Document:

ex10_7.htm

 Exhibit 10.7 

 

 

	

September 18, 2009

John Sprovieri

Auscrete Corporation

PO Box 847

Rufus, OR 97050

Dear John,

	

 

I am responding to your request to provide a letter of intent to proceed with the construction of in excess of 100 affordable houses on our development property, Gorge Vista, in the heights behind Rufus.

As you know, the population of the Sherman County area is expected to increase dramatically in the coming years, and the need for affordable housing is expected to increase right along with that.  Furthermore, there is demand for second homes in the Gorge, and the affordability of Auscrete homes will put the dream of a second home within reach for many that may not otherwise be able to afford one.  I feel strongly that Auscrete homes are the perfect solution for these needs, and will provide us with an opportunity to develop a very unique look and feel for our development.

The vision for our development is to have an attractive layout with open spaces, common areas, trails, and a variety of recreational amenities.  As the climate is relatively dry in Rufus, we are planning to project a theme that could be described as “Southwestern” in nature. Your aerated concrete house construction fits perfectly with this need, and will allow us to cultivate an overall feel that is both well-suited to the area and completely new to the area.  There are no other developments in the Gorge that have this motif, which creates an opportunity for us to do something that is completely unprecedented.

I have enclosed two draft site plans that we are currently contemplating for the site.  We expect to have a final design for Phase 1 developed by January next year, and we expect to be in a position to break ground early next year and begin construction of houses shortly thereafter.  At completion, Gorge Vista will likely have over 300 houses.  We look forward to working with Auscrete to achieve this long-term goal.

Sincerely,

 

John  F. Schmidt  IV

 

John Schmidt

Principal

 

Gorge Vista LLC   P.O. Box 1934    Sandy  OR   97055    Phone 503 704 9745   gorgevista@gmail.comex10_8.htm

 Exhibit 10.8 

 

	Auscrete Corporation 	 

PO Box 847

Rufus OR. 97050

Dear Sirs,

This letter should serve to confirm my wish to purchase up to thirty homes from Auscrete Corporation in the next 3 years. My land, sitting on an elevated portion of the City of Rufus, is well suited for expansion of the community being drawn to the area by the enormous wind farm activity, wineries and world class fishing. This area is perfect for retiring boomers, windsurfers, kiters and fishing enthusiasts, etc.

 

The affordability and attractiveness of the Auscrete product, as well as the proximity of the manufacturing facility, affords the company great competitive and design advantage in supplying me with these homes right in the middle of this burgeoning growth area.

 

Located 90 miles east of the city of Portland, Or. the city of Rufus, Or. is a very scenic drive along Hwy. 84 which parallels the Columbia River the entire way. It provides an easy getaway for weekenders. As more and more people leave the cities in search of simpler lives Rufus will be the perfect place to be.

I also foresee a considerable draw for our development stemming from the "bedroom community" aspect of the nearby city of The Dalles, where Google, among others, has chosen to locate their new facility.

 

As more and more businesses expand to the city of The Dalles, a mere 25 miles away on 1-84, the attractiveness of the small city of Rufus, with its vast natural surroundings, vistas, vineyards, outdoor activities and, now, fresh, new, eco-friendly communities comprised of attractive "green" homes from Auscrete will only become more appealing to families and commuters wishing to have the best of both worlds. Shopping and doing business in The Dalles while living in the cleaner, newer communities being developed in the City of Rufus will be a natural fit.

I look forward to working with Auscrete in the development of my project with Auscrete's homes providing the cornerstone to make it all possible.

Take care,

  

Michael NilsonEX-4.1

                                 EXHIBIT 4.1

PROMISSORY NOTE

$     ,000.00                                            December 27, 2010

FOR VALUE RECEIVED, CASTLE BRANDS INC., a Florida corporation (“Maker”), having an address at
122 East 42nd Street, Suite 4700, New York, New York 10168, hereby promises to pay to
the order of       , his successors and/or assigns (any of which is hereinafter referred
to as “Holder”), in lawful money of the United States, the sum of        Dollars
and No Cents ($     ,000.00), together with interest thereon at the rate of 11% per annum from the
date hereof to the date of payment on June 21, 2012. At the Holder’s request, payments shall be
made by wire transfer to an account designated by the Holder. This Note, however, may be prepaid in
whole or in part at any time without penalty or premium but with payment of accrued interest to the
date of prepayment.

So long as any amount under this Note remains outstanding and unpaid, Maker will not, unless
otherwise consented to in writing by the Holder, create, incur, assume or suffer to exist (other
than indebtedness existing on the date hereof) any indebtedness for borrowed funds (institutional
or otherwise) which is not subordinated in all respects to the indebtedness under this Note.

Holder may, with or without notice to Maker or any guarantor or other party liable herefor,
extend or renew this Note, or extend the time for making payment of any amount provided for herein,
or accept any amount in advance, all without affecting the liability of Maker or any other party or
guarantor liable herefor.

Upon the occurrence of a default, the whole sum of principal shall become due immediately at
the option of Holder. Default shall include, but not be limited to: (i) failure to make any payment
hereunder at the time prescribed for payment; (ii) filing, as to the Maker or any guarantor or
endorser of this Note, of an involuntary petition which is not dismissed within sixty (60) days or
of a voluntary petition under the provisions of the Federal Bankruptcy Code or any state statute
for the relief of debtors; (iii) the granting of any lien or any encumbrance by Maker on the
Refund; (iv) default in the payment of principal or interest on any obligation in excess of $50,000
for borrowed money beyond the period of grace, if any, provided with respect thereto or default in
the performance or observance of any other term, condition or agreement contained in any such
obligation or in any agreement relating thereto, if the effect thereof is to cause, or permit the
holder or holders of such obligation (or a trustee on behalf of such holder or holders) to cause
such obligation to become due prior to its stated maturity and such default remains unremedied for
a period of 10 days; (vi) final judgment for the payment of money in excess of $50,000 shall be
rendered against Maker and the same shall remain undischarged for a period of thirty (30) days
during which execution of such judgment shall not be effectively stayed; (vii) the non-payment, for
any reason, of any check tendered to Holder by Maker; or (viii) any breach or other default by the
Maker under this Note.

                 

The times for the payment of the principal sum as herein stated are of the essence of this
Note. Upon the occurrence of a default, the amount of the principal sum hereunder, plus reasonable
attorneys fees and expenses, shall bear interest from the date thereof to the actual date of
payment (whether such payment is made voluntarily or as a result of legal process) at the maximum
rate of interest permitted by law or 18% per annum, whichever is lower, from the date of the
default to the date of actual payment.

The Maker shall not consolidate or merge into, or transfer or lease all or substantially all
of its assets to, any person unless (i) the person is a corporation, (ii) the person assumes in a
writing reasonably acceptable to the Holder all the obligations of the Maker under this Note and

(iii) immediately after the transaction, no default exists. The surviving transferee or lessee
corporation shall be the successor Maker, but the predecessor Maker in the case of a transfer or
lease shall not be released from the obligation to pay the principal of and interest of this Note.

Maker and each other party liable herefor, whether principal, endorser, guarantor or
otherwise, jointly and severally hereby (i) waive presentment, demand, protest, notice of dishonor
and/or protest, notice of non-payment and all other notices or demands in connection with the
delivery, acceptance, performance, default, enforcement or guaranty of this Note, (ii) waive
recourse to suretyship defenses generally, including extensions of time, releases of security and
other indulgences which may be granted from time to time by Holder to Maker or any party liable
herefor, and (iii) agree to pay all costs and expenses, including reasonable attorneys fees, in
connection with the enforcement or collection of this Note.

Nothing contained in this Note or in any other agreement between Maker and Holder shall
require Maker to pay, or Holder to accept, interest in an amount which would subject Holder to any
penalty or forfeiture under applicable law. In no event shall the total of all charges payable
hereunder, whether of interest or of such other charges which may or might be characterized as
interest, exceed the maximum rate permitted to be charged under applicable law. Should Holder
receive any payment which is or would be in excess of that permitted to be charged under such
applicable law, such payment shall have been and shall be deemed to have been made in error and
shall automatically be applied to reduce the principal balance outstanding on this Note.

Holder shall not, by any act, delay, omission or otherwise, be deemed to have waived any of
its rights and/or remedies hereunder, and no waiver whatsoever shall be valid unless in writing,
signed by Holder, and then only to the extent therein set forth. The making of any demands or the
giving of any notices by Holder or a waiver by Holder of any right and/or remedy hereunder on any
one occasion shall not be construed as a bar to or waiver of any right and/or remedy which Holder
would otherwise have on any future occasion. All rights and remedies of Holder shall be cumulative
and may be exercised singly or concurrently.

This Note may be assigned at any time by Holder to any person controlling, controlled by or
under common control with the Holder or to any affiliate of the Holder on notice to Maker.

The terms and provisions hereof shall survive the payment, cancellation or surrender of this
Note. Any instrument taken by Holder in

payment of, or for application against, any obligation of Maker or any other party liable herefor
shall not operate as a discharge of such obligation until the instrument is finally paid,
notwithstanding the fact that a bank may be the maker, drawer or acceptor of such instrument.

This Note shall be governed and construed in accordance with the law of the State of Florida
without giving effect to choice of law principles. MAKER AND EACH OTHER PARTY LIABLE HEREFOR, IN
ANY LITIGATION IN WHICH HOLDER SHALL BE AN ADVERSE PARTY, WAIVES TRIAL BY JURY AND WAIVES THE

RIGHT TO INTERPOSE ANY DEFENSE, SETOFF OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION. ANY SUCH
LITIGATION SHALL BE SUBJECT TO THE EXCLUSIVE JURISDICTION OF THE STATE OR FEDERAL COURTS LOCATED IN
MIAMI-DADE COUNTY, FLORIDA.

 CASTLE BRANDS INC.

 By:/s/ Alfred J. Small

 Name: Alfred J. Small

 Title: Senior Vice President, Chief Financial Officer, Treasurer

and Secretary

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