Document:

Exhibit 4.58

 

 

 

	
MEMORANDUM OF AGREEMENT

	
Norwegian Shipbrokers' Association's

Memorandum of Agreement for sale and purchase of ships.  Adopted by BIMCO 1956.

Code-name

SALEFORM 2012

Revised 1966, 1983 and 1986/87, 1993 and 2012

 

	
Dated: 1st May 2016

	 
	 	 
	
Vega Inruda AS, Norway hereinafter called the "Sellers", and

	 	 
	
NEWMONT CHARTERING LIMITED, of Marshall Islands, hereinafter called the "Buyers", have agreed to buy:

	 	 
	
Name of vessel:

	
VEGA INRUDA

	 	 
	
IMO Number:

	
9655676

	 	 
	
Classification Society:

	
American Bureau of Shipping (ABS)

	 	 
	
Class Notation:

	
+A1, (E), OSRV-2, OFFSHORE SUPPORT VESSEL, FIRE FIGHTING CLASS 1, +AMS, DPS-1

	 	 

	
Year of Build:

	
2013

	
Builder/Yard:

	
Fujian, CHINA

	 	 

	
Flag:

	
NIS

	
Place of Registration:

	
NORWAY

	
GRT/NRT:

	
1695/508

	 	 

	
hereinafter called the "Vessel", on the following terms and conditions:

	 

Definitions

"Banking Days" are days on which banks are open both in the country of the currency stipulated for

the Purchase Price in Clause 1 (Purchase Price), in the place of closing stipulated in Clause 8

(Documentation) and in Norway, in Malta and Greece

"Buyers' Nominated Flag State" means Malta flag

"Class" means the class notation referred to above.

"Classification Society" means the Society referred to above.

"In writing" or "written" means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter,

e-mail or telefax.

"Parties" means the Sellers and the Buyers.

"Purchase Price" means the price for the Vessel as stated in Clause 1 (Purchase Price).

"Sellers' Account" means ACC NO                  at the Sellers' Bank.

"Sellers' Bank" means

............................

SWIFT...................

ACC. No.................

IBAN:.....................

	1.	
Purchase Price

The Purchase Price is USD 9,500,000 (UNITED STATES DOLLARS NINE MILLION FIVE HUNDRED THOUSANDS)

	2.	
Deposit

As a security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of

10% (ten per cent) of the Purchase Price (the "Deposit") in an account for the Parties with the Deposit Holder within three (3) Banking Days after the date that:

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		(i)	
this Agreement has been signed by the Parties and exchanged in original or by e-mail or telefax; and

		(ii)	
the Deposit Holder has confirmed in writing to the Parties that the account has been opened.

The Deposit shall be released in accordance with joint written instructions of the Parties interest, if any, shall be credited to the Buyers.  Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties.  The Parties shall provide to the Deposit Holder all necessary documentation to open and maintain the account without delay.  In the event the Deposit Holder's administrative and/or documentary requirements can not be met to allow timely lodging of the Deposit, then at Sellers' option, the Deposit may be lodged with a mutually acceptable third party.

3.          Payment

On delivery of the Vessel, but not later than three (3) Banking Days after the Notice of

Readiness has been given in accordance with Clause 5 (Time and place of delivery and Notices):

		(i)	
the Deposit shall be released to the Sellers; and

		(ii)	
the balance of The Purchase Price and all other sums payable on delivery by the Buyers to the Sellers under this Agreement shall be paid in full free of any charges to the Sellers.

4.          Inspections

a)* Buyers hereby waive inspection of the Vessel.  Buyers have inspected and accepted Vessel's Class records.  This sale is on an outright and definite basis, subject only to the terms and conditions of this Agreement.

b)* The Buyers shall have the right to inspect the Vessel's classification records and declare whether same are accepted or not within (state/date/period)

The Sellers shall make the Vessel available for inspection at/in  provide for inspection of the vessel at / in (state place/range) within (state date/period).

The Buyers shall undertake the inspection without undue delay to the Vessel.  Should the Buyers cause undue delay they shall compensate the Seller for the losses thereby incurred.

The Buyers shall inspect the Vessel without opening up and without cost to the Sellers.

During the inspection, the Vessel's deck and engine log books shall be made available for examination by the Buyers.

The sale shall become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers within seventy two (72) hours after completion of such inspection or after the date/last day of the period stated in (Line 59), whichever is earlier.

Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel's classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the Buyers, where after this Agreement shall be null and void.

* 4a) and 4B) are alternatives; delete whichever is not applicable. In the  absence of deletions, alternative 4a) to apply.

	5.	
Time and place of delivery and notices

(a) The Vessel shall be delivered with tanks free of cargo and taken over safety afloat at sea or at a safe and accessible berth or anchorage at Worldwide range in the Sellers' option.

Expected time of delivery: 15th May 2016 to 15th June 2016 in Sellers' option

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Cancelling Date (see Clauses 5(c), 6(a)(i), 6(iii) and 14): 15th April 2016 in Buyers' option

(b) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 15/10/7 and 3 days notice of the date the Sellers intend to tender Notice of Readiness and of the intended place of delivery.

When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

(c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date.  Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 (Sellers' Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date.  If the Buyers have not declared their option within three (3) Banking Days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new Cancelling Date and shall be substituted for the Cancelling Date stipulated in line 79.

If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full force and effect.

(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers' Default) for the Vessel not being ready by the original Cancelling Date.

(e) Should the vessel become an actual, constructive or compromised total loss before delivery the Deposit together with interest earned, if any, shall be released immediately to the Buyers where after this Agreement shall be null and void.

6.          Dry docking/Divers Inspection

		(a)*	
No dry docking

		(i)	
The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery of the Vessel.  Such option shall be declared latest nine (9) days prior to the Vessel's intended date of readiness for delivery as notified by the Sellers pursuant to the Clause 5(b) of this Agreement.  The Sellers shall at their cost and expense make the Vessel available for such inspection.  This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by the Buyers.  The Buyers' representative(s) shall have the right to be present at the diver's inspection as observer only without interfering with the work or decisions of the Classification Society surveyor.  The extent of the inspection and the conditions under which it is performed shall be to the satisfaction of the Classification Society.  If the conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent re-positioning.  The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection.

		(ii)	
If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel's class, then (1) unless repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the Vessel to be dry docked at their expense for inspection by the Classification Society of the Vessel's underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society's rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of the Classification Society without condition/recommendation** and (3) the

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Sellers shall pay for the underwater inspection and the Classification Society's attendance.

Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class dry docking survey, the Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the Classification Society, where after the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs.  The estimated direct cost of the repairs shall be the average of quotes for the repair work obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the imposition of the condition/recommendation, unless the Parties agree otherwise.  Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs.  The Sellers may not tender Notice of Readiness prior to such estimate having been established.

		(iii)	
If the Vessel is to be dry docked pursuant to Clause 6(a)(ii) and no suitable dry docking facilities are available at the port of delivery, the Sellers shall take the Vessel to a port where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5(a).  Once dry docking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose of this clause, become the new port of delivery.  In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum of fourteen (14) days.

(b) *The Sellers shall place the Vessel in dry dock at the port of delivery for inspection by the Classification Society of the Vessels' underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society's rules.  If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel's class, such defects shall be made good at the Sellers' cost and expense to the satisfaction of the Classification Society without condition/recommendation*.  In such event the Sellers are also to pay for the costs and expenses in connection with putting the Vessel in and taking her out of dry dock, including the dry dock dues and the Classification Society's fees.  The Sellers shall also pay for these costs and expenses if parts of the tail shift system are condemned or found defective or broken so as to affect the Vessel's class.  In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees

c) If the Vessel is drydocked pursuant to Clause 6(a)(ii) or 6 (b) above

		(i)	
the Classification Society may require survey of the tail shaft system, the extent of the survey being to the satisfaction of the Classification surveyor.  If such survey is not required by the Classification Society, the Buyers shall have the right to require the tail shaft to be drawn and surveyed by the Classification Society, the extent of the survey being in accordance with the Classification Society rules for tail shaft survey and consistent with the current stage of the Vessel's survey cycle.  The Buyers shall declare whether they require the tail shaft to be drawn and surveyed not later than by the completion of the inspection by the Classification Society.  The drawing and refitting of the tail shaft shall be arranged by the Sellers.  Should any parts of the tailshaft system be condemned or found defective so as to affect the Vessel's class, those parts shall be renewed or made good at the Sellers' expense to the satisfaction of the Classification Society without condition/recommendation**.

		(ii)	
the costs and expenses relating to the survey of the tail shaft system shall be borne by the Buyers unless the Classification Society requires such survey to be carried out or if parts of the system are condemned or found defective or broken so as to affect the Vessel's class, in which case the Sellers shall pay these costs and expenses.

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		(iii)	
the Buyers' representative(s) shall have the right to be present in the dry dock, as observers only without interfering but without interfering with the work or decisions of the Classification Surveyor.

		(v)	
the Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers' or the Classification Society surveyor's work, if any, and without affecting the Vessel's timely delivery.  If, however, the Buyers' work in dry dock is still in progress when the Sellers have completed the work which the Sellers  are required to do, the additional docking time needed to complete the Buyers' work shall be for the Buyers' risk, cost and expense. In the event that the Buyers' work requires such additional time, the Sellers may upon completion of the Sellers' work tender Notice of Readiness for delivery whilst the Vessel is still in dry dock and, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in drydock or not.

*6 a) and 6 b) are alternatives; delete whichever is not applicable.  In the absence of deletions, alternative 6 a) to apply.

**Notes or memoranda, if any, in the surveyor's report which are accepted by the Classification Society without condition/recommendation are not to be taken into account

7.          Spares/bunkers and other items

The Sellers shall deliver the Vessel to the Buyers without any removal and with everything belonging to her on board and on shore. All spare parts and spare equipment including spare tail end shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of delivery, used or unused, whether or board or not shall become the Buyers' property, but spares on order are excluded..  The Sellers

are not required to replace spare parts including spare tail end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced items shall be the property of the Buyers. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment.

	 	 
	 	 
	 	 

Items on board which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: (include list)

Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be replaced by the Sellers prior to delivery at their cost and expense.

The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and greases in storage tanks and unopened drums and pay the oils and greases at

(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers;

(b) *the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest bunkering port, evidenced either by direct quote or Platts Oilgram dated within two (2) business days of NOR,

for the quantities taken over as measured by the Chief Engineer of the Sellers in the presence of Buyers' representative.

Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price.

"inspection" in this Clause 7, shall mean the Buyers' inspection according to Clause 4(a) or 4(b) (inspection), if applicable.  If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date.

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*(a) and (b) are alternatives, delete whichever is not applicable.  In the absence of deletions alternative (a) shall apply.

8.          Documentation

 

The place of closing:    Greece

(a) In exchange for payment of the Purchase Price the Sellers shall provide the Buyers with the following listed delivery documents.

		(i)	
Three (3) originals of Legal Bill of Sale (Maltese Form) duly executed, notarially attested and legalized by Apostille.

		(ii)	
Original Resolutions of the sole Director of the Sellers approving the sale of the Vessel to the Buyers and authorising the issuance of a Power of Attorney (Item 8. (iii)) and the execution of the relevant delivery documents, said document to be notarially attested and legalized by Apostille.

		(iii)	
Original Power of Attorney issued pursuant to the document referred to under Item 8.(ii) appointing attorneys-in-fact to execute Sellers' delivery documents, attend the documentary closing and effect legal and physical delivery of the Vessel, said document to be notarially attested and legalized by Apostille.

		(iv)	
Copy of Certificate issued by the Vessel's Classification Society stating that the Vessel Class is maintained at the present.

		(v)	
Undertaking that Sellers will provide Buyers as soon as practicable and in any case not later than thirty (30) days from the delivery for the Vessel with an original Deletion Certificate evidencing deletion of the Vessel from NIS Registry.

		(vi)	
Two (2) Original Commercial Invoices for the Vessel duly signed by the Sellers, stating the main particulars of the Vessel and the Purchase Price of the Vessel.

		(vii)	
Original or copy of written statement of remaining bunkers and unused lubricating oils as on board on delivery.

		(viii)	
Original certificate of good standing of the Sellers issued by the competent authorities of the place of incorporation dated five working days prior delivery to the Buyers and legalized by Apostille.

		(ix)	
Certified True copies of the Sellers' Memorandum and Articles of Association, along with any amendments thereof.

		(x)	
Original or copy of written statement of remaining bunkers and unused lubricating oils as on board on delivery.

		(xi)	
Any additional documents as may reasonably be required by the competent authorities of the Buyers' Nominated Flag State for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement.

		(xii)	
Original of Non-Blacklisting written statement from the Sllers that to the best of Sellers' knowledge the Vessel at the time of delivery is not blacklisted by the Arab League in Damascus.

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

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(b) At the time of delivery the Buyers shall provide the Sellers with the below listed documents

		(i)	
Original Resolutions of the Sole Director of the Buyer, approving the purchase of the Vessel and authorization to execute and perform this Agreement, notarially attested and legalized by Apostille.

		(ii)	
Power of Attorney of the Buyers appointing one or more representatives to act on behalf of the Buyers in the performance of this Agreement, duly notarially attested and legalised by Apostilled.

(c) If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorised translator or certified by a lawyer qualified to practice in the country of the translated language.

(d) The parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the other party not later than (state number of days), or if left blank, nine (9) days prior to the Vessel's intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.

(e) Concurrent with the exchange of documents in Sub-clauses (a) and (b) above, the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel.  Other certificates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in which case the Buyers to have the right to take copies.

(f) Other technical documentation which may be in the Sellers' possession shall promptly after delivery be forwarded to the Buyers at their expense, if they so request.  The Sellers may keep the Vessel's log books but the Buyers to have the right to take copies of same.

(d) Upon receipt of the full Purchase Price by Sellers, the Attorneys-in-fact of Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to the Buyers.

9.             Encumbrances

 

The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances, mortgages and maritime liens or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made against the Vessel which have been incurred prior to the time of delivery.

10.          Taxes, fees and expenses

 

Any taxes, fees and expenses in connection with the purchase and registration under the Buyers' Nominated Flag State shall be for the Buyers' account, whereas similar charges in connection with the closing of the Sellers' register shall be for the Sellers' account.

11.          Condition on delivery

 

The Vessel with everything belonging to her shall be in good working condition at the Sellers' risk and expense until she is delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be delivered and taken over as is where is.  Vessel will be delivered with her Class maintained without condition/recommendation and with her classification, national and international certificates, as well as all other certificates the Vessel has the time of delivery, valid and unextended without condition/recommendation by Class or the relevant authorities as on board.

	 	 
	 	 
	 	 
	 	 
	 	 

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12.          Name/markings

 

After delivery to the Buyers, the name of the Vessel will be changed but her funnel markings will not be changed.

13.          Buyers' default

 

Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to cancel this Agreement, and they shall be entitled to claim compensation for their proven losses and for all reasonable expenses incurred together with interest. (agreed)

Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest earned, if any, shall be released to the Sellers.  If the Deposit does not cover their loss, the Sellers shall be entitled to claim further compensation for their proven losses and for all reasonable expenses incurred together with interest.

14.          Sellers' default

 

Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel.

Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their proven loss and for all reasonable expenses together with interest whether or not the Buyers cancel this Agreement.

15.          Buyers' representatives

 

After this-Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and expense.

These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers and the Buyers' representatives shall sign the Sellers' P&I Club's standard letter of indemnity prior to their embarkation.

16.          Law and Arbitration

 

a)* This Agreement shall be governed by and construed accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause.

The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced.

The reference shall be to three arbitrators.  A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and

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stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified.  If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring a dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly.  The award of a sole arbitrator shall be binding on both Parties as if the sole arbitrator had been appointed by agreement.

In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

b)* This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law rules) of the State of New York and any dispute arising out of or in connection with this Agreement shall be referred to three (3) persons at New York, one to be appointed by each of other the parties hereto, and the third by the two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any award, judgment may be entered on an award by any court of competent jurisdiction.  The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.

In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc.

c)* This Agreement shall be governed by and construed in accordance with the laws of (state place) and any dispute arising out of or in connection with this Agreement shall be referred to arbitration at (state place), subject to the procedures applicable there.

*16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 16(a) shall apply.

17.          Notices

 

All notices to be provided under this Agreement shall be in writing.

Contact details for recipients of notices are as follows:

	 	
For the Buyers:

	
c/o TMS Offshore Services Ltd.

Athens licensed shipping office

11, Fragkoklissias str.

GR 151 25

Marousi, Athens, Greece

Email: management@tms-offshore.com

	 	 	 
	 	
For the Sellers:

	
Dr. Adriano Cefai

Chairman

5/1, Merchants Street, Valletta VLT1171, MALTA

Email: info@cefaiadvocates.com

	 	 	 

18.          Entire Agreement

The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous agreements whether oral or written between the Parties in relation thereto.

Each of the Parties acknowledges that in entering into this Agreement, it has not relied on and shall have no right or remedy in respect of any statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement.

Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent that such exclusion can legally be made.  Nothing in this Clause shall limit or exclude any liability for fraud.

	
For and on behalf of the Sellers

	 	
For and on behalf of the Buyers

	 	 	 
	 	 	 
	
/s/ Dr. Adriano Cefai

	 	
/s/ Mr. Prokopios (Akis) Tsirigakis

	
Name: Dr. Adriano Cefai

	 	
Name: Mr. Prokopios (Akis) Tsirigakis

	
Title: Chairman of Vega Inruda AS

	 	
Title: Attorney-in-fact of NEWMONT CHARTERING LIMITED

	 	 	 
	 	 	 

 

9Exhibit 4.60

	
 

MEMORANDUM OF AGREEMENT

 

Dated:  22nd August, 2016

	 	
Norwegian Shipbroker's Association's Memorandum of Agreement for sale and purchase of ships.  Adopted by The Baltic and international Maritime Council (BIMCO) in 1956.

Code-name

SALEFORM 1993

Revised 1966, 1983 and 1986/87.

	
Malvina Shipping Company Limited 5/1, Merchants Street, Valletta, Malta hereinafter called the

 Sellers, have agreed to sell, and

	
 

	
Ocean Star Shipping Limited of Marshall Islands or their Nominee hereinafter called the Buyers, have

agreed to buy

	
 

	
Name:  M/V CORONADO

	
 

	
Classification Society/Class:  BV

	
 

	
 

	
 

	
Built:  2000

	
By:  Sanoyas Hishino Meisho Corporation, Japan

	
 

	
 

	
Flag:  Malta

	
Place of Registration:  Valletta, Malta

	
 

	
 

	
Call sign:  9HVG7

	
Grt/Nrt:  38,818/ 25,182

	
 

	
 

	
Register IMO Number:  9200562

	
 

	
 

	
 

	
hereinafter called the Vessel, on the following terms and conditions: ______________

	
 

	
Definitions

	
 

	
"Banking days" are days on which banks are open both in the country of the currency

	
stipulated for the Purchase Price in Clause 1 and in the place of closing stipulated in Clause 8 as well as

China, Malta, Germany.

	
"In writing" or "written" means a letter handed over from the Sellers to the Buyers or vice versa,

	
a registered letter, telex, telefax or other modern form of written communication.

	 
	
"Classification Society" or "Class" means the Society referred to in line 4

	
1.

	
Purchase Price:

	
US$ 4,250,000

	
 

	
 

	
 

	
2.

	
Deposit

	
 

	
As security for the correct fulfilment of this Agreement the Buyers shall pay a deposit of 10 15%

	
(ten fifteen per cent) of the Purchase Price (the "Deposit") within 3 (three) banking days from the

date of this Agreement, the Escrow Account is open and subjects have been lifted whichever the later.

This deposit shall be placed with Sellers' Nominated Law Firm in Hong Kona Messrs. Ince & Co

	
and held by them in joint account as Escrow Agent in an escrow account for the Sellers and

the Buyers, to be released in accordance with joint written instructions of the Sellers and the Buyers.  

	
Interest, if any, to be credited to the Buyers.  Any fee charged for holding the said deposit shall be 

borne equally by the Sellers and the Buyers.

	 
	
Escrow Agent account details are as follows:

	
 

	
3.

	
Payment

	
 

	
The said 85% balance of the Purchase Price together with extra charges including but not limited to

bunker/luboils etc. shall be paid in full free of bank charges to Sellers' nominated bank

	
on delivery of the Vessel, but not later than 3 banking days after the Vessel is in every respect

	
physically ready for delivery in accordance with the terms and conditions of this Agreement and

	
Notice of Readiness has been given in accordance with Clause 5.

	
 

	
4.

	
Inspections

	 
	
a)*

	
The Buyers have inspected and accepted the Vessel and her classification records and have

	 	
Accepted both the Vessel and the Vessel's classification records.  The Buyers have

	 	
Physically inspected the Vessel on July 29th, 2016 at Wenzhou, China.  The Buyers

	
 

	
have also inspected the Vessel at/in ___________ on ______________

	
 

	
and have accepted the Vessel following this inspection and the  Therefore this sale is fully

 outright and definite,

	
 

	
subject only to apart from the terms and conditions contained herein of this Agreement.

	
 

	
b)*

	
The Buyers shall have the right to inspect the Vessel's classification records and declare

	
 

	
whether same are accepted or not within ___________

	
 

	
 

	
 

	
The Seller shall provide for inspection of the Vessel at/in _______________

	
 

	
 

	
 

	
The Buyers shall undertake the inspection without undue delay to the Vessel.  Should the

	
 

	
Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred.

	
 

	
The Buyers shall inspect the Vessel without opening up and without cost to the Sellers

	
 

	
During the inspection, the Vessel's deck and engine log books shall be made available for

	
 

	
examination by the Buyers.  If the Vessel is accepted after such inspection, the sale shall

	
 

	
become outright and define, subject only to the terms and conditions of this Agreement,

	
 

	
provided the Sellers receive written notice of acceptance from the Buyers within 72 hours

	
 

	
after completion of such inspection.

	
 

	
Should notice of acceptance of the Vessel's classification records and of the Vessel not be

	
 

	
received by the Sellers as aforesaid, the deposit together with interest earned shall be

	
 

	
released immediately to the Buyers, whether this Agreement shall be null and void.

	
 

	
 

	
*      

	
4 a) and 4b) are alternatives; delete whichever is not applicable.  In the absence of deletions,

	 	
alternative 4a) to apply.

	
 

	
 

	
5.

	
Notices, time and place of delivery

	
 

	
 

	
a)

	
The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall

	
 

	
provide the Buyers with 15/10/7 approximate days notice of the expected time of delivery,

and 3/2/1 definite days notice. of the estimated time of arrival at the

	
 

	
intended place of drydocking/underwater inspection/delivery When the Vessel is at the place

	
 

	
of delivery and in every respect physically ready for delivery in accordance with this

	
 

	
Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.  The

	
 

	
Buyers shall take delivery of the Vessel within three (3) business days (Saturdays; Sunday/

holidays in England and China excluded) after the Sellers have tendered to the Buyers a

Notice of Readiness for Delivery, the date of tendering such notice being exclusive. The

Notice of Readiness for Delivery shall be submitted by the Sellers to the Buyers (any

business day, day and night) once the Vessel is ready for delivery. The Sellers shall not

tender Notice of Readiness prior to completion of the underwater inspection unless

Buyers have waived same

	 	 
	
b)

	
The Vessel shall be delivered and taken over charter free, cargo free safely afloat at a safe

berth buoy/port and accessible berth or

anchorage and/or in Dry-dock at/inwithin China between 31st August, 2016 and 30th

September, 2016

	
 

	
in the Sellers' option. and with cancelling date 1st October, 2016 in Buyers' option. Vessel will

be delivered to the Buyers upon completion of present voyage (Indo/China trip).

	 	 
	
 

	
Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14):  1st October, 2016 in Buyers' option.

	
 

	
 

	
c)

	
If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the

	
 

	
Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in

	
 

	
writing stating the date when they anticipate that the Vessel will be ready for delivery and

	
 

	
propose a new cancelling date. Upon receipt of such notification the Buyers shall have the

	
 

	
option of either cancelling this Agreement in accordance with Clause 14 within 7 3 running

	
 

	
days of receipt of the notice or of accepting the new date as the new cancelling date.  If the

	
 

	
Buyers have not declared their option within 7 3 running days of receipt of the Sellers'

	
 

	
notification or if the Buyers accept the new date, the date proposed in the Sellers' notification

	
 

	
shall be deemed to be the new cancelling date and shall be substituted for the cancelling

	
 

	
date stipulated in line 61.

	 	 
	
 

	
If this Agreement is maintained with the new cancelling date all other terms and conditions

	
 

	
hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full

	
 

	
force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any

	
 

	
claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by

	 	
the original cancelling date.

	
 

	
 

	
d)

	
Should the Vessel become an actual, constructive or compromised total loss before delivery

	
 

	
the deposit together with interest earned shall be released immediately to the Buyers

	
 

	
whereafter this Agreement shall be null and void.

	
 

	
 

	
6.

	
Drydocking/Divers Inspection

	
 

	
 

	
a)**

	
The Seller shall place the Vessel in drydock at the port of delivery for inspection by the

	
 

	
Classification Society of the Vessel's underwater parts below the deepest load line, the

	
 

	
extent of the inspection being in accordance with the Classification Society's rules.  If the

	
 

	
rudder, propeller, bottom or other underwater parts below the deepest load line are found

	
 

	
broken, damaged or defective so as to affect the Vessel's class, such defects shall be made

	
 

	
good at the Sellers' expense to the satisfaction of the Classification Society without

	
 

	
condition/recommendation*.

	
 

	
 

	
b)**

	
(i)          The Vessel is to be delivered without drydocking.  No drydocking shall apply.

However, the Buyers shall have the right at their risk and expense to arrange for an

 underwater inspection of under-water parts of the Vessel by a divers approved by 

Vessel's the Classification Society prior to the delivery of the Vessel in the presence of

class surveyor with Buyers' right to attend without interference at the video monitor or in

any way with class surveyors work. Sellers will give at least 3 (three) days' notice to

Buyers of the place/time they intend to make the vessel available for such inspection.

Buyers' failure to appoint divers approved by class or attend underwater inspection as per

Sellers' notification will be deemed a waiver of their right to inspect the vessel's under-

water parts. The Class surveyor to be appointed by the Sellers and all expenses to be for

the Buyers' account. If the conditions at the place where the Vessel is made available for

such inspection are unsuitable for such inspection, the Sellers shall at their risk and

expense make the Vessel available at a suitable alternative place. Thereafter the Vessel

shall be delivered at such alternative suitable place/port.

 

Should any damage affecting class be found by class surveyor in under-water parts and

class approves postponement of repair of such damage, then the Sellers have the option

to repair same to class's satisfaction or compensate Buyers in cash which shall be

deducted from the purchase price at the time of closing. The cash compensation shall be

based upon the average of 2 (two) reputable Chinese shipyards' quotation, one obtained

by each party. It is understood by both parties that the amount of the monetary settlement

is confined to direct repair cost only and does not include indirect cost such as dry-

docking fee, general expenses, deviation cost, off hire and other costs whatsoever and

that such amount of the monetary settlement is deducted from the Purchase Price (for

labour and material costs only) at the time of delivery.

 

Should any damage affecting class be found by class surveyor in under-water parts and

class requires immediate repairs of such damage in a dry-dock and Sellers arrange that

the Vessel is dry-docked, the Buyers have the right to clean and paint the underwater

parts below the summer loadline at the Buyers' time, risk and account without interfering

with the Sellers' or vessel's class work and without affecting the smooth and timely

delivery of the Vessel. But in any case, the Tailshaft shall not be drawn unless requested

by the Class Surveyor and in case Vessel has to be drydocked.

 

If, however, the Buyers' work in dry-dock is still in progress when the Sellers have

completed their work, the Sellers have the right to tender the Notice of Readiness for

Delivery whilst the Vessel is still in dry-dock and the Buyers are obliged to take delivery of

the Vessel immediately after such Notice of Readiness tendered, whether the Vessel is in

dry-dock or not. Any extra time and cost for the additional dry-docking incurred by reason

of such Buyers' work shall be at the Buyers' risk and account.

	
 

	
 

	 	 
	 	
The Sellers shall at their

	
 

	
cost make the Vessel available for such inspection. The extent of the inspection and the

	
 

	
conditions under which it is performed shall be to the satisfaction of the Classification

	
 

	
Society. If the conditions at the port of delivery are unsuitable for such inspection, the

	
 

	
Sellers shall make the Vessel available at a suitable alternative place near to the delivery

	
 

	
port.

	
 

	
 

	
 

	
(ii)          If the rudder, propeller, bottom or other underwater parts below the deepest load

	
 

	
line are found broken, damaged or defective so as to affect the Vessel's class, then unless

	
 

	
repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers

	
 

	
shall arrange for the Vessel to be drydocked at their expense for inspection by the

	
 

	
Classification Society of the Vessel's underwater parts-below the deepest load line, the

	
 

	
extent of the inspection being in accordance with the Classification Society's rules. If the

	
 

	
rudder, propeller, bottom or other underwater parts below the deepest load line are found

	
 

	
broken, damaged or defective so as to affect the Vessel's class, such defects shall be

	
 

	
made good by the Sellers at their expense to the satisfaction of the Classification Society

	
 

	
without condition/recommendation*.  In such event the Sellers are to pay also for the cost of

	
 

	
the underwater inspection and the Classification Society's attendance.

	
 

	
 

	
 

	
(iii)          If the Vessel is to be drydocked pursuant to Clause 6 b) (ii) and no suitable dry-

	
 

	
docking facilities are available at the port of delivery, the Sellers shall take the Vessel

	
 

	
to a port where suitable drydocking facilities are available, whether within or outside the

	
 

	
delivery range as per Clause 5 b). Once drydocking has taken place the Sellers shall

	
 

	
deliver the Vessel at a port within the delivery range as per Clause 5 b) which shall, for the

	
 

	
purpose of this Clause, become the new port of delivery. In such event the cancelling date

	
 

	
provided for in Clause 5 b) shall be extended by the additional time required for the

	
 

	
drydocking and extra steaming, but limited to a maximum of 14 running days.

	
 

	
 

	
c)     

	
If the Vessel is drydocked pursuant to Clause 6 a) or 6 b) above

	
 

	
 

	
 

	
(i)          the Classification Society may require survey of the tailshaft system, the extent of

	
 

	
the survey being to the satisfaction of the Classification surveyor.  If such survey is not

	
 

	
required by the Classification Society, the Buyers shall have the right to require the tailshaft

	
 

	
to be drawn and surveyed by the Classification Society, the extent of the survey being in

	
 

	
accordance with the Classification Society's rules for tailshaft survey and consistent with

	
 

	
the current stage of the Vessel's survey cycle. The Buyers shall declare whether they

	
 

	
require the tailshaft to be drawn and surveyed not later than by the completion of the

	
 

	
Inspection by the Classification Society. The drawing and refitting of the tailshaft shall be

	
 

	
arranged by the Sellers. Should any parts of the tailshaft system be condemned or found

	
 

	
defective so as to affect the Vessel's class, those parts shall be renewed or made good at

	
 

	
the Sellers' expense to the satisfaction of the Classification Society without

	 	
condition/recommendation*.

	
 

	
 

	
 

	
(ii)          the expenses relating to the survey of the tailshaft system shall be borne

	
 

	
by the Buyers unless the Classification Society requires such survey to be carried out, in

	
 

	
which case the Sellers shall pay these expenses. The Sellers shall also pay the expenses

	
 

	
if the Buyers require the survey and parts of the system are condemned or found defective

	
 

	
or broken so as to affect the Vessel's class*.

	
 

	
 

	
 

	
(iii)          the expenses in connection with putting the Vessel in and taking her out of

	
 

	
drydock, including the drydock dues and the Classification Society's fees shall be paid by

	
 

	
the Sellers if the Classification Society issues any condition/recommendation* as a result

	
 

	
of the survey or if it requires survey of the tailshaft system.  In all other cases the Buyers

	
 

	
shall pay the aforesaid expenses, dues and fees.

	
 

	
 

	
 

	
(iv)          the Buyers' representative shall have the right to be present in the drydock, but

	
 

	
without interfering with the work or decisions of the Classification surveyor.

	
 

	
 

	
 

	
(v)          the Buyers shall have the right to have the underwater parts of the Vessel

	
 

	
cleaned and painted at their risk and expense without interfering with the Sellers' or the

	
 

	
Classification surveyors work, if any, and without affecting the Vessel's timely delivery.  If,

	
 

	
however, the Buyers' work in drydock is still in progress when the Sellers have

	
 

	
Completed the work which the Sellers are required to do, the additional docking time

	
 

	
needed to complete the Buyers' work shall be for the Buyers' risk and expense.  In the event

	
 

	
that the Buyers' work requires such additional time, the Sellers may upon completion of the

	
 

	
Sellers' work tender Notice of Readiness for delivery whilst the Vessel is still in drydock

	
 

	
and the Buyers shall be obliged to take delivery in accordance with Clause 3, whether

	
 

	
the Vessel is in drydock or not and irrespective of Clause 5 b).

	
 

	
 

	
*

	
Notes, if any, in the surveyor's report which are accepted by the Classification Society

	
 

	
without condition/recommendation are not to be taken into account.

	
 

	
 

	
**

	
6 a) and 6 b) are alternatives; delete whichever is not applicable.  In the absence of deletions,

	
 

	
alternative 6 a) to apply

	
7.

	
Spares/bunkers, etc.

	
 

	
 

	
The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board and on

	
order, shore, used or unused, including all spare parts and spare equipment, stores, radio installations

and navigational equipment. The Vessel does not have a spare anchor, or a spare tail-end shaft, or a 

spare propeller.

	
Excluded from this sale are personal effects of Master, Officers and Crew including slop chest, log

books, holy icons, ISM manuals, original certificates which must be surrendered to authorities

and hired or third party's items, which shall be taken ashore by the Sellers upon or before

delivery of the Vessel.

	 
	
Notwithstanding the above the following items to be excluded from the Sale:

	 
	
a)  Oxygen / Acetylene / Freon Gas Bottles

b)  All Log Books for Deck, Engine and radio with Buyer's right to photocopy available logs

onboard at their own expense, but the Sellers shall provide the scanning copy of same.

c)  All ISPS, ISM And quality documentation and correspondence.

d)  Vessel's wireless e-mail system and server

e)  Training video library, books.

f)  Crew / Officers library / walport videos

g)  All Master's Slopchest / Bonded stores, all Master's and crew's personal belongings.

h)  Personal lap-top computers (Personal lap-top computers of crew. Total 13 pieces)

i)  Personal cell phones (Personal cell phones of crew. Total 31 pieces)

j)  Contents of Master's safe

k)  Works of Art; Originals, copies, prints, statues

1)  Certificates / documents to be returned to authorities (Need to have Vessel's original certificate

of Registry to be returned back to the authorities)

m) All leased rented, hired equipment. (Sellers confirmed No leased rented, hire equipment on

board.)

	
 

	
Price to include everything belonging to the Vessel on board, including all navaids and wireless

equipment.

	 
	
All spare parts and spare equipment including spare tail-end shaft(s) and/or spare

propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspection used or

unused, whether on board or not shall become the Buyers' property, but spares on order are to be

excluded. Forwarding charges, if any, shall be for the Buyers' account.  The Sellers are not required to

replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which

are taken out of spare and used as replacement prior to delivery, but the replaced items shall be the

property of the Buyers. The radio installation and navigational equipment shall be included in the sale

without extra payment if they are the property of the Sellers. Unused stores and provisions shall be

included in the sale and be taken over by the Buyers without extra payment.

	 
	
The Sellers have the right to take ashore crockery, plates, cutlery, linen and other articles bearing the

	
Sellers' flag or name, provided they replace same with similar unmarked items.  Library, forms, etc,

	
exclusively for use in the Sellers' vessel(s), shall be excluded without compensation. Captain's,

	
Officers' and Crew's personal belongings including the slop chest are to be excluded from the sale,

	
as well as the following additional items (including items on hire):

	
 

	
The Buyers to pay extra for shall take over the remaining bunkers and unused lubricating oils in

Storage tanks and

Sealed drums and pay the current net market price (excluding barging expenses) at the port and date

Of delivery of the Vessel at platts prices prevailing at the port of delivery or nearest port where

platts prices are available (hereby Hong Kong platts price to be applied) one (1) day before

vessel's delivery to the Buyers. Also Buyers to pay extra for vessel's all types of unused

lubricants and greases that have not passed through vessel's systems in designated storage

tanks and sealed drums/pails at Seller's last net prices evidenced by invoices/vouchers.  Sellers

will use their reasonable commercial efforts so that the bunkers remaining on board at delivery

shall not exceed 30% of corresponding tank capacity.

	
Payment under this Clause shall be made at the same time and place and in the same currency as

	
the Purchase Price.

	
 

	
8.

	
Documentation

	
 

	
The place of closing:  Hong Kong, China

	
 

	
Documents to be mutually agreed between Buyers and Sellers and to be incorporated as an

Addendum to the MOA, but in any case failure to agree documentation shall not be a reason to

invalidate the MOA.

	 
	
In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with delivery

	
documents namely:

	
 

	
a)

	
Legal Bill of Sale in a form recordable in _____________ (the country in which the Buyers are)

	
 

	
to register the Vessel), warranting that the Vessel is free from all encumbrances, mortgages

	
 

	
and maritime liens or any other debts or claims whatsoever, duly notarially attested and

	
 

	
legalized by the cousul of such country or other competent authority.

	
 

	
 

	
b)

	
Current Certificate of Ownership issued by the competent authorities of the flag state of

	
 

	
the Vessel

	
 

	
 

	
c)

	
Confirmation of Class issued within 72 hours prior to delivery.

	
 

	
 

	
d)

	
Current Certificate issued by the competent authorities stating that the Vessel is free from

	
 

	
registered encumbrances

	
 

	
 

	
e)

	
Certificate of Deletion of the Vessel from the Vessel's registry or other official evidence of

	
 

	
deletion appropriate to the Vessel's registry at the time of delivery, or, in the event that the

	
 

	
registry does not as a matter of practice issue such documentation immediately, a written

	
 

	
undertaking by the Sellers to effect deletion from the Vessel's registry forthwith and furnish a

	
 

	
Certificate or other official evidence of deletion to the Buyers promptly and latest within 4

	
 

	
(four) weeks after the Purchase Price has been paid and the Vessel has been delivered.

	
 

	
 

	
f)

	
Any such additional documents as may reasonably be required by the competent authorities

	
 

	
for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such

	
 

	
documents as soon as possible after the date of the Agreement

	
 

	
 

	
At the time of delivery the Buyers and Sellers shall sign and deliver to each other a Protocol of

	
Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to the

	
Buyers.

	
 

	
At the time of delivery the Sellers shall hand to the Buyers the classification certificate(s) as-well-as-all

	
plans etc., which are on board the Vessel.  Other certificates which are on board the Vessel shall also

	
be handed over to the Buyers unless the Sellers are required to retain same, in which case the

	
Buyers to have the right to take copies.  Other technical documentation which may

	
Be in the Sellers' possession shall be promptly forwarded to the Buyers at their expense, if they so

	
request.  The Sellers may keep the Vessels log books but the Buyers to have the right to take

	
copies of same.

	
 

	
9.

	
Encumbrances

	
 

	
The Sellers warrant that the Vessel shall be delivered at the time of delivery, is free from all

charters, all encumbrances,

mortgages, and maritime liens or any other debts whatsoever at the time of delivery.  The

	
Sellers hereby undertake

to indemnify the Buyers against all consequences of claims made against the Vessel which have

	
been incurred prior to the time of delivery.

	
 

	
 

	
10.

	
Taxes, etc.

	
 

	
Any taxes, fees and expenses in connection with the purchase and registration under the Buyers' flag

	
shall be for the Buyers' account, whereas similar charges in connection with the closing of the Sellers'

	
register shall be for the Sellers' account.

	
 

	
11.

	
Condition on delivery

	
 

	
The Vessel shall be delivered  "as is" however with her class maintained, free of class

conditions/recommendations affecting the class with all her National and International certificates

clean and valid with at least two (2) months validitity at the time of delivery. CSM items to be also

up to date without out-standings. (except it the vessel is in Special Survey Machinery Cycle and

the CSM system is not applicable)

	 
	
All plans, drawings and instruction manuals (excluding ISM manuals) which are on board shall be

delivered to the Buyers' Master as they are upon delivery of the Vessel.

	 
	
All remaining plans, drawings and instruction manuals in the Sellers' possession shall be

forwarded to the Buyers' main office after delivery. Forwarding charges, if any, shall be for the

Buyers account.

	 
	
Logbooks shall be retained by the Sellers. However the Buyers have the right to take photocopies

of the available logbooks onboard before delivery at the Buyers' cost.

	 
	
The Vessel with everything belonging to her shall be at the Sellers' risk and expense until she is

delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be

delivered and taken over as she was at the time of inspection, fair wear and tear excepted.

However, the Vessel shall be delivered with her class maintained without condition/recommendation*,

free of average damage affecting the Vessel's class, and with her classification certificates and

national certificates, as well as all other certificates the Vessel had at the time of inspection, valid and

unextended without condition/recommendation* by Class or the relevant authorities at the time of

delivery.

	
"Inspection" in this Clause 11, shall mean the Buyers' inspection according to Clause 4 a) or 4 b), if

applicable or the Buyer's inspection prior to the signing of this Agreement, if the Vessel is taken over

without inspection, the date of this Agreement shall be the relevant date.

	
 

	
*       

	
Notes, if any, in the surveyor's report which are accepted by the Classification Society

	 	
without condition/recommendation are not to be taken into account.

	
 

	
 

	
12.

	
Name/markings

	
 

	
Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings.

	
 

	
13.

	
Buyers' default

	
 

	
Should the deposit not be paid in accordance with Clause 2, the Sellers have the right to cancel this

	
Agreement, and they shall be entitled to claim compensation for their losses and for all expenses

	
incurred together with interest. Should the Purchase Price not be paid in accordance with Clause 3, 

the Sellers have the right to cancel the Agreement, in which case the deposit together with interest

earned shall be released to the Sellers.  If the deposit does not cover their loss, the Sellers shall be

entitled to claim further compensation for their losses and for all expenses incurred together with 

interest.

	
 

	
14.

	
Sellers' default

	
 

	
Should the Sellers fail to give Notice of Readiness in accordance with Clause 5 a) or fail to be ready

	
to validly complete a legal transfer by the date stipulated in line 61 the Buyers shall have

	
the option of cancelling this Agreement provided always that the Sellers shall be granted a

	
maximum of 3 banking days after Notice of Readiness has been given to make arrangements

	
for the documentation set out in Clause 8. If after Notice of Readiness has been given but before

	
the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not

	
made physically ready again in every respect by the date stipulated in line 61 and new Notice of

	
Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect

	
to cancel this Agreement the deposit together with interest earned shall be released to them

	
immediately. Should the Sellers fail to give Notice of Readiness by the date stipulated in line 61 

or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation 

to the Buyers for their loss and for all expenses together with interest if their failure is due to proven

negligence and whether or not the Buyers cancel this Agreement.

	
 

	
15.

	
Buyers' representatives

	
 

	
After signing the MOA this Agreement has been signed by both parties and the deposit has been

	

lodged, the Buyers have the right for the Vessel's last voyage prior to delivery to place up to 2 (two) 

representatives on board the Vessel strictly as observers for familiarization purposes only. Such 

representatives board the Vessel at the last port or bunkering port enroute of the final voyage before 

delivery of the vessel to the Buyers, at the Buyers' risk and account and shall always remain under the

Master's command without any interference with the Vessel's operation and her schedule.

Indemnity letters from each of Buyers' representatives shall be provided to the Sellers before the

said representatives boarding. Said Buyers representatives to be allowed to use vessel's

communication equipment and said charges will be settled by Buyers representatives on board

and to the Master directly, but before delivery. Also, Buyers representatives to pay a victualing

daily rate of usd 10.0 per rep.

	 
	
at their sole risk and expense upon

	
arrival at _______ on or about ______

	
These representatives are on board for the purpose of familiarisation and in the capacity of

	
observers only, and they shall not interfere in any respect with the operation of the Vessel.  The

	
Buyers' representatives shall sign the Sellers' letter of indemnity prior to their embarkation.

	 
	
 

	
16.

	
Arbitration

	
 

	
 

	
a)*

	
This Agreement shall be governed by and construed in accordance with English law and

	
 

	
any dispute arising out of this Agreement shall be referred to arbitration in London in

	
 

	
accordance with the Arbitration Acts 1950 and 1979 or any statutory modification or

	
 

	
re-enactment thereof for the time being in force, one arbitrator being appointed by each

	
 

	
party. Arbitrators to be members of the London Maritime Arbitrators Association.  On the

receipt by one party of the nomination in writing of the other party's arbitrator,

	
 

	
that party shall appoint their arbitrator within fourteen days, failing which the decision of the

	
 

	
single arbitrator appointed shall apply. If two arbitrators properly appointed shall not agree

	
 

	
they shall appoint an umpire whose decision a third arbitrator and the decision of any two of

them to shallbe final.

	
 

	
 

	
b)*

	
This Agreement shall be governed by and construed in accordance with Title 9 of the

	
 

	
United states code and Law of the State of New York and should any dispute arise out of

	
 

	
this Agreement, the matter in dispute shall be referred to three persons at New York, one to

	
 

	
be appointed by each of the parties hereto, and the third by the two so chose; their

	
 

	
decision or that of any two of them shall be final, and for purpose of enforcing any award, this

	
 

	
Agreement may be made a rule of the Court.

	
 

	
The proceedings shall be conducted in accordance with the rules of the Society of Maritime

	
 

	
Arbitrators, Inc. New York.

	
 

	
 

	
c)*

	
Any dispute arising out of this Agreement shall be referred to arbitration at

	
 

	
___________________________________________, subject to the procedures applicable there

	
 

	
The laws of _____________ shall govern this Agreement.

	
 

	
 

	
*

	
16 a), 16 b) and 16 c) are alternatives; delete whichever is not applicable.  In the absence of

	
 

	
deletions, alternative 16 a) to apply.

	
 

	
 

	
17.

	
P & C: All details of these negotiations and any eventual sale shall be kept strictly private and

	
confidential among all parties concerned, except where required by statutory or requirements for stock

	
listed companies.

	 
	
18.

	
On delivery the Sellers shall hand to Buyers a letter of undertaking stating that to the best of their

	
knowledge the Vessel under present Ownership is not blacklisted by the Arab boycott league in

	
Damascus and that she has not been infested by Gypsy Moth.

	 
	
19.

	
The Vessel shall be delivered with her cargo holds clean swept, and free of cargo. However, Sellers

	
have the option to deliver the Vessel with her cargo holds as they are left by the Stevedores after

	
completion of discharge of cargo on board by paying Buyers a lump-sum amount of USD 4000 in lieu of

	
cargo holds cleaning.

	 
	 

	 	 	[logo] OCEAN START SHIPPING LTD 
	
FOR THE SELLERS

 

 

/s/ illegible

	 	
FOR THE BUYERS

 

 

/s/ illegible

	
Name:

Title:  Attorney-in-fact

 

	 	
Name:

 Title:  Attorney-in-fact

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}]]