Document:

Exhibit 10.7

Exhibit 10.7 

 

 

 

PURCHASE AND SALE AGREEMENT 

 

BETWEEN 

DYNAMIC GRAVEL HOLDINGS LTD. 

AND 

FARSHAD SHIRVANI 

 

 

 

Dated as of the 8th day of January, 2008 

 

80 

PURCHASE AND SALE AGREEMENT 

THIS AGREEMENT made as of the 8th day of January, 2008

BETWEEN: 

DYMANIC GRAVEL HOLDINGS LTD., a
company existing under the laws of the Province of Alberta and having its head
office at 506 – 675 West Hastings Street, Vancouver, British Columbia, V6B 1N2

(the “Purchaser”) 

AND: 

FARSHAD SHIRVANI, businessman
and having an office located at 1405 – 675 West Hastings Street, Vancouver,
British Columbia, V6B 1N2 

(the “Vendor”) 

W H E R E A S: 

	A. 	The Vendor is the registered and beneficial owner of a 100% interest
      in two gravel claims, known as the Northern Gravel claim and the Super
      Mammoth Gravel claim, located along the British Columbia coast which
      claims are more particularly described in Schedule “A” to this Agreement
      (collectively, the “Claims”); 
	 	 
	B. 	The Vendor has agreed to sell to the Purchaser, and the Purchaser has
      agreed to purchase from the Vendor, a 100% right, title and interest in
      and to the Claims upon the terms and conditions hereinafter set forth;
  

THIS AGREEMENT WITNESSES THAT in consideration of the
respective covenants, agreements, representations, warranties and indemnities of
the parties herein contained and for other good and valuable consideration (the
receipt and sufficiency of which are acknowledged by each party), the parties
agree as follows: 

	1. 	VENDOR’S REPRESENTATIONS 
	 	 	 
	1.1 	The Vendor represents and warrants to the Purchaser that:
  
	 	 	 
		(a) 	the Vendor is the recorded and beneficial owner of a 100% interest in
      the Claims and holds the right to transfer all right, title and interest
      to the Claims; 
	 	 	 
		(b) 	the Claims are free and clear of all liens, charge(s), encumbrances
      and claims of others, and the Vendor has a free and unimpeded right of
      access to the Claims and has use of the Claims surface for the herein
      purposes; 
	 	 	 
		(c) 	the Claims have been validly located and are now duly recorded
      pursuant to the laws of the Province of British Columbia and are in good
      standing in accordance with the laws of the Province of British Columbia
      as of the date of this Agreement; 
	 	 	 
		(d) 	there are no adverse claims or challenges against or to the Vendor’s
      ownership of or title to his interest in the Claims nor to the knowledge
      of the Vendor is there any basis therefor, and there are no outstanding
      agreements or options to acquire or purchase the Claims or any portion
      thereof; 
	 	 	 
		(e) 	the Vendor has the full right, authority and capacity to enter into
      this Agreement without first obtaining the consent of any other person or
      body corporate and the consummation of the 

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	 		transaction herein contemplated will not conflict with or
      result in any breach of any covenants or agreements contained in, or
      constitute a default under, or result in the creation of any encumbrance
      under the provisions of any indenture, agreement or other instrument
      whatsoever to which the Vendor is a party or by which he is bound or to
      which he is subject; 
	 	 	 	 
	 	(f) 	no proceedings are pending for, and the Vendor is unaware of
      any basis for, the institution of any proceedings which could lead to the
      placing of himself in bankruptcy, or in any position similar to
      bankruptcy; 
	 	 	 	 
	 	(g) 	the entering into this Agreement does not conflict with any
      applicable laws nor does it conflict with, or result in a breach of or
      accelerate the performance required by any contract or other commitment to
      which it is party or by which it is bound; 
	 	 	 	 
	 	(h) 	it has the exclusive right to enter into this Agreement and
      all necessary authority to sell to the Purchaser a 100% right, title and
      interest in and to the Claim’s in accordance with the terms and conditions
      of this Agreement; 
	 	 	 	 
	 	(i) 	it has the exclusive right to receive 100% of the proceeds
      from the sale of gravel, sand, minerals, metals, ores or concentrates
      removed from the Claims and no person, firm or corporation is entitled to
      any royalty or other payment in the nature of rent or royalty on such
      materials removed from the Claims or is entitled to take such materials in
      kind; 
	 	 	 	 
	 	(j) 	reclamation and rehabilitation of those parts of the Claims
      which have been previously worked by the Vendor, if any, have been
      properly completed in compliance with all applicable laws and the Vendor
      hereby covenants and agrees to save the Purchaser harmless from and
      against any loss, liability, claim, demand, damage, expense, injury or
      death arising out of or in connection with the operations or activities
      which were carried out on the Claims by the Vendor prior to the Closing
      Date (as herein after defined); 
	 	 	 	 
	 	(k) 	to the best of its knowledge and belief after having made
      reasonable enquiry, reclamation and rehabilitation of those parts of the
      Claims which have been previously worked by persons other than the Vendor,
      if any, have been properly completed in compliance with all applicable
      laws by such other persons, or if not so completed, the Vendor has used
      its best efforts to mitigate the damage to the environment resulting from
      such previous work; 
	 	 	 	 
	 	(l) 	without limiting the generality of subparagraphs 1.1(j) and
      (k), to the best of the Vendor’s knowledge, its contractors, if any,

	 	 	 	 
	 		(i) 	have operated the Claims and have at all times received, handled,
      used, stored, treated, shipped and disposed of all environmental or
      similar contaminants in strict compliance with all applicable
      environmental, health or safety laws, regulations, orders or approvals,
      and 
	 	 	 	 
	 		(ii) 	have removed from and off the Claims all environmental or similar
      contaminants; 
	 	 	 	 
	 	(m) 	to the best of the Vendor’s knowledge there are no orders or
      directions relating to environmental or similar matters requiring any
      work, repairs, construction or capital expenditures with respect to the
      Claims and the conduct of the business related thereto, nor has the Vendor
      received any notice of such; 

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	 	(n) 	to the best of the Vendor’s knowledge no hazardous or toxic
      materials, substances, pollutants contaminants or wastes have been
      released by the Vendor’s contractors into the environment, or deposited,
      discharged, placed or disposed of at, on or near the Claims as a result of
      the contractor’s operations carried out on the Claims; 
	 	 	 	 
	 	(o) 	to the best of the Vendor’s knowledge: 
	 	 	 	 
	 		(i) 	no notices of any violation or apparent violation of any of the
      matters referred to in subparagraphs 1.1(k) through 1.1(n) relating to the
      Claims or its use have been received by the Vendor; and 
	 	 	 	 
	 		(ii) 	there are no writs, injunctions, orders or judgements outstanding, no
      law suits, claims, proceedings or investigations pending or threatened,
      relating to the use, maintenance or operation of the Claim, whether
      related to environmental or similar matters, or otherwise, nor, to the
      knowledge of the Vendor, is there any basis for such law suits, claims,
      proceedings or investigations being instituted or filed; and 
	 	 	 	 
	 	(p) 	it has advised the Purchaser of all the material information
      relating to the mineral potential of the Claims of which the Vendor has
      knowledge; 
	 	 	 	 
	 	(q) 	the Vendor has complied with all laws, statutes, ordinances,
      regulations, rules, judgments, decrees or orders applicable to the Claims.
      Schedule ”A” sets out a complete and accurate list of the Claims held by
      or granted to the Vendor, and there are no other licences, permits,
      approvals, consents, certificates, registrations or authorizations
      necessary to own or lease any of the Claims. Each Claim is valid,
      subsisting and in good standing and the Vendor is not in default or breach
      of any Claim and, to the knowledge of the Vendor, no proceeding is pending
      or threatened to revoke or limit any Claim. The Vendor has provided a true
      and complete copy of each Claim and all amendments thereto to the
      Purchaser; 
	 	 	 	 
	 	(r) 	there are no outstanding liabilities for taxes payable,
      collectible or remittable by the Vendor, whether assessed or not, which
      may result in an encumbrance on or other claim against or seizure or sale
      of all or any part of the Claims or would otherwise adversely affect the
      Claims or would result in the Purchaser becoming liable or responsible
      therefor. There are no actions, suits, proceedings, investigations or
      claims pending or threatened against the Vendor in respect of the taxes or
      Claims which may result in an encumbrance on or other claim against or
      seizure or sale of any of the Claims or liability or responsibility on the
      part of the Purchaser for taxes payable, collectible or remittable by the
      Vendor nor are any material matters under discussion with any governmental
      authority relating to taxes; 
	 	 	 	 
	 	(s) 	there are no actions, suits or proceedings (whether or not
      purportedly on behalf of the Vendor) pending or, to the best knowledge of
      the Vendor, after due enquiry, threatened against or affecting the Vendor
      at law or in equity or before or by any federal, provincial, municipal or
      other governmental department, court, commission, board, bureau, agency or
      instrumentality, domestic or foreign, or before or by an arbitrator or
      arbitration board. The Vendor is not aware of any ground on which any such
      action, suit or proceeding might be commenced with any reasonable
      likelihood of success; 
	 	 	 	 
	 	(t) 	the Vendor is not a non-resident of Canada for the purposes
      of the Income Tax Act (Canada); and 

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	 	(u) 	neither this Agreement nor any document to be delivered by the Vendor
      nor any certificate, report, statement or other document furnished by the
      Vendor in connection with the negotiation of this Agreement contains or
      will contain any untrue statement of a material fact or omits or will omit
      to state a material fact necessary to make the statements contained herein
      or therein not misleading. There has been no event, transaction or
      information that has come to the attention of the Vendor that has not been
      disclosed to the Purchaser in writing that could reasonably be expected to
      have a material adverse effect on the Claims. 

	1.2 	The representations and warranties hereinbefore set out are conditions
      upon which the Purchaser has relied on entering into this Agreement and
      shall survive the sale and purchase of the Claims, and the Vendor hereby
      forever indemnifies and saves Vendor harmless from all loss, damage,
      costs, actions and suits arising out of or in connection with any breach
      of any representation or warranty made by it and contained in this
      Agreement. 

	2. 	PURCHASER’S REPRESENTATIONS 

The Purchaser warrants and represents to the Vendor that it is
a body corporate, duly incorporated under the laws of the Province of Alberta
with full power and absolute capacity to enter into this Agreement and that the
terms of this Agreement have been authorized by all necessary corporate acts and
deeds in order to give effect to the terms hereof. 

	3. 	SALE OF CLAIMS 

	3.1 	The Vendor hereby sells a 100% right, title and interest in and to the
      Claims to the Purchaser and the Purchaser hereby purchases the Claims from
      the Vendor in consideration of the Purchaser paying $25,000 USD cash to
      the Vendor, the receipt of which the Vendor hereby acknowledges. 
	 	 
	3.2 	The Purchaser shall be liable for and shall pay all federal and
      provincial sales taxes (including any GST, retail sales taxes and land
      transfer taxes) and all other taxes, duties, fees or other like charges of
      any jurisdiction properly payable in connection with the transfer of the
      Claims by the Vendor to the Purchaser. 
	 	 
	3.3 	Subject to the provisions of this Agreement, the Purchaser agrees to
      assume, pay, satisfy, discharge, perform and fulfil, from and after the
      Closing Date, only those outstanding obligations and liabilities of the
      Vendor which, by their terms, are to be paid, satisfied, discharged,
      performed and fulfilled at and after the Closing Date under the licences,
      permits, approvals, consents, registrations, certificates and other
      authorizations relating to the Claims. 
	 	 
	3.4 	For greater certainty, and without limiting the generality of the
      foregoing, the Vendor shall remain liable for and shall pay, satisfy,
      discharge, perform and fulfil, all other obligations and liabilities of
      the Vendor, including, without limitation, the obligations and liabilities
      of the Vendor under any liability for taxes payable, collectible or
      remittable by the Vendor in respect of the Claims, provided that taxes
      levied with respect to the Claims for a taxable period that includes but
      does not end on the Closing Date shall be apportioned between the Vendor
      and the Purchaser such that the Vendor shall be liable for the amount
      determined by multiplying the taxes to be apportioned by a fraction, the
      numerator of which is the number of days in the taxable period up to and
      including the Closing Date and the denominator of which is the total
      number of days in the period, and the Purchaser shall be liable for the
      balance; and 
	 	 
	3.5 	The Vendor shall deliver to the Purchaser all necessary deeds,
      conveyances, bills of sale, assurances, transfers, assignments and any
      other documentation necessary or reasonably required to transfer the
      Claims to the Purchaser with a good and marketable title, free and clear
      of all encumbrances whatsoever. 

84 

	4. 	CLOSING 

     The sale and purchase of the
interest in the Claims shall occur on the date of this Agreement (the
“Closing Date”) at the offices of the Purchaser located at 506 - 675 West
Hastings Street, Vancouver, British Columbia, or such other place and time
acceptable to both parties. 

	5. 	FORCE MAJEURE 

     If the Purchaser is prevented
from or delayed in complying with any provisions of this Agreement by reason of
strikes, labour disputes, lockouts, labour shortages, power shortages, fires,
wars, acts of God, governmental regulations restricting normal operations or any
other reason or reasons beyond the control of the Purchaser, the time limited
for the performance of the various provisions of this Agreement as set out above
shall be extended by a period of time equal in length to the period of such
prevention and delay, and the Purchaser, insofar as is possible, shall promptly
give written notice to the Vendor of the particulars of the reasons for any
prevention or delay under this section, and shall take all reasonable steps to
remove the cause of such prevention or delay and shall give written notice to
the Vendor as soon as such cause ceases to exist. 

	6. 	ENTIRE AGREEMENT 

     This Agreement constitutes the
entire agreement to date between the parties hereto and supersedes every
previous agreement, communication, expectation, negotiation, representation or
understanding, whether oral or written, express or implied, statutory or
otherwise, between the parties with respect to the subject matter of this
Agreement. 

	7. 	NOTICE 

	7.1 	Any notice required to be given under this Agreement shall be deemed
      to be well and sufficiently given if delivered to the address for each
      party first noted above. 
	 	 
	7.2 	Either party may from time to time by notice in writing change its
      address for the purpose of this paragraph. 

	8. 	RELATIONSHIP OF PARTIES 

     Nothing contained in this
Agreement shall, except to the extent specifically authorized hereunder, be
deemed to constitute either party a partner, agent or legal representative of
the other party. 

	9. 	FURTHER ASSURANCES 

     This Agreement constitutes the
legal transfer by the Vendor of title to, and property in, the Claims to the
Purchaser on the date hereof. The Vendor shall, from time to time as and when
requested by the Purchaser, and at the expense of the Purchaser, do, execute and
cause to be made, done and executed all such further documents, assignments and
assurances that may be necessary and that may be reasonably required by the
Purchaser for more completely and effectively vesting the Claims in the
Purchaser and whether for the purpose of registration or otherwise. The parties
hereby agree that they will execute all such documents, instruments and
agreements and perform such further acts and supply to any federal or provincial
taxing authority such information as may be necessary from time to time to carry
out the terms and intent of this Agreement. 

	10. 	TIME OF ESSENCE 

     Time shall be of the essence of
this Agreement. 

85 

	11. 	TITLES 

     The headings appearing in this
Agreement have been inserted for reference and as a matter of convenience only
and in no way define, limit or enlarge the scope or meaning of this Agreement or
any of its provisions. 

	12. 	CURRENCY 

     All funds referred to under the
terms of this Agreement shall be funds designated in the lawful currency of the
United States of America. 

	13. 	NONSEVERABILITY 

     This Agreement shall be
considered and construed as a single instrument and the failure to perform any
of the terms and conditions in this Agreement shall constitute a violation or
breach of the entire instrument or Agreement and shall constitute the basis for
cancellation or termination. 

	14. 	APPLICABLE LAW 

     The situs of the Agreement is
Vancouver, British Columbia, and for all purposes this Agreement will be
governed exclusively by and construed and enforced in accordance with the laws
prevailing in the Province of British Columbia. 

	15. 	ENUREMENT 

     This Agreement shall enure to the
benefit of and be binding upon the parties hereto and their respective heirs,
executors, administrators, successors and assigns. 

COUNTERPARTS 

     This Agreement may be executed in
several parts, and by facsimile, in the same form and such parts so executed
shall together constitute one original Agreement and such parts, if more than
one, shall be read together and construed as if all the signing parties hereto
had executed one copy of this Agreement. 

     IN WITNESS WHEREOF
this Agreement has been executed as of the day and year first above
written. 

DYNAMIC GRAVEL HOLDINGS LTD. 

PER: 

/ s / Tim Coupland 
Tim Coupland, President

	/ s / Farshad
      Shirvani 	 	/ s / Ann-Marie Cederholm 	 
	FARSHAD SHIRVANI 	 	Witness to signature of Farshad Shirvani 	 
	 	 	 	 
	 	 	Name: Ann-Marie Cederholm 	 
	 	 	 	 
	 	 	Address: 506-675 West Hastings Street 	 
	 	 	                   Vancouver,
      BC V6B-1N2 	 

86 

SCHEDULE “A” 

TO THAT CERTAIN AGREEMENT MADE AS OF JANUARY 8, 2008

BETWEEN DYNAMIC GRAVEL HOLDINGS LTD. 
AND FARSHAD SHIRVANI

The Claims are located at Lloyd Point in the east arm of Toba
Inlet situated 50 kilometers east of Campbell River, British Columbia and 28
kilometers north of Powell River on the British Columbia mainland and has the
following description: 

	Tenure
      Name 	Type 	Claim Name 	Good Until 	Area (ha) 
	544952 	Mineral 	Northern Gravel 	2014-11-06 	124.118 
	549843 	Mineral 	Super Mammoth 5 	2015-01-19 	124.118 
	  	 
    	 
    	 
    	248.236 

87ex10-1.htm

    
      

    

    Exhibit
10.1

    

    Description
of Prudential Savings Bank's Fiscal 2008 Directors' Compensation

    

    Compensation to directors for their
service on the Board of Directors is paid by Prudential Savings Bank (the
"Bank"), the wholly-owned subsidiary of Prudential Bancorp, Inc. of Pennsylvania
(the "Company").  The Company does not pay separate compensation to
its directors for their service on the Company's Board of
Directors.  For fiscal 2008, members of the Bank's Board of Directors
will receive an annual retainer of $21,600 per annum, plus an additional fee for
Special Meetings at a rate of $1,800 per meeting.  Members of the
Audit Committee, Executive Committee, Compensation Committee and Budget/Finance
Committee will receive fees of $800 per meeting attended.  As Chairman
of the Board, Mr. Packer will receive an annual retainer of $71,145 in addition
to standard board and committee meeting fees.  Mr. Judge will receive
an additional $5,100 per year for service as chairman of the Bank's Finance
Committee.  As solicitor of the Bank, Mr. Balka will receive an annual
retainer of $46,000.  Mr. Balka also will receive the normal meeting
fees for service on the Executive Committee and the normal annual Board retainer
of $21,600.

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