Document:

AGREEMENT
FOR PURCHASE AND SALE OF ASSETS

    

    This Agreement for Purchase and Sale of
Assets (“Agreement”) is made as of January 27, 2009 by and among Medical
Equipment Solutions, Inc. (“Seller”), a Georgia corporation with a principal
address of 19347 King Palm Court, Boca Raton, Florida, 33498, and Modern Medical
Modalities Corporation (“Buyer”), a publicly traded New Jersey corporation with
a principal business address of 439 Chestnut Street, Union, New Jersey, with
reference to the following:

    

    RECITALS

    

    
      	
               
      

            	
               A.

            	
              Buyer
      operates diagnostic imaging centers in Union, New
  Jersey.

            

    

     

    B.          Buyer
and Seller have an agreement whereby Seller performs services for Buyer’s
wholly-owned subsidiary, Union Imaging Center, LLC (“UIC”), for a fee of 5% of
monthly collections of UIC (the “Management Contract”), which represents
Seller’s entire interest in UIC’s cash collections net of professional reading
fees.

     

    C.          Buyer
owes Seller $127,214.59 for services performed by Seller through December 31,
2008 under the Management Contract (the “Past Due”).

     

    D.          Union
Imaging Associates, JV (“UIA, JV”) uses in its business operations a GE
Millenium VG nuclear camera, in which Seller has a 100% ownership interest (the
“GE Camera”).

     

    E.           Buyer
controls 100% of the interests in UIA,JV.

     

    F.           Seller
and UIA, JV each have a 50% interest in a joint venture known as PET Scan at
Union Imaging, LLC (the “Joint Venture”).

     

    G.           Seller
and UIA, JV, which is owned 90% by Buyer’s wholly-owned subsidiary United
Imaging Associates, Inc. and 10% by Buyer directly, are parties to a Rental and
Service Agreement dated February 5, 2006 (the “Rental Agreement”), pursuant to
which Seller is to provide UIA, JV with the GE Camera at UIA, JV’s facility
located at 418 Chestnut Street, Union, New Jersey 07083, in consideration of
which Seller is to receive 50% of the revenues earned from studies performed
using the GE Camera, net of professional reading fees paid to radiologists in
connection with such studies.

     

    H.           Buyer
wishes to acquire from Seller all of Seller’s rights, title and interests in and
to (i) the Management Contract,  (ii) the GE Camera, (iii) the Rental
Agreement, and (iv) Seller’s entire interest in the assets of the Joint Venture
((i), (ii), (iii) and (iv) collectively, (the “Assets”).

     

    NOW, THEREFORE, in
consideration of the mutual covenants and conditions contained herein, the
parties hereto agree as follows:

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    AGREEMENT

    

    1.           Sale and
Transfer of Assets.  Subject to the
terms and conditions set forth in this Agreement, Seller agrees to sell, convey,
transfer, assign, and deliver to Buyer, and Buyer agrees to purchase from
Seller, all of Seller’s rights, title and interests in and to the
Assets.

    

    2.           Consideration/Deliveries
From Buyer at Closing.  As full payment
for the transfer of the Assets to Buyer at the closing of the sale of the Assets
(the “Closing”), Buyer shall deliver to Seller a promissory note, in the form of
Exhibit A
attached hereto (the “Note”), in the aggregate principal amount of $540,000 (the
“Purchase Price”), bearing no interest, with all outstanding principal due on
the earlier of March 31, 2009 or the day on which Buyer consummates the sale of
its interests in UIC and UIA,JV for cash consideration (the “Maturity
Date”).  The Note may be prepaid at any time without premium or
penalty.

    

    3.        
  Past Due
Payments.    In
addition to paying the outstanding principal of the Note in accordance with its
terms, Buyer shall make weekly payments of $2,500 to Seller until the Past Due
is paid in full; provided, however, if Buyer sells its interests in UIC and
UIA,JV for cash consideration, the entire unpaid portion of the Past Due shall
become due and payable within three business days of the consummation of such
sale.

     

    4.         
 Accrued
Payments.   From the
Closing Date until the earlier of (a) repayment of the Note in full, or (b) the
Maturity Date, Buyer shall continue to accrue payments to Seller in the
amount of 5% of gross monthly collections of UIC, net of radiologists’ fees, and
UIA, JV shall continue to accrue payments to Seller in the amount of 50% of
revenues earned from studies performed using the GE Camera, net of professional
reading fees paid to radiologists. Such payments shall accrue until the
time specified in (a) or (b) above, at which time such accrued payments shall
also be due and payable in full to Seller.  Upon full repayment of the
Note and such accrued payments:  (i) the Management Contract shall be
deemed terminated and of no further force or effect, and (ii) all further
payments by UIA, JV pursuant to the Rental Agreement shall be payable to
Buyer.

    

    5.           No
Assumption of Liabilities.  It is expressly
understood and agreed that Buyer shall not be liable for any of the obligations
or liabilities of Seller of any kind or nature arising prior to the Closing in
respect of the Assets.  It is expressly understood and agreed that
Seller is delegating to Buyer Seller’s obligations under the Rental Agreement,
but only to the extent such obligations arise after the Closing.

    

    6.           Taxes.  Seller shall be
responsible and shall pay all taxes of any kind or character relating to the
Note or other payments made by Buyer to Seller hereunder, if
any.  Furthermore, Seller shall be responsible for the payment of any
transfer taxes of any kind or character arising from the sale and transfer of
the Assets pursuant to this Agreement.

    

    7.           Representations
and Warranties of Seller.  Seller represents
and warrants, that:

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    7.1         Debts, Obligations and
Liabilities.  Seller does not have any debts, liabilities, or
obligations of any nature, whether accrued, absolute, contingent, or otherwise,
whether due or to become due, related to or encumbering the Assets.

    

    7.2         Interests In
Assets.  Seller has good and marketable title to or valid
interests in all the Assets, whether real, personal, mixed, tangible, or
intangible.  The Assets are free and clear of restrictions on or
conditions to transfer or assignment, and free and clear of mortgages, liens,
pledges, charges, encumbrances, equities, claims, easements, covenants,
conditions or restrictions, except the lien of current taxes not yet due and
payable and possible minor matters that, in the aggregate, are not substantial
in amount and do not materially detract from or interfere with the
Assets.  All the tangible Assets are in good operating condition and
repair, ordinary wear and tear excepted.

    

    7.3         Compliance with
Laws.  Seller has complied with, and is not in violation of,
any statute, law or regulation affecting the Assets.

    

    7.4         Litigation. There is
not pending, and Seller is unaware of any threatened suit, action, arbitration
or legal, administrative or other proceeding, or governmental investigation,
against or affecting the Assets.

    

    7.5         Agreement Will Not Cause
Breach or Violation.  The consummation of the transaction
contemplated by this Agreement will not result in or constitute any of the
following:  (1) a default or an event that, with notice or lapse of
time or both, would be a default, breach or violation of any lease, license,
promissory note, conditional sales contract, commitment, indenture, mortgage,
deed of trust, or other agreement, instrument or arrangement to which Seller is
a party or by which the Assets are bound; (2) an event that would permit any
party to terminate any agreement or to accelerate the maturity of any
indebtedness or other obligation of Seller related to the Assets; or (3) the
creation or imposition of any lien, charge or encumbrance on the
Assets.

    

    7.6         Organization; Authority and
Consents.  Seller is a corporation duly organized and in good
standing under the laws of the State of Georgia and is qualified to do business
as a foreign corporation in each other jurisdiction where the character of its
assets or business would require such qualification.  Seller has the
right, power, legal capacity and authority to enter into and perform its
obligations under this Agreement, and no approvals or consents of any
governmental authorities or persons other than Seller are necessary in
connection with it.  The execution and delivery of this Agreement by
Seller has been duly authorized by all necessary corporate action on the part of
Seller.

    

    7.7         Full
Disclosure.  None of the representations and warranties made by
Seller in this Agreement, or made in any certificate or memorandum furnished or
to be furnished by Seller, contains or will contain any untrue statement of a
material fact, or omits to state a material fact, necessary to make the
statements made herein not misleading.  All representations and
warranties of Seller included in this Agreement and in any written statements
delivered to Buyer under this Agreement will be true and correct as of the
Closing Date as if made on that date.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    8.           Indemnification and Survival
of Representations and Warranties.

    

    8.1         Survival of Representations,
Warranties, Covenants and Agreements.  The representations,
warranties, covenants, agreements and undertakings of Seller set forth herein
shall survive the Closing.

    

    8.2         Indemnification by
Seller.  Seller shall indemnify, defend and hold harmless Buyer
and its past and present officers, directors, affiliates, agents and
representatives against and in respect of any and all claims, demands, losses,
costs, expenses, obligations, liabilities, damages, recoveries and deficiencies,
including interest, penalties and reasonable attorney’s fees, that Buyer shall
incur or suffer that arise, result from or relate to any breach or inaccuracy
of, or failure by Seller to perform, any of its representations, warranties,
covenants or agreements in this Agreement or in any schedule, certificate,
exhibit or other instrument furnished or to be furnished by Seller under this
Agreement.  Specifically, without limiting the foregoing, Seller shall
be solely responsible for the payment of any sums incurred as a result of any
claim made by a third party with respect to the Assets.

    

    9.           Cooperation
in Securing Consents of Third Parties.  Buyer will use
its best efforts to assist Seller in obtaining the consent of all necessary
persons and agencies to the assignment and transfer to Buyer of the Assets to be
assigned and transferred under the terms of this Agreement.

     

     

    10.        Conditions
Precedent to Buyer’s Performance.  The obligations
of Buyer to purchase the Assets under this Agreement are subject to the
satisfaction, at or before the Closing, of all the conditions set forth
below.  Buyer may waive any or all of these conditions in whole or in
part, provided, however, that no such waiver of a condition shall constitute a
waiver by Buyer of any of its other rights or remedies, at law or in equity, if
Seller shall be in default of any representation, warranty or covenant under
this Agreement.

    

    10.1       Accuracy of Seller’s
Representations and Warranties.  Except as otherwise permitted
by this Agreement, all representations and warranties of Seller included in this
Agreement or in any written statement that shall be delivered to Buyer under
this Agreement shall be true on and as of the Closing Date as though made at
that time.

    

    10.2       Performance by
Seller.  Seller shall have performed, satisfied and complied
with all covenants, agreements and conditions required by this Agreement to be
performed or complied with by each of them, on or before the Closing
Date.

    

    10.3       Buyer’s
Inspection.  Buyer shall make, or cause to be made, such
investigation of the Assets as it deems necessary or advisable.  Buyer
shall have the right to terminate this Agreement if, as a result of its
investigation, it is not satisfied with any of its findings.

    

    10.4       Due
Approval.  The execution and delivery of this Agreement by
Seller and the performance of its covenants and obligations under it will be
duly authorized by all necessary action by Seller and Buyer shall receive copies
of all materials pertaining to that authorization, certified by Seller as true
and correct.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    11.        Conditions
Precedent to Seller’s Performance.  The obligations
of Seller to sell and transfer the Assets under this Agreement are subject to
the satisfaction, at or before the Closing, of all of the following
conditions.  Seller may waive any or all of these conditions in whole
or in part, however, no such waiver of a condition shall constitute a waiver by
Seller of any of its rights or remedies, at law or in equity, if Buyer should be
in default of any of its representations, warranties or covenants under this
Agreement.

    

    11.1       Accuracy of Buyer’s
Representations and Warranties.  All representations and
warranties by Buyer contained in this Agreement or in any written statement
delivered by Buyer under this Agreement shall be true on and as of the Closing
Date as though such representations and warranties were made on and as of that
date.

    

    11.2      
Buyer’s
Performance.  Buyer shall have performed and complied with all
covenants and agreements and satisfied all conditions that it is required by
this Agreement to perform, comply with or satisfy, before or at the
Closing.

    

    11.3       Buyer’s
Approval.  The Board of Directors of Buyer shall have duly
authorized and approved the execution, delivery and performance of this
Agreement and Buyer shall have taken all other actions necessary or proper to
fulfill Buyer’s obligations to be performed under this Agreement on or before
the Closing Date.

    

    12.        
The
Closing.  The transfer of
the Assets by Seller to Buyer shall take place at Seller’s offices in Union, New
Jersey at such time and place as the parties may agree to in writing (“Closing
Date”).

    

    12.1       Seller’s Obligations at
Closing.  At the Closing, Seller shall deliver or cause to be
delivered to Buyer:

    

    (a)       a
Bill of Sale, in the form attached hereto as Exhibit B, pertaining
to the Assets being transferred pursuant to the terms of this
Agreement;

    

    (b)   
   a certificate executed by Seller certifying that all of
Seller’s representations and warranties under this Agreement are true as of the
Closing Date, as though each of those representations and warranties had been
made on that date; and

    

    (c)   
   tax clearances issued by all taxing authorities, if
applicable.

    

    Simultaneously, with the consummation
of the transfer, Seller will put Buyer into full possession and enjoyment of the
Assets to be conveyed and transferred pursuant to this Agreement.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Seller, at any time before or after the
Closing Date, will execute, acknowledge and deliver any further deeds,
assignments, conveyances, and other assurances, documents and instruments of
transfer, reasonably requested by Buyer, and will take any other action
consistent with the terms of this Agreement that may reasonably be requested by
Buyer for the purpose of assigning, transferring, granting, conveying and
confirming to Buyer, or reducing to possession, the Assets to be conveyed and
transferred under this Agreement.  If requested by Buyer, Seller
further agrees to prosecute or otherwise enforce in its own name, for the
benefit of Buyer, any claims, rights or benefits that are transferred to Buyer
under this Agreement and that require prosecution or enforcement in Seller’s
name.

    

    12.2       Buyer’s Obligations at
Closing.  At the Closing, Buyer shall deliver or cause to be
delivered to Seller:

    

    (a)        the
Note, duly executed by Buyer; and

    

    (b)       
resolutions of Buyer’s board of directors authorizing the execution and
performance of this Agreement and all actions to be taken by Buyer under this
Agreement.

    

    13.         Rescission
of Agreement.  This Agreement shall be rescinded in its
entirety and deemed null and void ab
initio if the Note is not repaid in full on or before March 31,
2009.  In such event, (a) Buyer and Seller automatically shall revert
back to their respective ownership positions with respect to the Assets and
their obligations to one another as existing immediately prior to the Closing,
(b) the Note shall be cancelled, and (b) Buyer agrees to cooperate with Seller
and execute such instruments of transfer as Seller may reasonably request in
order to convey the Assets back to Seller.

    

    14.         Publicity.  All notices to
third parties and all other publicity concerning the transactions contemplated
by this Agreement shall be jointly planned and coordinated by and between Buyer
and Seller.  No party shall act unilaterally in this regard without
the prior written approval of the other, which approval shall not be
unreasonably withheld.  This clause specifically excludes any required
regulatory filings with the SEC by Buyer.

    

    15.         Expenses.  Each party shall
pay all costs and expenses incurred or to be incurred by it in negotiating and
preparing this Agreement and in closing and carrying out the transactions
contemplated by this Agreement, with the exception of all expenses incurred in
transferring the Assets, removing liens, and obtaining all necessary government
approvals for this transfer and sale, which expenses shall be borne solely by
Seller.

    

    16.        Miscellaneous.

    

    16.1       Governing
Law.  This Agreement shall be deemed to be made in, and in all
respects shall be interpreted, construed and governed by and in accordance with
the laws of the state of New Jersey, United States of America.

    

    16.2       Venue.  Any  legal
action brought by Buyer or Seller under this Agreement shall be brought in the
state or federal courts located in the City of Newark, New Jersey.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    16.3       Notices.  All
notices, demands, requests, consents, approvals or other communications
(“Notices”) given hereunder shall be in writing, and shall be given by personal
delivery or by express mail, Federal Express, UPS or other similar form of
recognized airborne/overnight delivery service (which forms of Notice shall be
deemed to have been given upon delivery), or by facsimile transmission (which
forms of Notice shall be deemed delivered upon confirmed
transmission).  Notices shall be addressed as follows:

    

    If to Seller, addressed
to:                    Medical
Equipment Solutions, Inc.

    19347 King Palm Court

    Boca Raton, Florida,
33498

    Facsimile:

    

    If to Buyer, addressed
to:                  
Modern Medical Modalities Corporation

    439 Chestnut Street

    Union, New Jersey 07083

    Facsimile:

    

    

    or to
such other address as to which any party hereto may have notified the others in
writing.

    

    16.4       Section
Headings.  The section and paragraph headings contained in this
Agreement are for reference purposes only and shall not in any way affect the
meaning or interpretation of this Agreement.

    

    16.5       Counterparts and
Facsimiles.  For the convenience of the parties to this
Agreement, this document may be executed by facsimile signatures and in
counterparts which shall together constitute the agreement of the parties as one
and the same instrument.

    

    16.6       Severability.  If
any provision of this Agreement or the application thereof to any party or
circumstance shall be held invalid or unenforceable to any extent, the remainder
of this Agreement and application of such provision to the other party or
circumstances shall not be affected thereby and shall be enforced to the
greatest extent permitted by applicable law.

    

    16.7        Entire Agreement;
Modification.  This Agreement, including the Exhibits hereto,
embodies the entire agreement and understanding among the parties hereto with
respect to the subject matter hereof, and supersedes all prior agreements and
understandings related thereto.  The parties hereto recognize and
agree that no representations or warranties have been made except as set forth
in this Agreement and the Exhibits hereto.  This Agreement may be
modified only by a written instrument signed by each of the
parties.

    

    16.8       Recitals
Incorporated.  The Recitals of this Agreement are incorporated
herein and made a part hereof.

    

    [SIGNATURES
FOLLOW]

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    IN WITNESS WHEREOF, the
parties hereto have executed or caused this Agreement for Purchase and Sale of
Assets to be executed as of the date first above written.

    

    
      	 
      	
              “BUYER”

            
	 
      	 
      
	 
      	
              Modern
      Medical Modalities, a New Jersey corporation

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
              By:
      /s/ Baruh
      Hayut               
      

            
	 
      	
              Name:
      Baruh Hayut

            
	 
      	
              Title:
      Chairman/ CEO

            
	 
      	 
      
	 
      	 
      
	 
      	
              “SELLER”

            
	 
      	 
      
	 
      	 
      
	 
      	
              Medical
      Equipment Solutions, Inc., a

            
	 
      	
              Georgia
      corporation

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:/s/ Ronnie
      Antebi             
      

            
	 
      	
              Name:
      Ronnie Antebi

            
	 
      	
              Title:
      Owner

            
	 
      	 
      
	 
      	
              By:
      /s/ Yosef
      Azoulai              
      

            
	 
      	
              Name:
      Yosef Azoulai

            
	 
      	
              Title:
      Owner

            

    

    
 

    

    ACKNOWLEDGED
AND AGREED:

    

    Union
Imaging Associates, JV

    

    By:  /s/ Baruh
Hayut                                 

    Name:
Baruh Hayut

    Title:

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    EXHIBIT
A

    

    PROMISSORY
NOTE

    

    
      	
              $540,000

            	
              Union,
      New Jersey

            
	 
      	
              January
      27, 2009

            

    

    

    FOR VALUE RECEIVED, the
undersigned Modern Medical Modalities Corporation, a publicly traded New Jersey
corporation (“Maker”) located at 439 Chestnut Street, Union, NJ 07083, promises
to pay Medical Equipment Solutions, Inc., a Georgia corporation (“Holder”) or
order, as provided herein, the principal amount of USD $540,000 (the “Principal
Amount”).  This Note is made pursuant to that certain Agreement for
Purchase and Sale of Assets, dated the date hereof, between Holder and Maker
(the “Agreement”).  All capitalized terms used but not defined herein
have the meaning set forth in the Agreement.

    

    No interest shall accrue on this
Note.  The entire Principal Amount shall be due and payable on the
earlier of March 31, 2009 or the day upon which Maker consummates the sale of
Maker’s interests in UIC and UIA,JV for cash consideration.  This Note
may be prepaid in whole or in part at any time without premium or
penalty.

    

    Holder may declare all indebtedness
evidenced by this Note to be immediately due and payable upon the happening of
any of the following: (1) the filing by or against the Maker of a request or
petition for liquidation, reorganization, arrangement, adjustment of debts,
adjudication as a bankrupt, relief as a debtor or other relief under the
bankruptcy, insolvency or similar laws of the United States, now or hereafter in
effect; (2) the making by the Maker of any general assignment for the benefit of
creditors; or (3) the appointment of a receiver or trustee for Maker or for any
assets of Maker, including, without limitation, the appointment of or taking
possession by a “custodian”, as defined in the Federal Bankruptcy
Code.

     

    No modification or waiver of any
provision of this Note or any documents or instruments executed simultaneously
herewith shall be effective unless it shall be in writing and signed by both
Holder and Maker, and any such modification or waiver shall apply only in the
specific instance for which given.

    

    The term “Holder” as used herein shall
be deemed to include Holder and its successor(s), endorsee(s) and
assign(s).

    

    Maker hereby waives presentment, demand
for payment, protest, notice of protest and notice of non-payment
hereof.

    

    No failure by Holder to exercise, and
no delay in exercising, any right or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise by Holder of any right or
remedy hereunder preclude any other or further exercise thereof or the exercise
of any other right or remedy. The rights and remedies of Holder as herein
specified are cumulative and not exclusive of any other rights or remedies which
Holder may have at law or in equity.

    

    This Promissory Note is subject to
cancellation in accordance with Section 13 of the Agreement.

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    This Promissory Note shall be governed
by the internal laws of the State of New Jersey without regard to its principles
of conflicts of laws. Maker and Holder agree that the State and Federal Courts,
which sit in the City of Newark, New Jersey, shall have exclusive jurisdiction
of all controversies and disputes arising hereunder.

    

    

    
      
        
          
            
              
                
                  	
                          MAKER

                        	
                          HOLDER

                        
	 
      	 
      	 
      	 
      
	
                          Modern
      Medical Modalities Corporation

                        	 
      	
                          Medical
      Equipment Solutions, Inc.

                        
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                          By:
      /s/ Baruh
      Hayut                        
      

                        	
                          By:

                        	
                          /s/
      Yosef
      Azoulai                  
      

                        
	
                          Name:
      Baruh Hayut

                        	 
      	
                          Name:

                        	
                          Yosef
      Azoulai

                        
	
                          Title:
      Chief Executive Officer

                        	 
      	
                          Title:

                        	
                          Officer/Director/Shareholder

                        

                

              

            

          

        

      

    

     

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    EXHIBIT
B

    

    BILL
OF SALE

    

    

    1.           Medical
Equipment Solutions, Inc. (hereinafter referred to as “Seller”), for good and
valuable consideration, as designated in that certain Agreement For Purchase And
Sale Of Assets (“the Agreement”) made and entered into as of January 27, 2009
between the Seller and Modern Medical Modalities Corporation of New Jersey
(hereinafter referred to as “Buyer”), the receipt and sufficiency of which
consideration is hereby acknowledged, hereby grants, sells, assigns, transfers,
conveys and delivers to Buyer, free and clear of all liens, claims, charges and
encumbrances of any nature whatsoever, all of its rights, title and interests in
and to the Assets (as defined in the Agreement).

    

    2.           Seller
shall execute and deliver such further instruments of sale, conveyance, transfer
and assignment and take such other actions reasonably requested by Buyer in
order to effectively bargain, sell, assign transfer, convey to and vest in Buyer
all of its rights, title and interests in and to the Assets.

    

    3.           This
Bill of Sale shall be subject to all the rights, obligations, terms and
conditions of the Agreement.

    

    IN WITNESS WHEREOF, the Seller has
caused this Bill of Sale to be executed, the 27th day of January,
2009.

    

    

    
      	 
      	
              Medical
      Equipment Solutions, Inc.

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:
      _____________________________

            
	 
      	
              Name:

            
	 
      	
              Title:

            

    

    

    

    

    

    

    

    

    
      
         

      

      
        11The
      contract is registered

                
	 
      	
                  #
      03.3/154

                
	 
      	
                  August
      06, 2007.

                

        

      

      

      Residential
investment contract

            To
construction of tenement dwelling house, Kurortniy boulevard, Khostinskiy
district, Sochi city.

      

      Between
Administration of Sochi city in name of Deputy of Mayor of Sochi
city

      Velichko
Pavel Your’evich from one side and LTD “Somo”, in name of director Plavnik Roman
Genrikhovich, from the other.

      

      The
additional agreements to the contract are registered:

      #____________

      “_______”2000_

      #____________

      “_______”
2000_

      
         

      

      
        

      

       

      The
Administration of Sochi city, named hereinafter “Administration”, in name of
Deputy of Mayor of Sochi city Velichko Pavel Your’evich, operating on basis of
Sochi city Regulation and Resolution of Mayor of Sochi city from March, 28, 2005
#1180 “About additional measures for stimulating of investment in Sochi city”
from one side,

      LTD
“Somo” in name of director Plavnik Roman Genrikhovich, operating on basis of
Regulation, named hereinafter “Investor” from the other side, named hereinafter
at joint naming “Sides”, on groung of appeal from________#________ conclude this
contract, named hereinafter “Contract”, about following:

      

      
        	
                 
      

              	
                1.

              	
                Terms
      and their interpretation

              

      

      

      The terms, used in this Contract have
the following meanings:

      Residential investment project
(Project) – foundation of economical advisability, range and terms of
fulfillment of capital investments , included necessary project-estimate
documentation, worked out according the legislation of Russian Federation and
normative and rules, approved in established order and description of practical
actions on fulfillment of capital investment (business-plan)

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      The object of investment (Object) –
tenement dwelling house, Kurortniy boulevard, Khostinskiy district, Sochi city,
by approximate area of 15 791 (fifteen thousand seven hundred ninety
one)sq. m., for construction of f which, Investor directs his own and/or
obtained funds.

      Investment – cash resources,
securities, the other property, including property rights, the other rights,
having monetary evaluation, investing in object of business and/or another
activity in order of profit earning and/or achieving another avail
effect.

      Administrative document –
administrative act of organ or official person of administration, which is
sufficient ground for realization of arrangements within the Project, according
operating order.

      Technical documentation – the specified
number of project and technical for complete volume of work and services,
necessary for fulfilling the construction and putting into operation, working
out according to constructive normative and rules (CNR), operating in Russian
Federation.

      Executive documentation – full
specified number of Project documentation (text and graphic materials) with
changes, clarities and additions, introduced into it, made during the works,
reflecting the physical condition of the object on the moment of putting it into
operation with the supplement of all necessary documents, provided by
Constructive normative and Rules.

      Building yard (Yard) – the site for
construction of buildings and structures of the Object or it’s parts, assigned
in established order for the whole period of construction.

      Total area of the Object – the sum of
areas (usable, for general use, for engineering purpose) of all floors,(
including technical, basement and attic), measured along the inner surface of
walls.

      Actual living area of the Object- total
area of the dwelling flats (housing resources)

      Total area of commercial immovable –
total area of the objects of nutrition, municipal servicing, hotel-entertaining
purpose)

      Total non-living area – total area of
non-living (uninhabitable) apartments, including usable area, for general use, (
fight of stairs, entryways, elevators and so on), engineering purpose
apartments, areas of build-in parking places, basements, attics.

      Approximate investment range –
investment range, necessary and sufficient for realization of
Project.

      Parcel of land – according the demands
of p.6 of Land code of Russian Federation – the part of land surface (including
soil layer), confines of which are described and proved in established order,
total area – 3 706 sq.m. (three thousand seven hundred and six), situated
nearby #105/5, Kurortniy boulevard, Khostinskiy district, Sochi city, Krasnodar
region, Russian Federation. Cadastre #:23:49:03 02 031:0093.

      The
Investor takes on lease the Parcel of land according the Contract on tenancy
from 22.05.2006, #4900003888  to 01.03.2011.

      
        1.1. 14.
Contract – this contract with all the supplements, additional Agreements to the
Contact, registered and signed in established order by representatives of Sides
in term of Contract.

      

      1.1.15.
Investor – operating according the legislation of Russian Federation legal
person, carrying out the financing and organization of the whole Investment
project for his own, borrowed and obtained funds.

      1.2. The
other terms and concepts, used in this Contract, have strict sense, if the Sides
don’t specify another meaning.

      

      2. The
subject of the Contract.

      

      2.1. The
Investor obliges to fulfill the construction of the Object on the Parcel by his
own and/or obtained funds in the context of realization of investment
project.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      The term
of completion of the construction – 2 quarter of 2009.

      2.2. The
final area of construction, type, number of stories of a building, nomenclature
and configuration of apartments in designed building and the term of putting
into operation and also the necessary rate of investment are determined by
confirmed project documentation under established order and having come to
agreement between Sides in Additional contract to this contract.

      2.3.
According the conditions of this Contract, the Investor by his own and/or
obtained funds provides design, construction, putting into operation of the
Object. The investment rate is  defined more exactly in accordance
with project-estimate documentation, proved in established order and is
confirmed by corresponding additional agreements to this Contract.

      2.4. The
Investor takes part in development of social, engineering and transport
infrastructure of Sochi city by passing in municipal property of 9,4% (nine
whole number, four tenth percent) of total area of the Object.

      2.5.
90,6% (ninety whole number six tenth percent) of total area of the Object passes
into ownership of the Investor.

      2.6. The
concrete property which are to be passed into Investor’s ownership on the final
analysis of realization of the Project is determined on basis of act about
Project realization results, signed by the Sides.

      2.7. If
during the realization of the Contract, the Investor provides extension of
areas, supposed in Contract, practically formed area are distributed in the same
proportions as the main area.

      2.8. The
registration of property rights of the Sides upon the results of realization of
the Contract is done according the Federal law of Russian Federation from
21.07.1997 #122-ФЗ “About state
registration of rights on immovable property and bargains with it”

      2.9.
After finishing the construction and putting into operation of the Object , the
Investor sells not less the 10 %(ten percent) of created areas with obtaining of
municipal operator on realization of priority national project: “Available and
comfortable dwelling – to citizenry of Russia”

      2.10 The
conditions of this Contract are distributed, within the term of the Contract, on
all the built on the Parcel constructions and structures , not depending of
terms of their erection and putting into operation

      2.11 The
Investor has the priority right to buying of share in Administration property,
provided by this Contract. Stated acquisition can be realized from the moment of
the signing of the Contract under prices, came into agreement by the
Sides.

      2.12.
Right to using land after putting the Object into operation are determined by
legislation of Russian federation.

      3. Terms
and stages of the works upon the Contract.

      

      3.1. The
first stage.

      Content
of the works of first stage:

      3.1.1.
Working out, concordance and proving the preproject and project-estimate
documentation at the expense of Investor and/or obtained funds in established
order.

      3.1.2.
Getting the construction  permit by established  order,
pointed out in 1.1.2. of this Contract.

      3.1.3.
Fulfillment of Technical conditions by established order at the expense of the
Investor.

      3.1.4.
Preparing of the Building yard for construction of the Object.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      The
beginning of the stage – entry into force this Contract.

      The
finishing of the stage – getting the construction permit.

      The
duration of the stage – not longer than 9(Nine) months from the signing of the
Contract.

      

      3.2. The
second stage.

      Content
of the works of the second stage:

      Execution
of construction and other works, necessary for putting the Object into
operation.

      The
duration of the stage is determined on basis of project documentation, according
to CNandR and approved by sides by Additional agreement to the
contract.

      The
beginning of the stage – getting the construction permit.

      The
finishing of the stage – getting putting into operation permit.

      

      3.3. The
third stage.

      Content
of works of the third stage:

      
        	
                 
      

              	
                -

              	
                regulation
      of disputes and claims;

              

      

      
        	
                 
      

              	
                -

              	
                the
      signing by Sides of Act about the results of Investment project
      realization;

              

      

      
        	
                 
      

              	
                -

              	
                registration
      of property rights of the Investor in accordance with the
      Contract.

              

      

      The
beginning of the stage – getting putting into operation permit.

      The
finishing of the stage – registration of property rights of the Investor to
accomplished construction objects.

      The final
term of realization of the Contract is defined by the Sides more exactly after
getting by established order entire legal, starting- permitting and project
documentation on basis of Construction normative and Rules and mentioned in
additional agreement to this Contract.

      3.4. In
case of untimely execution of obligations of Sides, according to this Contract
in part of term of realization of Investment project, the term of the
realization of the stages, change in proportion by additional agreement between
the Sides.

      

      4.
Obligations of the Sides.

      

      4.1. The
Administration obliges:

      4.1.1. To
render the Investor assistance in realization of the project in the questions of
the Administration competence, including the providing the preparation and
ratification of administrative documentation, necessary for realization of the
Project within the legislation of Russian Federation.

      4.1.2.
After putting the Object into operation and fulfilling all the obligations of
Sides upon realization of Investment project, to provide the registration of act
about the results of Investment project realization by established order under
condition of providing by the Investor all the necessary documents.

      

      4.2. The
Investor obliges:

      4.2.1. To
provide the guarantees to the Administration according the p.6 of this Contract
in two months from the moment of signing of the contract.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      4.2.2. To
work out, come to agreement and approve in established order preproject and
estimate-project documentation at the expense of his own and/or obtained funds,
and to produce it to Administration during the term, stated in p.3.1. of this
Contract.

      4.2.3. To
provide the financing and realization of the Investment project in full range at
the expense of his own and/or obtained funds  according the
obligations of the Contract and putting the objects to Commission on putting the
objects into operation.

      4.2.4. To
provide the month’s, not later than 15th of month, following the current one,
covered in report, presentation to the Sochi Administration(in name of
department of city development) of report about fulfilled works, provided by
p.p.3.1,3.2 of the Contract.

      4.2.5. To
fulfill the construction by concluding the general contract and putting the
objects into operation in terms, determined by this Contract and with quality
according the CN&R.

      4.2.6. To
recommend to building, project, real state organizations to be registered in Tax
department of Sochi in established order.

      4.2.7. To
fix the wages at recommended by Administration rate, according the corresponding
legal-normative acts.

      4.2.8. To
assign the areas, determined by p.2.4. of the Contract in municipal
property.

      4.2.9. To
provide at his own expensive the payment and fulfillment of Technical Conditions
in established order.

      4.2.10.
After the concluding the Contract at his own or obtained funds to provide the
fulfilling of the conditions of mastering and maintenance of building yard,
according the established normative and rules, including providing the guarding
and safety of property, cleaning of building yards and the street, bordering
them.

      4.2.11.
Don’t use the objects at the purposes, not determined by the
Contract.

      4.2.12.
To make the decision about the form of management of property complex in case of
obtaining the funds of co-investors.

      4.2.13.
To provide at the expense of his own or obtained funds the engineering
preparation of the territory according the Technical Conditions.

      4.2.14.
To provide at his own or obtained expensive the financing of certification of
buildings .

      4.2.15.
To render to the Administration all the project documentation and provide the
easy access to the territory of building yard

      4.2.16.
To provide the registration of property rights at his own or obtained funds in
established order.

      

      4.3. The
Sides oblige:

      4.3.1.
Not to operate to the prejudice of one another and to promote the cooperation
with the third Sides.

      

      5. The
term of Contract.

      This
Contract comes into force from the moment of the signing and is acting until the
Sides fulfill their obligations according the Contract.

      

      6.
Insurance arrangements.

       Additional
guarantee of fulfilling of obligations, conditions and duties according the
Contract in fixed term and proper quality is Investor’s rendering of Insurance
arrangements according the Resolution of City Meeting of Sochi #350, November,
21, 2005 “About obligatory property insurance of city Administration under
Investment contracts”

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      7.
Transfer of rights according the Contract.

      7.1. The
Investor has right to transfer his rights and obligations according this
Contract to the third persons in case of taking obligations, conditions and
duties of the Contract upon themselves pro rata of taking part in the
realization of the Investment project without the prolongation of term of
construction of the object.

      7.2.
Transfer of rights and obligations according the Contract is registered by
contract, which is concluded between Investor and co-investor under the demands
of current legislation.

      

      8.
Changes and termination of the Contract.

      

      8.1. The
contract can be changed under the written agreement of Sides.

      8.2. The
Contract is terminated:

                                                            -
under agreement between the Sides.

                                                            -
under Arbitral court decision

                                                            -
under fulfilling of Sides  all the Contact

      obligations,
finishing of accounts and registering of property relations according the Act
about the results of realization of Investment project.

      8.3. The
Administration has right to terminate the Contract in unilateral way in case of
non-fulfillment of p.p.4.2.1.-4.2.4 of the Contract.

      8.4. The
Sides have right to demand on termination of the Contract in Arbitral court of
Krasnodar in case of non-fulfillment of obligations by each side according the
conditions of the contract, inform the other Side in written form the month
before.

      

      9.
Responsibility of Sides.

      9.1. The
Sides are responsible under their obligations according the current legislation
of Russian Federation.

      9.2. In
case of  non-observance of term  of fulfillment of first
stage of works by Investor (p.3.1), the Administration has right to recover from
Investor the fortreit in range of one fixed by law minimal rate of wage per
every sq.m. of total area of the Object per every full calendar month of
delay.

      

      10. Force
majeur.

      10.1. The
Sides are off the full or partly non-fulfillment of obligations, according the
Contract, if it is caused by action of circumstances of the force-majeur –
extraordinary unavoidable forces under these conditions, including; natural
phenomenon (earthquake, flood and so on), action of outside objective factors
(military operation, epidemic or other events, which are beyond the rational
control of Sides), in time of these circumstances, if they directly influenced
on fulfillment of the Contract..

      In the
case when the Side, which cannot fulfill the obligations because of
force-majeur, doesn’t inform the other Side in written form in 10 days about
such circumstances, this Side losses the right to refer to these circumstances
as force-majeur.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      10.2. If
force-majeur lasts more than six months, the Side has right to refuse of
prolongation of the Contract without paying penalty and (or) fortreit, to do all
the efforts to make the payments and cut down the damage of the other
Side.

      

      11. The
settlement of litigations.

      11.1. The
Sides are to do their best for settlement of litigations and difficulties,
connected with the Contract, by negotiations.

      11.2. In
case of non-coming to agreement between Sides, the dispute is under the
jurisdiction of Arbitration of Krasnodar region according the legislation of
Russian Federation.

      

      12. Final
regulations.

      12.1. Any
information about financial position of Sides  and conditions of the
Contract is confidential and is not to be made public.

      12.2. At
one time with the signing of the Contract, the Sides nominate their
representatives upon the Contract, determine their competence and inform each
other.

      12.3. All
the Acts and additions , taken by Sides after the signing of Contract are it’s
integral part.

      12.4. The
Sides are to inform each other about changes in payment and post requisites
immediately.

      12.5. The
Contract is worked out in Russian in two copies, which have equal legal force,
one copy for each Side.

      12.6.
Decisions of the questions, which are not fixed in the Contact, are made
according the current legislation of Russian Federation.

      

      13.
Requisites and signatures of the Sides.

      

      Administration
of Sochi
city                        LTD
“Somo”

      Address:
26, Sovetskaya
str.,                  Address:
46, Constituzii str, Sochi.

      Sochi
city,354061                                    ID
number:2320142618

      ID
number:2320037148                           КПП232001001

      S/account
# 4020481000000000001    S/account40702810103010000500
in

      РКЦ of
Sochi                                              FCB
“Moskovskiy Captal”

      БИК:
040396000                                          Sochi
city

      Personal
account-
007022830                    БИК
040396534

      Financial
board of

      Financial,
budget and control
Department          Director
of “Somo”

      Krasnodar
region in Sochi
city                    (signature)(legal
seal) .Plavnik

      Deputy
Mayor of Sochi

      (Signature)
(legal seal) Velichko

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}]]