Agreement, and the Purchase Agreement Amendment, (y) to replace the currently held Initial Deposit and Supplemental Initial
Deposit with the Replacement Deposit, and (z) to release the Assignor’s currently held Initial Deposit and Supplemental Initial Deposit to Assignor or it designee. 
 5.        Leasing Agreement.  Prior to Closing, Assignee and Assignor shall negotiate a leasing agreement (the “Leasing
Agreement”). Upon finalization of the Leasing Agreement, Property Manager and Assignee shall each execute and deliver to Escrow Agent counterpart signature pages thereto (it being understood, however, that the Leasing Agreement shall not be
effective unless and until Closing occurs, whereupon Escrow Agent shall date the Leasing Agreement with the date of Closing and release the same to Assignee and Property Manager pursuant to a closing instruction letter to be delivered to Escrow
Agent prior to Closing by Assignee’s counsel). 
 6.        Representations
and Warranties of Assignor.  As a material inducement to Assignee to execute, deliver and perform this Agreement, Assignor hereby represents and warrants to Assignee on and as of the date hereof as follows: 

  (a)      All representations and warranties of Assignor appearing in other
Sections of this Agreement are true and correct. 
   (b)      Assignor
has the full capacity, right, power and authority to execute, deliver and perform this Agreement and all documents to be executed by Assignor pursuant hereto (including, without limitation, this Agreement), and all required action and approvals
therefor have been or shall be duly taken and obtained. This Agreement and all documents to be executed pursuant hereto by Assignor shall be binding upon and enforceable against Assignor in accordance with their respective terms, and the transaction
contemplated hereby will not result in a breach of or constitute a default or permit acceleration of maturity under any indenture, mortgage, deed of trust, loan agreement or other agreement to which Assignor is subject or bound. 

  (c)      To the best of Assignor’s knowledge, Assignor has delivered or
made available to Assignee true, correct, and complete copies of the Title Binder, Survey, Diligence Materials, and any other information related to the Property that Assignor has received from Brandywine or otherwise obtained in connection with the
Property or Purchase Agreement. 

  
 3 

 Execution Version 
  

   (d)      The foregoing
representations and warranties shall survive the Closing or the early termination or expiration of this Agreement. 
 7.        Representations and Warranties of Assignee.  To induce Assignor to execute, deliver and perform this Agreement, Assignee hereby
represents, warrants and covenants to Assignor on and as of the date hereof and on and as of the Closing Date as follows: 
   (a)      All representations and warranties of Assignee, if any, appearing in other Sections of this Agreement are true and correct. 

  (b)      Assignee has full capacity, right, power and authority to execute,
deliver and perform this Agreement and all documents to be executed by Assignee pursuant hereto (including without limitation, this Agreement), and all required action and approvals therefor have been or shall be duly taken and obtained. This
Agreement and all documents to be executed pursuant hereto by Assignee are and shall be binding upon and enforceable against Assignee in accordance with their respective terms, and the transaction contemplated hereby will not result in a breach of
or constitute a default or permit acceleration of maturity under any indenture, mortgage, deed of trust, loan agreement or other agreement to which Assignee is subject or bound. 

  (c)      Assignee represents and warrants that it is an affiliate of Wells
Core Office Income REIT Advisory Services, LLC, a Georgia limited liability company. 

  (d)      The foregoing representations and warranties shall survive the
Closing or the early termination or expiration of this Agreement. 

8.        Indemnification. 

  (a)      Assignee’s Indemnity.  Assignee hereby agrees
to indemnify, defend and hold harmless Assignor, its affiliates, beneficiaries, successors and assigns, and their respective partners, officers, shareholders, directors, members, managers, employees and agents (collectively, the “Assignor
Indemnitees”) against any and all losses, liabilities, costs, expenses, fines, penalties and damages (including without limitation any damages or injury to persons, property or the environment as provided hereunder), or claims in respect
thereof that are made against the Assignor Indemnitees or are suffered, sustained, incurred or paid by the Assignor Indemnitees and that arise out of, in connection with, or relate in any manner to either: (i) the Purchase Agreement, or
(ii) Assignee’s breach of, default under or failure to perform any of its representations, warranties, covenants or obligations hereunder, except to the extent any of the foregoing are caused by the gross negligence or willful misconduct
of any Assignor Indemnitees (each of the foregoing being hereinafter referred to as an “Assignor Claim”). 
   (b)      Assignor’s Indemnity.  Assignor hereby agrees to indemnify, defend and hold harmless Assignee, its affiliates, beneficiaries,
successors and assigns, and their respective partners, officers, shareholders, directors, members, managers, employees and agents (collectively, the “Assignee Indemnitees”) against any and all losses, liabilities, costs, expenses,
fines, penalties and damages (including without limitation any damages or injury to persons, property or the environment as provided hereunder), or claims in respect thereof that are made against the Assignee Indemnitees or are suffered, sustained,
incurred or paid by the Assignee Indemnitees 

  
 4 

 Execution Version 
  

 
and that arise out of, in connection with, or relate in any manner to either: (i) the Purchase Agreement, or (ii) Assignor’s breach of, default under or failure to perform any of
its representations, warranties, covenants or obligations hereunder, except to the extent any of the foregoing are caused by the gross negligence or willful misconduct of any Assignee Indemnitees (each of the foregoing being hereinafter referred to
as an “Assignee Claim”) (and, together with an Assignor Claim, a “Claim”). 

  (c)      Procedure.  Promptly after an Assignor Indemnitee or
Assignee Indemnitee becomes aware of a Claim, such Assignor Indemnitee or Assignee Indemnitee, as the case may be, shall give written notice of such Claim (the “Claim Notice”) to the other party. Within ten (10) days following
its receipt of the Claim Notice, the party receiving such Claim Notice shall have the right, by written notice to the other party, to elect to assume the defense of the Claim at its own expense and using attorneys reasonably acceptable to such
party. If such party elects to assume the defense of the Claim, it shall not be liable to the other party for any legal or other expenses (other than reasonable costs of investigation) subsequently incurred by such party in connection with the
defense of the Claim; provided, however, that if such party fails to assume or prosecute the defense of such Claim in good faith, such other party shall have the right, written notice to the other party, to assume the defense of such Claim at the
expense of such other party. No party shall consent to the entry of a judgment or enter into any settlement with respect to a Claim without the prior written consent of such Assignor Indemnitee or Assignee Indemnitee, as the case may be. 

  (d)      Survival.  The indemnification obligations under
this Section shall survive until the expiration of the statute of limitations applicable to such act or omission. 
 9.        Attorneys’ Fees.  In the event either party hereto brings an action at law or in equity to enforce, interpret or redress the
breach of this Agreement, the prevailing party in such action shall be entitled to its litigation expenses and reasonable attorneys’ fees in addition to all other relief as may be allowed by law. “Prevailing party” within the meaning
of this section shall include, without limitation, a party who brings an action, which action is dismissed after the other party’s payment of the sum allegedly due or performance of the covenant allegedly breached or if the party obtains
substantially the relief sought by it in the action. 

10.      Notices.  Any notice, request, demand, instruction or
other document to be given or served hereunder or under any document or instrument executed pursuant hereto shall be in writing and shall be delivered personally or sent by United States registered or certified mail, return receipt requested, fax,
or by overnight express courier, postage prepaid and addressed to the parties at their respective addresses set forth below, and the same shall be effective upon receipt if delivered personally or two (2) business days after deposit in the
mail, if mailed, or deposit with an overnight express courier. Notices communicated by fax shall be deemed delivered upon telephonic confirmation of receipt. If such communication is received on a Saturday, Sunday or legal holiday, it shall be
deemed received on the next business day. A party may change its address for receipt of notices by service of a notice of such change in accordance herewith. 
  

			
	If to Assignee:	    	Wells Core REIT – South Lake at Dulles, LLC
		    	c/o Wells Real Estate Funds
		    	6200 The Corners Parkway, Suite 250
		    	Norcross, Georgia 30092

  
 5 

 Execution Version 
  

			
	 	    	Facsimile:  (770) 243-8199
		    	Attn:  Heather M. Griner
		
	With a copy to:	    	DLA Piper LLP (US)
		    	500 8th Street, NW
		    	Washington, DC 20004
		    	Facsimile:  (202) 799-5102
		    	Attn:  Jeffrey R. Keitelman, Esq.
		
	If to Assignor:	    	AREP South Lake at Dulles Corner, LLC
		    	c/o American Real Estate Partners, LLC
		    	2350 Corporate Park Drive, Suite 110
		    	Herndon, VA 20171
		    	Attn:  Douglas E. Fleit
		    	Attn:  Brian L. Katz

 11.      Real Estate Commissions/Agency
Disclosure.  Each of the parties represents to the other that it has not incurred and will not incur any liability for brokerage fees or agent commissions in connection with this Agreement or the transactions contemplated hereby.
Each party shall indemnify the other against and hold the other harmless from any and all losses, liabilities, costs, expenses, fines, penalties and damages arising from any claim by any broker, agent, salesman or representative for any fees or
commissions claimed by or through the party making the aforesaid representation. 

12.      Entire Agreement, Amendments and Waivers.  This Agreement
and all Exhibits contain the entire agreement and understanding of the parties with respect to the subject matter hereof, and the same may not be amended, modified or discharged nor may any of its terms be waived except by an instrument in writing
signed by the party to be bound thereby. 
 13.      No Third Party
Benefits.  This Agreement is for the sole and exclusive benefit of the parties hereto and their respective successors and assigns, and no third party is intended to or shall have any rights hereunder. 

14.      Interpretation/Miscellaneous. 

  (a)      The headings and captions herein are inserted for convenient
reference only and the same shall not limit or construe the paragraphs or Sections to which they apply or otherwise affect the interpretation hereof. 
   (b)      Words of the masculine, feminine or neuter gender shall mean and include the correlative words of other genders, and words importing the singular number
shall mean and include the plural number and vice versa. 

  (c)      This Agreement and any document or instrument executed pursuant
hereto may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
 6 

 Execution Version 
  

   (d)      Whenever under the
terms of this Agreement the time for performance of a covenant or condition falls upon a Saturday, Sunday or holiday, such time for performance shall be extended to the next business day. Otherwise all references herein to “days” shall
mean calendar days. 
   (e)      This Agreement shall be governed by
and construed in accordance with the laws of the Commonwealth of Virginia. 

  (f)       This Agreement shall not become effective and binding on the parties unless and
until Assignor and Assignee shall each have executed and delivered to Escrow Agent counterpart signature pages to this Agreement. 
   (g)      Notwithstanding anything in this Agreement to the contrary, if Closing does not occur for any reason or no reason, Assignee shall have no liability
whatsoever to Assignor or Property Manager with respect to the Property Management Agreement or the Leasing Agreement or any obligation or liability in connection therewith. 

  (h)      Time is important to both Assignor and Assignee in the performance of
this Agreement, and both parties have agreed that TIME IS OF THE ESSENCE with respect to any date set out in this Agreement. 

[Signatures appear on the following page.] 

  
 7 

 Execution Version 
  

 IN WITNESS WHEREOF, this Agreement has been executed and delivered by
Assignor and Assignee on the date first above written and is intended to be effective as of such date. 
  

									
		 	ASSIGNEE:	  	
			
		 	WELLS CORE REIT – SOUTH LAKE AT DULLES, LLC, a Delaware limited liability company	  	
				
		 	By:	 	Wells Core Office Income Operating	  	
		 	 Partnership, L.P., a Delaware limited partnership,
 its sole member
	  	
				
		 	By:	 	Wells Core Office Income REIT, Inc., a	  	
		 	Maryland corporation, its sole general partner	  	
					
		 	By:	 	 /s/ Douglas P. Williams
	 		  	
		 	Name:	 	 Douglas P. Williams
	 		  	
		 	Title:	 	 Executive Vice President
	 		  	
			
		 	ASSIGNOR:	  	
			
		 	AREP SOUTH LAKE AT DULLES CORNER LLC, a Delaware limited liability company	  	
					
		 	By:	 	 /s/ Authorized Signatory
	 		  	
		 	Name:	 	 Authorized Signatory
	 		  	
		 	Title:	 	Manager	 		  	

 Agreed to by Escrow Agent with regard to the obligations, terms, covenants and conditions contained in this Agreement
relating to Escrow Agent. 
  

					
	CHICAGO TITLE INSURANCE COMPANY
			
	By:	 	   /s/ R. Eric Taylor
	 	

			
	Name:	 	  R. Eric Taylor

			
	Title:	 	  Vice President & Counsel

  
 8 

 Execution Version 
  

 EXHIBIT A 

Purchase Agreement 
 [See Attachment] 

  
 9 

 Execution Version 
  

 EXHIBIT B 

Form of Seventh Amendment to Agreement of Sale 
 [See Attachment] 

  
 10 

 Execution Version 
  

 EXHIBIT C 

Acknowledgement and Agreement 
 Brandywine Acquisition Partners LP (“Brandywine”) hereby acknowledges and consents to that certain Assignment and Assumption of Purchase Agreement dated as of February 8, 2012 (the
“Assignment Agreement”), whereby AREP South Lake at Dulles Corner LLC (“AREP”) assigned to Wells Core REIT – South Lake at Dulles, LLC (“Wells”), and Wells assumed from AREP, AREP’s
rights, interests and obligations as purchaser under that certain Agreement of Sale dated November 23, 2011, as amended by that certain First Amendment to Agreement of Sale dated as of December 15, 2011, that certain Second Amendment to
Agreement of Sale dated as of December 29, 2011, that certain Third Amendment to Agreement of Sale dated as of January 6, 2012, that certain Fourth Amendment to Agreement of Sale dated as of January 17, 2012, that certain Fifth
Amendment to Agreement of Sale dated as of January 23, 2012, and that certain Sixth Amendment to Agreement of Sale dated as of February 3, 2012 (collectively, the “Purchase Agreement”), between AREP and Brandywine.

 From and after the date of the Assignment Agreement, Brandywine shall communicate exclusively with Wells with
respect to effectuating the Closing contemplated by the Purchase Agreement, and acknowledges and agrees to the escrow provisions of Section 4 of the Assignment Agreement. 

 

											
		 	Brandywine Acquisition Partners LP	  		  	
						
		 	By:	 	    BDN Properties I Inc., a Delaware corporation,	 		  		  	
		 		 	    its General Partner	 		  		  	
						
		 	By: 	 	                             
                                   	 		  		  	
		 	Name: Michael J. Cooper	  		  	
		 	Title:   Senior Vice President/Managing Director	  		  	

  
 11 

 Execution Version 
  

 SCHEDULE 1 

Assignor’s Due Diligence Expenses 
 [See Attachment] 

  
 12f8k040512ex10i_emerggrowth.htm

Exhibit 10.1

Stock Purchase Agreement

Dated as of April 5, 2012

By and Among

Shuairui Qiu

And

Amit Tandon

and

Ajay Tandon

and

Emerging Growth Acquisitions I, Inc.

 

  

1

  

 

Table of Contents

 

	
Section 1. Construction and Interpretation

	
3

	
1.1. Principles of Construction.

	
3

	
Section 2.  The Transaction

	
4

	
2.1. Purchase Price:

	
4

	
2.2. Transfer of Shares and Terms of Payment:

	
4

	
2.3. Closing.

	
4

	
Section 3.  Representations and Warranties

	
4

	
3.1. Representations and Warranties of the Sellers:

	
4

	
3.2. Covenants of the Sellers and the Company.

	
6

	
Section 4.  Miscellaneous

	
9

	
4.1. Expenses.

	
9

	
4.2. Governing Law.

	
9

	
4.3. Resignation of Old and Appointment of New Board of Directors and Officers.

	
9

	
4.4. Disclosure.

	
9

	
4.5. Notices.

	
9

	
4.6. Parties in Interest.

	
10

	
4.7. Entire Agreement.

	
10

	
4.8. Amendments.

	
11

	
4.9. Severability.

	
11

	
4.10. Counterparts.

	
11

 

  

2

  

 

Stock Purchase Agreement

 

This stock purchase agreement (“Agreement”), dated as of April 5, 2012, is entered into by and among Emerging Growth Acquisitions I, Inc. (“Emerging Growth Acquisition” or the “Company”) and Amit Tandon and Ajay Tandon (each a “Seller” and collectively, the “Sellers”), and Shuairui Qiu (the “Purchaser” and together with the Company and the Sellers, the “Parties”).

W i t n e s s e t h:

 

Whereas, the Sellers, are shareholders of Emerging Growth Acquisitions I, Inc., a corporation organized and existing under the laws of the State of Nevada, who own and/or control in the aggregate 100,000 shares of the Company, which represents 100% of the issued and outstanding common shares of the Company; and

Whereas, the Purchaser desires to acquire all of such shares of the Company.

Now, Therefore, in consideration of the premises and of the covenants, representations, warranties and agreements herein contained, the Parties have reached the following agreement with respect to the sale by the Sellers of such common stock of the Company to the Purchaser:

Section 1. Construction and Interpretation

1.1. Principles of Construction.

 

(a) All references to Articles, Sections, subsections and Appendixes are to Articles, Sections, subsections and Appendixes in or to this Agreement unless otherwise specified.  The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  The term “including” is not limiting and means “including without limitations.”

 

(b) In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”

 

(c) The Table of Contents hereto and the Section headings herein are for convenience only and shall not affect the construction hereof.

 

(d) This Agreement is the result of negotiations among and has been reviewed by each Party’s counsel.  Accordingly, this Agreement shall not be construed against any Party merely because of such Party’s involvement in its preparation.

 

(e) Wherever in this Agreement the intent so requires, reference to the neuter, masculine or feminine shall be deemed to include each of the other, and reference to either the singular or the plural shall be deemed to include the other.

  

3

  

 

Section 2.  The Transaction

2.1. Purchase Price.

 

The Sellers hereby agree to sell to the Purchaser, and the Purchaser, in reliance on the representations and warranties contained herein, and subject to the terms and conditions of this Agreement, agrees to purchase from the Sellers 100,000 common shares of the capital stock of Emerging Growth Acquisition (the “Acquired Shares”) for a total purchase price of $20,000 (the “Purchase Price”), payable in full to the Sellers according to the terms of this Agreement, in United States currency as directed by the Sellers at Closing.

2.2. Transfer of Shares and Terms of Payment.

 

In consideration for the transfer of the Acquired Shares by the Sellers to the Purchaser, the Purchaser shall pay the Purchase Price in accordance with the terms of this Agreement.  Transfer of the shares and payment thereof shall be in the following manner:

	
i)  

	
Upon execution of this Agreement, the Purchaser shall transfer $20,000 (“Deposit”) to Anslow & Jaclin, LLP (the “Escrow Agent”);

	
ii)  

	
Simultaneously with the transfer of the Payment, the Sellers shall deliver to the Escrow Agent, the certificates for the Acquired Shares duly endorsed for transfer or with executed stock powers medallion guaranteed attached to be released and delivered to Buyer upon receipt of the Second Payment by the Escrow Agent.

2.3. Closing.

Subject to the terms and conditions of this Agreement, the Closing shall take place by wire transfer and overnight mail on or before April 5, 2012 (the “Closing Date”).

 

Section 3.  Representations and Warranties

3.1. Representations and Warranties of the Sellers and the Company. The Sellers and the Company hereby make the following representations and warranties to the Purchaser:

 

3.1.1           The Company is a corporation duly organized and validly existing under the laws of the State of Nevada and has all corporate power necessary to engage in all transactions in which it has been involved, as well as any general business transactions in the future that may be desired by its directors.

3.1.2           The Company is in good standing with the Secretary of State of Nevada.

 

3.1.3           Prior to or at Closing, all of the Company’s outstanding debts and obligations shall be paid off (at no expense or liability to the Purchaser) and the Seller shall provide evidence of such payoff to the Purchaser’s reasonable satisfaction.  Should the Purchaser discover any obligation of the Company that was not paid prior to the Closing Date, the Sellers undertake to indemnify the Purchaser for any and all such liabilities, whether outstanding or contingent at the time of Closing.

 

  

4

  

 

3.1.4           The Company will have no assets or liabilities at the Closing Date.

 

3.1.5           The Company is not subject to any pending or threatened litigation, claims or lawsuits from any party, and there are no pending or threatened proceedings against the Company by any federal, state or local government, or any department, board, agency or other body thereof.

3.1.6           The Company is not a party to any contract, lease or agreement which would subject it to any performance or business obligations after the Closing.

3.1.7           The Company does not own any real estate or any interests in real estate.

 

3.1.8           The Company is not liable for any taxes, including income, real or personal property taxes, to any governmental or state agencies whatsoever.  The Company has timely filed all income, real or personal property, sales, use, employment or other governmental tax returns or reports required to be filed by it with any federal, state or other governmental agency and all taxes required to be paid by the Company in respect of such returns have been paid in full.  None of such returns are subject to examination by any such taxing authority and the Company has not received notice of any intention to require the Company to file any additional tax returns in any jurisdiction to which it may be subject.

 

3.1.9           The Company, to the actual knowledge of Sellers, is not in violation of any provision of laws or regulations of federal, state or local government authorities and agencies.

3.1.10          The Sellers either are or on the Closing Date will be, the lawful owners of record of the Acquired Shares, and the Sellers presently have, and will have at the Closing Date, the power to transfer and deliver the Acquired Shares to the Purchaser in accordance with the terms of this Agreement.  The delivery to the Purchaser of certificates evidencing the transfer of the Acquired Shares pursuant to the provisions of this Agreement will transfer to the Purchaser good and marketable title thereto, free and clear of all liens, encumbrances, restrictions and claims of any kind.

3.1.11         There are no authorized shares of the Company other than 100,000,000 common shares and 10,000,000 preferred shares, and there are no issued and outstanding shares of the Company other than 100,000 common shares.  Sellers at the Closing Date will have full and valid title to the Acquired Shares, and there will be no existing impediment or encumbrance to the sale and transfer of the Acquired Shares to the Purchaser; and on delivery to the Purchaser of the Acquired Shares being sold hereby, all of such Shares shall be free and clear of all liens, encumbrances, charges or assessments of any kind; such Shares will be legally and validly issued and fully paid and non-assessable shares of the Company’s common stock; and all such common stock has been issued under duly authorized resolutions of the Board of Directors of the Company.

3.1.12          All issuances of the Company of the shares in their common stock in past transactions have been legally and validly effected, without violation of any preemptive rights, and all of such shares of common stock are fully paid and non-assessable.

3.1.13          There are no outstanding subscriptions, options, warrants, convertible securities or rights or commitments of any nature in regard to the Company’s authorized but unissued common stock or any agreements restricting the transfer of outstanding or authorized but unissued common stock. There are no shareholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s shareholders.

 

  

5

  

 

3.1.14           There are no outstanding judgments, liens or any other security interests filed against the Company or any of its properties.

3.1.15           The Company has no subsidiaries.

3.1.16           The Company has no employment contracts or agreements with any of its officers, directors, or with any consultants; and the Company has no employees or other such parties.

3.1.17           The Company has no insurance or employee benefit plans whatsoever.

3.1.18           The Company is not in default under any contract, or any other document.

3.1.19           The Company has no outstanding powers of attorney and no obligations concerning the performance of the Sellers concerning this Agreement.

 

3.1.20           The execution and delivery of this Agreement, and the subsequent closing thereof, will not result in the breach by the Company or the Sellers of (i) any agreement or other instrument to which they are or have been a party or (ii) the Company’s Articles of Incorporation or Bylaws.

3.1.21           All financial and other information which the Company and/or the Sellers furnished or will furnish to the Purchaser, including information with regard to the Company and/or the Sellers contained in the SEC filings filed by the Company since its inception (i) is true, accurate and complete as of its date and in all material respects except to the extent such information is superseded by information marked as such, (ii) does not omit any material fact, not misleading and (iii) presents fairly the financial condition of the organization as of the date and for the period covered thereby.

3.1.22           The common stock of the Company is registered under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and there are no proceedings pending to revoke or terminate such registration.  Since the date of the common stock's registration under the Exchange Act, the Company has filed all reports with the Securities and Exchange Commission required to be filed by the Exchange Act, including its Quarterly Report on Form 10-K for the year of 2011, and all such reports were filed timely.

The representations and warranties herein by the Sellers shall be true and correct in all material respects on and as of the Closing Date hereof with the same force and effect as though said representations and warranties had been made on and as of the Closing Date.

The representations and warranties made above shall survive the Closing Date and shall expire for all purposes in the date numerically corresponding to the Closing Date in the twelfth month after the Closing Date.

 

  

6

  

 

3.2. Covenants of the Sellers and the Company.

From the date of this Agreement and until the Closing Date, the Sellers and the Company covenant the following:

3.2.1           The Sellers will, to the best of their respective abilities, preserve intact the current status of the Company as an issuer registered under Section 12(g) of the 1934 Exchange Act.

3.2.2           The Sellers will furnish Purchaser with all corporate records and documents, such as Articles of Incorporation and Bylaws, minute books, stock books, or any other corporate document or record (including financial and bank documents, books and records) requested by the Purchaser.

3.2.3           The Company will not enter into any contract or business transaction, merger or business combination, or incur any further debts or obligations without the express written consent of the Purchaser.

3.2.4           The Company will not amend or change its Articles of Incorporation or Bylaws, or issue any further shares or create any other class of shares in the Company without the express written consent of the Purchaser.

3.2.5           The Company will not issue any stock options, warrants or other rights or interests in or to its shares without the express written consent of the Purchaser.

3.2.6           The Sellers will not encumber or mortgage any right or interest in their shares of the common stock being sold to the Purchaser hereunder, and also they will not transfer any rights to such shares of the common stock to any third party whatsoever.

3.2.7           The Company will not declare any dividend in cash or stock, or any other benefit.

3.2.8           The Company will not institute any bonus, benefit, profit sharing, stock option, pension retirement plan or similar arrangement.

3.2.9           At Closing, the Company and the Sellers will obtain and submit to the Purchaser resignations of current officers and directors.

3.2.10         The Sellers agree to indemnify the Purchaser against and to pay any loss, damage, expense or claim or other liability incurred or suffered by the Purchaser by reason of the breach of any covenant or inaccuracy of any warranty or representation contained in this Agreement.

3.3 Representations and Warranties of the Purchaser. The Purchaser hereby makes the following representations and warranties to the Sellers:

3.3.1           The Purchaser has the requisite power and authority to enter into and perform this Agreement and to purchase the shares being sold to it hereunder.  The execution, delivery and performance of this Agreement by such Purchaser and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action, and no further consent or authorization of such Purchaser is required.  This Agreement has been duly authorized, executed and delivered by such Purchaser and constitutes, or shall constitute when executed and delivered, a valid and binding obligation of such Purchaser enforceable against such Purchaser in accordance with the terms thereof.

 

  

7

  

 

3.3.2           The Purchaser is, and will be at the time of the execution of this Agreement, an “accredited investor”, as such term is defined in Regulation D promulgated by the Commission under the Securities Act of 1933, as amended (the “1933 Act”), is experienced in investments and business matters, has made investments of a speculative nature and has purchased securities of United States publicly-owned companies in the past and, with its representatives, has such knowledge and experience in financial, tax and other business matters as to enable such Purchaser to utilize the information made available by the Company to evaluate the merits and risks of and to make an informed investment decision with respect to the proposed purchase, which represents a speculative investment.  The Purchaser has the authority and is duly and legally qualified to purchase and own shares of the Company.  The Purchaser is able to bear the risk of such investment for an indefinite period and to afford a complete loss thereof.  The information set forth on the signature page hereto regarding the Purchaser is accurate.

3.3.3           On the Closing Date, such Purchaser will purchase the Acquired Shares pursuant to the terms of this Agreement for its own account for investment only and not with a view toward, or for resale in connection with, the public sale or any distribution thereof.

3.3.4           The Purchaser understands and agrees that the Acquired Shares have not been registered under the 1933 Act or any applicable state securities laws, by reason of their issuance in a transaction that does not require registration under the 1933 Act (based in part on the accuracy of the representations and warranties of the Purchaser contained herein), and that such Acquired Shares must be held indefinitely unless a subsequent disposition is registered under the 1933 Act or any applicable state securities laws or is exempt from such registration.  In any event, and subject to compliance with applicable securities laws, the Purchaser may enter into lawful hedging transactions in the course of hedging the position they assume and the Purchaser may also enter into lawful short positions or other derivative transactions relating to the Acquired Shares, or interests in the Acquired Shares, and deliver the Acquired Shares, or interests in the Acquired Shares, to close out their short or other positions or otherwise settle other transactions, or loan or pledge the Acquired Shares, or interests in the Acquired Shares, to third parties who in turn may dispose of these Acquired Shares.

3.3.5           The Acquired Shares shall bear the following or similar legend:

“THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

  

8

  

 

3.3.6           The offer to sell the Acquired Shares was directly communicated to such Purchaser by the Company.  At no time was such Purchaser presented with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement, or any other form of general advertising or solicited or invited to attend a promotional meeting otherwise than in connection and concurrently with such communicated offer.

3.3.7           Such Purchaser represents that the foregoing representations and warranties are true and correct as of the date hereof and, unless such Purchaser otherwise notifies the Company prior to the Closing Date shall be true and correct as of the Closing Date.

3.3.8           The foregoing representations and warranties shall survive the Closing Date and for a period of one year thereafter.

 

Section 4.  Miscellaneous

4.1. Expenses.

Each of the Parties shall bear his own expenses in connection with the transactions contemplated by this Agreement.

4.2. Governing Law.

 

The interpretation and construction of this Agreement, and all matters relating hereto, shall be governed by the laws of the State of Nevada applicable to agreements executed and to be wholly performed solely within such state.

4.3. Resignation of Old and Appointment of New Board of Directors and Officers.

 

The Company and the Sellers shall take such corporate action(s) required by Emerging Growth Acquisition's Articles of Incorporation and/or Bylaws to (a) appoint the below named persons to their respective positions, to be effective on the eleventh day following the Closing Date, and (b) obtain and submit to the Purchaser, together with all required corporate action(s) the resignation of the current board of directors, and any and all corporate officers and check signers as of the Closing Date.

	
                  Name

	
Position

	
Shuairui Qiu

	
Director, President, CFO and CEO

	  	  

4.4. Disclosure.

 

The Sellers and the Company agree that they will not make any public comments, statements, or communications with respect to, or otherwise disclose the execution of this Agreement or the terms and conditions of the transactions contemplated by this Agreement without the prior written consent of the Purchaser, which consent shall not be unreasonably withheld.

 

  

9

  

 

4.5. Notices.

Any notice or other communication required or permitted under this Agreement shall be sufficiently given if delivered in person or sent by facsimile or by overnight registered mail, postage prepaid, addressed as follows:

If to Sellers, to:

Amit Tandon

Ajay Tandon

c/o Anslow & Jaclin, LLP

195 Route 9, Suite 204

Manalapan, NJ 07726

If to the Company:

Emerging Growth Acquisitions I, Inc.

195 Route 9, Suite 204

Manalapan, NJ 07726

With a copy to (which shall not constitute notice):

Anslow & Jaclin, LLP

195 Route 9, Suite 204

Manalapan, NJ 07726

If to the Purchaser, to:

Shuairui Qiu

No.29, 448 Minzu Road

Bama County, Bama Yaozu Autonomous County

Guangxi Province, China

 

Or such other address or number as shall be furnished in writing by any such Party, and such notice or communication shall, if properly addressed, be deemed to have been given as of the date so delivered or sent by facsimile.

4.6. Parties in Interest.

 

This Agreement may not be transferred, assigned or pledged by any Party hereto, other than by operation of law.  This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

 

  

10

  

 

4.7. Entire Agreement.

 

This Agreement and the other documents referred to herein contain the entire understanding of the Parties hereto with respect to the subject matter contained herein. This Agreement shall supersede all prior agreements and understandings between the Parties with respect to the transactions contemplated herein.

4.8. Amendments.

This Agreement may not be amended or modified orally, but only by an agreement in writing signed by the Parties.

4.9. Severability.

In case any provision in this Agreement shall be held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof will not in any way be affected or impaired thereby.

4.10. Counterparts.

 

This Agreement may be executed in any number of counterparts, including counterparts transmitted by telecopier, PDF or facsimile transmission, any one of which shall constitute an original of this Agreement.  When counterparts of copies have been executed by all parties, they shall have the same effect as if the signatures to each counterpart or copy were upon the same document and copies of such documents shall be deemed valid as originals.  The Parties agree that all such signatures may be transferred to a single document upon the request of any Party.

[-signature page follows-]

 

  

11

  

 

In Witness Whereof, each of the Parties hereto has caused its/his name to be hereunto subscribed as of the day and year first above written.

Company:

Emerging Growth Acquisitions I, Inc.

By:/s/ Amit Tandon         

Name:  Amit Tandon

Title:    Chief Executive Officer

Sellers:

By:/s/ Amit Tandon         

Name: Amit Tandon, Individually

By:/s/ Ajay Tandon         

Name: Ajay Tandon, Individually

Purchaser:

By:/s/ Shuairui Qiu         

Name: Shuairui Qiu, Individually

 

 

 

 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}]]