Document:

Exhibit 10.13 Lease Agreement

Exhibit 10.13

Made this 9th day of March, 2011, between Great Spaces, LLC, Landlord, and Amerisure Pharmaceuticals, LLC, Tenant:

Witnesseth

That the Landlord hereby leases to the Tenant and the Tenant hereby leases from the Landlord the premises located at 9337 Fraser Avenue, Silver Spring, MD, totaling about 2000 square feet of gross floor area. The term of the lease shall be one (I) year, commencing on March 9, 20 II, at a rent of Seventeen Hundred Seventy-Five Dollars ($1,775.00) per month.

The Tenant covenants and agrees:

1.

To pay rent in monthly installments of Seventeen Hundred Seventy-Five Dollars ($1,775.00) each, in advance, on the first day of each and every month of the term.  Rent shall be increased by the greater of 3% , or the increase in the Consumer Price Index (CPI) year over year, but shall not increase more than 5% per year.  A late fee of One Hundred Dollars ($100.00) shall be added to the rent in the event Landlord receives rent later than the fifth of the month.  Any outstanding unpaid rent shall also accrue interest at the rate of eighteen percent (18%) per annum.  Note that Landlord will provide tenant with the first month’s rent free of charge, but that the pro-rated 21 days for April rent will be due at the signing of this lease, equaling Twelve Hundred Forty-Two Dollars ($1,242.00).

2.

To pay a security deposit of Seventeen Hundred Seventy-Five Dollars (1,775.00), to Landlord upon execution of this Lease.  Te security deposit shall be returned in full to Tenant at the termination of this Lease, without any accumulated interest, except that any damages incurred by Tenant to the building or common areas will be deducted.

3.

That, with consent of Landlord, this lease can continue on a month-to-month basis, but shall be terminated when either Landlord or Tenant provides the other with Ninety (90) days written notice.

4.

That space in the parking lot will be provided for up to four (4) cars.  Under no circumstances shall more than four (4) vehicles park in the parking lot at one time unless other arrangements are made with Landlord.  No trailers or large trucks shall be parked on the premises, unless specifically approved in writing by the Fraser Avenue Unit Owners Committee. Standard sized pickup trucks or vans are acceptable.

5.

To use the premises for office space, and storage.

6.

To do nothing and to permit nothing to be done on the premises which will contravene any fire insurance policy covering the same.  If Tennant’s use or occupancy of the premises, or his act or omission or any act or omission permitted by him, increases the premium of any fire insurance policy, Tennant shall pay such increase.  Tenant agrees to fully comply with any requirements or recommendation of the Insurance Services Office of Maryland and/or the National Fire Protection Association.

7.

To pay all bills for electricity, gas, fuel, power, trash removal, telephone, and all other utilities as same become due.  Landlord will pay water bill up to $100 per three-month period.  Tenant will be responsible for amounts over $100 if the water exceeds that amount in any three-month period.

8.

Rent paid by check will not be considered paid until the check has cleared the bank.  Checks returned by the Tenant’s bank are subject to a $50.00 returned check fee.

9.

A dumpster may be located on the premises, provided Landlord specifically approves placement.

10.

To hold Landlord and his Agent free and harmless from any and all loss, claim, or damage by reason of any accident, injury or damage to any person or property occurring on or caused by the lease premises or any access thereto or any area adjacent to said premises.

11.

To maintain and pay for public liability insurance with bodily injury limits of not less than $1,000,000.00 per occurrence and $500,000.00 per person inured, and property damage limits of not less than $50,000.00 in which insurance policy Landlord shall be an additional insured, and to furnish Landlord with a certificate from the insurer that such insurance has been issued and that Landlord will be notified by the insurer prior to cancellation or expiration.

12.

Not to make any structural alteration or additions without the prior consent of the Landlord, and to pay for all such alterations or additions.  At Landlord’s option, Tenant shall restore the premises to their original condition at the end of the term or such alteration shall become the property of Landlord.

13.

To comply with all applicable laws, ordinances, rules and regulations, including those of the Fraser Avenue Owners Committee.

14.

To abide by all rule, regulations, and stipulations of the Landlord which are necessary or advisable for the safety, care, protection, or cleanliness of the premises or persons on or in the vicinity thereof.

15.

That if Tenant makes any assignment for the benefit of creditors, or if any proceedings are commenced to have Tenant declared bankrupt or insolvent, or if a receiver or Trustee is appointed to take charge of Tenant’s affairs, then Landlord may terminate this lease forthwith, and Tenant shall remain liable for all damages and rent up to the date of such event.

16.

That this lease is and shall remain subject and subordinate to all present and future mortgages and deeds of trust affecting said premises, and as well as all covenants and restrictions of record.  Tenant agrees to execute on demand all appropriate papers to effectuate the provisions of this paragraph. Tenant also appoints Landlord irrevocably as his attorney-in-fact to execute all such appropriate papers.

17.

Upon the expiration or termination of this lease, to surrender the premises in good and clean condition, ordinary wear and tear excepted; at the same time, to surrender all equipment of the Landlord in good, clean and operation condition, ordinary wear and tear excepted.

18.

Not to place any signs, advertisements, or notices on the exterior or any wall, window, or door of the building without the landlord’s prior consent.

19.

Tenant agrees that failure to comply with any of the above terms may result in immediate cancellation of this lease and eviction.

Landlord and Tenant mutually covenant and agree:

20.

That if the premises shall be damaged or destroyed by fire or other casualty, Landlord shall have 90 days within which to repair or commence to restore the same.  Until the premises are restored, the rent shall be abated in an amount corresponding to the period and the extent to which the premises are untenantable.  If the Landlord shall fail to restore or commence to restore the premises with 90 days, this lease shall thereupon terminate.

21.

That Landlord, at his cost and expense, shall keep the roof, all foundations and exterior walls in a state of good repair.  Tenant, at his cost and expense, shall keep in a state of good repair, maintenance, and cleanliness, all other parts of the premises that he uses as part of this lease.

22.

That Landlord, at his cost and expense, shall provide that air conditioning and heating appliances work at time of signing of this lease.

23.

That Landlord shall have the right to enter the premises at all reasonable hours to examine the same as well as to make any alterations and repairs to the premises or to contiguous premises.

24.

That Landlord shall have the right, at any time during the pendency of this lease to show the premises to persons wishing to rent or purchase the same sand that Tenant will permit a notice of “for rent” or “for sale” to be placed upon the front of the premises and remain thereon without hindrance or molestation.

25.

That any waiver of a default hereunder shall not be deemed a waiver of any subsequent default.

26.

That Tenant shall not transfer or assign this or make any sublease without the written consent of the Landlord.

27.

If Tenant shall remain in possession after the expiration of the lease, he shall, in the absence of any agreement to the contrary, be liable to the Landlord in an amount twice the monthly rent elsewhere provided for herein for any month or part thereof during which he shall remain in possession.  Acceptance by landlord of any sum from the Tenant after the expiration of this lease shall not constitute the Tenant a hold over Tenancy.

28.

That Landlord shall have the right to distrain for rent and for any other amount due and payable by the Tenant hereunder, if the same is not paid when due, without notice to or demand upon the Tenant.

2

29.

That if there is any default by Tenant hereunder, Landlord shall have the right to re-enter and take possession of the premises, without notice to or demand upon Tenant.

30.

Tenant agrees to pay all reasonable costs, attorneys’ fees and expenses that shall be made and incurred by the Landlord in enforcing the covenants and agreements of this lease, including those for collection or rent.

31.

That this lease shall be binding upon and insure to the benefit of the parties hereto, their respective heirs, executors, administrator, successors, and assigns.

32.

Landlord accepts taxes and common area repairs or pass-throughs.

IN WITNESS WHEREOF, the parties have caused these precepts to be duly executed the day and year first above written.

Landlord:

/s/ Roger Telschow               

Great Spaces, LLC

by Roger Telschow, President 

9335 Fraser Aenue

Silver Spring, MD 20910

301-509-9371

301-585-4899 FAX

roger@journeydeep.com

Tenant: 

/s/ Mackie Barch                 

Amerisure Pharmaceuticals

10417 Armory Ave, Unit C, Kensington, MD

202-274-5404 or 301-455-0207

3

ADDITIONAL PROVISIONS TO LEASE

ENVIRONMENTAL RESPONSIBILITIES.  Tenant shall not allow, permit or cause: (a) the generation, use, accumulation, storage, treatment, transportation, disposal, release or threat of release of “hazardous substances” (as defined in the Comprehensive Environmental Response, Compensation, Liability Act of 1989 (“CCERCLA”) 42 U.S.C. Section 9601 et seq., and regulation pursuant thereto, as amended) or petroleum product on the Premises, parking areas, sidewalks, or other appurtenances to the Premises, except for hazardous substances or petroleum product which are used in the ordinary course of Tenant’s business ( for business rental) and are present on the Premises in normal and reasonable amounts and are properly stored in a safe and lawful manner, provided that a list of such substances and petroleum products, showing the manner of storage and quantities stored, is provided to Landlord: (b) the spilling, leaking, or other release of hazardous substance or petroleum products on or from the Premises, parking areas, sidewalks, or other appurtenances to the Premises (other than de minimis quantities in connection with the operation of motor vehicles); (c) the accumulation of ay debris or other solid waste (except rubbish generating in the ordinary course of Tenant’s business or residence for normal scheduled disposal in compliance with all applicable laws) on the Premises.

Tenant shall obtain and maintain any and all necessary permits and approvals, including but not limited to permits and approvals required for the generation, use, accumulation, storage, treatment, transportation or disposal of any substances and petroleum products identified above which are used in the ordinary course of Tenant’s business.  Tenant shall comply with all applicable governmental operation reporting and notification requirements for such substances.  Any costs or expenses associated with obtaining or maintaining such permits, or complying with such operation, reporting or notification requirements shall be the sole responsibility of Tenant.  In the event Tenant fails to pay any such costs or expenses, Landlord may, but shall not be required to, pay same, and may collect all amounts so paid from Tenant as additional rent.

Tenant shall notify Landlord immediately upon learning that : (i) any duty described in this Section has been violated; (ii) there has been a release, discharge or disposal of any hazardous substance or petroleum product on the Premises or on any property near the Premises; (iii) radon gas, urea formaldehyde, or any other toxic or hazardous gas has been detected on or in the Premises or any other area within the building of which the Premises are a part; or (iv) the Premises are the subject of any third party claim or action, or threat thereof, including, but not limited to, any claim or action, or threat thereof, from a governmental agency or official, because of any environmental condition on or originating from the Premises or arising in connection with Tenant’s operation of the Premises.  Tenant shall promptly provide Landlord with copies of all correspondence to or from such third parties regarding environmental conditions on or origination from the Premises or arising in connection with the operation of the Premises.

ENVIRONMENTAL INDEMNITY.  Tenant shall indemnify and hold harmless Landlord and Agent, together with their officers, directors, stockholders, employees and agents (the “Indemnified Parties”) from any and all liabilities (including strict liability), penalties, demands, actions, costs and expenses (including strict limitation, attorneys’ fees, fines, remedial and response costs and any continuing monitoring or closure costs) incurred or suffered by the Indemnified Parties, or asserted by any third party including, but not limited to, any governmental agency or official, against the Indemnified Parties due to the breach of-Tenant’s duties and obligation set forth in the preceding Section.  This indemnification shall survive the expiration or earlier termination of this Lease or any renewal or extension of this Lease, including any extensions on a month to month basis.

To the extent such terms, covenants and condition are not inconsistent with this Lease Renewal and Amendment Agreement, all other terms, covenants and conditions as contained in the above-referenced Lease shall be binding on the parties and remain in full force and effect during the renewal period hereby created

							
	/s/ Roger Telschow

	 
	3/9/2011

	 
	/s/ Mackie Barch

	 
	3/9/2011

	Landlord or agent

	 
	Date

	 
	Tenant

	 
	Date

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	/s/ Mackie Barch

	 
	3/9/2011

	 
	 
	 
	 
	Tenant

	 
	Date

4Exhibit 10.1 Revolving Line of Credit Agreement

Exhibit 10.1

REVOLVING LINE OF CREDIT AGREEMENT

 

This Revolving Line of Credit Agreement (the “Agreement”) is made and entered into this 15th day of February, 2012 (the “Effective Date”), by and between Chachas Land Co., Inc., a Nevada Corporation (the “Lender”), and Omnitek Engineering Corp., a California corporation (“Borrower”).

 

In consideration of the mutual covenants and agreements contained herein, the parties agree as follows:

 

1.  

Line of Credit.  Lenders hereby establishes for a period of six (6) months from the Effective Date (the “Maturity Date”) a revolving line of credit (the “Credit Line”) for Borrower in the principal amount of Fifty Thousand dollars ($50,000) (the “Credit Limit”) which indebtedness shall be evidenced by and repaid in accordance with the terms of a promissory note for the amount of the Credit Limit in substantially the form attached hereto as Exhibit A (the “Promissory Note”).  All sums advanced on the Credit Line or pursuant to the terms of this Agreement (each an “Advance”) shall become part of the principal of the applicable Promissory Note.

 

2.

Renewal and Extension of Line of Credit.  Provided that Borrower is not in default under this Agreement or the Promissory Note, at the Maturity Date, the Borrower, at the Borrower’s option may extend and renew this Credit Line for one additional term of six (6) months.

3.  

Advances.

 

(a)   

Lender agrees to make funds available under this Credit Line on the following schedule:

 

(i)

$40,000 on or before February 15, 2012; and

(ii)

$10,000 within three days of written request.

 

(b)  

Subject to subparagraph (a) above, any request for an Advance may be made from time to time and in such amounts as Borrower may choose, provided, however, any requested Advance will not, when added to the outstanding principal balance of all previous Advances, exceed the Credit Limit.  Requests for Advances must be made in writing, delivered to the Lender, by such officer of Borrower authorized by it to request such advances.  Until such time as Lender may be notified otherwise, Borrower hereby authorizes its Chief Executive Officer or its Chief Financial Officer to request Advances.  For each Advance, properly requested, the Lender shall advance an amount equal to the Advance amount.  The Lender may refuse to make any requested Advance if an event of default has occurred and is continuing hereunder either at the time the request is given or the date the Advance is to be made, or if an event has occurred or condition exists which, with the giving of notice or passing of time or both, would constitute an event of default hereunder as of such dates.

  

4.    

Interest.  All sums advanced pursuant to this Agreement shall bear interest from the date each Advance is made until paid in full at an interest rate of nine percent (9%) simple interest per annum (the “Interest Rate”).  Interest will be calculated on a basis of a 360-day year and charged for the actual number of days elapsed. 

 

5.

Default Interest.  Notwithstanding the foregoing, upon the occurrence of an Event of Default hereunder, the Interest Rate shall immediately increase to the highest rate allowable under applicable law, and shall continue at such rate, both before and after judgment, until the Credit Line has been repaid in full and all of Borrower’s other obligations to Lender hereunder have been fully paid and discharged.

 

6.

Interest Payments; Repayment.  Interest on the then outstanding principal balance shall be payable on a monthly basis commencing 30 days after the Effective Date, and continuing each month thereafter. The entire unpaid principal balance, together with any unpaid accrued interest and other unpaid charges or fees hereunder, shall be due and payable on the Maturity Date.  Payment shall be made to the Lender at such place as the Lender may, from time to time, designate in lawful money of the United States of America.  All payments received hereunder shall be applied as follows: first, to any late charge; second, to any costs or expenses incurred by Lender in collecting such payment or to any other unpaid charges or expenses due hereunder; third, to accrued interest; fourth, to principal; and fifth, the balance, if any, to such person entitled thereto; provided, however, upon occurrence of an Event of Default, a Lender may, in its discretion, change the priority of the application of payments as it deems appropriate.  Borrower may prepay principal and/or interest at any time without penalty.

 

7.   

Conditions Precedent.  No Lender shall not be required to make any advance hereunder unless and until:

(a)  

All of the documents required by such Lender, including a Promissory Note, have been duly executed and delivered to such Lender and shall be in full force and effect.

 

(b) 

The representations and warranties contained in this Agreement are then true with the same effect as though the representations and warranties had been made at such time.  The request for an Advance by Borrower shall constitute a reaffirmation to Lender that all representations and warranties made herein remain true and correct in all material respects to the same extent as though given the time such request is made, and that all conditions precedent listed in this Paragraph 5 have been, and continue to be, satisfied in all respects as of the date such request is made.

 

(c)    

No event of default hereunder has occurred and is continuing, and  no condition exists or event has occurred which, with the passing of time or the giving of notice or both, would constitute an event of default hereunder.

 

8.

[Intentionally Deleted]

9.

Warrants.  In consideration of Lender's extending the Credit Line to Borrower, Borrower agrees to issue to Lender a Warrant (the "Warrant") to purchase 5,000 shares of the Borrower Common Stock at an exercise price of $2.68 for a period of five years. 

10.   

Representations and Warranties.  In order to induce Lender to enter into this Agreement and to make the advances provided for herein, Borrower represents and warrants to Lenders as follows:

 

(a)  

Borrower is a duly organized , validly existing, and in good standing under the laws of the State of California with the power to own its assets and to transact business in California, and in such other states where its business is conducted.

 

(b)  

Borrower has the authority and power to execute and deliver any document required hereunder and to perform any condition or obligation imposed under the terms of such documents.

 

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(c)  

There is no action, suit, investigation, or proceeding pending or, to the knowledge of Borrower, threatened, against or affecting Borrower or any of its assets which, if adversely determined, would have a material adverse effect on the financial condition of Borrower or the operation of its business.

 

(d)  

No information or report furnished by Borrower to Lender in connection with the negotiation of this Agreement contained any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements contained therein not misleading.

 

11.  

Affirmative Covenants.  So long as any sum remains unpaid hereunder, in whole or in part, Borrower covenants and agrees that except with the prior written consent of the  Lender, which consent will not be unreasonably withheld, it shall do the following:

 

(a)  

Borrower shall duly observe and conform to all valid requirements of any governmental authority relative to the conduct of its business, its properties, or its assets and will maintain and keep in full force and effect its corporate existence and all licenses and permits necessary to the proper conduct of its business.

 

(b)  

Borrower shall keep proper books of records and accounts in which full, true, and correct entries will be made of all dealings or transactions relating to its business and activities.

 

(c)  

Borrower shall (1) file all applicable reports which it is required to file with the Securities and Exchange Commission in a timely manner; (2) file all applicable federal, state, and local tax returns or other statements required to be filed in connection with its business, including those for income taxes, sales taxes, property taxes, payroll taxes, payroll withholding amounts, FICA contributions, and similar items; (3) maintain appropriate reserves for the accrual of the same; and (4) pay when due all such taxes, or sums or assessments made in connection therewith.  Provided, however, that (until distraint, foreclosure, sale, or similar proceedings have been commenced) nothing herein will require Borrower to pay any sum or assessment, the validity of which is being contested in good faith by proceedings diligently pursued and as to which adequate reserves have been made.

12.  

Negative Covenants.  So long as any amounts due hereunder remain unpaid in whole or in part, Borrower covenants that except with the prior written consent of the Lender, which consent will not be unreasonably withheld, it will not do any of the following:

 

(a) 

Borrower shall not make any loans or advances to any person or other entity other than in the normal and ordinary course of business now conducted; make any investment in securities of any person or other entity; or guarantee or otherwise become liable upon the obligations of any person or other entity, except by endorsement of negotiable instruments for deposit or collection in the normal and ordinary course of business.  This restriction will apply, without limitation, to loans to any subsidiaries of Borrower.

 

(b) 

Borrower shall not create or permit to exist any lien, claim, or encumbrance on the assets of Borrower or any part thereof, except as may be granted to Lender.

 

13.  

Events of Default.   An event of default (each, an “Event of Default”) will occur if any of the following events occurs:

 

(a)

Failure to pay interest on a monthly basis when due;

(b)

Failure to pay any principal within five (5) days after the same becomes due.

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(c)

Any representation or warranty made by Borrower in this Agreement or in connection with any borrowing or request for an advance hereunder, or in any certificate, financial statement, or other statement furnished by Borrower to Lender is untrue in any material respect at the time when made.

 

(d)

Default by Borrower in the observance or performance of any other covenant or agreement contained in this Agreement, other than a default constituting a separate and distinct event of default under this Paragraph 13.

 

(e)

 Default by Borrower in the observance or performance of any other covenant or agreement contained in any other document or agreement made and given in connection with this Agreement, other than a default constituting a separate and distinct event of default under this Paragraph 13, and the continuance of the same unremedied for a period of fourteen (14) days after notice thereof is given to Borrower.

 

(f)

Any of the documents executed and delivered in connection herewith for any reason ceases to be valid or in full force and effect or the validity or enforceability of which is challenged or disputed by any signer thereof, other than Lender.

 

(g)

Borrower shall default in the payment of principal or interest on any other obligation for borrowed money other than hereunder, or defaults in the payment of the deferred purchase price of property beyond the period of grace, if any, provided with respect thereto, or defaults in the performance or observance of any obligation or in any agreement relating thereto, if the effect of such default is to cause or permit the holder or holders of such obligation (or trustee on behalf of such holder or holders) to cause such obligation to become due prior to the stated maturity.

 

(h)

Filing by Borrower of a voluntary petition in bankruptcy seeking reorganization, arrangement or readjustment of debts, or any other relief under the Bankruptcy Code as amended or under any other insolvency act or law, state or federal, now or hereafter existing.

 

(i)

 Filing of an involuntary petition against Borrower in bankruptcy seeking reorganization, arrangement or readjustment of debts, or any other relief under the Bankruptcy Code as amended, or under any other insolvency act or law, state or federal, now or hereafter existing, and the continuance thereof for sixty (60) days undismissed, unbonded, or undischarged.

 

(j)

All or any substantial part of the property of Borrower shall be condemned, seized, or otherwise appropriated, or custody or control of such property is assumed by any governmental agency or any court of competent jurisdiction, and is retained for a period of thirty (30) days.

14.  

Remedies.  Upon the occurrence of an Event of Default as defined above, the Lender may declare the entire unpaid principal balance, together with accrued interest thereon, to be immediately due and payable without presentment, demand, protest, or other notice of any kind.  Lender may suspend or terminate any obligation it may have hereunder to make additional Advances.  To the extent permitted by law, Borrower waives any rights to presentment, demand, protest, or notice of any kind in connection with this Agreement.  No failure or delay on the part of the Lender in exercising any right, power, or privilege hereunder will preclude any other or further exercise thereof or the exercise of any other right, power, or privilege.  The rights and remedies provided herein are cumulative and not exclusive of any other rights or remedies provided at law or in equity.  Borrower agrees to pay all costs of collection incurred by reason of the default, including court costs and reasonable attorney’s fees, whether or not the attorney is a salaried employee of Lender, including such expenses incurred before or after any legal action or Bankruptcy proceeding involving Borrower has commenced, during the pendency of such proceedings, and continuing to all such expenses in connection with any appeal to higher courts arising out of matters associated herewith.

 

Page 4 of 6

15. 

Collateral; Security.  As security for all obligations of Borrower to Lender, this Credit Line and the Promissory Note shall be secured by such number of shares of the Common Stock of the Borrower (the “Shares”), which value of said Shares based on the closing bid is equal to two (2) times the then outstanding principal and unpaid interest under this Credit Line and the Promissory Note.  In order to facilitate the Security for this Credit Line the Borrower shall issue 100,000 Shares in the name of the Borrower to be held as Security in accordance with a separate Pledge Agreement (the “Pledge Agreement”) of even date herewith between the Borrower and the Lender.  In case of an Event of Default the Lender shall have the rights set forth in the Pledge Agreement.

16.

Notices. All notices, requests, demands and other communications under this Agreement, shall be in writing and shall be deemed to have been duly given on the date of service if served personally on the party to whom notice is to be given or within five (5) business days if mailed to the party to whom notice is to be given, by first-class mail, registered, or certified, postage prepaid and properly addressed as follows:

If to the Borrower, addressed to:

Omnitek Engineering Corp.

Attn: Werner Funk, President

1945 S. Rancho Santa Fe Road

San Marcos, CA 92078

If to Lender, addressed to: 

Chachas Land Co., Inc.

Attn: Gregory J. Chachas

P.O. Box 151538

Ely, Nevada 89315

17.  

General Provisions.  All representations and warranties made in this Agreement and the Promissory Note shall survive the execution and delivery of this Agreement and the making of any loans hereunder.  This Agreement will be binding upon and inure to the benefit of Borrower and Lender, their respective successors and assigns, except that Borrower may not assign or transfer its rights or delegate its duties hereunder without the prior written consent of Lender.  This Agreement, the Promissory Note, and all documents and instruments associated herewith will be governed by and construed and interpreted in accordance with the laws of the State of California.  Time is of the essence hereof.  Lender may set off against any debt or account it owns Borrower, now existing or hereafter arising, in accordance with its rules and regulations governing deposit accounts then in existence, and for such purposes is hereby granted a security interest in all such accounts.  This Agreement will be deemed to express, embody, and supersede any previous understanding, agreements, or commitments, whether written or oral, between the parties with respect to the general subject matter hereof.  This Agreement may not be amended or modified except in writing signed by the parties.

 

18.

Waiver of Jury Trial.  The Parties hereto hereby voluntarily and irrevocably waive trial by jury in any Proceeding brought in connection with this Agreement, any of the related agreements and documents, or any of the transactions contemplated hereby or thereby. For purposes of this Agreement, “Proceeding” includes any threatened, pending, or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, or any other actual, threatened, or completed proceeding, whether brought by or in the right of any party or otherwise and whether civil, criminal, administrative, or investigative, in which a Party was, is, or will be involved as a party or otherwise.

Page 5 of 6

19.

Counterparts; Facsimile Signatures.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same agreement.  Facsimile signatures shall be sufficient for execution of this Agreement.

20.

Independent Advice of Counsel.  The Parties hereto, and each of them, represent and declare that in executing this Agreement they relied solely upon their own judgment, belief, knowledge and the advice and recommendations of their own independently selected counsel, concerning the nature, extent, and duration of their rights and claims, and that they have not been influenced to any extent whatsoever in executing the Agreement by any representations or statements covering any matters made by any other party or that party’s representatives hereto.

21. 

Entire Agreement.  This Agreement, together with the Promissory Note, and the Pledge Agreement, constitutes the entire understanding and agreement of the parties with respect to the general subject matter hereof; supersede all prior negotiations and agreements with respect thereto; may not be contradicted by evidence of any alleged oral agreement; and may not be amended, modified, or rescinded in any manner except by a written agreement signed by Lender which clearly and unequivocally expresses an intent to amend, modify, or rescind the same.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above written.

BORROWER

OMNITEK ENGINEERING CORP.

/s/ Werner Funk              

By: Werner Funk

Its: President and CEO

LENDER

CHACHAS LAND CO., INC.

/s/ Gregory J. Chachas   

By: Gregory J. Chachas

Its:  President

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