Document:

ex-10_6.htm

Incoming, Inc. 8-K/A

 

Exhibit 10.6

 

LOAN AGREEMENT

 

THIS LOAN AGREEMENT (this “Agreement”), dated as of April 14, 2010 (the “Effective Date”), by and among Incoming, Inc., (the “Company”), and Resilient Innovations, LLC, (the “Lender”).

 

WITNESSETH:

 

WHEREAS, the Parties agreed that the Lender will provide the Company with a loan (the "LOAN") in the aggregate principal amount not to exceed US $200,000.00  (the "PRINCIPAL AMOUNT"), subject to terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and other agreements contained in this Agreement the Company and the lender hereby agree as follows:

1. THE LOAN.

	
  

	
(a)

	
Under the terms and subject to the conditions set forth in this Agreement, the Lender shall loan to the Company a principal amount not to exceed Two Hundred Thousand U.S. Dollars ($200,000.00) in installments as follows:

	
  

	
i.

	
Company will notify Lender (the “Notification”) of any desired disbursements for any amount up to the PRINCIPAL AMOUNT; and

	
  

	
ii.

	
Upon notification Lender will transfer the portion of the PRINCIPAL AMOUNT requested within ten (10) business days of the Notification.

	
  

	
iii.

	
All disbursements will be recorded on Exhibit A to this agreement, which Exhibit A will be revised upon each disbursement.

	
  

	
iv.

	
Each disbursement shall earn interest at the rate of 6.00% per annum beginning on the date of such disbursement (each a “Disbursement Date”).

	
  

	
v.

	
All outstanding amounts will earn interest until such date as all outstanding principal and interest is paid in full.

	
  

	
vi.

	
The entire PRINCIPAL AMOUNT actually disbursed, together with all interest hereunder shall be due and payable no later than twenty-four (24) months from the Closing Date (as defined herein)

	
  

	
(b)

	
The "CLOSING DATE"  for any disbursement shall be the date on which such disbursement is received by the Company.

	
  

	
(c)

	
All disbursements hereunder may be paid directly to the Company by the Lender, or by any third party on behalf of the Lender.  Any disbursement hereunder may be transferred to a third party on behalf of the Company at the Company’s written direction. However, no third party shall have any rights or obligations hereunder, and all funds transferred pursuant to this Agreement shall be deemed transferred by the Lender to the Company notwithstanding the origination of such funds.

	
  

	
(d)

	
All funds transferred pursuant to this agreement shall bear interest at the rate of 6.00% per annum.

  

  

  

2. LENDER REPRESENTATIONS AND WARRANTIES. Lender hereby represents and      warrants that:

	
  

	
(a)

	
AUTHORIZATION AND POWER. it has the requisite power and authority to enter into and perform this Agreement and the other Transaction Documents hereunder.

	
  

	
(b)

	
INFORMATION ON COMPANY. Lender has been furnished with or has had access to all information concerning its operations, financial condition and other matters as Lender has requested.

3. COMPANY REPRESENTATIONS AND WARRANTIES. The Company represents and warrants to and agrees that:

	
  

	
(a)

	
DUE INCORPORATION. The Company is a corporation or other entity duly incorporated or organized, validly existing and in good standing under the laws of Nevada.

	
  

	
(b)

	
AUTHORITY; ENFORCEABILITY. This Agreement and all other agreements delivered together with this Agreement or in connection herewith (collectively TRANSACTION DOCUMENTS") have been duly authorized, executed and delivered by the Company and are valid and binding agreements of the Company enforceable in accordance with their terms.  The Company has full corporate power and authority necessary to enter into and deliver the Transaction Documents and to perform its obligations thereunder.

	
  

	
(d)

	
THE SECURITIES. The Securities upon issuance:

	
  

	
(i)

	
are, or will be, free and clear of any security interests, liens, claims or other encumbrances, subject to restrictions upon transfer under the Securities Act of 1933, as amended (the “Act””) and all other  applicable federal and state securities laws and rules;

	
  

	
(ii)

	
will not have been issued or sold in violation of any preemptive or other similar rights of the holders of any securities of the Company;

	
  

	
(e)

	
LITIGATION. There is no pending or, to the best knowledge of the Company, threatened action, suit, proceeding or investigation before any court, governmental agency or body, or arbitrator having jurisdiction over the Company.

	
  

	
(f)

	
DEFAULTS. The Company is not in violation of its articles of incorporation or bylaws. The Company is (i) not in default under or in violation of any other material agreement or instrument to which it is a party or by which it or any of its properties are bound or affected, which default or violation would have a Material Adverse Effect, (ii) not in default with respect to any order of any court, arbitrator or governmental body or subject to or party to any order of any court or governmental authority arising out of any action, suit or proceeding under any statute or other law respecting antitrust, monopoly, restraint of trade, unfair competition or similar matters.

  

  

  

4. REDEMPTION. The loans made hereunder shall not be redeemable or callable by the Company except as described herein.

5. COVENANTS OF THE COMPANY. The Company covenants and agrees with the Lender as follows:

	
  

	
(a)

	
MARKET REGULATIONS. The Company shall take all necessary actions and proceedings as may be required and permitted by applicable law, rule and regulation, for the legal and valid compliance with the terms of this Agreement.

	
  

	
(b)

	
BOOKS AND RECORDS. From the date of this Agreement and until the End Date, the Company will keep true records and books of account in which full, true and correct entries will be made of all dealings or transactions in relation to its business and affairs in accordance with generally accepted accounting principles applied on a consistent basis.

	
  

	
(c)

	
GOVERNMENTAL AUTHORITIES. From the date of this Agreement and until the End Date, the Company shall duly observe and conform in all material respects to all valid requirements of governmental authorities relating to the conduct of its business or to its properties or assets.

	
  

	
(d)

	
INTELLECTUAL PROPERTY. From the date of this Agreement and until the End Date, the Company shall maintain in full force and effect its corporate existence, rights and franchises and all licenses and other rights to use intellectual property owned or possessed by it and reasonably deemed to be necessary to the conduct of its business, unless it is sold for value.

6. Miscellaneous.

	
  

	
(a)

	
NOTICES. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with  accurate confirmation generated by the transmitting facsimile machine,  at the address or number designated below (if delivered on a business  day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.

  

  

  

	
  

	
(b)

	
ENTIRE AGREEMENT; ASSIGNMENT. This Agreement and other documents delivered in connection herewith represent the entire agreement between the parties hereto with respect to the subject matter hereof and may be amended only by a writing executed by the Company and the Lender. Neither the Company nor the Lender have relied on any representations not contained or referred to in this Agreement and the documents delivered herewith. No right or obligation of the Company shall be assigned without prior notice to and the written consent of the Lender

	
  

	
(c)

	
COUNTERPARTS/EXECUTION. This Agreement may be executed in any number of counterparts and by the different signatories hereto on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. This Agreement may be executed by facsimile signature and delivered by facsimile transmission.

	
  

	
(d)

	
LAW GOVERNING THIS AGREEMENT. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts or federal courts sitting in Nevada. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon FORUM NON CONVENIENS.

	
  

	
(e)

	
SEVERABILITY. In the event that any term or provision of this Agreement shall be finally determined to be superseded, invalid, illegal or otherwise unenforceable pursuant to applicable law by an authority having jurisdiction and venue, that determination shall not impair or otherwise affect the validity, legality or enforceability: (i) by or before that authority of the remaining terms and provisions of this Agreement, which shall be enforced as if the unenforceable term or provision were deleted, or (ii) by or before any other authority of any of the terms and provisions of this Agreement.

[BALANCE OF PAGE BLANK / SIGNATURE PAGE FOLLOWS]

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date indicated below:

 

 

Company:

 

BY: Incoming, Inc.

 

	

/s/ Ephren Taylor

	  	
4/15/10

	
Ephren Taylor. Jr.

	  	
Date

	
CEO

	  	  

 

 

Lender:

 

By: City Capital Corporation

 

	

/s/ Ephren Taylor

	  	
4/15/10

	
Ephren Taylor. Jr.

	  	
Date

	
Member

	  	  

  

  

  

EXHIBIT A

 

This Exhibit A is an exhibit to that certain LOAN AGREEMENT (the “Agreement”) dated as of November 1, 2009, by and among Incoming, Inc. (the “Company”), and Resilient Innovations, LLC (the “Lender”), and incorporates all terms and conditions of the Agreement:

 

	
Disbursement Date

 

	
Amount (US Dollars)

 

	
Lender initials

 

	
Company Initials

 

	
4/15/10

 

	

5,000.00

	
ET

 

	
ETex-10_7.htm

Incoming, Inc. 8-K/A

Exhibit 10.7

 

Prepared by: Groome, Tuttle, Pike & Blair

STATE OF NORTH CAROLINA

COUNTY OF CALDWELL

LEASE AGREEMENT

THIS LEASE AGREEMENT made and entered into this the 1st day of April, 2007, by and between Neptune, Inc., a North Carolina corporation, hereinafter referred to as Lessor, and North American Bio-Energies, LLC, a/k/a Foothills Bio-Energies, a North Carolina limited liability company, hereinafter referred to as Lessee;

WITNESSETH:

That Lessor, in consideration of the rents and covenants stated herein, and subject to the terms and conditions hereinafter set forth, does hereby lease and demise to the Lessee and the Lessee hereby leases from the Lessor the following described premises and personal property:

	
1.

	
REAL PROPERTY.  A portion of that property described in Deed Book 517, at Page 311, Caldwell County Registry, consisting of the plant building and associated real property and improvements thereon.  Excepted from the foregoing premises are the offices of Lessor, Lessor’s research and development building, and warehouse.

This Lease is executed upon the following terms and conditions:

	
2.

	
TERM.  The term of this Lease shall be for a period of five (5) years commencing on the 1st day of April, 2007.  Provided all rentals and other conditions of this Lease have been paid and met during the initial term of this Lease, Lessee may renew this Lease for subsequent five year terms upon any further conditions and rentals to which the parties may agree.

	
3.

	
PERMITTED USES.  The real and personal property may be used for the sole purpose of producing bio-diesel fuels and related products and the research and the marketing of bio-diesel products and associated or affiliated products.  Other uses may be permitted with the written agreement of the Lessor which shall not be unreasonably withheld.

	
4.

	
MAINTENANCE.  Lessee shall be responsible for all maintenance and repair of the premises, improvements and personal property.  If any of the leased personal property or other equipment fails or is destroyed or is no longer useful for any reason, Lessor has no obligation to replace or repair the same nor does Lessee have any obligation to replace or repair the same.

  

  

  

	
5.

	
RENTAL.  As rental, Lessee shall pay all annual ad valorem taxes on the real and personal property leased, as well as any lawful assessment, shall maintain and pay all premiums for public liability, fire and casualty insurance on the premises and personal property, the amount and extent of coverage to be satisfactory to Lessor.  Lessee shall provide copies of all insurance policies and Lessor shall be named as loss payee on such insurance policies.

	
6.

	
TERMINATION BY DEFAULT.  In the event that Lessee shall fail to pay any rent when due and such failure shall continue for twenty (20) days after said due date, or if Lessee shall fail to observe or shall violate any other term or condition of this Lease, and if such failure or violation shall continue for a period of sixty (60) days, then Lessor may deem Lessee to be in default, and the term of this leasehold interest as well as Lessee’s rights and privileges thereunder, shall cease and this Lease shall be forfeited and Lessor shall be entitled to re-enter and take possession of the demised premises, to exclude Lessee therefrom and to hold same free from any claims of Lessee.  Such lease forfeiture shall not act to relieve Lessee of any obligations hereunder which may have accrued prior to such termination.

	
7.

	
TERMINATION.  Lessee may at any time execute and deliver to Lessor a surrender agreement, subject to Lessor’s approval as to form, to be effective sixty (60) days after receipt by Lessor, covering all, but not less than all, of the demised premises, and may thereby surrender this Lease and be relieved from all obligations hereunder except those which shall have accrued prior to the effective date of such surrender.  After the first year of the term of this Lease, Lessor may terminate this Lease at anytime upon giving the Lessee six (6) months notice of such termination.

	
8.

	
INDEMNIFICATION.  Lessee shall save harmless and indemnify Lessor from and against any and all claims, damages, expenses (including the costs of investigation and defense), fines penalties, losses and liability asserted by any third party and arising from or connected with Lessee’s exercise and performance of its rights and duties under this Lease, Lessee’s activities, operations, use, control, maintenance, or management of demised premises or any condition related to the demised premises.  In the event of any claim covered by this Paragraph, Lessee shall resist or defend same at its expense with counsel satisfactory to Lessor.

	
9.

	
RIGHT OF REFUSAL.  Lessor shall not sell or convey the leased property without first giving to Lessee the opportunity to purchase it.  Prior to the Lessor’s acceptance of any offer to purchase, the Lessor shall deliver any outside offer to Lessee.  Lessee shall then have five (5) days to provide the Lessor with an offer to purchase.  If Lessee’s offer is similar or more favorable for the Lessor in all significant or material terms, the Lessor shall accept Lessee’s offer.  If Lessee’s

  

  

  

offer is not delivered to Lessor within five (5) days, or if Lessee’s offer is less favorable than outside offer in one or more significant or material terms, then Lessor may accept Lessee’s offer, or Lessor may accept the outside offer, reject it, or submit a counter-offer to the outside prospective purchaser.  Subsequent counter-offers between the Lessor and outside prospective purchaser need not be submitted to Lessee; however, if the foregoing process does not result in a contract that is consummated, the Lessee shall maintain the right to meet subsequent outside offers on the same terms set forth above.  In any event, the Lessee’s right of first refusal shall expire 60 days after the termination of the Lease.

	
10.

	
UTILITIES.  Lessee shall pay all utilities associated with the leased premises and personal property.

	
11.

	
ASSIGNABILITY.  The lease is assignable by Lessee with written notice of Lessee to Lessor.

	
12.

	
RELATIONSHIP OF THE PARTIES.  The relationship of the parties shall be that of Lessor and Lessee and not that of partners, joint venturers, subcontractors, employees or agent.  Neither shall have the right to assume or create any obligations or responsibilities of any type in the name of the other party.

	
13.

	
MISCELLANEOUS.

	
  

	
1.

	
The waiver by either party of a breach of any provisions of this Lease shall constitute a waiver only as to that specific breach and not a waiver of any future breach.

	
  

	
2.

	
This Lease shall be governed by the laws of North Carolina.

	
  

	
3.

	
This Lease, together with all exhibits hereto, supersedes all prior understandings of the parties and constitutes the sole understanding of the parties with respect to the subject matter hereof.  No modifications or amendments to the terms of this Lease shall be binding unless in writing and properly executed by the parties.

  

  

  

IN WITNESS WHEREOF, the parties hereto have set their hands and seals in duplicate originals, the day and year first above written.

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