Document:

Exhibit 10

Exhibit 10.5

COVENANT NOT TO COMPETE

This Covenant Not to Compete, effective the 1st day of July, 2004, between Seller and Purchaser:

1.

Recitals. The parties to this Covenant Not to Compete hereby make the following declarations.

a.

That in connection with the execution of the Covenant Not to Compete, the parties have entered into a Business Transfer Agreement for the sale of the Business Assets of a business owned by Seller and known as Burger Time.

b.

That pursuant to the terms and conditions of the Business Transfer Agreement, the parties have agreed to limi the future business activities of Seller, Douglas R. Geeslin and Ralph B. Nordick

2.

Definitions. For the purposes of this Covenant Not to Compete: 

a.

"Purchaser" shall mean Burger Time Acquisition Corporation, a corporation organized under the laws of the State of Minnesota, whose mailing address is 13828 Lincoln Street NE, Ham Lake, Minnesota 55304.

b.

"Seller" shall mean Burger Time Corporation, a corporation organized under the laws of the State of North Dakota, whose mailing address is 675 12th Avenue NE, West Fargo, North Dakota 58078.

c.

“Doug Geeslin” shall mean Douglas R. Geeslin, whose mailing address is 1052 Sunset Boulevard, P.O. Box 1015, Hawley, Minnesota 56549.

d.

“Ralph Nordick” shall mean Ralph B. Nordick, whose mailing address is 2457 West Country Club Drive, Fargo, North Dakota 58103.

e.

“Burger Time Parties” shall collectively mean Seller, Douglas R. Geeslin and Ralph B. Nordick.

f.

"Covenant Not to Compete" shall mean this Covenant Not to Compete between Seller, Douglas R. Geeslin, Ralph B. Nordick and Purchaser.

g.

"Business Transfer Agreement" shall mean the Business Transfer Agreement, dated July 1, 2004, between Seller and Purchaser.

h.

“Note” shall mean that certain promissory note of a date even herewith in original principal amount of Three Hundred Thousand and 00/100 ($300,000.00) Dollars given by Purchaser as Borrower to Seller as Lender in connection with the Business Transfer Agreement.

i.

“Contracts for Deed” shall mean the contracts for deed relating to ten (10) parcels of real estate entered into by Seller and Purchaser as of the date hereof in connection with the execution of the Business Transfer Agreement.

3.

Acknowledgment of Burger Time Parties.  Each of the Burger Time Parties acknowledges that:

a.

The promises and restrictive covenants that each of the Burger Time Parties is providing in this Covenant Not to Compete are reasonable and necessary to the protection of Purchaser’s business and the Purchaser’s legitimate interests in its acquisition of the Business Assets pursuant to the Business Transfer Agreement;

b.

Each of the Burger Time Parties will receive a substantial benefit from the consummation of the transactions contemplated by the Business Transfer Agreement; and,

c.

The execution and delivery of this Covenant Not to Compete by each of the Burger Time Parties is a material inducement to the willingness of the Purchaser to enter into the Business Transfer Agreement, and is a condition to the obligations of the Purchaser to consummate the transactions contemplated by the Business Transfer Agreement.

4.

Covenant Not to Compete.  The Burger Time Parties agree that it or he, respectively, shall not at any time within the three (3) year period beginning July 1, 2004, and ending June 30, 2007, directly or indirectly engage in, or have any interest in, whether as an officer, director, stockholder, owner, salesperson, co-owner, partner, trustee, promoter, technician, engineer, analyst, employee, agent, representative, distributor, supplier, investor, lender, consultant, advisor or manager of or to, any person, firm, corporation, or business (whether as an employee, officer, director, agent, security holder, creditor, consultant, or otherwise) that engages in, any activity in any of the states of North Dakota, South Dakota, Minnesota or Iowa, which is the same as, similar to, or competitive with any activity now engaged in by Seller in any of these states so long as the Purchaser shall engage in this activity in such states. 

5.

Remedies for Breach.  Each of the Burger Time Parties acknowledges that the restrictions set forth in Paragraph 4 are reasonably necessary to protect the legitimate business interests of Purchaser.  It is understood that if any of the Burger Time Parties violates its or his obligations under Paragraph 4, Purchaser would suffer irreparable harm for which a recovery of money damages would be an incomplete and inadequate remedy.  It is therefore agreed that Purchaser, in addition to any remedies at law, shall be entitled, as a matter of right, in any court of competent jurisdiction, to a mandatory injunction restraining any and each of the Burger Time Parties pending litigation, as well as upon final determination thereof, from violating this Covenant Not to Compete, and each of the Burger Time Parties waives the requirement that Purchaser provide any bond as a condition precedent to obtaining such relief.

6.

Additional Remedies; Liquidated Damages.  Purchaser may pursue any remedies available to it on account of a breach, or threatened breach, of this Covenant Not to Compete, including monetary damages and the recovery of costs and reasonable attorneys’ fees incurred by Purchaser in enforcing its rights under this Covenant Not to Compete.  Purchaser and each of the Burger Time Parties agree that, at the time of entering into this Covenant Not to Compete, Purchaser and each of the Burger Time Parties believe that actual damages would be difficult to ascertain in the event of a breach of this Covenant Not to Compete by any of the Burger Time Parties.  As a result, each of the Burger Time Parties hereby agrees that, in addition to Purchaser’s obtaining injunctive or other equitable relief in accordance with Paragraph 5 and in addition to any other relief available to Purchaser, the remedies available to Purchaser for a breach of this Covenant Not to Compete by any of the Burger Time Parties shall include liquidated damages in favor of Purchaser in the amount of One Hundred Thousand and 00/100 ($100,000.00) Dollars (the “Liquidated Damage Amount”).  At the election of Purchaser, the Liquidated Damage Amount:

a.

Shall first be deducted from any amounts owed to Seller under the Note, if any amounts remain outstanding on the Note at the time of breach of this Covenant Not to Compete; and,

b.

Thereafter, shall be deducted pro-rata from any amounts owed to Seller under the Contracts for Deed.   Each of the Burger Time Parties agree that the foregoing is not grossly disproportionate to the damages that would be expected to flow from a breach of this Covenant Not to Compete by any of the Burger Time Parties.

7.

Enforcement.  If, at the time of enforcement of this Covenant Not to Compete, a court of competent jurisdiction shall hold that any of the duration, scope or area of any restriction stated here are unreasonable under the circumstances then existing, Purchaser and each of the Burger Time Parties hereby agree that the court may substitute such maximum restrictions reasonable under the circumstance for the restrictions stated herein.

8.

Severability and Interpretation.  If any provision of this Covenant Not to Compete is held invalid by a court of competent jurisdiction, the remaining provisions will remain enforceable according to their respective terms.  This Covenant Not to Compete shall be interpreted, governed and construed according to the substantive laws of the State of North Dakota without regard to the choice of law provisions of any jurisdiction.

9.

Waiver.  The waiver by Purchaser of a breach of any provision of this Covenant Not to Compete by any of the Burger Time Parties shall not operate or be construed as a waiver of any subsequent breach of any of the Burger Time Parties, nor shall it constitute a waiver of any breach by any of the other Burger Time Parties, nor shall it constitute a waiver of any rights of Purchaser hereunder with respect to other provisions or violations of this Covenant Not to Compete.

10.

Binding Effect.  The terms and provisions of this Covenant Not to Compete shall be binding on the parties hereto and their respective heirs, executors, administrators, legal or personal representatives, successors and assigns.

11.

Notice.  Any notice required to be given by this Covenant Not to Compete shall be sufficient upon mailing, if in writing and sent by registered or certified mail, return receipt requested, to the last known address of the party to whom given.

12.

Amendment.  This Covenant Not to Compete may be altered or amended only by an agreement in writing signed by all parties.

13.

Contingency.  This Covenant Not to Compete shall automatically terminate and the restrictions of Paragraph 4 released, upon default or breach by Seller of any of its obligations under the Note, Contracts for Deed or Business Transfer Agreement.  The termination of this Covenant Not to Compete pursuant to this Paragraph shall in no way release or impair the obligations of any of the Burger Time Parties arising prior to such termination, including any obligations of the Burger Time Parties under Paragraph 6.

/s/  Ralph B. Nordick

Ralph B. Nordick

/s/  Douglas R. Geeslin

Douglas R. Geeslin

BURGER TIME CORPORATION,   Seller 

  By  /s/  Douglas R. Geeslin

Douglas R. Geeslin, 

President and Secretary

BURGER TIME ACQUISITION CORPORATION,   Purchaser 

   By  /s/  Mark Buckrey

Mark Buckrey, 

Chief Financial OfficerExhibit 10

Exhibit 10.6

PERSONAL GUARANTY

This Guaranty effective the 1st day of July, 2004, from Guarantor to Lender:

(1)

Definitions.  For the purposes of this Guaranty:  

(a)

"Guarantor" shall mean Gary Copperud, whose mailing address is 1234 Trappers Point, Fort Collins, Colorado 80524.

(b)

"Lender" shall mean Burger Time Corporation, a corporation organized under the laws of the State of North Dakota, whose mailing address is 675 12th Avenue NE, West Fargo, North Dakota 58078.

(c)

"Borrower" shall mean Burger Time Acquisition Corporation, a corporation organized under the laws of the State of Minnesota, whose mailing address is 13828 Lincoln Street NE, Ham Lake, Minnesota 55304.

(d)

"Business Transfer Agreement" shall mean the agreement between Lender and Borrower for the sale of the business enterprise known as Burger Time.

(e)

"Guaranty" shall mean this personal guaranty of the Indebtedness by Guarantor.

(f)

"Indebtedness" shall mean the following obligations of Borrower:

1.

Promissory Note of Borrower given to Lender in the original principal amount of Three Hundred Thousand and 00/100 ($300,000.00) Dollars;

2.

Promissory Note of Borrower given to Lender in the original principal amount of Three Hundred Thousand and 00/100 ($300,000.00) Dollars if the total purchase price under the Business Transfer Agreement is not paid full by November 12, 2004;

3.

Contract for Deeds for the Business dated July 1, 2004 between Lender as vendor and Borrower as vendee; and,

4.

Any other liabilities and obligations of Borrower to Guarantor, due or to become due, direct or indirect, absolute or contingent, and now existing or hereafter at any time arising under any of the foregoing.

(g)

"Business" shall mean the fast food restaurant businesses known as Burger Time, which are located at:

1.

Fargo, North Dakota;

2.

Bismarck, North Dakota;

3.

Minot, North Dakota;

4.

Grand Forks, North Dakota;

5.

Moorhead, Minnesota;

6.

Detroit Lakes, Minnesota;

7.

Elk River, Minnesota;

8.

Waite Park, Minnesota;

9.

Sioux City, Iowa; and,

10.

Sioux Falls, South Dakota.

(2)

Guaranty.  In order to induce Lender to enter into the Business Transfer Agreement, and as additional security to secure to Lender payment of the Indebtedness owed by Borrower, Guarantor does hereby absolutely and unconditionally guarantee to Lender the full and prompt payment when due, whether at maturity or earlier by reason of acceleration or otherwise, of the Indebtedness.

(3)

Unconditional Nature of Guaranty.  This Guaranty is absolute and unconditional in that:

(a)

No act or thing need occur to establish the liability of the Guarantor.

(b)

No act or thing, except full payment and discharge of the Indebtedness, shall in any way exonerate the Guarantor or modify, reduce, limit or release the liability of the Guarantor.

(c)

This Guaranty is unconditional and continuing and shall remain in force and be binding upon the Guarantor, until all of the Indebtedness is paid in full.

(d)

The death or incompetence of the Guarantor shall not revoke this Guaranty, except upon actual receipt of written notice of death by Lender and then only as to the decedent or the incompetent and only prospectively, as to future transactions.

(4)

Acceleration.  If the Guarantor shall die, shall commit an act of bankruptcy under the United States Bankruptcy Act or shall initiate or have initiated against Guarantor any act, process or proceeding under any bankruptcy, insolvency or reorganization law or otherwise for the modification or adjustment of the rights of creditors, then Lender shall have the right to declare immediately due and payable, and Guarantor shall promptly pay to Lender, the full amount of all unmatured indebtedness then outstanding, together with any portion of the Indebtedness which is then due and payable.

(5)

Expansion of Indebtedness.  The amount of Indebtedness due and owing shall not be limited.

(a)

Guarantor shall be liable for all Indebtedness, without any limitation as to amount, plus accrued interest at the legal rate, and all attorney's fees, collection costs and enforcement expenses referable thereto.

(b)

Indebtedness may be created and continued in any amount, whether or not in excess of the original principal amount, without affecting or impairing the liability of the Guarantor.

(c)

Lender may pay (or allow for the payment of) the excess out of any sums received by or available to Lender on account of the Indebtedness from Borrower or any other person (except the Guarantor), from their properties, out of any collateral security, or from any other source.  Such payment (or allowance) shall not reduce, affect or impair the liability of the Guarantor.

(6)

Waiver of Contribution and Subrogation.  Lender shall not be required to exercise or enforce any right of contribution, reimbursement, recourse or subrogation available to Lender as to the Indebtedness, or against any person liable for the Indebtedness, or as to any collateral security for the Indebtedness, unless and until all of the Indebtedness shall have been fully paid and discharged.

(7)

Collection Expenses.  Guarantor shall pay or reimburse Lender for all costs and expenses (including reasonable attorney's fees and legal expenses) incurred by Lender in endeavoring to collect any Indebtedness or in enforcing this Guaranty.

(8)

No Impairment of Lender's Activities.  Lender shall not be obligated by reason of Lender's acceptance of this Guaranty to engage in any transactions with or for Borrower.

(a)

Whether any existing relationship between Guarantor and Borrower has been changed or ended, Lender may enter into transactions resulting in the creation or continuation of Indebtedness and may otherwise agree to, consent to or suffer the continuance of any Indebtedness, without any consent or approval by the Guarantor and without any prior or subsequent notice to the Guarantor.

(b)

The liability of Guarantor shall not be affected or impaired by any of the following acts or things (which Lender is expressly authorized to do, omit or suffer from time to time, both before and after revocation of this Guaranty, without consent or approval by notice to the Guarantor):

1.

Any acceptance of collateral security, guarantors, accommodation parties or sureties for any or all Indebtedness;

2.

One or more extensions or renewals of Indebtedness (whether or not for longer than the original period) or any modification of the interest rates, maturities or other contractual terms applicable to any Indebtedness;

3.

Any waiver or indulgence granted to Borrower, any delay or lack of diligence in the enforcement of Indebtedness, or any failure to institute proceedings, file a claim, give any required notices or otherwise protect any Indebtedness;

4.

Any full or partial release of, compromise or settlement with, or agreement not to sue, Borrower or any other Guarantor or other person liable in respect of any Indebtedness;

5.

Any release, surrender, cancellation or other discharge of any evidence of Indebtedness or the acceptance of any instrument in renewal or substitution therefor;

6.

Any failure to obtain collateral security (including rights of setoff) for Indebtedness, or to see the proper or sufficient creation and perfection thereof, or to establish the priority thereof, or to preserve, protect, insure, care for, exercise or enforce any collateral security, or any modification, alteration, substitution, exchange, surrender, cancellation, termination, release or other change, impairment, limitation, loss or discharge of any collateral security;

7.

Any collection, sale, lease or disposition of, or any other foreclosure or enforcement of or realization on, any collateral security;

8.

Any assignment, pledge or other transfer of any Indebtedness or any evidence thereof; or,

9.

Any manner, order or method of application of any payments or credits upon Indebtedness.  The Guarantor waives any and all defenses and discharges available to a surety, guarantor, or accommodation co-borrower.

(9)

Waiver of Defenses.  The Guarantor waives any and all defenses, claims, setoffs and discharges of Borrower, or any other obligor, pertaining to Indebtedness, except the defense of discharge in payment in full.

(a)

Without limiting the generality of the foregoing, the Guarantor shall not assert, plead or enforce against Lender:

1.

any defense of waiver, release, statute of limitations, res judicata, statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury, illegality or unenforceability which may be available to Borrower or to any other person liable in respect of any Indebtedness, or

2.

any setoff available against Lender to Borrower or any such other person, whether or not on account of a related transaction.

(b)

Guarantor expressly agrees that the Guarantor shall be and shall remain liable for any deficiency remaining after foreclosure of any mortgage or security interest securing Indebtedness, whether or not the liability of Borrower or any other obligor for such deficiency is discharged pursuant to statute or judicial decision.

(c)

The liability of Guarantor shall not be affected or impaired by any voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all the assets, marshalling of assets and liabilities, receivership, insolvency, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar event or proceeding affecting, Borrower or any of Borrower's assets.

(d)

Guarantor will not assert, plead or enforce against Lender any claim, defense or setoff available to Guarantor against Borrower.

(10)

Waiver of Procedures.  Guarantor waives presentment, demand for payment, notice of dishonor or nonpayment, and protest of any instrument evidencing Indebtedness.  Lender shall not be required to resort for payment of the Indebtedness to Borrower or other persons, or their properties.  Nor shall Lender be required to enforce, realize upon or exhaust any collateral security for Indebtedness, before enforcing this Guaranty.

(11)

Rescinded Payments.  If any payment applied by Lender to Indebtedness is thereafter set aside, recovered, rescinded or required to be returned for any reason (including, without limitation, the bankruptcy, insolvency or reorganization of Borrower or any other obligor), the Indebtedness to which such payment was applied shall for the purpose of this Guaranty be deemed to have continued in existence, notwithstanding such application.  This Guaranty shall be enforceable as to such Indebtedness as fully as if such application had never been made.

(12)

Cumulative Liabilities.  The liability of the Guarantor under this Guaranty is in addition to and shall be cumulative with all other liabilities of the Guarantor to Lender as guarantor, surety, endorser, accommodation co-obligor or otherwise of any indebtedness or obligation of Borrower, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary.

(13)

Severability.  Any invalidity or unenforceability of any provision or application of this Guaranty shall not affect other lawful provisions and applications thereof.  To this end, the provisions of this Guaranty are declared to be severable.

(14)

Benefit.  This Guaranty shall be binding upon the Guarantor and the legal representatives, successors and assigns of the Guarantor and shall inure to the benefit of Lender and its participants, successors and assigns.

(15)

Amendment.  This Guaranty may not be waived, modified, amended, terminated, released or otherwise changed except by a writing signed by the Guarantor and Lender.

(16)

Governing Law.  This Guaranty is issued in the State of North Dakota and shall be governed by its laws.  Any court proceedings or litigation arising out of or pertaining to this Agreement shall be venued in state district court in Cass County, North Dakota.

(17)

Waiver of Notice of Acceptance.  The Guarantor waives notice of Lender's acceptance of this Guaranty.

(18)

Security.  This Guaranty is unsecured.

IN WITNESS OF ITS TERMS AND CONDITIONS, this Guaranty has been duly executed by the Guarantor.

/s/  Gary Copperud

Gary Copperud, Guarantor

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