Document:

ex10-4.htm

Exhibit 10.04

 

TERMINATION OF LEASE

THIS TERMINATION OF LEASE ("Termination") is made and entered into this 28th day of February, 2012, by and between Auction Venture Limited Liability Company, an Ohio limited liability company ("Landlord") and Acacia Chattanooga Vehicle Auction, Inc., a Tennessee corporation ("Tenant").

 

BACKGROUND INFORMATION

 

A.           Landlord and Tenant entered into a certain lease dated December 26, 2009, (the "Lease") for a certain tract of real estate containing approximately fifty-six (56) acres of land in Hamilton County, Tennessee, and commonly known as 2120 Stein Drive, Chattanooga, Tennessee (the "Premises").

 

B.           Landlord and Tenant desire to terminate the Lease in accordance with the terms hereof.

 

PROVISIONS

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree to the foregoing and as follows:

 

	
1.  

	
Effective as of February 28, 2012 (the "Effective Date") the Lease is hereby cancelled and terminated, and the same shall hereafter be null, void and of no further force and effect with respect to all matters arising thereunder from and after the Effective Date.  Tenant shall have no liability or responsibility for rent under the Lease from and after March 1, 2012.

 

	
2.  

	
The parties acknowledge and agree that, as of the Effective Date, Tenant shall quit and surrender the Premises, and the buildings and permanent improvements, trade fixtures, machinery, equipment, and leasehold improvements then thereon and all additions and alterations thereto (the "Building and Improvements"), and the ownership to such Building and Improvements shall revert to Landlord and no further documentation shall be required to evidence such reversion.

 

	
3.  

	
The parties agree that the foregoing Termination shall have no effect on any liabilities or obligations arising under the Lease prior to the Effective Date.  All such liabilities and obligations shall specifically survive the Effective Date, and Landlord and Tenant agree to indemnify and hold the other harmless on account of any liability to Landlord and Tenant arising as a result of the obligations or liabilities of the other under the Lease arising prior to the Effective Date.

 

[signatures appear on the following page]

 

  

  

  

 

IN WITNESS WHEREOF, the parties have executed this Termination as of the Effective Date.

 

LANDLORD:

Auction Venture Limited Liability Company,

   an Ohio limited liability company

  By:        /s/ Keith E. Whann                                                    

Keith E. Whann, Vice President

TENANT:

Acacia Chattanooga Vehicle Auction, Inc.,

   a Tennessee corporation

  By:        /s/ Keith E. Whann                                                    

Keith E. Whann, President

STATE OF OHIO                                     :

: ss.

COUNTY OF FRANKLIN                       :

The foregoing instrument was acknowledged before me this 28th day of February, 2012, by Keith E. Whann, Vice President of Auction Venture Limited Liability Company, an Ohio limited liability company, for and on behalf of said limited liability company.

/s/ Carolyn F. Apple                                                  

Notary Public

STATE OF OHIO                                     :

: ss.

COUNTY OF FRANKLIN                       :

The foregoing instrument was acknowledged before me this 28th day of February, 2012, by Keith E. Whann, President of Acacia Chattanooga Vehicle Auction, Inc., a Tennessee corporation, for and on behalf of said limited liability company.

 

/s/ Carolyn F. Apple                                                  

Notary Public

 

  

2ex10-5.htm

Exhibit 10.05

 

MINUTES

OF

ACTIONS TAKEN IN WRITING WITHOUT A MEETING

BY THE SOLE DIRECTOR

OF

ACACIA CHATTANOOGA VEHICLE AUCTION, INC.

The undersigned, being the sole Director of Acacia Chattanooga Vehicle Auction, Inc., a Tennessee corporation (the “Corporation”), hereby takes and adopts the following actions by this writing effective February 28, 2012, pursuant to the provisions of Section 48-18-202 of the Tennessee Code:

WHEREAS, pursuant to the terms of that certain Settlement Agreement and Release of even date herewith (the "Settlement Agreement") by and among Alexis Ann Jacobs ("Jacobs"), Keith E. Whann ("Whann"), CAA Liquidation, LLC (fka Chattanooga Auto Auction Limited Liability Company) (“CAA”), Auction Venture Limited Liability Company (“Auction Venture”), David Bynum ("Bynum"), Tony Moorby ("Moorby"), Acacia Automotive, Inc. ("AA"), the Corporation, and Steven L. Sample ("Sample"), the Corporation will jointly and severally with AA and Sample pay to CAA the Settlement Payment in the amount of $150,000 and the Corporation will also execute general releases in favor of each of Jacobs, Whann, CAA, Auction Venture, Bynum and Moorby as well as their respective divisions, agencies, affiliates, subsidiaries, parents, owners, partners, members, shareholders, attorneys, insurers, predecessors, successors, assigns, guarantors, employees, and agents;

WHEREAS, capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Settlement Agreement;

WHEREAS, pursuant to the terms of the Settlement Agreement, the Corporation shall sell, convey, assign and deliver to CAA the Assets, including without limitation, the Trade Name, the Data and the Licenses pursuant to the Bill of Sale substantially in the form attached as Exhibit A to the Settlement Agreement in exchange for the Purchase Price;

WHEREAS, pursuant to the terms of the Settlement Agreement, the Corporation and CAA shall enter into the Second Novation Agreement substantially in the form attached as Exhibit B to the Settlement Agreement;

WHEREAS, pursuant to the terms of the Settlement Agreement, the Corporation and Auction Venture shall enter into the Lease Termination Agreement substantially in the form attached as Exhibit C to the Settlement Agreement;

WHEREAS, pursuant to the terms of the Settlement Agreement, the Corporation, AA and Sample shall enter into a further general release agreement in favor of Jacobs, CAA, Auction Venture, and Whann substantially in the form attached as Exhibit G to the Settlement Agreement (the "Further General Release");

 

  

  

  

WHEREAS, pursuant to the terms of the Settlement Agreement, the Parties shall sign entries of release and dismissal substantially in the forms attached as Exhibit J to the Settlement Agreement so as to dismiss with prejudice all pending Litigation Proceedings and to release and discharge any judgments or judgment liens obtained in or as a result of the Litigation Proceedings (the "Entries of Release and Dismissal" and together with the Bill of Sale, the Second Novation Agreement, the Lease Termination Agreement, the Further General Release, the Settlement Agreement and all other documents and agreements contemplated thereby, the "Transaction Documents"); and

WHEREAS, the Director has determined that the execution of each of the Transaction Documents is in the best interests of the Corporation.

NOW, THEREFORE, BE IT RESOLVED, that each of the Transaction Documents, in substantially the form presented to the Director, is hereby approved and adopted in its entirety;

FURTHER RESOLVED, that Keith Whann, President of the Corporation, be and hereby is authorized and directed to execute and deliver each of the Transaction Documents, and any other documents necessary to effectuate the same, on behalf of the Corporation, and to cause the Corporation to perform thereunder;

FURTHER RESOLVED, that the officers and managers of the Corporation be, and each of them hereby is, authorized and directed, on behalf of the Corporation, to do or cause to take any and all other actions as they deem necessary or desirable in order to effectuate the intent of the foregoing resolutions; and

FINALLY RESOLVED, that any document, certificate or other instrument executed, and any action taken, in connection with the transactions contemplated by the foregoing resolutions shall conclusively establish the authorization, approval and ratification thereof by the Director.

The foregoing constitutes a complete record of actions taken by the sole Director of the Corporation effective the day and year first above written.

SOLE DIRECTOR:

/s/ Keith E. Whann                                             

Keith E. Whannex10-6.htm

Exhibit 10.06

 

MINUTES OF

ACTIONS TAKEN IN WRITING WITHOUT A MEETING

BY THE SOLE SHAREHOLDER OF

ACACIA CHATTANOOGA VEHICLE AUCTION, INC.

February 28, 2012

CAA Liquidation, LLC (fka Chattanooga Auto Auction Limited Liability Company), being entitled, pursuant to the terms of that certain Stock Pledge Agreement (the “Pledge Agreement”) dated December 26, 2009 by and between the Sole Shareholder of Acacia Chattanooga Vehicle Auction, Inc., a Tennessee corporation (the “Corporation”) and Alexis Ann Jacobs, to exercise all voting rights of the Sole Shareholder, hereby takes and adopts the following actions by this writing and without a meeting pursuant to the provisions of Section 48-17-104 of the Tennessee Code:

WHEREAS, pursuant to the terms of that certain Settlement Agreement and Release of even date herewith (the "Settlement Agreement") by and among Alexis Ann Jacobs ("Jacobs"), Keith E. Whann ("Whann"), CAA Liquidation, LLC (fka Chattanooga Auto Auction Limited Liability Company) (“CAA”), Auction Venture Limited Liability Company (“Auction Venture”), David Bynum ("Bynum"), Tony Moorby ("Moorby"), Acacia Automotive, Inc. ("AA"), the Corporation, and Steven L. Sample ("Sample"), the Corporation will jointly and severally with AA and Sample pay to CAA the Settlement Payment in the amount of $150,000 and the Corporation will also execute general releases in favor of each of Jacobs, Whann, CAA, Auction Venture, Bynum and Moorby as well as their respective divisions, agencies, affiliates, subsidiaries, parents, owners, partners, members, shareholders, attorneys, insurers, predecessors, successors, assigns, guarantors, employees, and agents;

WHEREAS, capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Settlement Agreement;

WHEREAS, pursuant to the terms of the Settlement Agreement, the Corporation shall sell, convey, assign and deliver to CAA the Assets, including without limitation, the Trade Name, the Data and the Licenses pursuant to the Bill of Sale substantially in the form attached as Exhibit A to the Settlement Agreement in exchange for the Purchase Price;

WHEREAS, pursuant to the terms of the Settlement Agreement, the Corporation and CAA shall enter into the Second Novation Agreement substantially in the form attached as Exhibit B to the Settlement Agreement;

WHEREAS, pursuant to the terms of the Settlement Agreement, the Corporation and Auction Venture shall enter into the Lease Termination Agreement substantially in the form attached as Exhibit C to the Settlement Agreement;

WHEREAS, pursuant to the terms of the Settlement Agreement, the Corporation, AA and Sample shall enter into a further general release agreement in favor of Jacobs, CAA, Auction Venture, and Whann substantially in the form attached as Exhibit G to the Settlement Agreement and CAA shall enter into a further general release agreement in favor of AA and AC substantially in the form attached as Exhibit H to the Settlement (the "Further General Releases");

 

  

  

  

WHEREAS, pursuant to the terms of the Settlement Agreement, the Parties shall sign entries of release and dismissal substantially in the forms attached as Exhibit J to the Settlement Agreement so as to dismiss with prejudice all pending Litigation Proceedings and to release and discharge any judgments or judgment liens obtained in or as a result of the Litigation Proceedings (the "Entries of Release and Dismissal" and together with the Bill of Sale, the Second Novation Agreement, the Lease Termination Agreement, the Further General Releases, the Settlement Agreement and all other documents and agreements contemplated thereby, the "Transaction Documents"); and

WHEREAS, the Sole Shareholder has determined that the execution of each of the Transaction Documents is in the best interests of the Corporation.

NOW, THEREFORE, BE IT RESOLVED, that each of the Transaction Documents, in substantially the form presented to the Sole Shareholder, is hereby approved and adopted in its entirety;

FURTHER RESOLVED, that Keith E. Whann in his capacity as the sole Director of the Corporation be, and hereby is, authorized, directed and empowered, on behalf of the Corporation, to do or cause to take any and all other actions as he deems necessary or desirable in order to effectuate the intent of the foregoing resolutions; and

FINALLY RESOLVED, that any document, certificate or other instrument executed, and any action taken, in connection with the transactions contemplated by the foregoing resolutions shall conclusively establish the authorization, approval and ratification thereof by the Sole Shareholder.

The foregoing constitutes a complete record of actions taken by the Sole Shareholder of the Corporation effective the day and year first above written.

SOLE SHAREHOLDER:

Acacia Automotive, Inc.,

  a Texas corporation

By:  CAA Liquidation, LLC (fka Chattanooga

        Auto Auction Limited Liability Company), as

Attorney-in Fact pursuant to Section 6 of the

Pledge Agreement

 

    By: /s/ Keith E. Whann                                           

           Keith E. Whann, Vice President

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