Document:

Exhibit 10.1.1

 

	
  MEMORANDUM OF AGREEMENT

  	
  Norwegian Shipbrokers' Association's Memorandum
  of Agreement for sale and purchase of

  Ships.  Adopted by the Baltic and International
  Maritime Council (BIMCO) in 1956

  
	
   

  	
  Code-name

  
	
  Dated: 15th November 2004

  	
  SALEFORM 1993

  
	
   

  	
  Revised 1966, 1983 and 1986/87.

  

 

Springwood Shipping Company Limited of Malta

hereinafter called the Sellers, have agreed
to sell, and

 

Royerton Shipping Company Limited of Malta

hereinafter called the Buyers, have agreed to
buy

 

Name: Meridian Polaris

 

Classification Society/Class: NK (NS* MNS*)

 

Built: 1993            By: China Ship Building, Taiwan

 

Flag: Malaysia     Place of Registration:  Labuan

 

Call Sign: 9WCZ4                Grt/Nrt: 77372 / 47534

 

Register IMO Number: 9035412

 

hereinafter called the Vessel, on the following
terms and conditions:

 

Definitions

 

“Banking days” are days on which banks are
open both in the country of the currency stipulated for the Purchase Price in
Clause 1 and in the place of closing stipulated in Clause 8.

 

“In writing” or “written” means a letter
handed over from the Sellers to the Buyers or vice versa, a registered letter,
telex, telefax or other modern form of written communication.

 

“Classification Society” or “Class” means the
Society referred to in line 4.

 

1.       Purchase
Price  US$ 37,375,000 (United
States Dollars Thirty Seven Million Three Hundred and Seventy Five Thousand)

 

2.       Deposit

 

As security for the correct fulfilment of
this Agreement the Buyers shall pay a deposit of 10% (ten per cent) of the
Purchase Price within 3 (Three)                                        
banking days from the date of this Agreement being
signed by both parties by fax and all subjects have been lifted.  This deposit shall be placed with DnB NOR Bank ASA, 8 Shenton Way 48-02 Temasek Tower
Singapore and held by them in a joint account for the Sellers
and the Buyers, to be released in accordance with joint written instructions of
the Sellers and the Buyers.  Interest, if
any, to be credited to the Buyers.  Any
fee charged for holding the said deposit shall be borne equally by the Sellers
and the Buyers.

 

3.       Payment

 

The said Purchase Price shall be paid in full
free of bank charges to

DnB NOR Bank ASA, 8 Shenton Way 48-02 Temasek Tower
Singapore 068811

on delivery of the Vessel, but not later than 3 banking days
after the Vessel is in every respect physically ready for delivery in
accordance with the terms and conditions of this Agreement and Notice of
Readiness has been given in accordance with Clause 5.

 

 

4.             Inspections

 

a)*                               The
Buyers have inspected and accepted the Vessel’s classification records.  The Buyers have also inspected the Vessel
at/in Brazil                                           on 28th Octber 2004 and have accepted the
Vessel following this inspection and the sale is outright and definite, subject
only to the terms and conditions of this Agreement.

 

*                                         4
a) and 4b) are alternatives; delete whichever is not applicable.  In the absence of deletions, alternative 4a)
to apply.

 

5.             Notices,
time and place of delivery

 

a)                                      The
Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall
provide the Buyers with 21,14,  10.7 and 5      days
notice of the estimated time of arrival at the intended place of delivery.  When the Vessel is at the place of delivery
and in every respect physically ready for delivery in accordance with this
Agreement, the Sellers shall give the Buyers a written Notice of Readiness for
delivery.

 

b)                                     The
Vessel shall be delivered and taken over charterfree,
safely afloat at a safe and accessible berth or anchorage in range to be declared 2 months prior to delivery
in the Sellers’ option.

 

Expected time of delivery: 1st
February-29th April 2005

 

Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 29th April 2005 in Buyers option  

 

c)                                      If
the Sellers anticipate that, notwithstanding the exercise of due diligence by
them, the Vessel will not be ready for delivery by the cancelling date they may
notify the Buyers in writing stating the date when they anticipate that the
Vessel will be ready for delivery and propose a new cancelling date.  Upon receipt of such notification the Buyers
shall have the option of either cancelling this Agreement in accordance with
Clause 14 within 7 running days of receipt of the notice or of accepting the
new date as the new cancelling date.  If
the Buyers have not declared their option within 48
hours, Saturdays, Sundays and Holidays excluded of receipt of
the Sellers’ notification or if the Buyers accept the new date, the date
proposed in the Sellers’ notification shall be deemed to be the new cancelling
date and shall be substituted for the cancelling date stipulated in line 61.

 

If the
Agreement is maintained with the new cancelling date all other terms and
conditions hereof including those contained in Clauses 5 a) and 5 c) shall
remain unaltered and in full force and effect. 
Cancellation or failure to cancel shall be entirely without prejudice to
any claim for damages the Buyers may have under Clause 14 for the Vessel not
being ready by the original cancelling date. 
In the event of cancellation, then the
deposit along with accrued interest shall be returned to the Buyers

 

 

d)                                     Should
the Vessel become an actual, constructive or compromised total loss before
delivery the deposit together with interest earned shall be released immediately
to the Buyers whereafter this Agreement shall be null and void.

 

6.                                      Drydocking/Divers
Inspection

 

b)**                       (i)  The Vessel is to be delivered without
drydocking.  However, the Buyers shall
have the right at their expense to arrange for an underwater inspection by a
diver approved by the Classification Society prior to the delivery of the
Vessel.  The Sellers shall at their cost
make the Vessel available for such inspection. 
The extent of the inspection and the conditions under which it is
performed shall be to the satisfaction of the Classification Society.  If the conditions at the port of delivery are
unsuitable for such inspection, the Sellers shall make the Vessel available at
a suitable alternative place near to the delivery port.

 

However, not withstanding what has been
mentioned above, if any damage is found to the rudder, propeller, bottom or
other underwater parts below the deepest load line which in the opinion of
class would impose a class condition, but does not affect vessel’s ability to trade
until next scheduled drydocking, Buyers and Sellers shall agree to an amount of
compensation to be deducted from the purchase price and Buyers shall accept
delivery of the vessel including the condition(s) raised by the divers
inspection.

 

If Sellers and Buyers cannot agree a
compensation figure within 1 working day, then the figure to apply is to be the
average quotes of estimated costs of repairs obtained from 2 first class yards
in the delivery range, 1 appointed by Sellers and 1 appointed by Buyers.  Compensation is to be the direct actual costs
of repairs excluding drydock time, services and off-hire.

 

If any damage is found to the underwater
parts which in the opinion of class would impose a class condition and can not
be postponed until the next drydocking, then drydocking arrangements as per
clause 6 (b) (ii) above and (b) (iii) below shall apply with Buyers right to
attend same as observers only without interference to Sellers work.

 

Fee’s for Class Attendance during divers
inspection to be for Buyers account

 

(ii)  If the rudder, propeller, bottom or other
underwater parts below the deepest load line are found broken, damaged or
defective so as to affect the Vessel’s class, then unless repairs can be
carried out afloat to the satisfaction of the Classification Society, the
Sellers shall arrange for the Vessel to be drydocked at their expense for
inspection by the Classification Society of the Vessel’s underwater parts below
the deepest load line, the extent of the inspection being in accordance with
the Classification Society’s rules.  If
the rudder, propeller, bottom or other underwater parts below the deepest load
line are found broken, damaged or defective so as to affect the Vessel’s class,
such defects shall be made good by the Sellers at their expense to the
satisfaction of the Classification Society without
condition/recommendation*.  In such event
the Sellers are to pay also for the cost of the underwater inspection and the
Classification Society’s attendance.

 

(iii)  If the Vessel is to be drydocked pursuant to
Clause 6 b)  (ii) and no suitable
drydocking facilities are available at the port of delivery, the Sellers shall
take the Vessel to a port where suitable drydocking facilities are available, whether
within or outside the delivery range as per Clause 5 b).  Once drydocking has taken place the Sellers
shall deliver

 

 

the Vessel at
a port within the delivery range as per Clause 5 b) which shall, for the
purpose of this Clause, become the new port of delivery.  In such event the cancelling date provided
for in Clause 5 b) shall be extended by the additional time required for the
drydocking and extra steaming, but limited to a maximum of 14 running days.

 

7.             Spares/bunkers,
etc.

 

The Sellers shall deliver the
Vessel to the Buyers with everything belonging to her on board and on shore and on order.  All spare parts and spare equipment belonging
to the Vessel at the time of inspection used or unused, whether on board or not
shall become the Buyer’s property. 
Forwarding charges, if any, shall be for the Buyer’s account.  The Sellers are not required to replace spare
parts which are taken out of spare and used as replacement prior to delivery,
but the replaced items shall be the property of the Buyers.  The radio installation and navigational
equipment including gmdss/wireless equipment,
computers, printers shall be included in the sale without extra
payment.  Unused stores and provisions
shall be included in the sale and be taken over by the Buyers without extra
payment.  There
is no spare tail end shaft or propeller

 

 

The sellers have the right to
take ashore crockery, plates, cutlery, linen and other articles bearing the
Sellers’ flag or name, provided they replace same with similar unmarked
items.  Library, forms, etc., exclusively
for use in the Sellers’ vessel(s), shall be excluded without compensation.  Captain’s, Officers’ and Crew’s personal
belongings including the slop chest are to be excluded from the sale, as well
as the following additional items (including items on hire): Unitor gas bottles,

Videotel Safety Movies

Globe Wireless email modem and software.

 

The Buyers shall take over the
remaining bunkers and unbroached and
unused main engine and  generator lubricating oils which have not passed through vessel’s system
and pay at sellers last purchased prices less any
discounts as evidenced by copies of the relevant vouchers and discount
agreement.

 

Payment under this Clause shall
be made at the same time and place and in the same currency as the Purchase
Price.

 

8.                                      Documentation

 

The place of closing: Singapore

 

In exchange for payment of the
Purchase Price: Sellers and Buyers will provide to each
other the documents enlisted an Addendum No 1 to the MoA.

 

At the time of delivery the
Buyers and sellers shall sign and deliver to each other a Protocol of Delivery
and Acceptance confirming the date and time of delivery of the Vessel from the
Sellers to the Buyers.

 

At the time of delivery the
Sellers shall hand to the Buyers the classification certificate(s) as well as
all plans etc., which are on board the Vessel. 
Other certificates which are on board the Vessel shall also be handed
over to the Buyers unless the Sellers are required to retain same, in which
case the Buyers to have the right to take copies.  Other technical documentation which may be in
the Sellers’ possession shall be promptly forwarded to the Buyers at their
expense, if they so request.  The sellers
may keep the Vessel’s log books but the Buyers to have the right to take copies
of same.

 

 

9.                                      Encumbrances

 

The Sellers warrant that the
Vessel, at the time of delivery, is free from all charters, encumbrances,
mortgages and maritime liens or any other debts or
claims whatsoever.  The
Sellers hereby undertake to indemnify the Buyers against all consequences of
claims made against the Vessel which have been incurred prior to the time of
delivery.

 

10.                               Taxes,
etc.

 

Any taxes, fees and expenses in
connection with the purchase and registration under the Buyers’ flag shall be
for the Buyers’ account, whereas similar charges in connection with the closing
of the Sellers’ register shall be for the Sellers’ account.

 

11.                               Condition
on delivery

 

The Vessel with everything
belonging to her shall be at the Sellers’ risk and expense until she is
delivered to the Buyers, but subject to the terms and conditions of this
Agreement she shall be delivered and taken over as she was at the time of
inspection, fair wear and tear excepted. 
However, the Vessel shall be delivered with her present
class fully maintained without
condition/recommendation*,

free of average damage
affecting the Vessel’s class, and with her classification certificates and
national/international  trading certificates according to the vessel’s present flag,
as well as all other certificates the Vessel had at the time of inspection, clean valid and unextended without
condition/recommendation* by Class or the relevant authorities for minimum 3 months from the date of
delivery.

 

“Inspection” in this Clause 11,
shall mean the Buyers’ inspection according to Clause 4 a) or 4 b), if applicable,
or the Buyers’ inspection prior to the signing of this Agreement.  If the Vessel is taken over without
inspection, the date of this Agreement shall be the relevant date.

 

The Sellers to maintain vessel
to their present standards till the time of delivery

 

*                                         Notes,
if any, in the surveyor’s report which are accepted by the Classification
Society without condition/recommendation are not to be taken into account.

 

12.                               Name/markings

 

Upon delivery the Buyers
undertake to change the name of the Vessel and alter funnel markings.

 

13.                               Buyer’s
default

 

Should the deposit not be paid
in accordance with Clause 2, the Sellers have the right to cancel this
Agreement, and they shall be entitled to claim compensation for their losses
and for all expenses incurred together with interest.

 

Should the Purchase Price not
be paid in accordance with Clause 3, the Sellers have the right to cancel the
Agreement, in which case the deposit together with interest earned shall be
released to the Sellers.  If the deposit
does not cover their loss, the Sellers shall be entitled to claim further
compensation for their losses and for all expenses incurred together with
interest.

 

14.                               Sellers’
default

 

Should the Sellers fail to give
Notice of Readiness in accordance with Clause 5 a) or fail to be ready to
validly complete a legal transfer by the date stipulated in line 61 the Buyers
shall have the option of cancelling this Agreement provided always that the
Sellers shall be granted a maximum of 3 banking days after Notice of Readiness
has been given to make arrangements for the documentation set out in Clause
8.  If after Notice of Readiness has been
given but before the Buyers have taken delivery, the Vessel ceases to the
physically ready for delivery and is not made physically ready again in every
respect by the date stipulated in line 61 and new Notice of Readiness given,
the Buyers shall retain their option to cancel. 
In the event that the Buyers elect to cancel this Agreement the deposit
together with interest earned shall be released to them immediately.

 

Should the Sellers fail to give
Notice of Readiness by the date stipulated in line 61 or fail to be ready

 

 

to validly complete a legal transfer as aforesaid they shall make due
compensation to the Buyers for their loss and for all expenses together with
interest if their failure is due to proven negligence and whether or not the
Buyers cancel this Agreement.

 

15.          Buyers’
representatives

 

After this Agreement has been signed by both parties and the deposit
has been lodged, the Buyers have the right to place two representatives on
board the Vessel at their sole risk and expense not
earlier than 2 months prior to delivery

These representatives are on board for the purpose of familiarisation
and in the capacity of observers only, and they shall not interfere in any
respect with the operation of the Vessel. 
The Buyers’ representatives shall sign the Sellers’ letter of indemnity
prior to their embarkation.

 

16.                               Arbitration

 

a)*                               This Agreement shall be
governed by and construed in accordance with English law and any dispute
arising out of this Agreement shall be referred to arbitration in London in
accordance with the Arbitration Acts 1950 and 1979 or any statutory
modification or re-enactment thereof for the time being in force, one
arbitrator being appointed by each party. 
On the receipt by one party of the nomination in writing of the other
party’s arbitrator, that party shall appoint their arbitrator within fourteen
days, failing which the decision of the single arbitrator appointed shall
apply.  If two arbitrators properly
appointed shall not agree they shall appoint an umpire whose decision shall be
final.

 

c)*                               Any dispute arising out
of this Agreement shall be referred to arbitration at LMAA, subject
to the procedures applicable there.  The
laws of England  shall
govern this Agreement.

 

*              16 a), 16 b) and 16 c) are alternatives; delete whichever is not
applicable.  In the absence of deletions,
alternative 16 a) to apply.

 

Clause 17-20 of the attached appendix to form an integral part of this
MoA.

 

 

	
  For and on behalf of Sellers

  	
  For and on behalf of Buyers

  
	
   

  	
   

  
	
  /s/ G. Kaklamanos

  	
   

  	
  /s/ C. J. Thomas

  	
   

  
	
  SPRINGWOOD SHIPPING COMPANY

  	
  ROYERTON SHIPPING COMPANY

  
	
  LIMITED of Malta

  	
  LIMITED of Malta

  
	
  By: Mr. G. Kaklamanos

  	
  By: Mr. C. J. Thomas

  
	
  Title: Attorney-in-fact

  	
  Title: Attorney-in-fact

  
				

 

 

This document is a computer generated copy of “SALEFORM 1993”, printed
by authority of the Norwegian Shipbrokers’ Association, using software which is
the copyright of Strategic Software Ltd. 
Any insertion or deletion to the form must be clearly visible.  In the event of any modification made to the
preprinted text of this document, the original document shall apply.  The Norwegian Shipbrokers’ Association and
Strategic Software Ltd. assume no responsibility for any loss or damage caused
as a result of discrepancies between the original approved document and this
document.

 

 

APPENDIX No. 1

to the Memorandum of Agreement

dated 15th November 2004 (hereinafter called
the “M.O.A.”)

relative to the sale of M/V “Meridian Polaris”
(the vessel)

BETWEEN

Springwood Shipping Company Limited of Malta
(hereinafter called the “Sellers”)

AND

Royerton Shipping Company Limited of Malta
(hereinafter called the “Buyers”)

 

 

Clause 17

 

Sellers to hand to Buyers representatives at the time of delivery all
available manuals as on board relative to main engine/auxiliaries in addition
to all other existing manuals/instruction books/plans, main engine, generators
previous overhaul reports.

 

Sellers Master and Chief Engineer to demonstrate vessel’s operation to
their opposite numbers at the time of delivery.

 

Clause 18

 

Sellers to guarantee that to the best of their knowledge the vessel is
not blacklisted.

 

Clause 19

 

This sale to be kept strictly private and confidential.

 

Clause 20

 

Messrs. SPRINGWOOD SHIPPING COMPANY LIMITED simultaneously with the
delivery of the vessel from the Sellers will proceed with a back to back sale
to ROYERTON SHIPPING COMPANY LIMITED without registering the vessel under
Maltese flag in the ownership of “SPRINGWOOD”.

 

	
  For and on behalf of Sellers

  	
  For and on behalf of Buyers

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ G. Kaklamanos

  	
   

  	
  /s/ C. J. Thomas

  	
   

  
	
  SPRINGWOOD SHIPPING COMPANY

  	
  ROYERTON SHIPPING COMPANY

  
	
  LIMITED of Malta

  	
  LIMITED of Malta

  
	
  By: Mr. G. Kaklamanos

  	
  By: Mr. C. J. Thomas

  
	
  Title: Attorney-in-fact

  	
  Title: Attorney-in-factExhibit 10.1.2

 

	
  MEMORANDUM OF AGREEMENT

  	
  Norwegian Shipbrokers’ Associations

  
	
   

  	
  Memorandum of Agreement for sale and

  
	
  Dated: 10
  November 2004

  	
  purchase of ships. Adopted by The Baltic

  
	
   

  	
  and International Maritime Council

  
	
   

  	
  (BIMCO) in 1956.

  
	
   

  	
  Code-name

  
	
   

  	
  SALEFORM
  1987

  
	
   

  	
  Revised 1966, 1983 and 1986.

  

 

VALLE SHIPPING COMPANY LIMITED of Valletta,  Malta
hereinafter
called the Sellers, have today sold, and

 

IGUANA SHIPPING COMPANY LIMITED of Valletta, Malta  hereinafter called the Buyer, have today bought m/v IGUANA

 

Classification: Nippon Kaiji Kyokai, Bulk Carrier, strenghened for
heavy cargoes holds no. 2,4,6 maybe empty (ESP) MNS

	
  Built: 1996

  	
  by:  Sanoyasu Hishino Meisho Corporation, Japan

  
	
  Flag: Malta

  	
  Place of Registration: Singapore

  
	
  Call sign: 9VKH5

  	
  Register tonnage:
  Grt 36,559 / Nrt 23,279

  
	
  Class No. 961056, IMO No.
  9123647

  
	
  on the following conditions:

  	
   

  
			

 

1.             Price

Price: USD 33,500,000 (Thirty
Three Million Five Hundred Thousand)

 

2.             Deposit

 

3.             Payment

The said Purchase Money shall be paid free of bank
charges to Seller Bank which will be received for and
in favour of and on behalf of the Sellers, as per Sellers written instructions.

 

on deliver of the vessel, but not later than three banking days after
the vessel is ready for delivery and written or telexed notice thereof has been
given to the Buyers by the Sellers.

 

4.             Inspections

 

5.             Place and time of delivery

The vessel shall be delivered to
the Buyers at a place to be mutually agreed between parties and
taken over on the date of closing.

 

Expected time of delivery and
closing : within December 15th, 2004 and February 28th, 2005 in Seller’s
option.

 

Date of cancelling (see clause 14); February 28th, 2005 in Buyer’s option.

 

The Sellers shall keep the Buyers well posted about
the vessel’s itinerary and estimated time, and

 

 

Copyright: Norwegian Shipbrokers’ Association. Oslo, Norway.

 

 

 

shall give Buyers 7/5 approximate days notice and 1 day definite notice
of delivery.

 

Should the vessel become a total or constructive total
loss before delivery the contract thereafter shall
be considered null and void.

 

6.             Drydocking

 

7.             Spares/bunkers etc.

The Sellers shall deliver the vessel to the Buyers
with everything belonging to her on board and on shore.  All spare parts and spare equipment including
spare tail-end shaft(s) and/or spare propeller(s), if any, belonging to the
vessel at the time of inspection, used or unused, whether on board or not shall
become the Buyer’s property.  Forwarding
charges, if any, shall be for the Buyer’s account.  The Sellers are not required to replace spare
parts including spare tail-end shaft(s) and spare propeller(s) which are taken
out of spare and used as replacement prior to delivery, but the replace items
shall be the property of the Buyers.  The
radio installation and navigational equipment shall be included in the sale
without extra payment.

 

The Sellers have the right to take ashore crockery,
plate, cutlery, linen and other articles bearing the Sellers’ flag or name,
provided they replace same with similar unmarked items.  Library, forms, etc., exclusively for use in
the Sellers’ vessels, shall be excluded without compensation.  Captain’s, Officers’ and Crew’s personal
belongings including slop chest to be excluded from the sale, as well as the
following additional items: There are no excluded
items form the sale.

 

The Buyers shall take over remaining bunkers, unused
lubricating oils and unused stores and provisions and pay the current market
price at the port and date of delivery of the vessel.

Payment under this clause shall be made at the same
time and place and in the same currency as the Purchase Money.

 

8.             Documentation

In exchange for payment of the Purchase Money the
Sellers shall furnish the Buyers with legal Bill of Sale of the said vessel
free from all encumbrances and maritime liens or any other debts whatsoever,
duly notarially attested and legalised by the Maltese
Authorities                         
together with a certificate stating that the vessel is free from registered
encumbrances.  On
delivery date the full purchase price plus extras, if any, shall be
placed at the disposal of the Sellers 

 

 

The Sellers shall, at the time of delivery, hand to
the Buyers all classification certificates as well as all plans etc. which are
onboard the vessel.  Other technical documentation
which may be in the Sellers’ possession shall promptly upon the Buyers’
instructions be forwarded to the Buyers. 
The Sellers may keep the log books, but the Buyers to have the right to
take copies of same.

 

9.             Encumbrances

The Sellers warrant that the vessel, at the time of
delivery, is free from all encumbrances and maritime liens or any other debts
whatsoever.  Should any claims which have
been incurred prior to the time of delivery be made against the vessel, the
Sellers hereby undertake to indemnify the Buyers against all consequences of
such claims.

 

10.          Taxes etc.

Any taxes, fees and expenses connected with the
purchase and registration under the Buyers’ flag shall be for the Buyers’
account, whereas similar charges connected with the closing of the Seller’s
register shall be for the Sellers’ account.

 

11.          Condition on delivery

The vessel with everything belonging to her shall be
at the Sellers’ risk and expense until she is delivered to the Buyers, but
subject to the conditions of this contract, she shall be delivered and taken
over as she is at the time of inspection, fair wear and tear excepted.

However, the vessel shall be delivered with present
class free of outstanding recommendations and with class as on board at time of
delivery.  The Sellers

shall notify the Classification Society of any matters coming to their
knowledge prior to delivery which upon being reported to the Classification
Society would lead to the withdrawal of the vessel’s class or to the imposition
of a recommendation relating to her class.

 

12.          Name/markings

 

13.          Buyers’ default

Should the deposit, if
applicable, not be paid as aforesaid, the Sellers have the right
to cancel this contract, and they shall be entitled to claim compensation for
their losses and for all expenses incurred together with interest at the rate
of 12% per annum.

Should the Purchase Money not be paid as aforesaid,
the Sellers have the right to cancel this contract, in which case the amount
deposited together with interest earned, if any, shall be forfeited to the
Sellers.  If the deposit does not cover
the Sellers’ losses, they shall be entitled to claim further compensation for
their losses and for all expenses together with interest at the rate of 12% per
annum.

 

14.          Sellers’ default

If the Sellers fail to execute a legal transfer or to
deliver the vessel with everything belonging to her in the manner and within
the time specified in line 38, the Buyers shall have the right to cancel this
contract in which case the deposit, if applicable, in
full shall be returned to the Buyers together with interest at the rate of 12%
per

annum.  The Sellers shall make
due compensation for the losses caused to the Buyers by failure to execute a
legal transfer or to deliver the vessel in the manner and within the time
specified in line 38, if such are due to the proven negligence of the Sellers.

 

15.          Arbitration

If any dispute should arise in connection with the
interpretation and fulfilment of this contract, same shall be decided by
arbitration in the city of 3) London and
shall be referred to a single Arbitrator to be appointed by the parties
hereto.  If the parties cannot agree upon
the appointment of the single Arbitrator, the dispute shall be settled by three
Arbitrators, each party appointing one Arbitrator, the third being appointed by
4) the London Maritime Arbitrators Association.

 

If either of the appointed Arbitrators refuses or is
incapable of acting, the party who appointed him, shall appoint a new
Arbitrator in his place.

If one of the parties fails to appoint Arbitrator —
either originally or by way of substitution — for two weeks after the other
party having appointed his Arbitrator has sent the party making default notice
by mail, cable or telex to make the appointment, the party appointing the third
Arbitrator

 

 

shall, after application from the party having appointed his
Arbitrator, also appoint an Arbitrator on behalf of the party making default.

The award rendered by the Arbitration Court shall be
final and binding upon the parties and may if necessary be enforced by the
Court or any other competent authority in the same manner as a judgement in the
Court of Justice.

This contract shall be subject to the law of the
country agreed as place of arbitration.

 

 

	
  FOR THE SELLERS

  	
  FOR THE BUYERS

  
	
  VALLE SHIPPING COMPANY LIMITED

  	
  IGUANA SHIPPING COMPANY LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Ioannis Papathanasiou

  	
   

  	
  /s/ Christopher J. Thomas

  	
   

  
	
  BY: IOANNIS PAPATHANASIOU

  	
  BY: CHRISTOPHER J. THOMAS

  
	
  TITLE: Attorney-In-Fact

  	
  TITLE: Attorney-In-Fact

  
				

 

 

Additional
Clauses to the Memorandum of Agreement

m/v “IGUANA”

Clause 16

 

Should Buyers fail to price the Dryships IPO by February 28th
2005, then this M.O.A. to be considered null and void. In such case Buyers to
have no obligation to purchase the vessel.

 

Should the IPO be priced then Buyers to have the obligation to buy the
vessel.

 

Buyers have also the option to buy the vessel even if the IPO is not
priced within five (5) calendar days after failure of the IPO being priced and
in all events latest by 28th February 2005.

 

Clause 17

 

It has been further mutually agreed between both parties that the
vessel will be delivered after the Dryships IPO prices. The vessel will be
delivered charter free or with charter employment subject to Charterers’
approval which approval not to be unreasonably withheld and she will be
delivered and taken over safely afloat at a safe and accessible berth or safe
and accessible anchorage within the port limits of the discharge port or at
sea. Notice for delivery will be given by Buyers the day they price the IPO.

 

Following notice by Buyers that the IPO has priced, Sellers will within
three (3) business days advise Buyers of vessel’s intended place and date of
delivery.

 

Buyers to have the option to request Sellers’ Managers (Cardiff Marine
Inc.) to be obliged to continue managing the vessel.

 

Clause 18

In exchange for payment of the vessel’s full purchase price along with
any other payments called for in accordance with the M.O.A. the Sellers shall
furnish the Buyers with delivery documents which to be advised by the Buyers
and to be incorporated in an Addendum to the M.O.A.

 

Clause 19

 

Any notices under this agreement will be distributed as follows :

 

To the Buyers :

Company to be nominated by Dryships Inc.

Tel : +30210 8090570

Fax : +30210 8090555

E-mail: managernent@drvships.gr

 

 

To the Sellers :

Valle Shipping Company Limited

c/o Cardiff Marine Inc.

Omega Building

80, Kifissias Avenue

151 25 Amaroussion – Greece

Tel : +30210 8090500

Fax : +30210 8090555

E-mail : finance@cardiff.gr

 

Clause 20

 

It has been further mutually agreed between both parties there will be
no 10% deposit lodged by the Buyers and the Sellers will receive at the time of
closing of title the 100% purchase price of the vessel, together with extra
payment for bunkers and lube oils remaining on board at the time of delivery.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed on the date and year first above written.

 

 

	
  For the Sellers

  	
  For the Buyers

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Ioannis Papathanasiou

  	
   

  	
  /s/ Chirstopher J. Thomas

  	
   

  
	
  Valle Shipping Company Limited

  	
  Iguana Shipping Company Limited

  
	
  By : Ioannis Papathanasiou

  	
  By : Christopher J. Thomas

  
	
  Title : Attorney-In-Fact

  	
  Title : Attorney-In-Fact

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}]]