Document:

First Amendment to Facility Loan Agreement

    
      

    

    Exhibit
      10.46

    

    

    FIRST
      AMENDMENT TO FACILITY LOAN AGREEMENT

    

    

    

    THIS
      FIRST AMENDMENT TO THE
      FACILITY LOAN AGREEMENT by and between Invisa, Inc. and Friday Harbour,
      LLC is made and entered into for good and valuable
      consideration in hand received as of this 21st day of June 2005.

    

    WHEREAS,
      Invisa, Inc and Friday Harbour, LLC entered into a Facility Loan
      Agreement as of June 1, 2005;

    

    WHEREAS,
      as of the date hereof, Invisa, Inc has requested loans
      in the amount of $30,000 from Friday Harbour, LLC under
      the Facility Loan Agreement;

    

    WHEREAS,
      as of the date hereof, Friday Harbour, LLC has loaned $47,000 to Invisa under
      the terms of the Facility Loan Agreement; and 

    

    WHEREAS,
      to better assure its financial ability to implement its business plan while
      seeking to arrange longer term capital, Invisa, Inc. desires to amend the
      Facility Loan Facility to expand the Facility and Facility Amount from $50,000
      to $150,000.

    

    NOW
      THEREFORE, for good and valuable consideration in hand received, the
      parties mutually agree as follows:

    

    1.
      The
      parties confirm and agree that Friday Harbour, LLC has made the following loans
      to Invisa, Inc under the Facility Loan Agreement: (i) $10,000 on May 24, 2005;
      (ii) $10,000 on June 1, 2005, (iii) $10,000 on June 7, 2005, (iv) $10,000 on
      June 15, 2005 and (v) $7,000 on June 17, 2005.

    

    2.
      The
      term “Facility” as defined in Paragraph 1.2 and as used in the Facility Loan
      Agreement is hereby amended as follows: “Facility” shall mean the $150,000
      convertible credit facility to be provided by the Lender to the Company pursuant
      to this Agreement and any Expansion thereof agreed to by the
      parties.”

    

    3.
      The
      term “Facility Amount” as defined in Paragraph 1.2 and as used in the Facility
      Loan Agreement is hereby amended as follows: “Facility Amount” shall mean
      $150,000. The Loans made through the date of the First Amendment to the Facility
      Loan Agreement as described in Paragraph 1 hereof shall be deemed part of the
      Facility Amount”.

    

    4.
      The
      procedure for making loans as provided in Paragraph 2.3 of the Facility Loan
      Agreement is hereby amended to expressly provide that Invisa, Inc shall only
      request that loans be made under the Facility Loan Agreement, and Lender shall
      only be required to make loans under the Facility Loan Agreement, to the extent
      the requested Loan is necessary to fund current operations and pay current
      obligations of Invisa, Inc. after Invisa, Inc has used funds otherwise held
      by,
      or available to, Invisa, Inc.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    5.
      The
      Facility Amount as amended herein is fully convertible, at the election of
      Lender, into shares of Invisa, Inc. common stock in accordance with Paragraph
      3.2 of the Facility Loan Agreement.

    

    6.
      Except
      as modified hereby or inconsistent herewith, the Facility Loan Agreement shall
      remain in full force and effect.

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be
      duly executed and delivered on their behalf as of the date hereinafter
      reflected.

     

    
      	 	 	 
	 	
              LENDER

              FRIDAY
                HARBOUR, LLC

            
	 
 	 
 	 
 
	Date:
              June 21, 2005 	By:  	/s/ Debra
              Duffey
	 	
              

              Debra Duffey
	 	Title:
              Manager

    

     

    
      	 	 	 
	 	
              COMPANY

              INVISA,
                INC.

            
	 
 	 
 	 
 
	Date:
              June 21, 2005 	By:  	/s/ Stephen
              A. Michael
	 	
              

              Stephen A. Michael
	 	Title:
              Acting PresidentSubscription Agreement

    
      

    

    Exhibit
      10.47

    SUBSCRIPTION
      AGREEMENT

    

    Dear
      Sirs:

    

    1.    SUBSCRIPTION.
      Pursuant to Rule 506 of Regulation D under the Securities Act of 1933, as
      amended, Chris Maggiore (“Investor”), hereby subscribes for: (i) 666,666 shares
      of common stock of Invisa, Inc. (the “Company”) to be closed and the aggregate
      Subscription Price of Fifty Thousand Dollars ($50,000) paid within three (3)
      days from the date hereof at the rate of $0.075 per share (the “First Purchase”)
      and (ii) 500,000 shares of common stock of the Company to be closed and the
      aggregate Subscription Price of Fifty Thousand Dollars ($50,000) paid within
      thirty (30) days from the date hereof at the rate of $0.075 per share (the
      “Second Purchase”) provided that: (i) if an investment of $500,000 or more is
      committed to and accepted by the Company from an institutional investor before
      the full payment by Investor for the Second Purchase, Investor’s right to make
      and close the Second Purchase may be terminated by the Company in its discretion
      after five (5) business days written notice, (ii) in the event Investor does
      not
      timely and fully pay for the First Purchase, Investor’s right to make and close
      the Second Purchase may be terminated by the Company in its discretion and
      (iii)
      in the event Investor does not timely and fully pay for the Second Purchase,
      Investor’s right to make and close the Second Purchase will terminate without
      penalty and without affecting Investor’s ownership of shares of common stock
      acquired under the First Purchase. The Subscription Purchase Price shall be
      paid
      in full in cash prior to the issuance of the shares. The shares shall have
      piggy
      back registration rights where, in the discretion of the Company, such
      registration does not materially negatively effect the registration or offering
      being registered and is not prohibited by any agreement.

     

    2.    REPRESENTATIONS.

    

    Investor
      represents and warrants to the
      Company as follows:

    

    (a)
      It is acquiring the securities of the
      Company for investment and not with a view for resale or distribution of the
      Shares;

    

    (b)
      It agrees that the right to transfer the
      shares of Common Stock is restricted in accordance with state and federal
      securities laws; 

    

    (c)
      Investor is an “accredited investor” as
      defined in Regulation D promulgated under the Securities Act; 

    

    (d)
      The per-share purchase price of the
      securities was established by negotiation between the Company and Investor
      and
      Investor may experience substantial dilution to my investment; 

    

    (e)
      The Company’s Common Stock is publicly
      trading over the OTC:BB with limited liquidity and that there can be no
      assurance that the Company’s Common Stock will ever be publicly traded over any
      other market or with more liquidity and that the Shares of Common Stock being
      purchased hereunder are considered by Investor to be illiquid;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

           (f)
      The Company is
      subject to a high degree of risk and has experienced a disruption to its
      business from a severe cash shortage and change in management; and

    

    (g)
      Investor did not used, and is not obligated
      to pay any commission or other fee to, any finder or broker in connection with
      this transaction.

    

    The
      Company represents and warrants to
      Investor as follows: 

    

    (a)
      The Company is a corporation duly
      organized, validly existing and in good standing under the laws of the State
      of
      Nevada.

    

    (b)
      The Company has all requisite corporate
      power and authority to own and operate its properties and to carry on its
      business as presently conducted and as proposed to be conducted.

    

    (c)
      The Company has all requisite legal and
      corporate power (i) to execute and deliver this Agreement and all listed
      exhibits hereto, (ii) to sell and issue the Shares of Common Stock hereunder,
      (iii) to issue the shares of Common Stock upon payment of the Subscription
      Price, and (v) to carry out and perform its obligations under the terms of
      this
      Agreement.

    

    (d)
      The Company is duly qualified to transact
      business and is in good standing in each jurisdiction in which the failure
      to so
      qualify would have a material adverse effect on its business, operations,
      assets, liabilities, properties, prospects, condition or affairs, financially
      or
      otherwise.

    

    (e)
      The Company did not used, and is not
      obligated to pay any commission or other fee to, any finder or broker in
      connection with this transaction.

    
       

      3.    INVESTIGATION.
        Investor has relied upon its own independent investigation in connection
        with
        this subscription. Investor has had access to all the following
        information:

       

    

    (a)  All
      public filings made by the Company with the SEC;

    

    (b)  All
      books and financial records of the Company and its subsidiaries;

    

    (c)  All
      material contracts and documents relating to the Company and its
      subsidiaries;

    

    (d)  All
      financial statements of the Company and its subsidiaries;

    

    (e)  An
      opportunity to question each of the officers, directors, consultants and others
      affiliated with the Company and its subsidiaries; and

    
 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (f)  Investor
      does not require a prospectus or full disclosure offering or private placement
      memorandum concerning the Company or its subsidiaries. Investor is relying
      upon
      its right of access to information and documents and right to ask questions
      in
      connection with the subscription hereunder.

     

    4.     DISCLOSURE.
      Section 517.061(11)(a)(5) of the Florida Securities Act provides as
      follows:

    

    “When
      sales are made to five or more persons in this State (i.e. - Florida), any
      sale
      in this State (i.e. - Florida) made pursuant to this subsection is voidable
      by
      the purchaser in such sale, either within three (3) days after the first tender
      of consideration is made by said purchaser to the issuer, an agent of the issuer
      or an escrow agent, or within three (3) days after the availability of that
      privilege as communicated to such purchaser, whichever occurs
      later.”

    

    5.    COSTS.
      Each party shall bear their own costs.

    
       

      6.    INSTRUCTIONS.
        Investor requests that the Certificates be registered in the name(s) printed
        below. Delivery will be made to the address printed below:

       

    

    Name:   Chris
      Maggiore

    Address:  
6860
      Chillingworth
      Circle 

         Canton,
      OH
      44718 

    

    

    IN
      WITNESSETH WHEREOF,
      the parties for good and valuable consideration in hand received set their
      hand
      and seal as of this 20th day of June 2005.

    

    
      ACCEPTANCE
        OF SUBSCRIPTION

       

       

      
        	
                INVISA,
                  INC. 

                 

                 

              	 	 	 Chris
                Maggiore
	/s/
                Stephen A. Michael 	 	 	/s/ 
                Chris Maggiore
	
                

                Stephen A. Michael	 	 	
                

                Chris Maggiore
	Acting
                President

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