Document:

Unassociated Document

    EXHIBIT 10.5

     

    SALE OF SHARES
AGREEMENT

     

    

    THIS DEED
OF AGREEMENT is made
the                                                                                                           day
of2007

    

    
      	
              BETWEEN:

            	
              GLOBAL REALTY DEVELOPMENT
      CORPORATION a Delaware Company incorporated in the USA of 11555
      Heron Bay Boulevard (suite 200), Coral Springs, Florida, USA, 33076
      ("Vendor")

            
	 	 
	AND:  	BAYVIEW
      CONCEPTS PTY LTD ACN 127 530 885 whose registeredoffice is
      located at 159 Union Road, Surrey Hills, Victoria, Australia, 3127("Purchaser")

    

     

    RECITALS:

     

    
      	
              A.  

            	
              The
      Shares are owned by the Vendor as set out in Schedule
  1.

            

    

     

    
      	
              B.  

            	
              The
      Vendor has agreed to sell and the Purchaser has agreed to purchase the
      Shares on the terms and conditions set out in this
    Agreement.

            

    

     

    OPERATIVE
PROVISIONS:

     

    
      	
              1.  

            	
              DEFINED
      TERMS AND INTERPRETATION

            

    

     

    
      	
              1.1  

            	
              Defined
      Terms

            

    

     

    In this
Deed unless the context admits or requires otherwise –

     

    "Business Day" means a day that
is not a Saturday, Sunday, public or bank holiday in Victoria,
Australia;

     

    "Company" means Ausland
Properties SA Pty Ltd ACN 115 469 335 of 159 Union Road, Surrey Hills, Victoria,
3127;

     

    'Completion' means completion
of the sale and purchase of the Shares contemplated by this
Agreement;

     

    "Completion Date" means 31
December 2007;

     

    "Encumbrance" includes
mortgage, charge, lien, restriction against transfer, encumbrance and other
third party interest;

     

    "Liabilities" includes all
liabilities (whether actual, contingent or prospective), losses, damages, costs
and expenses of whatever description;

     

    "Purchase Price" means the
amount of One hundred dollars ($A100.00)

     

    "Shares" means the ordinary
fully paid shares in the Company held by the Vendor as set out against the
Vendor’s name in Schedule 1; and

     

    "Tax" means all forms of taxes,
duties, imposts, charges, withholdings, rates, levies or other governmental
impositions of whatever nature and by whatever authority imposed, assessed or
charged together with all costs, charges, interest, penalties, fines, expenses
and other additional statutory charges, incidental or related to the imposition
and 'Taxation' has a
corresponding meaning;

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      	
              1.2  

            	
              Interpretation

            

    

     

    In this
Agreement, unless the context otherwise requires:

     

    
      	
              (a)  

            	
              the
      singular includes the plural and vice versa, and a gender includes other
      genders;

            

    

     

    
      	
              (b)  

            	
              another
      grammatical form of a defined word or expression has a corresponding
      meaning;

            

    

     

    
      	
              (c)  

            	
              a
      reference to a clause, paragraph, schedule or annexure is a reference to a
      clause or paragraph of, or schedule or annexure to, this Agreement, and a
      reference to this Agreement includes its schedules and
      annexures;

            

    

     

    
      	
              (d)  

            	
              a
      reference to a document or Agreement includes the document or Agreement as
      novated, altered, supplemented or replaced from time to
    time;

            

    

     

    
      	
              (e)  

            	
              a
      reference to $A, dollar or $ is a reference to Australian
      currency;

            

    

     

    
      	
              (f)  

            	
              a
      reference to a party to a document includes the party’s executors,
      administrators, successors and permitted assigns and
      substitutes;

            

    

     

    
      	
              (g)  

            	
              a
      reference to a person includes a natural person, partnership, body
      corporate, association, governmental or local authority or agency or other
      entity;

            

    

     

    
      	
              (h)  

            	
              a
      reference to a statute, ordinance, code or other law includes regulations
      and other instruments under it and consolidations, amendments,
      re-enactments or replacements of any of
them;

            

    

     

    
      	
              (i)  

            	
              the
      meaning of general words is not limited by specific examples introduced by
      including or similar expressions;

            

    

     

    
      	
              (j)  

            	
              any
      Agreement, representation, warranty or indemnity in favour of two or more
      parties (including where two or more persons are included in the same
      defined term) is for the benefit of them jointly and
      severally;

            

    

     

    
      	
              (k)  

            	
              any
      Agreement, representation, warranty or indemnity by two or more parties
      (including where two ore more persons are included in the same defined
      term) binds them jointly and
severally;

            

    

     

    
      	
              (l)  

            	
              a
      rule of construction does not apply to the disadvantage of a party because
      the party was responsible for the preparation of this Agreement or any
      part of it; and

            

    

     

    
      	
              (m)  

            	
              if
      a day on or by which an obligation must be performed or an event must
      occur is not a Business Day, the obligation must be performed or the event
      must occur on or by the next Business
Day.

            

    

     

    
      	
              2.  

            	
              SALE
      AND PURCHASE

            

    

     

    
      	
              2.1  

            	
              Agreement
      to sell and purchase

            

    

     

    The
Vendor as owner agrees to sell to the Purchaser and the Purchaser agrees to buy
from the Vendor the Shares:

     

    
      	
              (a)  

            	
              free
      from Encumbrances;

            

    

     

    
      	
              (b)  

            	
              with
      all rights attached or accrued to them on or after the date of this
      Agreement; and

            

    

     

    
      	
              (c)  

            	
              subject
      to this Agreement.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
              2.2  

            	
              Waiver
      of pre-emptive rights

            

    

     

    The
Vendor waives in favour of the Purchaser any rights of pre-emption which the
Vendor has or may have in respect of the Shares.

     

    
      	
              3.  

            	
              PURCHASE
      PRICE

            

    

     

    
      	
              3.1  

            	
              Payment
      of Purchase Price

            

    

     

    The
Purchaser shall pay to the Vendor at Completion the Purchase Price.

     

    
      	
              4.  

            	
              COMPLETION

            

    

     

    
      	
              4.1  

            	
              Time
      and place

            

    

     

    Completion
will take place on the Completion Date at the offices of Oakley Thompson &
Co Pty Ltd at Level 19, 500 Collins Street, Melbourne or another time and place
agreed by the parties in writing.

     

    
      	
              4.2  

            	
              Obligations
      of the Vendor

            

    

     

    At or
before Completion, the Vendor must:

     

    
      	
              (a)  

            	
              deliver
      to the Purchaser a duly executed and completed transfer in favour of the
      Purchaser of the Shares in registrable form together with any
      certificate(s) or holding statements pertaining to the Shares (if
      any);

            

    

     

    
      	
              (b)  

            	
              produce
      to the Purchaser any power of attorney or other authority under which the
      transfer of the Shares is executed;

            

    

     

    
      	
              (c)  

            	
              deliver
      to the Purchaser duly executed instruments irrevocably waiving in favour
      of the Purchaser all rights of pre-emption which any person has in respect
      of the Shares; and

            

    

     

    
      	
              (d)  

            	
              do
      all other things necessary or desirable to transfer the Shares and to
      complete any other transaction contemplated by this
    Agreement.

            

    

     

    
      	
              4.3  

            	
              Authority
      to bind trust

            

    

     

    If the
Vendor is a trustee:

     

    
      	
              (a)  

            	
              it
      enters this Agreement and any document which is ancillary, related to, or
      contemplated by this Agreement (‘Transaction Document’)
      to which it is a party, and undertakes and accepts all its obligations and
      liabilities under this Agreement and each other Transaction Document to
      which it is a party, in both its personal capacity and as the trustee for
      the trust and, for the avoidance of doubt, the obligations of the Vendor
      under this Agreement and each other Transaction Document to which it is a
      party will also constitute obligations and liabilities of any trust;
      and

            

    

     

    
      	
              (b)  

            	
              without
      limiting paragraph 4.3(a), the Vendor acknowledges and agrees that the
      Purchaser will have recourse to any assets of the Vendor or any trust upon
      the exercise by the Purchaser of any right under any of the Transaction
      Documents to which the Vendor is a party whether any such asset is held by
      the Vendor in its personal capacity or in its capacity as the trustee of
      the trust.

            

    

     

    
      	
              4.4  

            	
              Transfers

            

    

     

    At
Completion the Vendor will, if requested by the Purchaser, provide consent to
the Company for transfer of the Shares to be registered.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              4.5  

            	
              Simultaneous
      actions at Completion

            

    

     

    In
respect of Completion:

     

    
      	
              (a)  

            	
              the
      obligations of the parties under this Agreement are interdependent;
      and

            

    

     

    
      	
              (b)  

            	
              all
      actions required to be performed will be taken to have occurred
      simultaneously on the Completion
Date.

            

    

     

    
      	
              5.  

            	
              WARRANTIES
      BY VENDOR

            

    

     

    
      	
              5.1  

            	
              Warranties
      by the Vendor

            

    

     

    The
Vendor represents and warrants to the Purchaser that each of the following
statements is true and accurate at the date of this Agreement and will be true
and accurate on the Completion Date:

     

    
      	
              (a)  

            	
              the
      Vendor is validly existing and in good
standing;

            

    

     

    
      	
              (b)  

            	
              the
      Vendor has full authority and all necessary consents to enter into and
      perform this Agreement;

            

    

     

    
      	
              (c)  

            	
              this
      Agreement and all other agreements contemplated by this Agreement will,
      when executed by the Vendor, constitute binding obligations of the Vendor
      in accordance with their respective
terms;

            

    

     

    
      	
              (d)  

            	
              the
      execution, delivery and performance by the Vendor of this Agreement will
      not:

            

    

     

    
      	
              (i)  

            	
              result
      in a breach of any provision of the constitution of the
      Vendor;

            

    

     

    
      	
              (ii)  

            	
              result
      in a breach of, or constitute a default under, any instrument to which the
      Vendor is a party or by which the Vendor is bound and which is material in
      the context of the transactions contemplated by this Agreement;
      or

            

    

     

    
      	
              (iii)  

            	
              result
      in a breach of any order, judgment or decree of any court or governmental
      agency to which the Vendor is a party or by which the Vendor is bound and
      which is material in the context of the transactions contemplated by this
      Agreement;

            

    

     

    
      	
              (e)  

            	
              no
      meeting has been convened, resolution proposed, petition presented or
      order made for the winding up of the
Vendor;

            

    

     

    
      	
              (f)  

            	
              no
      receiver, receiver and manager, provisional liquidator, liquidator or
      other officer of the Court has been appointed in relation to all or any
      material asset of the Vendor;

            

    

     

    
      	
              (g)  

            	
              no
      mortgagee or chargee has taken, attempted or indicated an intention to
      exercise its rights under any security of which the Vendor is the
      mortgagor or charger;

            

    

     

    
      	
              (h)  

            	
              the
      Vendor has complete and unrestricted power and right to sell, assign and
      transfer the Shares to the
Purchaser;

            

    

     

    
      	
              (i)  

            	
              if
      the Shares of the Vendor are held on trust by the Vendor for a beneficial
      owner, the beneficial owner has given the Vendor its unconditional consent
      to sell, assign and transfer the Shares;
and

            

    

     

    
      	
              (j)  

            	
              there
      is no Encumbrance over or affecting the
Shares.

            

    

     

    
      	
              5.2  

            	
              Application
      of the warranties

            

    

     

    Each of
the warranties:

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	
              (a)  

            	
              remains
      in full force and effect after Completion;
and

            

    

     

    
      	
              (b)  

            	
              is
      separate and independent and is not limited by reference to any other
      warranty or any other provision in this
  Agreement.

            

    

     

    
      	
              5.3  

            	
              Survival

            

    

     

    The
provisions of this clause 5 remain in full force and effect after
Completion.

     

    
      	
              6.  

            	
              REPRESENTATIONS
      BY THE PURCHASER

            

    

     

    
      	
              6.1  

            	
              Representations

            

    

     

    The
Purchaser represents and warrants to the Vendor that each of the following
statements is true and accurate at the date of this Agreement and will be true
and accurate on the Completion Date:

     

    
      	
              (a)  

            	
              it
      is validly existing under the laws of its place of registration or
      incorporation;

            

    

     

    
      	
              (b)  

            	
              it
      has the power to enter into and perform its obligations under this
      Agreement and to carry out the transactions contemplated by this
      Agreement;

            

    

     

    
      	
              (c)  

            	
              it
      has taken all necessary action to authorise its entry into and performance
      of this Agreement and to carry out the transactions contemplated by this
      Agreement; and

            

    

     

    
      	
              (d)  

            	
              its
      obligations under this Agreement are valid and binding and enforceable
      against it in accordance with their
terms.

            

    

     

    
      	
              6.2  

            	
              Application
      of representations by the Purchaser

            

    

     

    Each of
the representations by the Purchaser under clause 6.1 remains in full force
and effect on and after Completion.

     

    
      	
              7.  

            	
              TERMINATION

            

    

     

    
      	
              7.1  

            	
              Default

            

    

     

    If the
Vendor defaults in the performance of any of its obligations under this
Agreement, the Purchaser may immediately terminate this Agreement by giving
notice in writing to the Vendor.

     

    
      	
              7.2  

            	
              Survival

            

    

     

    Clause 6
continues to apply after termination of this Agreement.

     

    
      	
              7.3  

            	
              Accrued
      rights

            

    

     

    Termination
of this Agreement does not affect any accrued rights or remedies of a
party.

     

    
      	
              8.  

            	
              WAIVER

            

    

     

    
      	
              8.1  

            	
              Waiver must be by written
      notice

            

    

     

    The
failure of a party at any time to require performance of any obligation under
this Agreement is not a waiver of that party’s right:

     

    
      	
              (a)  

            	
              to
      claim damages for breach of that obligation;
and

            

    

     

    
      	
              (b)  

            	
              at
      any other time to require performance of that or any other obligation
      under this Agreement,

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    unless
written notice to that effect is given in accordance with clause 9.

     

    
      	
              9.  

            	
              NOTICES

            

    

     

    
      	
              9.1  

            	
              Service
      of notices

            

    

     

    A party
giving or serving notice or notifying under this Agreement must do so in
writing:

     

    
      	
              (a)  

            	
              directed
      to the recipient's address specified in this clause, as varied by any
      notice; and

            

    

     

    
      	
              (b)  

            	
              hand
      delivered or sent by prepaid post or facsimile to that
      address.

            

    

     

    
      	
               
      

            	
              The
      parties' addresses and facsimile numbers are as set out in Schedule
      1.

            

    

     

    
      	
              9.2  

            	
              Receipt

            

    

     

    A notice
given in accordance with clause 9 is taken to be received:

     

    
      	
              (a)  

            	
              if
      hand delivered, on delivery;

            

    

     

    
      	
              (b)  

            	
              if
      sent by prepaid post, two Business Days after the date of posting;
      or

            

    

     

    
      	
              (c)  

            	
              if
      sent by facsimile, when the sender's facsimile system generates a message
      confirming successful transmission of the total number of pages of the
      notice unless, within one Business Day after the transmission, the
      recipient informs the sender that it has not received the entire
      notice.

            

    

     

    
      	
              9.3  

            	
              Execution

            

    

     

    A notice
given in accordance with clause 9 is sufficiently signed for or on behalf
of a party if:

     

    
      	
              (a)  

            	
              in
      the case of a company, it is signed by a director, secretary or other
      officer of the company; or

            

    

     

    
      	
              (b)  

            	
              in
      the case of an individual, it is signed by that
  party.

            

    

     

    
      	
              9.4  

            	
              Other
      modes of service permitted

            

    

     

    The
provisions of this clause 9 are in addition to any other mode of service
permitted by law.

     

    
      	
              10.  

            	
              GOVERNING
      LAW AND JURISDICTION

            

    

     

    
      	
              10.1  

            	
              Governing
      Law

            

    

     

    This
Agreement is governed by the laws applicable in Victoria,
Australia.

     

    
      	
              10.2  

            	
              Jurisdiction

            

    

     

    Each
party irrevocably and unconditionally submits to the non-exclusive jurisdiction
of the courts of Victoria, Australia.

     

    
      	
              11.  

            	
              GENERAL

            

    

     

    
      	
              11.1  

            	
              Duration
      of Provisions

            

    

     

    On
completion of the transactions contemplated in this Agreement, the provisions of
this Agreement will not merge and, to the extent any provision has not been
fulfilled, will remain in force.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	
              11.2  

            	
              Further
      Action

            

    

     

    Each
party must use reasonable efforts to do all things necessary or desirable to
give full effect to this Agreement.

     

    
      	
              11.3  

            	
              Counterparts

            

    

     

    This
Agreement may be executed in any number of counterparts.

     

    
      	
              11.4  

            	
              Alteration

            

    

     

    This
Agreement may be altered only in writing signed by each party.

     

    
      	
              11.5  

            	
              Costs

            

    

     

    Each
party must bear its own costs of negotiating, preparing and executing this
Agreement.

     

    
      	
              11.6  

            	
              Entire
      Agreement

            

    

     

    This
Agreement including its schedules and annexures:

     

    
      	
              (a)  

            	
              constitutes
      the entire Agreement between the parties as to its subject matter;
      and

            

    

     

    
      	
              (b)  

            	
              in
      relation to that subject matter, supersedes any prior understanding or
      Agreement between the parties and any prior condition, warranty, indemnity
      or representation imposed, given or made by a
  party.

            

    

     

    EXECUTED as a
deed.

     

     

    
      
        	      
                EXECUTED by GLOBAL REALTY
      DEVELOPMENT CORPORATION of 11555
      Heron Bay Boulevard (Suite 200) Coral Springs, Florida, USA
      33076

              	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                /s/

              	 	 	
                 

              	 
	
                      
                  Signature

                

              	 	 	
                 

              	 
	
                      
                  ROBERT
      KOHN

                

              	 	 	
                 

              	 
	 	 	 	 	 
	 	 	 	 	 
	      
                Title

              	 	 	 	 

      

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    
       

      
        
          	      
                  EXECUTED by BAYVIEW CONCEPTS PTY LTD ACN
      127 530 885 in a manner authorised by the Corporations Act with the
      authority of the director(s):

                	 	      
                  )

                  )

                  )

                  )

                
	 	 	 
	
                  /s/

                	 	
                   

                
	
                  Signature of Director

                	 	
                  Signature
      of Director/Secretary

                
	
                  ROGER DAVIS

                	 	
                   

                
	 	 	 
	Name
      of Director in full	 	Name
      of Director/Secretary in full
	      
                  [     ]
      Tick here if sole Director and sole Secretary

                	 	      
                  [Delete
      if not
applicable]

                

        

    

    

     

     

     

    
 

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

     

    SCHEDULE
1

     

    Particulars
of Share holding and Notice Details

     

    
      	
              (a)  

            	
              Vendor’s
      Shares in the Company

            

    

    

    
      	
              Vendor

              (legal
      holder)

            	
              Shares

            	
              Beneficial
      owner

            
	
              Global
      Realty Development Corporation

            	
              100

            	 
      

    

    

     

    
      	
              (b)  

            	
              Details
      for Notice

            

    

     

    Vendor:         
Global Realty Development Corporation

    A
Delaware Company incorporated in the USA

    Address:        11555
Heron Bay Boulevard (Suite 200)

    Coral
Springs, Florida, USA 33076

    Facsimile
no:  0011 1 800 899 7114

     

    Purchaser:    Bayview
Concept Pty Ltd ACN 127 530 885

    Address:        159
Union Road,

    Surrey Hills, Victoria, Australia,
3127

    Email:              rogerdavis@domcapaus.com

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    
    

    
      	      
              Dated: 

            	
               2007

            

    

     

     

     

     

     

     

    GLOBAL REALTY DEVELOPMENT
CORPORATION

    a
Delaware Company incorporated in the USA

    

    

    -and-

    

    

    CAPITAL CONCEPTS HOLDINGS
PTY LTD

    ACN 112
981 030

    

     

     

    
      
        

      

    

    

    SALE
OF SHARES AGREEMENT

    [Ausland
Properties SA Pty Ltd 115 469 335]

    

    
      
        

      

       

    

    

    OAKLEY
THOMPSON & CO

    Solicitors
& Consultants

    Level
19

    500
Collins Street

    MELBOURNE  VIC  3000

    AUSTRALIA

    

    Tel: +61
3 9614 3771

    Fax: +61
3 9629 2883

    

    DX 30975
STOCK EXCHANGE

    

    Ref:
PFG:108476-1

    
 

    10Unassociated Document

    EXHIBIT
10.6

     

    BAYVIEW
CONCEPTS PTY. LTD

    12%
SENIOR PROMISSORY NOTE

    

    
      	
              Original
      Principal Amount: U.S.: $4,000,000 US DOLLARS

            	
              Issuance
      Date: December 31, 2007

            
	 
      	 
      
	 
      	 
      

    

    FOR VALUE
RECEIVED, the undersigned, Bayview Concepts Pty. Ltd., an Australian Corporation
(the “Company” or “Payor”), having its
executive office and principal place of business at 159 Union Road, Surrey Hills
3127 Australia, hereby promises to pay to Global Realty Development Corp. (the
“Payee”)  located at 11555 Heron Bay Boulevard, Suite 200, Coral
Springs, Fl. 33076 at Payee's address set forth above (or at such other place as
Payee may from time to time hereafter direct by notice in writing to Payor),
Four Million United States Dollars ($4,000,000), in such coin or currency of the
United States of America as at the time shall be legal tender for the payment of
public and private debts, on or before the first to occur of the following
dates: (i): Two Million United States Dollars ($2,000,000) payable January
31, 2008, (the “First
Maturity Date”) and Two Million United States Dollars ($2,000,000)
payable September 30, 2008, (the “Second Maturity Date”)..

     

    This Note
is being issued in connection with the acquisition of five Australian real
estate corporations on December 31, 2007.

     

    1. Interest and
Payment.

     

    1.1. There is
no interest if the Note is paid by January 31, 2008. All payments of principal
and interest may be made on or before the appropriate due dates.  The
amount of this Note shall bear simple interest at the annual rate (the "Note Rate") of seven
(7%) per cent from February 1st., 2008
through September 30th., 2008
and twelve (12%) percent from October 1st., 2008
through the date of payment, if the sale of the Australian real estate
corporations is extended and not paid in full on or before September 30th.
2008.

     

    1.2. Interest
accrued on this Note shall be paid in cash on the last day of each month and
calculated on the basis of actual days.

     

    1.3. All
payments made by the Payor on this Note shall be applied first to the payment of
accrued unpaid interest on this Note and then to the reduction of the unpaid
principal balance of this Note.

     

    1.4. In the
event that the date for the payment of any amount payable under this Note falls
due on a Saturday, Sunday or public holiday under the laws of the State of New
York, the time for payment of such amount shall be extended to the next
succeeding Business Day and interest at the Note Rate shall continue to accrue
on any principal amount so affected until the payment thereof is made on such
extended due date.

     

    2. Security
and Ranking.

     

    2.1. This Note
and such other Notes (the “Notes”) being issued pursuant to the Purchase
Agreement shall be senior to all current indebtedness of the Company and all
subsidiaries in the future.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    2.2. The
Company shall issue a general corporate guarantee in favor of the
Notes.

     

    3. Optional
Prepayment.  The principal
amount of this Note may be prepaid in whole or in part at any time, at the sole
election of the Company, together with unpaid interest thereon accrued through
the date of such prepayment.

     

    4. INTENTIONALLY
DELETED.

     

    5. Covenants of
Payor.

     

    Payor
covenants and agrees that, so long as this Note remains outstanding and unpaid,
in whole or in part:

     

    5.1. Payor
will not sell, transfer or dispose of a material part of its assets or the
assets of any of its subsidiaries;

     

    5.2. Payor
will not make any loan to any person who is or becomes a shareholder or
executive employee of Payor, other than for reasonable advances for expenses in
the ordinary course of business;

     

    5.3. Payor
will promptly pay and discharge all lawful taxes, assessments and governmental
charges or levies imposed upon it, its income and profits, or any of its
property, before the same shall become in default, as well as all lawful claims
for labor, materials and supplies which, if unpaid, might become a lien or
charge upon such properties or any part thereof; provided, however, that Payor
or such subsidiary shall not be required to pay and discharge any such tax,
assessment, charge, levy or claim so long as the validity thereof shall be
contested in good faith by appropriate proceedings and Payor or such subsidiary,
as the case may be, shall set aside on its books adequate reserves with respect
to any such tax, assessment, charge, levy or claim so contested;

     

    5.4. Payor
will do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence, rights and franchises and
substantially comply with all laws applicable to Payor as its counsel may
advise;

     

    5.5. Payor
will at all times maintain, preserve, protect and keep its property used or
useful in the conduct of its business in good repair, working order and
condition (except for the effects of reasonable wear and tear in the ordinary
course of business) and will, from time to time, make all necessary and proper
repairs, renewals, replacements, betterments and improvements
thereto;

     

    5.6. Payor
will keep adequately insured, by financially sound reputable insurers, all
property, if any, of a character usually insured by similar corporations and
carry such other insurance as is usually carried by similar
corporations;

     

    5.7. Payor
will, promptly following the occurrence of an Event of Default or of any
condition or event which, with the giving of notice or the lapse of time or
both, would constitute an Event of Default, furnish a statement of Payor's Chief
Executive Officer or Chief Financial Officer to Payee setting forth the details
of such Event of Default or condition or event and the action which Payor
intends to take with respect thereto;

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    5.8. Payor
will, and will cause each of its subsidiaries to, at all times maintain books of
account in which all of its financial transactions are duly recorded in
conformance with sound accounting principles;  and

     

    5.9. Notwithstanding
the foregoing, Payor and any subsidiaries of the Payor shall be permitted to
incur indebtedness, including, but not limited to as provided in Section 2
herein, in connection with any financing of the Acquisition Securities, so long
as any recourse to Payor is subordinated to the claims of Payee.

     

    
      6.
Events of
Default.  Each
of the following events shall constitute an "Event of
Default":

    

     

    6.1. The
dissolution of Payor or any vote in favor thereof by the board of directors and
shareholders of Payor;

     

    6.2. Payor
makes an assignment for the benefit of creditors, or files with a court of
competent jurisdiction an application for appointment of a receiver or similar
official with respect to it or any substantial part of its assets, or Payor
files a petition seeking relief under any provision of the Federal Bankruptcy
Code or any other federal or state statute now or hereafter in effect affording
relief to debtors, or any such application or petition is filed against Payor,
which application or petition is not dismissed or withdrawn within sixty (60)
days from the date of its filing;

     

    6.3. Payor
fails to pay the principal amount, or interest on, or any other amount payable
under this Note as and when the same becomes due and payable; except, in the
case of a failure to pay any interest when and as due, in which case only if
such failure continues for a period of at least ten (10) Business
Days;

     

    6.4. Payor
sells all or substantially all of its assets or merges or is consolidated with
or into another corporation; other than a merger with or into a publicly traded
corporation;

     

    6.5. A final
judgment for the payment of money in excess of $2,000,000 is entered against
Payor by a court of competent jurisdiction, and such judgment is not discharged
(nor the discharge thereof duly provided for) in accordance with its terms, nor
a stay of execution thereof procured, within sixty (60) days after the date such
judgment is entered, and, within such period (or such longer period during which
execution of such judgment is effectively stayed), an appeal therefrom has not
been prosecuted and the execution thereof caused to be stayed during such
appeal;

    

    6.6. Payor
defaults in the due observance or performance of any covenant, condition or
agreement on the part of Payor to be observed or performed pursuant to the terms
of this Note (other than the default specified in Section 6.3 above) and such
default continues uncured for a period of thirty (30) days after written notice
of such default shall have been given to Payor by Payee then, upon the
occurrence of any such Event of Default under this Section and any of the
sections above and at any time thereafter, Payee shall have the right (at
Payee's option), upon delivery of written notice to Payor which expressly
identifies the nature of default under this Section or any of the sections
above, to declare the principal of, accrued unpaid interest on, and all other
amounts payable under this Note to be forthwith due and payable, whereupon all
such amounts shall be immediately due and payable to Payee, without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly
waived.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    6.7. Payor
fails to pay the principal amount, or interest on, or any other amount payable
under this Note as and when the same becomes due and payable (as specified in
Section 6.3 above), then the Company will pay the Payee a default interest rate
of the Note Rate plus two (2%) per annum on all amounts due and owing until the
Event of Default is cured.  The default interest rate shall cease to
accrue hereunder as of the date Payor has cured such Event of
Default.

     

    6.8. Any event
of default occurs on any other senior indebtedness of Payor or subsidiary
indebtedness to which the Payor is a guarantor.  Any default occurs
under any indebtedness of the Company, exclusive of the Acquisition Securities,
that results in redemption of or acceleration prior to maturity of $2,000,000 or
more of such indebtedness in the aggregate.

     

    6.9. Payor
creates, incurs, assumes or suffers to exist any pledge, hypothecation,
assignment, deposit arrangement, lien, charge, claim, or security interest,
mortgage, deed of trust, easement or encumbrance, or preference, priority or
other security agreement or preferential arrangement of any kind or nature
whatsoever (including any lease or title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing, or
Payor issues any debt, equity or other instrument which would give the holder
thereof, directly or indirectly, a right in any asset of Payor that are senior
or superior to any right of the Payee in or to such assets, other than as
expressly permitted herein.

     

    
      7. Replacement of
Note.

    

     

    7.1. In the
event that this Note is mutilated, destroyed, lost or stolen, Payor shall, at
its sole expense, execute, register and deliver a new Note, in exchange and
substitution for this Note, if mutilated, or in lieu of and substitution for
this Note, if destroyed, lost or stolen.  In the case of destruction,
loss or theft, Payee shall furnish to Payor indemnity reasonably satisfactory to
Payor, and in any such case, and in the case of mutilation, Payee shall also
furnish to Payor evidence to its reasonable satisfaction of the mutilation,
destruction, loss or theft of this Note and of the ownership
thereof.  Any replacement Note so issued shall be in the same
outstanding principal amount as this Note and dated the date to which interest
shall have been paid on this Note or, if no interest shall have yet been paid,
dated the date of this Note.

     

    7.2. Every
Note issued pursuant to the provisions of Section 7.1 above in substitution for
this Note shall constitute an additional contractual obligation of the
Payor.

    

    8. Suits for
Enforcement and Remedies.  If any one or
more Events of Default shall occur and be continuing, the Payee may proceed to
(i) protect and enforce Payee's rights either by suit in equity or by
action at law, or both, whether for the specific performance of any covenant,
condition or agreement contained in this Note or in any agreement or document
referred to herein or in aid of the exercise of any power granted in this Note
or in any agreement or document referred to herein, (ii) enforce the
payment of this Note, or (iii) enforce any other legal or equitable right
of Payee.  No right or remedy herein or in any other agreement or
instrument conferred upon Payee is intended to be exclusive of any other right
or remedy, and each and every such right or remedy shall be cumulative and shall
be in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or by statute or otherwise.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    9. Unconditional Obligation;
Fees, Waivers, Other.

     

    9.1. The
obligations to make the payments provided for in this Note are absolute and
unconditional and not subject to any defense, set-off, counterclaim, rescission,
recoupment or adjustment whatsoever.

     

    9.2. If,
following the occurrence of an Event of Default, Payee shall seek to enforce the
collection of any amount of principal of and/or interest on this Note, there
shall be immediately due and payable from Payor, in addition to the unpaid
amount, all reasonable costs and expenses incurred by Payee in connection
therewith, including, without limitation, reasonable attorneys' fees and
disbursements.

     

    9.3. No
forbearance, indulgence, delay or failure to exercise any right or remedy with
respect to this Note shall operate as a waiver or as an acquiescence in any
default, nor shall any single or partial exercise of any right or remedy
preclude any other or further exercise thereof or the exercise of any other
right or remedy.

     

    9.4. This Note
may not be modified or discharged (other than by payment or exchange) except by
a writing duly executed by Payor and Payee.

     

    9.5. Payor
hereby expressly waives demand and presentment for payment, notice of
nonpayment, notice of dishonor, protest, notice of protest, bringing of suit,
and diligence in taking any action to collect amounts called for hereunder, and
shall be directly and primarily liable for the payment of all sums owing and to
be owing hereon, regardless of and without any notice, diligence, act or
omission with respect to the collection of any amount called for hereunder or in
connection with any right, lien, interest or property at any and all times which
Payee had or is existing as security for any amount called for
hereunder.

     

    10. Restriction
on Transfer.  This Note has
been acquired for investment, and this Note has not been registered under the
securities laws of the United States of America or any state
thereof.  Accordingly, no interest in this Note may be offered for
sale, sold or transferred in the absence of registration and qualification of
this Note, under applicable federal and state securities laws or an opinion of
counsel of Payee reasonably satisfactory to Payor that such registration and
qualification are not required.

     

    11. Miscellaneous.

     

    11.1. The
headings of the various paragraphs of this Note are for convenience of reference
only and shall in no way modify any of the terms or provisions of this
Note.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    11.2. All
notices required or permitted to be given hereunder shall be in writing and
shall be deemed to have been duly given when personally delivered or sent by
registered or certified mail (return receipt requested, postage prepaid), or
overnight courier to the address of the intended recipient as set forth in the
preamble to this Note or at such other address as the intended recipient shall
have hereafter given to the other party hereto pursuant to the provisions of
this Note.

     

    11.3. This Note
and the obligations of Payor and the rights of Payee shall be governed by and
construed in accordance with the substantive laws of the State of Florida
without giving effect to the choice of laws rules thereof.

     

    11.4. This Note
shall bind Payor and its successors and assigns.

     

    
      
        	 	      
                Bayview
      Concepts Pty. Ltd., an Australian
    Corporation

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ 	 
	 	 	      
                Name: Roger
      Davis

              	 
	 	 	      
                Title:
      Chief
      Executive Officer

              	 
	 	 	 	 

      

    

     

     

     

     

     

     

    6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}]]