Document:

srer_ex108.htm

EXHIBIT 10.8

 

THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE "1933 ACT”)

 

US $105,000.00

 

SEARCHCORE, INC.

8% CONVERTIBLE REDEEMABLE NOTE

DUE MAY 16, 2015

FOR VALUE RECEIVED, SearchCore, Inc. (the “Company”) promises to pay to the order of LG CAPITAL FUNDING, LLC and its authorized successors and permitted assigns ("Holder"), the aggregate principal face amount of One Hundred Five Thousand Dollars exactly (U.S. $105,000.00) on May 16, 2015 ("Maturity Date") and to pay interest on the principal amount outstanding hereunder at the rate of 8% per annum commencing on May 16, 2014. The interest will be paid to the Holder in whose name this Note is registered on the records of the Company regarding registration and transfers of this Note.  The principal of, and interest on, this Note are payable at 1218 Union Street, Suite #2, Brooklyn, NY 11225, initially, and if changed, last appearing on the records of the Company as designated in writing by the Holder hereof from time to time.  The Company will pay each interest payment and the outstanding principal due upon this Note before or on the Maturity Date, less any amounts required by law to be deducted or withheld, to the Holder of this Note by check or wire transfer addressed to such Holder at the last address appearing on the records of the Company.  The forwarding of such check or wire transfer shall constitute a payment of outstanding principal hereunder and shall satisfy and discharge the liability for principal on this Note to the extent of the sum represented by such check or wire transfer.  Interest shall be payable in Common Stock (as defined below) pursuant to paragraph 4(b) herein.

This Note is subject to the following additional provisions:

1. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as requested by the Holder surrendering the same. No service charge will be made for such registration or transfer or exchange, except that Holder shall pay any tax or other governmental charges payable in connection therewith.

 

2. The Company shall be entitled to withhold from all payments any amounts required to be withheld under applicable laws.

 

3. This Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended ("Act") and applicable state securities laws. Any attempted transfer to a non-qualifying party shall be treated by the Company as void. Prior to due presentment for transfer of this Note, the Company and any agent of the Company may treat the person in whose name this Note is duly registered on the Company's records as the owner hereof for all other purposes, whether or not this Note be overdue, and neither the Company nor any such agent shall be affected or bound by notice to the contrary. Any Holder of this Note electing to exercise the right of conversion set forth in Section 4(a) hereof, in addition to the requirements set forth in Section 4(a), and any prospective transferee of this Note, also is required to give the Company written confirmation that this Note is being converted ("Notice of Conversion") in the form annexed hereto as Exhibit A. The date of receipt (including receipt by telecopy) of such Notice of Conversion shall be the Conversion Date.

 

  

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4. (a) The Holder of this Note is entitled, at its option, at any time after 180 days, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock (the "Common Stock") without restrictive legend of any nature, at a price ("Conversion Price") for each share of Common Stock equal to 58% of the lowest trading price of the Common Stock as reported on the National Quotations Bureau OTCQB exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future ("Exchange"), for the ten prior trading days including the day upon which a Notice of Conversion is received by the Company (provided such Notice of Conversion is delivered by fax or other electronic method of communication to the Company after 4 P.M. Eastern Standard or Daylight Savings Time if the Holder wishes to include the same day closing price) with a floor of $0.0001 per share; provided, however, that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 9.99% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso. If the floor of $0.0001 per share is triggered, than the discount shall increase from 42% to 52%, calculated against the floor price, such that the conversion price referenced above as 58% shall change to 48% of the floor price. If the shares have not been delivered within 3 business days, the Notice of Conversion may be rescinded. Such conversion shall be effectuated by the Company delivering the shares of Common Stock to the Holder within 3 business days of receipt by the Company of the Notice of Conversion. Once the Holder has received such shares of Common Stock, the Holder shall surrender this Note to the Company, executed by the Holder evidencing such Holder's intention to convert this Note or a specified portion hereof, and accompanied by proper assignment hereof in blank. Accrued, but unpaid interest shall be subject to conversion. No fractional shares or scrip representing fractions of shares will be issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased to 48% instead of 58% while that “Chill” is in effect (with an additional 5% reduction to 43% if the $0.0001 floor has been triggered).

 

(b) Interest on any unpaid principal balance of this Note shall be paid at the rate of 8% per annum. Interest shall be paid by the Company in Common Stock ("Interest Shares"). Holder may, at any time, send in a Notice of Conversion to the Company for Interest Shares based on the formula provided in Section 4(a) above. The dollar amount converted into Interest Shares shall be all or a portion of the accrued interest calculated on the unpaid principal balance of this Note to the date of such notice.

 

(c) During the first six months this Note is in effect, the Company may redeem this Note by paying to the Holder an amount as follows: (i) if the redemption is within the first 90 days this Note is in effect, then for an amount equal to 120% of the unpaid principal amount of this Note along with any interest that has accrued during that period, (ii) if the redemption is after the 91st day this Note is in effect, but less than the 150th day this Note is in effect, then for an amount equal to 130% of the unpaid principal amount of this Note along with any accrued interest and (iii) if the redemption is after the 151st day this Note is in effect, but less than the 180th day this Note is in effect, then for an amount equal to 140% of the unpaid principal amount of this Note along with any accrued interest This Note may not be redeemed after 180 days. The redemption must be closed and paid for within 3 business days of the Company sending the redemption demand or the redemption will be invalid and the Company may not redeem this Note.

 

  

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(d) Upon (i) a transfer of all or substantially all of the assets of the Company to any person in a single transaction or series of related transactions, (ii) a reclassification, capital reorganization or other change or exchange of outstanding shares of the Common Stock, other than a forward or reverse stock split or stock dividend, or (iii) any consolidation or merger of the Company with or into another person or entity in which the Company is not the surviving entity (other than a merger which is effected solely to change the jurisdiction of incorporation of the Company and results in a reclassification, conversion or exchange of outstanding shares of Common Stock solely into shares of Common Stock) (each of items (i), (ii) and (iii) being referred to as a "Sale Event"), then, in each case, the Company shall, upon request of the Holder, redeem this Note in cash for 150% of the principal amount, plus accrued but unpaid interest through the date of redemption, or at the election of the Holder, such Holder may convert the unpaid principal amount of this Note (together with the amount of accrued but unpaid interest) into shares of Common Stock immediately prior to such Sale Event at the Conversion Price.

 

(e) In case of any Sale Event (not to include a sale of all or substantially all of the Company’s assets) in connection with which this Note is not redeemed or converted, the Company shall cause effective provision to be made so that the Holder of this Note shall have the right thereafter, by converting this Note, to purchase or convert this Note into the kind and number of shares of stock or other securities or property (including cash) receivable upon such reclassification, capital reorganization or other change, consolidation or merger by a holder of the number of shares of Common Stock that could have been purchased upon exercise of the Note and at the same Conversion Price, as defined in this Note, immediately prior to such Sale Event. The foregoing provisions shall similarly apply to successive Sale Events. If the consideration received by the holders of Common Stock is other than cash, the value shall be as determined by the Board of Directors of the Company or successor person or entity acting in good faith.

 

5. No provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, and interest on, this Note at the time, place, and rate, and in the form, herein prescribed.

 

6. The Company hereby expressly waives demand and presentment for payment, notice of non-payment, protest, notice of protest, notice of dishonor, notice of acceleration or intent to accelerate, and diligence in taking any action to collect amounts called for hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing hereto.

7. The Company agrees to pay all costs and expenses, including reasonable attorneys' fees and expenses, which may be incurred by the Holder in collecting any amount due under this Note.

 

8. If one or more of the following described "Events of Default" shall occur:

 

(a) The Company shall default in the payment of principal or interest on this Note or any other note issued to the Holder by the Company; or

 

(b) Any of the representations or warranties made by the Company herein or in any certificate or financial or other written statements heretofore or hereafter furnished by or on behalf of the Company in connection with the execution and delivery of this Note, or the Securities Purchase Agreement under which this note was issued shall be false or misleading in any respect; or

 

  

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(c) The Company shall fail to perform or observe, in any respect, any covenant, term, provision, condition, agreement or obligation of the Company under this Note or any other note issued to the Holder; or

 

(d) The Company shall (1) become insolvent; (2) admit in writing its inability to pay its debts generally as they mature; (3) make an assignment for the benefit of creditors or commence proceedings for its dissolution; (4) apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial part of its property or business; (5) file a petition for bankruptcy relief, consent to the filing of such petition or have filed against it an involuntary petition for bankruptcy relief, all under federal or state laws as applicable; or

 

(e) A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without its consent and shall not be discharged within sixty (60) days after such appointment; or

 

(f) Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control of the whole or any substantial portion of the properties or assets of the Company; or

 

(g) One or more money judgments, writs or warrants of attachment, or similar process, in excess of fifty thousand dollars ($50,000) in the aggregate, shall be entered against the Company or any of its properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of fifteen (15) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or

 

(h) (i) The Company shall have its Common Stock delisted from an exchange or trading marketplace (excluding the OTCQX, OTCQB, and OTC Pinks as long as the Company continues to file reports under the Securities Exchange Act of 1934) or, if the Common Stock trades on an exchange, then trading in the Common Stock shall be suspended for more than 10 consecutive days;

 

(j) If a majority of the members of the Board of Directors of the Company on the date hereof are no longer serving as members of the Board;

 

(k) The Company shall not deliver to the Holder the Common Stock pursuant to paragraph 4 herein without restrictive legend within 3 business days of its receipt of a Notice of Conversion; or

 

(l) The Company shall not replenish the reserve set forth in Section 12, within 3 business days of the request of the Holder.

 

  

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Then, or at any time thereafter, unless cured within an allowable five (5) business days to cure, and in each and every such case, unless such Event of Default shall have been waived in writing by the Holder (which waiver shall not be deemed to be a waiver of any subsequent default) at the option of the Holder and in the Holder's sole discretion, the Holder may consider this Note immediately due and payable, all of which are hereby expressly waived, anything herein or in any note or other instruments contained to the contrary notwithstanding, and the Holder may immediately, and without expiration of any period of grace, enforce any and all of the Holder's rights and remedies provided herein or any other rights or remedies afforded by law. Upon an Event of Default, interest shall accrue at a default interest rate of 16% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. In the event of a breach of Section 8(k) the penalty shall be $250 per day the shares are not issued beginning on the 4th day after the conversion notice was delivered to the Company. This penalty shall increase to $500 per day beginning on the 10th day.

If either party shall commence an action or proceeding to enforce any provisions of this Note, including, without limitation, engaging an attorney, then if that party prevails in such action, the prevailing party shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

9. In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible, and the validity and enforceability of the remaining provisions of this Note will not in any way be affected or impaired thereby.

 

10. Neither this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the Company and the Holder.

 

11. The Company represents that it is not a “shell” issuer and has never been a “shell” issuer or that if it previously has been a “shell” issuer that at least 12 months have passed since the Company has reported form 10 type information indicating it is no longer a “shell issuer. Further, the Company will instruct its counsel to accept a Rule 144 or similar legal opinion from Holder’s counsel, provided such legal opinion is, in the reasonable determination of Company counsel, factually and legally correct.

 

12. The Company shall issue irrevocable transfer agent instructions reserving 9,347,000 shares of its Common Stock for conversions under this Note (the “Share Reserve”). The reserve shall be replenished as needed to allow for conversions of this Note. Upon full conversion of this Note, any shares remaining in the Share Reserve shall be cancelled. The Company shall pay all costs associated with issuing and delivering the shares.

 

  

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13. The Company will give the Holder direct notice of any corporate actions, including but not limited to name changes, stock splits, recapitalizations etc. This notice shall be given to the Holder as soon as possible under law.

 

14. This Note shall be governed by and construed in accordance with the laws of New York applicable to contracts made and wholly to be performed within the State of New York and shall be binding upon the successors and assigns of each party hereto. The Holder and the Company hereby mutually waive trial by jury and consent to exclusive jurisdiction and venue in the courts of the State of New York. This Agreement may be executed in counterparts, and the facsimile transmission of an executed counterpart to this Agreement shall be effective as an original.

 

  

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IN WITNESS WHEREOF, the Company has caused this Note to be duly executed by an officer thereunto duly authorized.

 

 

	 	
SEARCHCORE, INC.

	 
	 	 	 	 
	
Date: May 16, 2014

	
By: 

	/s/ James Pakulis	 
	 	Title:	President and 	 
	 	 	Chief Executive Officer	 
	 	 	 	 

 

  

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EXHIBIT A

NOTICE OF CONVERSION

 (To be Executed by the Registered Holder in order to Convert the Note)

The undersigned hereby irrevocably elects to convert $___________ of the above Note into _________ Shares of Common Stock of SearchCore, Inc.  (“Shares”) according to the conditions set forth in such Note, as of the date written below.

If Shares are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer and other taxes and charges payable with respect thereto.

Date of Conversion: ______________________________________________________________

 

Applicable Conversion Price: _______________________________________________________                                                                                                                      

 

Signature: _____________________________________________________________________                                                                                                                   

[Print Name of Holder and Title of Signer]

Address: ______________________________________________________________________

 

 ______________________________________________________________________

 

SSN or EIN: ____________________________________________________________________

 

Shares are to be registered in the following name: ________________________________________

Name: _________________________________

 

Address: _______________________________                         

 

Tel: ___________________________________

 

Fax: ___________________________________

 

SSN or EIN: _____________________________

Shares are to be sent or delivered to the following account:

Account Name: __________________________                                                                                                                     

 

Address: _______________________________        

 

8srer_ex109.htm

EXHIBIT 10.9

 

DOMAIN NAME PURCHASE AGREEMENT

This Domain Name Purchase Agreement (this “Agreement”) is dated as of May 16, 2014 by and among SearchCore, Inc., a Nevada corporation (“SearchCore”), on the one hand, and Brad Nelms, an individual (“Nelms”) and Platinum Technology Ventures, LLC, a Nevada limited liability company (“Platinum”), on the other hand. Each of SearchCore, Nelms, and Platinum shall be referred to herein as a “Party” and collectively as the “Parties.”

RECITALS

WHEREAS, Nelms was the record owner of the domain names set forth on Exhibit A attached hereto and made a part hereof (the “Indirect Domain Names”), on behalf of SearchCore and prior to their transfer to Domain Capital, LLC (“DCL”) as part of a sale-leaseback financing transaction, and held the domain names pursuant to that certain Domain Holding and Transfer Agreement dated August 13, 2012;

WHEREAS, SearchCore was the record owner of the domain names set forth on Exhibit B attached hereto and made a part hereof (the “Direct Domain Names” and, together with the Indirect Domain Names, the “Pledged Domain Names”), prior to their transfer to DCL as part of the same sale-leaseback financing transaction;

WHEREAS, SearchCore desires to sell, transfer and assign to Platinum, and Platinum desires to purchase and acquire from SearchCore, the Pledged Domain Names (including all intellectual property, code, software and rights related to branding associated therewith), with the exception of www.toyhaulers.com and www.traveltrailer.com (the domain names being sold are referred to herein as the “Domain Names”) according to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual promises herein contained, the Parties hereby agree as follows:

ARTICLE 1

PURCHASE AND SALE OF THE DOMAIN NAMES

1.1           Purchase and Sale of the Domain Names. SearchCore hereby sells, transfers, assigns and delivers to Platinum, free and clear of any liens or encumbrances of any kind other than as set forth herein, all of SearchCore’s right, title and interest in and to the Domain Names.

1.2           Purchase Price. The purchase price for the Domain Names (the “Purchase Price”) is as follows:

1.2.1           The sum of One Million Dollars ($1,000,000), payable in the form of a non-recourse secured promissory note, a copy of which is attached hereto as Exhibit C (the “Purchase Note”), in favor of SearchCore;

 

  

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1.2.2           Platinum shall assume the obligations of SearchCore under that certain Lease Agreement dated August 8, 2013 and that certain Buyback Agreement dated August 8, 2013 (except that Platinum agrees to immediately transfer www.traveltrailer.com and www.toyhaulers.com to SearchCore upon the repurchase thereof), both by and between SearchCore and Domain Capital, LLC (“DCL”), pursuant to a Assignment, Assumption and Indemnity Agreement entered into with DCL, a copy of which is attached hereto as Exhibit D (the “Sublease Agreement”). Notwithstanding the foregoing, SearchCore will make the payments to DCL under the Sublease for the months of May through October, 2014; and

1.2.3           Nelms shall execute a Personal Guaranty for the obligations arising under the Sublease Agreement, a copy of which is attached hereto as Exhibit E (the “Personal Guaranty”);

1.2.4           Platinum and Nelms hereby agree that, for so long as they or their affiliates, successors, or assigns are the record or beneficial owners of any of the Domain Names, SearchCore and its affiliates, successors or assigns will receive the highest subscription level, for example, “gold” level, or equivalent, on the primary website, currently www.manufacturedhomes.com, for each manufactured home retail center location it owns, manages, has a financial interest in, or controls.

1.3           No Additional Assumption of Liabilities. Other than as set forth herein, or in the exhibits attached hereto, Nelms and Platinum will not assume any obligations of SearchCore.

1.4           Closing; Conditions to Closing. The Closing (the “Closing”) shall take place at the offices of SearchCore on May 19, 2014, or at such other place, date and time as the Parties may agree in writing (the “Closing Date”), and will be subject to the following conditions, which much be satisfied at or prior to the Closing unless otherwise specified:

1.4.1   Platinum will have executed the Purchase Note, along with a pledge and security agreement, a copy of which is attached hereto as Exhibit F (the “Security Agreement”), and a UCC-1 Financing Statement, a copy of which is attached hereto as Exhibit G (the “UCC-1”);

1.4.2   Platinum will have executed the Operating Expenses Note (as hereinafter defined).

1.4.3   Platinum, SearchCore, and DCL will have executed the Sublease Agreement;

1.4.4   SearchCore and Nelms will have executed the Personal Guaranty;

 

  

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1.4.5   SearchCore and Nelms will have executed a separation and mutual release agreement, a copy of which is attached hereto as Exhibit H (the “Release Agreement”), which terminated Nelms’ employment with SearchCore and released both parties from any further obligations to each other arising therefrom;

1.4.6   The respective Board of Directors of each of SearchCore and Platinum shall have approved the transactions contemplated by this Agreement and delivered evidence thereof satisfactory to the Parties.

1.5           Post Closing Activities.

1.5.1   Operating Expenses Loan.

(a)           Beginning on May 26, 2014, and continuing on the 26th day of each month for six (6) consecutive months thereafter, SearchCore will loan to Platinum the sum of Fifteen Thousand Dollars ($15,000), up to a maximum of Ninety Thousand Dollars ($90,000), for operating expenses related to ongoing operations of the www.manufacturedhomes.com website (the “Operating Expenses Loan”). Operating expenses shall include coding, programming, sales, administration, and human resources.

(b)           Beginning on November 26, 2014, and continuing on the 26th day of each month for six (6) consecutive months thereafter, Platinum will repay the Operating Expenses Loan in monthly payments of Fifteen Thousand Dollars ($15,000), plus amortized interest at the rate of one percent (1%) per annum.

(c)           The terms and conditions of the Operating Expenses Loan will be set forth in a non-recourse secured promissory note, a copy of which is attached hereto as Exhibit I (the “Operating Expenses Note”), in favor of SearchCore.

1.5.2           At any time after the Closing Date, upon any Party’s written request and without further consideration, the other Parties shall take such other actions as the requesting Party may reasonably deem necessary or desirable in order to consummate the terms of, obligations under and transactions contemplated by, this Agreement.

 

  

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ARTICLE 2

REPRESENTATIONS AND WARRANTIES

2.1           Authority. The Parties, and each of them, represent to the other Parties that he or it has the right to enter into this Agreement and has the ability to perform its obligations hereunder, including the assignment, transfer and delivery by SearchCore, and purchase by Platinum, of the Domain Names hereunder. SearchCore and Platinum are both duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization.

2.2           “As Is” “Where Is”. Platinum has received all of the information and documentation it requires in connection with the Domain Names and, except as expressly provided herein, is acquiring its interest in the Domain Names in an “as is” “where is” condition.

2.3           No Other Representations. Except as expressly set forth in this Agreement, no Party makes any further representations or warranties concerning the subject matter contained herein.

2.4           Survival. Each of the representations, warranties and agreements of each of the Parties contained in this Agreement shall survive the Closing Date.

ARTICLE 3

MISCELLANEOUS

3.1           Each Party agrees to indemnify and hold harmless the other Parties and any of their agents, employees, directors, assigns or all other representatives against any and all liability, loss and costs, expenses or damages, including but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever or howsoever caused by reason of any injury (whether to body, property, personal or business character or reputation) sustained by any person or to any person or property, arising out of any act, failure to act, or any breach of any material representation, warranty or covenant by either Party or any of its agents, employees, or other representatives. Nothing herein is intended to nor shall it relieve either Party from liability for its own willful act, omission or negligence. All remedies provided by law, or in equity shall be cumulative and not in the alternative.

3.2           Each Party hereto will hold and will cause its agents, officers, directors, attorneys, employees, consultants and advisors to hold in strict confidence, unless compelled to disclose by judicial or administrative process or, in the opinion of its counsel, by other requirements of law, all documents and information concerning any other Party furnished it by such other Party or its representatives in connection with the subject matter hereof (except to the extent that such information can be shown to have been (i) previously known by the Party to which it was furnished, (ii) in the public domain through no fault of such Party, or (iii) later lawfully acquired from other sources by the Party to which it was furnished), and each Party will not release or disclose such information to any other person, except its auditors, attorneys, financial advisors, bankers and other consultants and advisors in connection with this Agreement. Notwithstanding the foregoing, the Parties acknowledge SearchCore’s obligation to disclose the transactions contemplated by this Agreement in its filings with the Securities and Exchange Commission, including filing a copy hereof as an exhibit thereto.

 

  

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3.3           All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the Party to be notified, (b) when sent by confirmed facsimile if sent during normal business hours of the recipient, if not, then on the next business day, or (c) upon personal delivery if deposited with a recognized courier with written verification of receipt. All communications shall be sent as follows:

 

	 If to SearchCore:	 	SearchCore, Inc. 

26497 Rancho Parkway South

Lake Forest, CA 92630

Attn: James Pakulis

	 	 	 
	 with a copy to:	 	Clyde Snow & Sessions, PC 

201 S. Main Street, 13th Floor

Salt Lake City, UT 84111

Attn: Brian A. Lebrecht

	 	 	 
	 If to Nelms or Platinum: 	 	_______________________________
	 	 	_______________________________
	 	 	_______________________________
	 	 	_______________________________

 

or at such other address as the Seller or Buyer may designate by ten (10) days advance written notice to the other Party hereto.

3.4           This Agreement sets forth the entire understanding of the Parties and supersedes any prior agreement or understanding relating to the subject matter hereof. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by all the Parties. No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the Party making the waiver.

3.5           SearchCore, in its sole and exclusive power, may assign, sell, transfer or otherwise convey, pledge or encumber any of its rights, obligations or interests under this Agreement. No other Party may assign, sell, transfer or otherwise convey, pledge or encumber any of its rights, obligations or interests under this Agreement without the prior written consent of the Parties.

 

  

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3.6           Except as otherwise provided herein, the provisions hereof shall insure to the benefit of, and be binding upon, the successor, assigns, heirs, executors and administrators of the Parties hereto

3.7           This Agreement shall be governed by and construed in accordance with the laws of the State of California. In the event that any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable or void in any jurisdiction to be unenforceable or void in any jurisdiction, the other provisions of this Agreement shall remain in full force and effect under applicable law and shall be construed in order to effectuate the purpose and intent of this Agreement. Any action brought by any party hereto shall be brought in the courts located in Orange County California.

3.8           Except as otherwise provided herein, if a dispute should arise between the Parties including, but not limited to arbitration, the prevailing party shall be reimbursed by the non-prevailing party for all reasonable expenses incurred in resolving such dispute, including reasonable attorneys' fees.

[remainder of page intentionally left blank; signature page to follow]

 

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first written above.

	
“SearchCore”

	
“Platinum”

	 	 
	
SearchCore, Inc.,

	
Platinum Technology Ventures, LLC,

	
a Nevada corporation

	
a Nevada limited liability company

	 	 
	 	 
	 	/s/ James Pakulis	 	/s/ Brad Nelms
	By: 	James Pakulis	By:	Brad Nelms
	Its:	President and Chief Executive Officer	Its: 	Manager
	 	 
	 	 
	 	
“Nelms”

	 	 
	 	/s/ Brad Nelms
	 	
Brad Nelms, an individual

	
Exhibits:

	  
	  	  
	
A – Indirect Domains

B – Direct Domains

C – Purchase Note

D – Sublease Agreement

E – Personal Guaranty

F – Security Agreement

G – UCC-1

H – Release Agreement

I – Operating Expenses Note

	  

 

 

  

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Exhibit A

Indirect Domain Names

[To be completed.]

 

 

 

 

  

A-1

  

 

Exhibit B

Direct Domain Names

[To be completed.]

 

 

 

 

  

B-1

  

 

Exhibit C

Purchase Note

 

 

 

 

  

C-1

  

 

Exhibit D

Sublease Agreement

 

 

 

 

  

D-1

  

Exhibit E

Security Agreement

 

 

 

 

  

E-1

  

 

Exhibit F

UCC-1

 

 

 

 

  

F-1

  

 

Exhibit G

Release

 

 

 

 

  

G-1

  

 

Exhibit H

Operating Expenses Note

 

 

 

 

 

 H-1

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