Document:

Exhibit 10.1

 

PURCHASE
AND SALE AGREEMENT

 

This
Purchase and Sale Agreement (this "Agreement"), is executed and delivered as of June _2015 (the “Effective
Date”), by and between Studioplex City Rentals, LLC, a Nevada limited liability company ("Buyer"),
and Apple Box Productions, Inc., a Florida corporation (“Seller”).

 

Background

 

Seller
owns certain equipment associated with its film production business (the "Business"). Buyer desires to purchase
and Seller desires to sell substantially all of the equipment of the Business.

 

Agreement

 

NOW
THEREFORE, in consideration of the premises and mutual covenants and agreements hereinafter set forth and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.          Purchase
and Sale of the Equipment. Subject to the terms and conditions set forth in this Agreement, Buyer agrees to purchase from
Seller, and Seller agrees to sell to Buyer, the Equipment listed on Exhibit A attached hereto (the “Equipment”)
on an “as-is” and “where-is” basis. The Buyer assumes no liabilities or obligations of Seller or the Business.

 

2.          Purchase
Price. The purchase price for the Equipment shall be not less than Nine Hundred Ninety-Four Thousand Dollars ($994,000)(the
“Purchase Price”). The Buyer shall pay Seller the Purchase Price as follows:

 

(a)          Four
Hundred Thousand Dollars ($400,000)(the “Initial Payment”) in certified funds paid at Closing; and

 

(b)          A
secured subordinated promissory note in the amount of Five Hundred Ninety-Four Thousand Dollars ($594,000) (the “Note”),
in the form attached hereto as Exhibit B. Payments under the Note shall be (i) a lump sum of Ninety-Four Thousand Dollars
($94,000) due within sixty (60) days of execution (the “First Payment”) and (ii) monthly payments thereafter
equal to the greater of Twenty-Five Thousand Dollars ($25,000) or seventy percent (70%) of the Monthly Net Rental Income associated
with the Equipment and received by Buyer through the first anniversary of Closing. For purposes of this Agreement and the  Note,
“Monthly Net Rental Income” shall mean an amount equal to Buyer’s total income derived from rentals of
the Equipment less any operating expenses associated with such rentals.

 

(c)          Notwithstanding
Buyer’s payment of the Note in full, Buyer shall continue to pay to Seller seventy percent (70%) of the Monthly Net Rental
Income associated with the Equipment and received by Buyer through the first anniversary of Closing, which amounts, if paid, shall
constitute an increase in the Purchase Price.

 

    	 

    	 

    

 

3.          Closing.
The closing of the transactions contemplated hereby (the "Closing") shall take place, simultaneously with the
closing of Buyer’s financing with Loeb Term Solutions LLC, but in no case more than thirty (30) days from the Effective
Date, at a time and place mutually agreeable to the parties.

 

4.          Closing
Deliveries. In addition to any other documents to be delivered under other provisions of this Agreement, at the Closing:

 

		(a)	Seller
                                         shall deliver to Buyer:

 

i.           A
Bill of Sale in the form of Exhibit C attached hereto (the “Bill of Sale”);

 

ii.          An executed Lease Agreement in the form of Exhibit D attached hereto (the “Lease Agreement); and

 

iii.         such
other assignments, certificates of title, affidavits, documents, and other instruments of transfer and conveyance as may reasonably
be requested by Buyer, each in form and substance satisfactory to Buyer and its legal counsel and executed by Seller;

 

		(b)	Buyer
                                         shall deliver to Seller:

 

i.          The
Initial Payment;

 

		ii.	the
                                         Note;

 

		iii.	an
                                         executed Lease Agreement;

 

		iv.	a
                                         Security Agreement in the form of Exhibit E attached hereto;

 

		v.	a
Personal Guaranty in the form of Exhibit F attached hereto (the“Guaranty”);

 

vi.          the
Intercreditor Agreement in the form of Exhibit G attached hereto (the “Intercreditor Agreement”), executed
by Loeb Term Solutions LLC and acknowledged by Buyer; and

 

		vii.	a
Certificate of Insurance as required under Section 4.1(f) of the Security Agreement.

 

5.          Delivery
of Equipment. The Buyer expressly acknowledges that it has had an opportunity to inspect the Equipment and hereby accepts
the Equipment in its “as is” condition and without any express or implied warranty from Seller. Title and risk of
loss shall pass to Seller at Closing. Buyer shall be responsible for all expenses related to delivery of the Equipment.

  

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6.          Representations
and Warranties of Buyer. Buyer hereby represents and  warrants to Seller as of the date hereof and as of the Closing Date,
as follows, subject to such disclosure, qualification or limitation set forth in the Buyer’s public filings:

 

(a)          Incorporation.
Buyer has been duly incorporated and validly exists in good standing under the laws of Nevada.

 

(b)          Authorization.
The execution, delivery, and performance of this Agreement have been duly authorized by all requisite corporate action and no
further consent or authorization of Buyer, its shareholders or Board of Directors is required.

 

(c)          Execution
and Delivery. This Agreement has been duly executed and delivered by Buyer and, when this Agreement is duly authorized, executed,
and delivered by Seller, will be a valid and binding agreement enforceable against Buyer in accordance with its terms.

 

(d)          Brokers.
Buyer certifies that Buyer has not contracted or engaged  a broker in relation to the present transaction.

 

(e)          Corporate
Power; Qualification. Buyer has full corporate power and authority necessary to (i) own and operate its properties and the
Equipment, execute and deliver this Agreement, (ii) perform its obligations and (iii) carry on its business as presently conducted
and as presently proposed to be conducted. Buyer and its subsidiaries are duly qualified and are authorized to do business and
are in good standing in all jurisdictions in which the nature of their activities and of their properties (both owned and leased)
makes such qualification necessary, except for those jurisdictions in which failure to do so would not, individually or in the
aggregate, be reasonably expected to have a Material Adverse Effect. For purposes of this Agreement, "Material Adverse
Effect" means any material adverse effect with respect to (A) the business, properties, Equipment, operations, results
of operations, revenues, prospects or condition, financial or otherwise, of Buyer and its subsidiaries taken as a whole, (B) the
legality, validity or enforceability of the Agreement, or (C) Buyer's ability to perform fully on a timely basis its obligations
under the Agreement.

 

(f)          No
Consents. No consent, approval, authorization or order of any court, governmental agency or other body is required for execution
and delivery by Buyer of this Agreement or the performance by Buyer of any of its obligations hereunder.

 

(g)          Proceedings.
There is no pending or, to the best knowledge of Buyer, threatened action, suit, proceeding or investigation before any court,
governmental agency or body, or arbitrator having jurisdiction over Buyer or any of its affiliates that would affect the execution
by Buyer of, or the performance by either Buyer of its obligations under, this Agreement.

 

7.          Representations
and Warranties of Seller: Seller hereby represents and warrants to Buyer on the date hereof and on the Closing Date:

 

(a)          Incorporation.
Seller has been duly incorporated and validly exists in good standing under the laws of Florida.

 

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(b)          Authorization.
The execution, delivery, and performance of this Agreement have been duly authorized by all requisite corporate action and no
further consent or authorization of Seller, its shareholders or Board of Directors is required.

 

(c)          Execution
and Delivery. This Agreement has been duly executed and delivered by Seller and, when this Agreement is duly authorized, executed
and delivered by Buyer, will be a valid and binding agreement enforceable against Seller in accordance with its terms.

 

(d)          Proceedings.
There is no pending or, to the best knowledge of Seller, threatened action, suit, proceeding or investigation before any court,
governmental agency or body, or arbitrator having jurisdiction over Seller or any of its affiliates that would affect the execution
by Seller of, or the performance by either Seller of its obligations under, this Agreement.

 

(e)          Title
to Equipment. Seller has good and marketable title to the Equipment, free and clear of all liens and encumbrances.

 

8.          Fees
and Expenses. Seller and Buyer each agrees to pay its own  expenses incident to the performance of its obligations hereunder,
including, but not limited to the fees, expenses, and disbursements of such Party's counsel, except as is otherwise expressly
provided in this Agreement.

 

		9.	Indemnification.

 

(a)          Indemnification
of Buyer. Seller shall indemnify, defend, and hold harmless Buyer, its subsidiaries, affiliates, officers, directors, shareholders,
employees, agents, and representatives (“Buyer Indemnitees”) from and against any and all demands, claims,
costs, damages, losses, liabilities, expenses of any nature (including reasonable and necessary fees and disbursements of attorneys,
accountants, and experts), judgments, settlements, fines, penalties, or other amounts (collectively, "Damages")
arising from any and all claims, proceedings, demands, actions, suits (whether civil, criminal, investigative, or otherwise) (“Claims”)
relating to or arising out of (i) any breach of warranty or representation made by Seller in this Agreement; (ii) rental of the
Equipment and operation of the Business through the Closing Date, (iii) any pre- Closing debts, liabilities, taxes, or obligations
of the Seller and the Business, whether accrued, absolute, contingent, or otherwise, due or to become due, (iv) any person or
other entity claiming brokerage commissions or fees or other rights to similar compensation on account of services rendered on
Seller’s behalf in connection with the transactions contemplated herein, and (v) any and all unemployment claims filed by
Seller’s employees against Buyer as a result of the transfer of Equipment and relocation of the Equipment. Provided that
the foregoing indemnity shall not apply to any Claim to the extent that it arises out of, or is based upon, the gross negligence
or willful misconduct of Buyer in connection therewith.

 

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(b)          Indemnification
of Seller. Buyer agrees to and does hereby indemnify, defend, and hold harmless Seller, its subsidiaries, affiliates,
officers, directors, shareholders or members, employees, managers, agents and representatives (“Seller
Indemnitees”) from any and all Claims and Damages arising out of (i) any breach of warranty or representation made
by Buyer in this Agreement; (ii) operation or rental of the Equipment after the Closing Date, (iii) any post-Closing debts,
liabilities, taxes, or obligations arising from the rental of the Equipment or operation of the Business, whether accrued,
absolute, contingent, or otherwise, due or to become due, and (iv) any person or other entity claiming brokerage commissions
or fees or other rights to similar compensation on account of services rendered on Buyer’s behalf in connection with
the transactions contemplated herein. Provided that the foregoing indemnity shall not apply to any Claim to the extent that
it arises out of, or is based upon, the gross negligence or willful misconduct of Seller in connection therewith.

 

		(c)	Conduct
                                         of Claims.

 

(i)          Whenever
a claim for indemnification shall arise as a result of a third party claim, the party seeking indemnification (the "Indemnified
Party"), shall notify the party from whom such indemnification is sought (the "Indemnifying Party")
in writing of the Claim and the facts constituting the basis for such claim in reasonable detail; provided, that the Indemnified
Party shall not be foreclosed by any failure to provide timely notice of the existence of a third party claim to the Indemnifying
Party except to the extent that the Indemnifying Party has been materially prejudiced as a direct result of such delay;

 

(ii)          Such
Indemnifying Party shall have the right to retain the counsel of its choice in connection with such Claim and to participate at
its own expense in the defense of any such Claim; provided, however, that counsel to the Indemnifying Party shall not (except
with the consent of the relevant Indemnified Party) also be counsel to such Indemnified Party. In no event shall the Indemnifying
Party be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from its own counsel
for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances; and

 

(iii)          No
Indemnifying Party shall, without the prior written consent of the Indemnified Parties (which consent shall not be unreasonably
withheld), settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification
could be sought under this Section unless such settlement, compromise or consent (A) includes an unconditional release of each
Indemnified Party from all liability arising out of such litigation, investigation, proceeding or claim and (B) does not include
a statement as to or an admission of fault, culpability, or a failure to act by or on behalf of any Indemnified Party.

 

10.          Survival
of the Representations, Warranties, etc. The respective representations, warranties, and agreements made herein by or on behalf
of the Parties hereto shall survive the Closing of this Agreement and remain in full force and effect until the first anniversary
of the Closing Date.

 

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11.          Notices.
All communications hereunder shall be in writing and will be deemed delivered: if delivered by hand, on the day received by
Buyer or Seller; if sent by reputable overnight courier, on the next Business Day; and if transmitted by facsimile to Buyer
or Seller, on the date transmitted (provided such facsimile is later confirmed), in each case to the following address
(unless otherwise notified in writing of a substitute address)

 

		(a)	If
                                         to Seller: 

 

Andrew Howell

Apple
Box Productions, Inc.

1063
Haines Street

Jacksonville, Florida 32206

 

With
a copy to (which copy shall not constitute Notice):

G.
Alan Howard, Esq.

Milam
Howard Nicandri Dees & Gillam, P.A.

14
East Bay Street

Jacksonville, Florida 32202

 

		(b)	If
                                         to Buyer: 

 

Jake Shapiro

Studioplex
City Rentals, LLC

135
Goshen Road Extension, Suite 205

Rincon,
Georgia 31326

 

All
notices delivered by Parties pursuant to this Agreement shall be deemed effective automatically on the date of delivery.

 

11.          Maintenance
of Records. Buyer shall keep accurate records of all rentals of the Equipment for so long as amounts remain unpaid under the
Note. Seller, from time to time, shall have the right, personally or through its agents, to examine the records of Buyer relating
to such rentals for the purpose of auditing Buyer’s Monthly Net Rental Income and payments due under the Note (“Audit”).
Seller shall give Buyer reasonable notice of an intended Audit, which shall be conducted at the premises of the Buyer. Seller
shall be able to conduct Audit up to three (3) occasions whilst the Note is outstanding. If as a result of such Audit it is determined
that Buyer is in violation of its obligations under the Note and under this Agreement, Buyer shall be in material breach of the
Note and this Agreement and shall, among other remedies available to Seller, reimburse Seller for the costs of the audit.

 

		12.	Miscellaneous.

 

(a)          Counterparts.
The Parties may execute and deliver this Agreement as a single document or in any number of counterparts, manually, by facsimile
or by other electronic means, including contemporaneous photocopy or electronic reproduction by each Party's respective attorneys.
Each counterpart shall be an original, but a single document or all counterparts together shall constitute one instrument that
shall be the agreement.

 

(b)          Successors
and Assigns. This Agreement will inure to the benefit of and be binding upon the Parties hereto and their respective
successors and assigns. This Agreement constitutes the entire agreement and supersedes all prior agreements and
understandings, both written and oral, between the Parties hereto with respect to the subject matter hereof.

 

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(c)          Governing
Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of
Georgia, and each of the Parties hereto hereby submits to the exclusive jurisdiction of any state or federal court in the District
of Georgia and any court hearing any appeal therefrom, over any suit, action, or proceeding against it arising out of or based
upon this Agreement (a "Related Proceeding"). Each of the Parties hereto also agrees not to bring any Related
Proceeding in any other court. Each of the Parties hereto hereby waives any objection to any Related Proceeding in such courts
whether on the grounds of venue, residence or domicile or on the ground that the Related Proceeding has been brought in an inconvenient
forum.

 

(d)          Construction.
Each Party represents and acknowledges that, in the negotiation and drafting of this Agreement and the other instruments and documents
required or contemplated hereby, it has been represented by and relied upon the advice of counsel of its choice. Each Party hereby
affirms that its counsel has had a substantial role in the drafting and negotiation of this Agreement and such other instruments
and documents. Therefore, each Party agrees that no rule of construction to the effect that any ambiguities are to be resolved
against the drafter shall be employed in the interpretation of this Agreement and such other instruments and documents. The Parties
intend that each representation, warranty, covenant and investment right contained herein shall have independent significance.
If any Party has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists
another representation, warranty, or covenant relating to the same subject matter (regardless of the relative levels of specificity)
that the Party has not breached shall not detract from or mitigate the fact that the Party is in breach of the first representation,
warranty, or covenant.

 

(e)          Specific
Enforcement. The Parties stipulate that the remedies at law of the Parties hereto in the event of any default or threatened
default by any Party in the performance of or compliance with any of the terms of this Agreement are not and will not be adequate
and that, to the fullest extent permitted by law, such terms may be specifically enforced by a decree for the specific performance
of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise.

 

(f)          Remedies
Cumulative. Any and all remedies set forth in this Agreement: (i) shall be in addition to any and all other remedies the
Parties may have at law or in equity, (ii) shall be cumulative, and (iii) may be pursued successively or concurrently as
each of the Parties may elect. The exercise of any remedy by any Party shall not be deemed an election of remedies or
preclude such Party from exercising any other remedies in the future. The prevailing Party in any Related Proceeding shall be
entitled to recover his or its reasonable attorneys’ fees and costs (including experts’ and witness fees and
costs) from the unsuccessful Party.

 

(g)          Obligations.
Each Party agrees that the Parties have negotiated in good faith and at arms' length concerning the transactions contemplated
herein, and that another Party would not have agreed to the terms of this Agreement without each and every of the terms, conditions,
protections and remedies provided herein.

 

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(h)          Amendments.
This Agreement may be amended, modified or supplemented in any and all respects, but only by a written instrument signed by
the Parties expressly stating that such instrument is intended to amend, modify or supplement this Agreement.

 

(i)          Interpretation.
For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: (i) the terms
defined in this Agreement have the meanings assigned to them in this Agreement and include the plural as well as the singular,
and the use of any gender herein shall be deemed to include the other gender and neuter gender of such term; (ii) accounting terms
not otherwise defined herein have the meanings assigned to them in accordance with U.S. generally accepted accounting principles;
(iii) references herein to "Articles", "Sections", "Subsections", "Paragraphs" and other
subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions
of this Agreement, unless the context shall otherwise require; (iv) a reference to a Subsection without further reference to a
Section is a reference to such Subsection as contained in the same Section in which the reference appears, and this rule shall
also apply to Paragraphs and other subdivisions; (v) the words "herein", "hereof", "hereunder" and
other words of similar import refer to this Agreement as a whole and not to any particular provision; (vi) the term "include"
or "including" shall mean without limitation; (vii) the table of contents to this Agreement and all section titles or
captions contained in this Agreement or in any Schedule or Exhibit annexed hereto or referred to herein are for convenience only
and shall not be deemed a part of this Agreement and shall not affect the meaning or interpretation of this Agreement; (viii)
any agreement, instrument or statute defined or referred to herein means such agreement, instrument or statute as from time to
time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the
case of statutes) by succession of comparable successor statues and references to all attachments thereto and instruments incorporated
therein; and (ix) references to a Person are also to its permitted successors and assigns and, in the case of an individual, to
his or her heirs and estate, as applicable.

 

(j)          Severability.
If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any rule of law or public
policy all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect. If the final
judgment of a court of competent jurisdiction or other authority declares that any term or provision hereof is invalid, void or
unenforceable, the parties agree that the court making such determination shall have the power to reduce the scope, duration,
area or applicability of the term or provision, to delete specific words or phrases, or to replace any invalid, void or unenforceable
term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of
the invalid or unenforceable term or provision. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby
be consummated as originally contemplated to the fullest extent possible.

 

SIGNATURES
APPEAR ON FOLLOWING PAGE

 

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IN
WITNESS WHEREOF, the Parties hereto have duly executed and delivered this Purchase and Sale Agreement, all as of the day and year
first above written.

 

	 	BUYER:
    
	 	 	 
	 	Studioplex
    City Rentals, LLC
	 	 	 
	 	By:	 
	 	 	Roger
    Miguel, Chief Executive Officer
	 	 	 
	 	SELLER:
    
	 	 	 
	 	Apple
    Box Productions, Inc.
	 	 	 
	 	By:	 
	 	 	Andrew
    Howell, President

 

 

9Exhibit 10.2

 

PROMISSORY NOTE

 

	$594,000	July 1, 2015
	 	Rincon, Georgia

 

FOR VALUE RECEIVED, Studioplex
City Rentals, LLC, a Nevada limited liability company (the "Obligor"), hereby promises to pay to the order of Apple
Box Productions, Inc., a Florida corporation (the "Holder"), the principal sum of Five Hundred Ninety-Four Thousand
Dollars ($594,000), together with interest on the outstanding principal balance hereof at the rate provided herein. This is the
“Note” referred to in that certain Purchase and Sale Agreement by and between Holder and Obligor dated of even date
herewith (the “Purchase Agreement”). Capitalized terms used and not otherwise defined herein shall have the meanings
assigned to them in the Purchase Agreement. This Note shall be governed by the following provisions:

 

1.     Payments.
The Obligor shall pay interest and principal hereunder as follows: (a) a lump sum payment of Ninety-Four Thousand Dollars ($94,000)
(the “Initial Payment”) on or before the sixtieth (60th) day following the Closing Date, (b) installments of principal
and interest in an amount equal to the greater of (i) seventy percent (70%) of Obligor’s Monthly Net Rental Income (as defined
in the Purchase Agreement) or (ii) Twenty-Five Thousand Dollars ($25,000) shall be payable on the 10th day of each calendar month
commencing on the tenth day of the third month following the Closing Date; and (c) all remaining outstanding principal hereunder,
together with all then accrued and unpaid interest, shall be due on the first anniversary of the date hereof.

 

2.     Interest.
Interest shall accrue on the outstanding principal balance of this Note at an annual percentage rate of eight percent (8%).

 

3.     Prepayment.
The Obligor may prepay this Note in whole or in part at any time without penalty. All proceeds payable to Lender pursuant to Section
4.3(d) of the Security Agreement (as defined below), shall be applied to the Initial Payment.

 

4.     Application
of Payments. All payments hereunder shall be applied first to interest and then to principal.

 

5.     Security.
This Note is made in connection with, and is secured by, that certain Security Agreement of equal date herewith (the “Security
Agreement”). Reference is hereby made to the Security Agreement for the provisions, among others, with respect to the custody
and application of the Collateral (as defined therein), the nature and extent of the security provided thereunder, the rights,
duties, and obligations of Obligor, and the rights of the Holder.

 

6.     Default.
Any of the following events shall be considered an "Event of Default":

 

a.        Nonpayment
of any amount payable hereunder when and as the same shall be due;

 

b.        Any
default under the Senior Note (as defined in the Intercreditor Agreement);

 

c.        Obligor
shall enter into an assignment for the benefit of creditors, file a voluntary petition in bankruptcy, be adjudicated as bankrupt
or insolvent, or seek or consent to, or acquiesce in, the appointment of any trustee or receiver for its or any substantial part
of its property, or shall become unable to pay its debts and obligations as they come due;

 

    	 

    	 

    

 

d.        Obligor
shall file any answer admitting, or fail to deny, the material allegations of any insolvency petition filed against it; or

 

e.        Any
covenant, agreement or condition in this Note or the Purchase Agreement or any Loan Document is not fully and timely performed,
observed or kept, subject to any applicable grace or cure period.

 

If any Event of Default shall occur, the Holder
may declare, the outstanding principal of this Note, all accrued and unpaid interest hereunder and all other amounts payable under
this Note to be forthwith due and payable. Borrower shall have ten (10) business days from the Event of Default in order to cure
any breach causing the Event of Default (“Cure Period”). Such remedies as detailed herein shall not be exercised by
the Lender within the Cure Period or if Borrower has remedied the Event of Default. Subject to the forgoing, thereupon, the outstanding
principal of this Note, all such interest and all such amounts shall become and be forthwith due and payable, without presentment,
demand, protest or further notice of any kind, all of which are hereby expressly waived by the Obligor.

 

7.     Miscellaneous.
The Obligor and all sureties, endorsers and guarantors of this Note shall make all payments hereunder in lawful money of the United
States at the Holder’s address set forth herein or at such other place as the Holder may designate in writing. The remedies
of the Holder as provided herein shall be cumulative and concurrent, and may be pursued singly, successively or together, at the
sole discretion of the Holder and may be exercised as often as occasion therefor shall arise. No act of omission or commission
of the Holder, including specifically any failure to exercise any right, remedy or recourse, shall be effective, unless set forth
in a written document executed by the Holder, and then only to the extent specifically recited therein. A waiver or release with
reference to one event shall not be construed as continuing, as a bar to, or as a waiver or release of any subsequent right, remedy
or recourse as to any subsequent event. This Note shall be construed and enforced in accordance with Florida law and shall be
binding on the successors and assigns of the parties hereto. The term "Holder" as used herein shall mean any holder
of this Note and his successors, assigns and heirs. Obligor agrees to pay to Holder on demand all costs and expenses incurred
by Holder in seeking to collect this Note, including court costs and reasonable attorneys’ fees, paralegals’ fees
and expenses, whether or not suit is filed hereon, or whether in connection with bankruptcy, insolvency or appeal. The terms of
this Note will bind and inure to the benefit of the heirs, devisees, representatives, successors and assigns of the Holder. Obligor
irrevocably and unconditionally submits to the exclusive jurisdiction of courts having jurisdiction and sitting in Jacksonville,
Florida, and any appellate court thereof, in any suit, action or proceeding arising out of or relating to this Note or for recognition
or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect
of any such suit, action or proceeding may be heard and determined in such relevant court.

 

	 	STUDIOPLEX CITY RENTALS, LLC
	 	 	 
	 	By:	 
	 	 	Roger Miguel, Chief Executive Officer

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