Document:

ex10-46.htm

    EXHIBIT
10.46

     

    
      

      SENIOR
CONVERTIBLE PROMISSORY NOTE

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    $250,000

                                  	
                                     Orange
      County, California

                                  
	 
      	
                                    July
      24,
2009

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      FOR VALUE
RECEIVED, the undersigned, Location Based Technologies, Inc., a Nevada
corporation (referred to herein as the “Borrower” or “Company”), hereby
unconditionally promises to pay to the order of CGM Custodian for the IRA of
David S. Nagelberg, its endorsees, successors and assigns (the “Holder” or
“Lender”), in lawful money of the United States, the principal sum of
Two-Hundred Fifty Thousand Dollars ($250,000) on the Maturity Date.

       

      1.              Terms of Repayment and
Conversion.  Principal of and interest on this Note shall be
due six months from date of issuance or, if earlier at the option of the holder,
upon a minimum of two million five hundred thousand dollars ($2,500,000) net
being received by the Borrower in any debt, equity or other financing from the
date of this Note.

       

      a.           Upon
the execution and delivery of this Note, the Holder shall disburse to the
Borrower the sum of $250,000, which is the principal amount. All remaining
amounts outstanding under this Note shall mature and become due and payable in
full on January 24, 2010 (the "Maturity Date"), subject to any prior payment
required by this Note.

       

      b.           At
any time and from time to time this Note shall be convertible, in whole or in
part, into shares of the Company’s Common Stock (“Conversion Shares”) at the
option of the Holder.  The Holder shall effect conversions by
delivering written notice to the Company specifying therein the principal amount
of this Note to be converted.  The number of Conversion Shares
issuable upon a conversion hereunder shall be determined by the quotient
obtained by dividing (x) the outstanding principal amount of this Note to be
converted plus any accrued but unpaid interest thereon, by (y) the Conversion
Price, where the “Conversion Price” shall equal $1.00.  The Conversion
Price shall be appropriately and equitably adjusted following any stock splits,
stock dividends, spin-offs, distributions and similar events.  The
Conversion Shares shall be duly and validly issued, fully paid and
non-assessable and, following the applicable Rule 144 holding period, freely
tradable.  The Holder shall receive the stock certificate(s) within
ten (10) business days following the date of conversion.

      

      2.              Interest
Rate.  This Note shall accrue interest on the principal for a
period of six (6) months from the date of this Note at a rate of twelve percent
(12%) per annum (the “Interest Rate”).  Interest shall be calculated
on the basis of a 365-day year for the actual number of days
elapsed.  All payments hereunder shall be paid in cash and to be
applied first to the payment of accrued interest, and the remaining balance to
the payment of principal.

      

      3.              Shares of Common
Stock.  The Lender shall receive 25,000 shares of the Company’s
restricted common stock.  The Holder shall the receive stock
certificate within ten (10) business days of signing.

      

      4.              Events of
Default.  If any of the events of default specified in this
Section shall occur, Holder may, so long as such condition remains uncured for a
period of seven (7) days, declare the entire principal and unpaid accrued
interest hereon immediately due and payable, by notice in writing to the
Company, this Note and any other obligations of the Borrower to the Lender,
shall become due immediately, without demand or notice. In the Event of
Default(s), the Company shall pay any and all legal and administrative fees
associated with remedying the Event of Default(s):

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      
        	
                 
      

              	
                a.

              	
                Default
      in the payment of the principal or unpaid accrued interest of this Note
      when due and payable;

              

      

       

      
        	
                 
      

              	
                b.

              	
                Failure
      to issue Conversion Shares within ten (10) business day after request
      following a conversion hereunder;
or

              

      

       

      
        	
                 
      

              	
                c.

              	
                Filing
      of bankruptcy proceedings involving the
Company.

              

      

       

      
        	
                 
      

              	
                d.

              	
                Additional
      default provisions: Upon such act of default, the Holder shall be entitled
      to the following relief, in addition to all of its rights and remedies
      under law and/or equity:

              

      

       

      
        	
                 
      

              	
                i.

              	
                Interest
      rate for the Note, including any unpaid interest and principal amounts,
      shall be adjusted to 18%

              

      

       

      5.              Successors and Assigns:
Assignment.  Except as otherwise expressly provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors and administrators of the parties
hereto.  Nothing in this Note, express or implied, is intended to
confer upon any party, other than the parties hereto and their successors and
assigns, any rights, remedies, obligations or liabilities under or by reason of
this Note, except as expressly provided herein.  The Company may not
assign this Note or any of the rights or obligations referenced herein without
the prior written consent of Holder.

      

      6.              Prepayment.  This
Note may be prepaid in whole or in part, at any time, with the prior written
consent of the Lender, upon at least ten business days prior written notice to
the Holder. 

      

      7.              Governing
Law.  This agreement is entered into in Orange County,
California, and shall be construed in accordance with and governed by the laws
of the State of California applicable to contracts made and to be performed in
California.  Further, the parties agree that venue shall rest solely
and exclusively in Orange County, California, and any challenge or objection
thereto is hereby waived.

       

      8.              Notices.  For
the purpose of this Agreement, notices and all other communications provided for
in this Agreement shall be in writing and shall be deemed to have been duly
given as of the date if delivered in person or by telecopy, on the next business
day, if sent by a nationally recognized overnight courier service, and on the
second business day if mailed by registered mail, return receipt requested,
postage prepaid, and if addressed to the Company then at its principal place of
business, or if addressed to the Holder, then the last known address on file
with the Company.

      

      9.              Heading;
References.  The headings have been inserted for convenience
only and are not to be considered when construing the provisions of this
Agreement.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      10.              Entire
Agreement.  This Agreement constitutes the entire understanding
between the parties hereto in respect of the terms of this Note by the Holder
and by the Company, superseding all negotiations, prior discussions, prior
written, implied and oral agreements, preliminary agreements and understandings
with Company or any of its officers, employees or agents.

       

       

      IN WITNESS WHEREOF, the
Borrower has executed this Promissory Note as of the date first set forth
above.

       

      

      Borrower:

      

      

      LOCATION
BASED TECHNOLGIES, INC.

      

      

      By: /s/ David M. Morse

      Name:  David
M. Morse

      Title:  CEO

      

      

      

      Lender:

      

      

      CGM
Custodian for the IRA of David S. Nagelberg

      

      

      By: /s/ David S. Nagelberg

      Name:  David
S. Nagelberg

       

       

       

      3exhibit10pnt2.htm

Exhibit 10.2

FOURTH AMENDMENT OF LEASE AGREEMENT

 FOURTH AMENDMENT OF LEASE AGREEMENT (the "FOURTH AMENDMENT") is made and entered into by and between STONEBRIAR I OFFICE PARTNERS, LTD. ("Lessor"), and COMSTOCK RESOURCES,
INC. ("Lessee").

RECITALS:

WHEREAS, Lessor and Lessee entered into a certain Lease Agreement dated May 6, 2004, (the "Lease"), with the defined terms and conditions of the Lease being hereby incorporated herein by reference; and

WHEREAS, Lessor and Lessee entered into First Amendment of Lease Agreement dated August 31, 2005; and

WHEREAS, Lessor and Lessee entered into Second Amendment of Lease Agreement dated October 15, 2007; and

WHEREAS, Lessor and Lessee entered into Third Amendment of Lease Agreement dated September 25, 2008; and

WHEREAS, Lessee desires to exercise the option therein granted it to expand the Premises by incorporating additional spaces; and

WHEREAS, Exhibit G of the Lease provides for the manner in which the Lease shall be amended in such circumstances.

NOW, THEREFORE, for and in consideration of Ten Dollars ($10.00) and other good and valuable consideration paid by each party to the other, the receipt and sufficiency of which is hereby acknowledged, the Lessor and the Lessee hereby amend and modify the Lease, and agree as follows:

1.           2009 Second Expansion of the Premises. Lessee and Lessor acknowledge that the Premises shall include Suite 440, effective June 1, 2009, comprising 1,988 additional
square feet. Lessor and  Lessee further acknowledge that the expiration date of the initial term of the Lease, as hereby amended, shall continue to be 5:00 p.m., July 31, 2014.

2.           New Rental for the 2009 Second Expanded Premises.  Lessor and Lessee agree that the amended monthly Basic Rental payable by Lessee to the Lessor for
the  2009 Second Expanded Premises, as hereby amended, shall be increased by the sum of $3,727.50 per month ($22.50 per square foot), commencing on June 1,  2009,  to a new  total of $100,057.71.

3.           Proportionate Shares.  Lessee’s Proportionate Share is amended, after including both the 2009 Second Expansion of the Premises, to be 49.30%
effective June 1, 2009.

4.           Refinishing. At a later date acceptable to both parties, Lessor will recarpet and paint the second 2009 expansion premises to the same standard as exists in
Lessee’s existing space.   Lessor will oversee the construction, act as liaison between Tenant, the contractor, and the designer and coordinate the relationship between the construction, the Building, and the Building systems.

5.           Garage Parking.  In
addition to the free 23 assigned spaces that Lessee already has in the parking garage, Lessor shall provide Lessee with 2 additional assigned parking spaces (spaces #7, and #15) at no charge.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.           Ratification of Lease.  Except as expressly amended and modified herein, Lessor and Lessee hereby ratify and confirm the Lease in all respects, and
Lessee and Lessor each acknowledge that the other party to the Lease has fully performed its obligations to the date hereof, or else waives all claims against the other for any nonperformance of such obligations.

7.           Execution of Amendment.  This Amendment may be executed in multiple counterparts, which, when taken together, shall constitute a single integrated
instrument.  Further, for purposes of this Amendment, facsimile signatures by either party shall be deemed original signatures for all purposes.

 

 

8.   Binding Effect.  This Amendment shall be binding on the parties hereto, and their respective successors and assigns, for all purposes. 

Executed by the Lessor and the Lessee effective as of this 8th day of May, 2009.

LESSOR:

STONEBRIAR I OFFICE PARTNERS, LTD.,

By: Stonebriar I Partners, LLC, its General Partner

By:  /s/RODERICK V. O'CONNOR 

    Its:  President

LESSEE:

COMSTOCK RESOURCES, INC.

A Nevada corporation

By:  /s/ROLAND O. BURNS 

    Its:  Senior Vice President

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