Document:

SUMMARY OF TERMS OF
                               EXCHANGE AGREEMENT
                                       AND
                        EXCLUSIVE STOCK PURCHASE AGREMENT
                                      AMONG
                         COMPETITIVE TECHNOLOGIES, INC.,
                               BETTY RIOS VALENCIA
                                       AND
                                  AGROFRUT E.U.
                                  -------------
                                 APRIL ___, 2007

Acquiring  Entity:                         Competitive  Technologies, Inc. (CTT)
Acquired  Entity:                         Agrofrut  E.U.  (Colombia)  (Agrofrut)
Party Exchanging Shares:                    Betty Rios Valencia (Exchange Party)

<TABLE>
<CAPTION>
<S>                                             <C>
                                                As a strategic investment, CTT (i) acquires
                                                from Agrofrut upon execution of this Term
1.  Acquisition:                                Sheet, Stock Purchase Agreement and
                                                Exclusive Marketing Agreement (A) 5% of
                                                Agrofrut's Shares, and (B) rights to market
                                                exclusively the total output of Agrofrut
                                                nutraceutical products and output from which
                                                CTT would receive 40% of the revenue and
                                                Agrofrut would receive 60% of the revenue
                                                upon receipt by CTT; and (ii) at Closing
                                                exchanges CTT Shares with Exchange Party to
                                                acquire 100% of Agrofrut's remaining shares.

                                                750,000 (U.S.) upon execution of the Term
                                                Sheet, Stock Purchase Agreement and
                                                Exclusive Marketing Agreement by CTT,
2.  Funds Transfer by CTT to Agrofut:           Exchange Party, and Agrofrut.

                                                In return for payment of $750,000 from CTT to
3.  Purchase Price of 5% of Agrofrut shares;    Agrofrut upon execution of this Term Sheet,
Acquisition of Remaining 95% of Agrofrut        Stock Purchase Agreement and Exclusive
shares:                                         Marketing Agreement, Agrofrut would issue
                                                CTT 5% of Agrofrut's Shares and Exchange
                                                Party would give CTT an exclusive 180-day
                                                period for Closing the Exchange to acquire
                                                100% of Agrofrut Shares.

                                                Agrofrut shall use the $750,000 payment for
                                                corporate purposes, excluding distributions to

4.  Use of Proceeds:                            Exchange Party.

<PAGE>

CTT/Agrofrut/Rios  Term  Sheet
April  ____,  2007
Page  2  of  5

5.  Fees and Expense:                           Each party shall be responsible for the fees and
                                                expenses incurred by that party in connection
                                                with this transaction unless the other party
                                                shall agree in advance to a different
                                                arrangement.
6.  CTT's Ownership of Agrofrut shares:         5% upon execution of this Term Sheet,
                                                Stock Purchase Agreement and Exclusive
                                                Marketing Agreement; 100% upon Closing.

                                                Agrofrut and Exchange Party shall be required
                                                to supplement due diligence completed to date
7.  Completion of Due Diligence and             and to provide any assistance or information
Valuation:                                      required for an independent appraisal/
                                                valuation.  CTT shall make an appraisal/
                                                valuation of Agrofrut to confirm technological
                                                feasibility of and intellectual property rights in
                                                Agrofrut's plant and machinery for separation
                                                of micronutrients from organic wastes,
                                                Agrofrut's product mix and output, market
                                                assessment of the demand and prices of
                                                Agrofrut's product mix and output, and the
                                                impact of Agrofrut's increased nutraceutical
                                                output on market demand and prices.  Upon
                                                approval of the independent
                                                appraisal/valuation by CTT's Board, the
                                                number of shares to be received in the
                                                Exchange shall be determined by application
                                                of Terms 8 and 9 below.

                                                The value of CTT Shares at Closing to acquire
                                                all of Exchange Party's Agrofrut Shares shall
                                                be 110% of the 180-day weighted average
                                                price of CTT shares, for the period 90 days
                                                before the date of this Term Sheet and the
                                                period 90 days beginning on the date of this
                                                Term Sheet, as determined by the closing price
                                                and trading volume shown on the Consolidated
                                                Tape of the American Stock Exchange for each
                                                trading day in the 180-day period ("CTT Share
                                                Value").

8.  CTT Share Value upon Option Exercise:
                                                The number of CTT Shares that Exchange

9.  Determination of Exchange Ratio:            Party would receive at Closing shall be
                                                determined by multiplying the independent
                                                valuation (subject to both appropriate discount
                                                factor based on Agrofrut's stage of business
                                                development and approval by CTT's Board of

<PAGE>

CTT/Agrofrut/Rios  Term  Sheet
April  ____,  2007
Page  3  of  5

9.  Determination of Exchange Ratio (cont'd):   Directors) by .95 and dividing the result by the
                                                CTT Share Value.

                                                Shares of Common Voting Stock of Agrofrut
                                                E.U. (Colombia) are sold to Competitive
                                                Technologies, Inc. (U.S) at the execution of
                                                this Term Sheet, Stock Purchase Agreement
                                                and Exclusive Marketing Agreement.  All

10.  Sale and Exchange:                         remaining Shares of Agrofrut E.U. are
                                                exchanged at Closing for Shares of
                                                Competitive Technologies, Inc.

11.  Registration of Exchange Shares of CTT:
                                                Exchange Party would receive unregistered
                                                CTT Shares that are restricted under Rule 144
                                                of the Securities and Exchange Commission.
                                                As agreed by the parties, all or part of
                                                Exchange Party's CTT shares may be
                                                registered if CTT at any time proposes to
                                                register additional common shares.
12.  Support by Exchange Party                  Prior to Closing, the Exchange Party shall
                                                provide Agrofrut and CTT with all necessary
                                                strategic and logistical support for (1) plant
                                                operation using Agrofrut's proprietary
                                                technology to extract micronutrient and other
                                                nutraceutical commodities from organic wastes
                                                processed by Agrofrut, (2) storage, preparation
                                                for shipment and transportation of the Agrofrut
                                                products, and (3) compliance with all laws and
                                                regulations governing manufacture, packaging,
                                                labeling, storage, shipment and sale of
                                                nutritional products for human consumption.
                                                Further, the Exchange Party and Agrofrut shall
                                                use their best efforts to convert key consultants
                                                to employees and to obtain from them
                                                employment and noncompetition agreements.

13.  Encumbrances:                              Prior to Closing, Agrofrut shall not encumber
                                                any asset and the Exchange Party shall not
                                                encumber shares of Agrofrut without the
                                                permission of CTT while this Term Sheet is in
                                                effect.

<PAGE>

CTT/Agrofrut/Rios  Term  Sheet
April  ____,  2007
Page  4  of  5

                                                Prior to Closing, the following actions require
                                                the prior approval of CTT:  (a) amending the
                                                articles of incorporation, by-laws or corporate
                                                charter of Agrofrut; (b) sale or exchange of
                                                assets valued at more than $10,000 (U.S.) or
                                                intellectual property or other rights of
                                                Agrofrut; (c) sale or exchange of any interest in
                                                Agrofrut to a new owner; (d) taking any action
                                                which would cause the dilution of CTT's or the
                                                Exchange Party's interest in Agrofrut; (e)
                                                extending the purposes for which Agrofrut is
                                                organized or operating; (f) entering into any
                                                agreement for the sharing of profits or for joint
                                                ventures with any person or entity engaging in
                                                any business or venture with Agrofrut; (g)
                                                acquiring or merging with any business or
                                                executing any agreement to operate any
                                                business; (h) engaging in any other means of
                                                equity financing; (i) lending of Agrofrut funds;
                                                (j) filing or consenting to filing a petition for or
                                                against Agrofrut under any federal or state
                                                bankruptcy, insolvency or reorganization act;
                                                (k) establishing a program to allow one or
                                                more key employees to be awarded options or
                                                appreciation rights by Agrofrut; (l) entering
                                                into any agreement to market or to sell CTT
14.  Decisions Requiring CTT Approval           products or output; and/or (m) making any
following CTT Payment for Exclusive Option:     assignment for the benefit of creditors.

15.  Closing
                                                The Closing shall be no later than 180 days
                                                after execution of this Term Sheet, the Stock
                                                Purchase Agreement and the Exclusive
                                                Marketing Agreement.  Agrofrut shall
                                                cooperate fully in due diligence and
                                                independent appraisal/valuation.
                                                Agrofrut becomes a wholly-owned subsidiary
                                                of CTT following Closing.

16.  Post-Acquisition:

                                                After Closing, CTT would finance Agrofrut
                                                operations in amounts agreed by CTT's board,
                                                and/or by outsourcing payroll, administration,
                                                marketing and other operations to CTT if such

<PAGE>

CTT/Agrofrut/Rios  Term  Sheet
April  ____,  2007
Page  5  of  5

17.  Financing of Agrofrut:                     outsourcing is economical.

                                                After Closing, Agrofrut would have five Board
                                                members who would be elected by CTT.

18.  Agrofrut Board Composition after Closing:
19.  Agrofrut President and Closing:
                                                After Closing, the President and Chief
                                                Executive Officer of Agrofrut would be
                                                selected by Agrofrut's Board of Directors.

</TABLE>

     This  summary of terms, other than the Agrofrut and the Exclusive Marketing
Agreement  is  non-binding  and is subject to execution of definitive documents,
provided,  however,  that  the  Stock Purchase Agreement and Exclusive Marketing
Agreement shall be binding on the parties, and the parties shall proceed in good
faith  to  endeavor  to  consummate  the  Exchange.

COMPETITIVE  TECHNOLOGIES,  INC.

By:  _____________________________
Name:  John  B.  Nano
Title:  President  &  CEO

AGROFRUT,  E.U.

By:  ______________________________     __________________________________
Name:  Betty  Rios  Valencia               Betty  Rios  Valencia,  Individually
Title:  President  &  CEOexv10w18

 

Exhibit 10.18

REVOLVING NOTE

 

			
	$3,000,000
	 	Denver, Colorado

March 30, 2007

FOR VALUE RECEIVED, and at the times hereinafter specified, the undersigned (“Maker”) hereby
promises to pay to the order of GDBA INVESTMENTS, LLLP, a Colorado limited liability limited
partnership (hereinafter referred to, together with each subsequent holder hereof, as “Holder”),
at 1440 Blake Street, Suite 310, Denver, Colorado 80202, or at such other address as may be
designated from time to time hereafter by any Holder, the principal sum of THREE MILLION AND
NO/100THS DOLLARS ($3,000,000.00), or so much thereof as shall have been advanced to or for the
benefit of Maker, together with interest on the principal balance outstanding from time to time, as
hereinafter provided, in lawful money of the United States of America.

The term of this Note shall commence as of the date hereof and, if not sooner paid, the entire
unpaid principal indebtedness, all accrued and unpaid interest, and all other sums payable in
connection with this note shall be due and payable on December 31, 2007 (the “Maturity Date”). In
no event shall the maturity date of this note be later than June 30, 2008.

During the period commencing on the date hereof and continuing until this note is paid in
full, (a) interest on the principal balance of this note shall accrue at the greatest of (i) the
ninety day average for U.S. Treasury Notes with a 10-year maturity as determined on the last
Business Day of each calendar quarter, using the constant maturity calculation, plus 650
basis points, (ii) eleven percent (11%), or (iii) the highest effective interest rate accruing on
any outstanding Indebtedness for Borrowed Money of the Company at any time during the applicable
calendar quarter; and (b) interest payments shall be made every 90 days, beginning 90 days from the
date hereof. Interest shall be computed on the basis of a 360-day year, calculated for the actual
number of days elapsed.

Whenever any payment to be made hereunder is due on a day other than a Business Day, such
payment may be made on the next succeeding Business Day, and such extension of time shall in such
case be included in the computation of payment of interest. “Business Day” shall mean a day on
which Holder’s offices are open for business in Denver, Colorado.

Maker may prepay this Note in whole or in part.

All payments hereunder shall, at Holder’s option, be applied first to the payment of accrued
interest at the rate specified below, if any, second, to accrued interest first specified above,
and the balance applied in reduction of the principal

 

 

 

amount. If any payment is not paid when due hereunder, then the entire outstanding balance
hereunder, including the interest component of the delinquent payment, shall bear interest from the
date such payment was due until such payment is paid at a rate equal to 24.00% per annum (the
“Default Rate”). In addition, upon the maturity date hereof, by acceleration or otherwise, the
entire balance of principal, interest, and other sums due shall bear interest from such maturity
date until paid at the Default Rate.

The payment of principal and interest on this Note is hereby subordinated to the Senior Debt,
which is defined as all indebtedness, obligations and other liabilities of the Company outstanding
as of the date hereof or incurred at any time hereafter to (i) Vectra Bank Colorado, national
association and (ii) United Western Bank (“UWB”), as the same may be amended, modified, restated or
extended from time to time, any other indebtness in replacement or subordination to Vectra Bank or
United Western Bank as may be approved by Holder in writing from time to time, and and those
certain promissory notes executed by Maker and referenced in in that certain Securities Purchase
Agreement dated as of September 28, 2006 (the “Purchase Agreement”) by and among ACROSS
AMERICA REAL ESTATE CORP., a Colorado corporation (the “Company”), BOCO INVESTMENTS, LLC, a
Colorado limited liability company (“BOCO”), GDBA INVESTMENTS LLLP, a Colorado limited liability
limited partnership, and JOSEPH C. ZIMLICH, and delivered to BOCO and Holder on September 28, 2006
(the “September 2006 Notes”). Holder will not ask, demand, sue for, take or receive from the
Company, by setoff or in any other manner, the whole or any part of any amount payable with respect
to this Note (whether such amounts represent principal or interest, or obligations which are due or
not due, direct or indirect, absolute or contingent), including, without limitation, the taking of
any negotiable instruments evidencing such debt, nor any security for any of the Note, unless and
until all Senior Debt, whether now existing or hereafter arising, and the September 2006 Notes have
been fully and indefeasibly paid in full in cash and satisfied and all financing arrangements
between the Company and all holders of the Senior Debt and the September 2006 Notes have been
terminated; provided, however, that Holder may receive from the Company scheduled
payments of principal and interest with respect to this Note on an unaccelerated basis (including
early prepayments pursuant to Section 1(f)) so long as no Senior Default nor any default under
September 2006 Notes has occurred and is continuing or would result therefrom. If a Senior Default
( defined as any condition or event that (with or without notice, lapse of time, or both) would
permit Holders of Senior Debt to accelerate the maturity of such Senior Debt if that condition or
event were not cured or removed within any applicable grace or cure period set forth therein).or a
default under the September 2006 Notes has occurred and is continuing or would result from any
scheduled payment of principal or interest by the Company with respect to this Note, then, until
the Senior Default and/or the default under the September 2006 Notes which has occurred or which
would result from such payment has been cured, no payment of principal or interest shall be deemed
due or otherwise payable under this Note.

 

 

 

Any default in payment of any sum required hereunder or performance of any other covenant or
agreement herein contained shall constitute an “Event of Default” hereunder and under each document
securing this Note, and any Event of Default under any of such documents securing this Note shall
constitute an Event of Default hereunder. Any default in payment or other terms of any other
indebtedness owed by Maker to the Holder or a third party shall constitute an Event of Default
hereunder, and any default hereunder shall constitute a default under any other indebtedness to the
Holder. Upon the occurrence of any Event of Default, the entire balance of principal, accrued
interest, and other sums owing hereunder shall, at the option of Holder, become at once due and
payable without notice or demand.

Maker and all parties now or hereafter liable for the payment hereof, primarily or
secondarily, directly or indirectly, and whether as endorser, guarantor, surety, or otherwise,
hereby severally (a) waive presentment, demand, protest, notice of protest and/or dishonor, and all
other demands or notices of any sort whatever with respect to this Note, (b) waive any defenses
that might be available to a surety or accommodation maker, (c) consent to impairment or release of
collateral, extensions of time for payment, and acceptance of partial payments before, at, or after
maturity, (d) waive any right to require Holder to proceed against any security for this Note
before proceeding hereunder, (e) consent to the release of any other party liable hereunder,
without diminishing or in any way affecting their liability hereunder, and (f) agree to pay all
costs and expenses, including attorneys’ fees and expenses, which may be incurred in the collection
of this Note or any part thereof or in preserving, securing possession of, and realizing upon any
security for this Note.

The provisions of this Note and of all agreements between Maker and Holder are hereby
expressly limited so that in no contingency or event whatever shall the amount paid, or agreed to
be paid, to Holder for the use, forbearance, or detention of the money to be loaned hereunder
exceed the maximum amount permissible under applicable law. If from any circumstance whatever, the
performance or fulfillment of any provision hereof or of any other agreement between Maker and
Holder shall, at the time performance or fulfillment of such provision is due, involve or purport
to require any payment in excess of the limits prescribed by law, then the obligation to be
performed or fulfilled is hereby reduced to the limit of such validity, and if from any
circumstance whatever Holder should ever receive as interest an amount which would exceed the
highest lawful rate, the amount which would be excessive interest shall be applied to the reduction
of the principal balance owing hereunder (or, at Holder’s option, be paid over to Maker) and shall
not be counted as interest.

If any provision hereof or of any other document securing or related to the indebtedness
evidenced hereby is, for any reason and to any extent, invalid or unenforceable, then neither the
remainder of the document in which such provision is contained, nor the application of the
provision to other persons, entities, or circumstances, nor any other document referred to herein,
shall be affected thereby, but instead shall be enforceable to the maximum extent permitted by law.

 

 

 

Any notice herein required or permitted to be given shall be in writing and may be personally
served or delivered by courier or sent by United States mail and shall be deemed to have been
given upon receipt if personally served (which shall include telephone line facsimile
transmission) or sent by courier or three (3) days after being deposited in the United States
mail, certified, with postage pre-paid and properly addressed, if sent by mail. For the purposes
hereof, the addresses of the parties for receipt of notice hereunder are:

If to the Maker:

Across America Real Estate Corp.

700 17th Street, Suite 1200

Denver, Colorado 80202

Attention: Chief Executive Officer

Telephone: (303) 893-1003

Facsimile: (303) 893-1005

With a copy to:

David Wagner & Associates, P.C.

8400 East Prentice Ave.

Penthouse Suite

Greenwood Village, Colorado 80111

Attention: David J. Wagner, Esq.

Telephone: (303) 793-0304

Facsimile: (303) 409-7650

If to the Holder:

GDBA Investments, LLLP

1440 Blake Street, Suite 310

Denver, CO 80202

Facsimile: (720) 932-9397

Attention: Chief Executive Officer

With a copy to

Davis & Ceriani P.C.

Suite 400, Market Center

1350 Seventeenth Street

Denver, CO 80202

Facsimile: (303) 534-4618

Attention: Patrick J. Kanouff, Esq.

 

 

 

This Note and any provision hereof may only be amended by an instrument in writing signed by
the Maker and the Holder. The term “Note” and all reference thereto, as used throughout this
instrument, shall mean this instrument as originally executed, or if later amended or supplemented,
then as so amended or supplemented.

This Note shall be binding upon the Maker and its successors and assigns, and shall inure to
be the benefit of the Holder and its successors and assigns. Notwithstanding anything in this Note
to the contrary, this Note may be pledged as collateral in connection with a bona fide margin
account or other lending arrangement.

Each provision of this note shall be and remain in full force and effect notwithstanding any
negotiation or transfer hereof to any other Holder or participant.

MAKER HEREBY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY DISPUTE ARISING IN CONNECTION WITH
THIS NOTE, OR IN ANY WAY RELATED TO THE NEGOTIATION, ADMINISTRATION, MODIFICATION, EXTENSION OR
COLLECTION OF THE INDEBTEDNESS EVIDENCED HEREBY. MAKER STATES THAT IT HAS CONFERRED SPECIFICALLY
WITH HOLDER WITH RESPECT TO THIS WAIVER, AND MAKER HAS AGREED TO THIS WAIVER AFTER CONSULTATION
WITH ITS COUNSEL AND WITH FULL UNDERSTANDING OF THE IMPLICATIONS HEREOF.

Regardless of the place of its execution, this note shall be construed and enforced in
accordance with the laws of the State of Colorado. The parties hereto hereby submit to the
exclusive jurisdiction of federal or state courts located in Denver, Colorado with respect to any
dispute arising under this Note. Both parties irrevocably waive the defense of an inconvenient
forum to the maintenance of such suit or proceeding. Both parties further agree that service of
process upon a party mailed to the notice address set forth in this Note by registered first class
mail shall be deemed in every respect effective service of process upon the party in any such suit
or proceeding. Nothing herein shall affect either party’s right to serve process in any other
manner permitted by law. Both parties agree that a final non-appealable judgment in any such suit
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on such
judgment or in any other lawful manner.

IN WITNESS WHEREOF, Company has caused this Note to be signed in its name by its duly
authorized officer this 30th day of March, 2007.

	 	 	 	 	 
	 	ACROSS AMERICA REAL ESTATE CORP. 

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	Ann L. Schmitt 	 
	 	 	Title:  	Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}]]