Document:

Exhibit 10.1

 

广告位租赁合同补充协议

Supplemental Agreement to Advertising
Space Leasing Agreement

 

甲方(出租方):深圳市可至科技有限公司

 

Party
A (Leaser):Shenzhen Kezhi Technology Co., Ltd

 

营业执照号码:91440300MA5G10WT71

 

Business
License No.:91440300MA5G10WT71 

 

乙方(承租方):深圳宏灏互联科技有限公司

 

Party
B (Lessee):Shenzhen Honghao Internet Technology Co., Ltd

 

营业执照号码:91440300MA5GANXX8H

 

Business
License No.:91440300MA5GANXX8H

 

本协议中的所有术语,除非另有说明,否则其定义与双方于2020年9月25日签订的《广告位租赁合同补充协议》(以下简称“原合同”)中的定义相同。

 

Unless otherwise defined
in this Supplemental Agreement, capitalized terms used in this Supplemental Agreement will have the same meaning they do in the
Advertising Space Lease Agreement entered into by and between Party A and Party B on September 25, 2020 (hereinafter referred to
as the “Original Agreement “).

 

    1

     

    

 

鉴于:

 

WHEREAS:

  

由于业务需要,甲乙双方本着互利互惠的原则,经友好协商,依据实际情况,在原合同基础上变更合同条款部分内容,特订立以下补充协议:

 

Due
to business needs, on the principle of equality, mutual benefit, resource sharing and common development, and in accordance with
the provisions of the Contract Law of the People’s Republic of China and other relevant laws and regulations, Party A and
Party B have conducted friendly consultations on the basis of equality, voluntariness, honesty and credit and hereby enter into
the following Supplemental Agreement to the Original Agreement:

 

		一、	协议内容变更部分为:

 

I.       Amendments
to the Original Agreement:

 

		1、	除原合同第一条所列示广告位外,甲方同意将其已承租或实际控制的广东省深圳市地区多个城中村内广告位的经营权和广告发布权转让给乙方(待转让广告位的具体位置信息见本协议附件2)。乙方拥有上述购物中心广告位或城中村广告位的最终选择权,即乙方在后续实际转让过程中,会陆续对广告位进行考察调研并选择合适的广告位;未被选择的广告位则仍归属甲方运营,且收益权归属甲方。

 

		1.	In addition to the advertising space listed in Article 1 of the Original Agreement, Party A agrees
to transfer to Party B the right operate and public advertisements at certain advertising space in several urban villages in Shenzhen,
Guangdong that it leases or controls (see Appendix 2 for the specific locations of the advertising space to be transferred). Party
B shall reserve the right to choose such advertising space in the shopping center or in the urban villages on the base of its investigation
and research on the advertising space to determine the appropriate advertising space in the process of transfer. Party A retains
the right to operate the advertising space not selected by Party B and the right to profit from such advertising the space.

 

		2、	鉴于10月1日至12月31日之间没有广告位收益权转移,原合同第二条租赁时间变更为2021年1月1日至2040年12月31日止,即广告位收益权将从2021年1月1日之后开始陆续转移。

 

		2.	Given that there was and will be no transfer of the right to operate or publish advertisements
at certain advertising space from October 1, 2020, the effective date of the Original Agreement, to December 31, 2020, both parties
agreed to amend the term of lease as set forth in the Article 2 of the Original Agreement from October 1, 2020 to September 30,
2032, to January 1, 2021 to December 31, 2040. In other words, the right to operate and publish advertisements shall commence from
January 1, 2021.

 

    2

     

    

 

		3、	原合同第三条修改为如下:

 

		3.	Article 3 of the Original Agreement is amended as follows:

 

		1)	租赁费:按整租计算。乙方在本协议签署后的3个月内支付人民币肆亿柒仟万元整(¥470,000,000元)。[作为前述广告位经营权和广告发布权的20年买断租金的第一期费用。]

 

		1)	Rent:
Calculated on an entire rent basis. Party B shall pay¥470,000,000
within three (3) months after the date of the Supplemental Agreement. [As the first installment of the 20-year buyout rent for
right to operate and public advertisement in the aforementioned advertising space].

 

		2)	保证金:本租赁合同自签订生效之日起三个工作日内,乙方须向甲方支付人民币【壹仟万元整(¥
10,000,000 元)】作为合同保证金。本租赁合同期满后,如双方未续签,乙方应结清各项费用并将广告场地恢复至租赁前状态。甲方在与乙方办理完相关结清交接手续后十个工作日内将合同保证金一次性无息退还给乙方,该保证金未经甲方书面同意,不得与其他费用相抵。

 

		2)	Security
Deposit: Party B shall pay ¥10,000,000 to Party A as the
security deposit within three (3) business days after the date of the Agreement. If this Agreement is not renewed by both parties
upon expiration, Party B shall settle all expenses and restore the advertising space to its pre-lease condition. Party A shall
return the security deposit to Party B without interest within ten (10) business days after handling the relevant handover procedures
with Party B. Without the written consent of Party A, the deposit shall not be offset against other expenses.

 

		4、	鉴于协议中的交易金额提升,原合同第四条第一款甲方同意质押担保物的价值变更为人民币4.75亿元,担保期限变更为2021年1月1日至2040年12月31日止。同时,原协议附件3、4、5将被本协议的附件3、4、5替代。

 

		4.	Given that the rent is increased from
¥150,000,000 to ¥470,000,000,
Party A agrees to increase the value of the Hainan Huanghua pear furniture it owns as collateral to to rent from RMB150 million
to RMB 475 million as set forth in Paragraph 1, Article 4 of the Original Agreement, with the guarantee term updated from October
1, 2020 to September 30, 2032 to January 1, 2021 to December 31, 2040. Appendix 3, 4 and 5 of the Original Agreement shall be replaced
by the updated Appendix 3, 4 and 5 of this Supplemental Agreement accordingly.

 

    3

     

    

 

		5、	原合同第四条第三款变更为:若出现担保物评估价值低于人民币4.7亿元时,甲方须在三个月内补充相应价值的担保物。

 

		5.	Paragraph 3, Article 4 of the Original Agreement shall be amended and read as: Party A shall engage
a third-party valuation agency approved by Party B in writing to evaluate the value of the Collateral each year. In the event the
value of the Collateral is determined less than RMB470 million anytime during the term of the guarantee, Party A shall provide
additional collateral within three months of such determination to make sure aggregate value of the Collateral maintains at RMB470
million. The category of such additional collateral shall be determined by both parties through negotiation.

 

		二、	协议内容新增部分为:

 

		II.	The Original Agreement shall be supplemented by the following
information:

 

		1、	深圳市城中村内广告位及广告灯箱的细节信息,参考附件2的城中村广告位明细:

 

		a)	位置:城中村入口墙面、村内楼宇入口墙面、楼宇内部载客电梯内壁。

 

		b)	尺寸:27英寸,长61.75厘米,宽37.12厘米。

 

		c)	灯箱材质:LED晶元灯条、铝合金材质、液晶屏。

 

		d)	亮灯时间:每日7:00至23:00。

 

		1.	Details of the additional advertising space in urban villages of Shenzhen (see Appendix 2 for more
details):

 

		a)	Location: the entrance wall of the village, the entrances wall of the buildings and the inner wall
of the buildings’ passenger elevator.

 

		b)	Size: 27 inches, 61.75 cm long and 37.12 cm wide.

 

		c)	Light box material: LED crystal light bar, aluminum alloy
material, LCD screen.

 

		d)	Lighting time: 7:00 to 23:00 every day.

 

		2、	广告位交付计划:待交付广告位共计10万个;2021年12月31日前,交付50%以上,即超过5万个;2022年12月31日前,交付剩余广告位。若甲方未能在规定时间前交付足够的广告位,应提前7天向乙方提出书面通知,并获得乙方同意,从而再次协商交付时间。

 

		2.	Advertising space delivery schedule: A total of 100,000 advertising positions are subject to the
delivery schedule. More than 50% of the advertising space shall be delivered by December 31, 2021, with the remainder delivered
by December 31, 2022. If Party A fails to make the delivery according to the delivery schedule, it shall give a written notice
to Party B seven (7) days in advance and obtain Party B’s consent to negotiate new delivery schedule.

 

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		3、	若甲方未按照本合同约定完成广告位的经营权和广告发布权的交付且协商无果,乙方有权解除本合同,甲方须退还乙方支付的全部租赁费并承担因合同解除而对乙方造成的全部经济损失。

 

		3.	If Party A fails to deliver the right to operate and publish the advertisements in advertising
space in accordance with this Agreement and the parties fail to achieve an agreement through negotiation, Party B shall have the
right to terminate the Supplemental Agreement and Party A shall refund all the rent paid by Party B and bear all the economic losses
caused to Party B by the termination of this Agreement.

 

		4、	付款方式:乙方将租赁费转账至甲方指定的银行账户如下:

 

开户名:深圳市可至科技有限公司

开户行:337080100100704592

开户账号:兴业银行深圳中心区支行

 

		4.	Payment method: Party B shall transfer the rent to the bank account designated by Party A as follows:

 

Account name:
Shenzhen Kezhi Technology Co., Ltd.

Account number:
337080100100704592

Bank name:
Shenzhen Central District Branch of Industrial Bank

 

		5、	甲方如因统一策划宣传需要,可对该广告位进行调整变更,但甲方应提前10个工作日通知乙方,乙方同意全力配合,但甲方应当为乙方安排替换位置的广告位。甲方为乙方安排替换的广告位需在同等商区或住宅小区的类似广告位。

 

		5.	Party A may adjust or change the advertising space for the purpose of unified planning and publicity,
provided that Party A shall notify Party B ten (10) business days in advance to obtain Party B’s consent. Party A, in returen,
shall arrange advertising space for Party B as replacement. The advertising space that Party A arranges to replace for Party B
shall be similar advertising space in the equivalent commercial area or residential area.

 

    5

     

    

 

		6、	本合同履行过程中,乙方不承担任何甲方与第三方之间产生的针对乙方所租用广告位的争议、冲突、诉讼等相关责任。若因上述原因导致甲方无法继续履行其在本合同下的全部或部分义务,甲方应当在1个月内为乙方安排同等数量的替换广告位,且替换的广告位需在同等商区或住宅小区的类似广告位。若甲方未能在1个月内安排足够数量的替换广告位,或者安排的替换广告位未能得到乙方认可,乙方有权自行从第三方处寻找并租赁替换广告位,且期间产生的所有费用由甲方承担,包括替换广告位的租赁费、寻找替换广告位所发生的人员工资、差旅费、第三方中介服务费等。若甲方无法在2个月内为乙方安排替换位置的广告位,且甲乙双方协商无果后,乙方有权要求甲方退回与缺失的广告位相对应的租赁费用(退还费用比例按照被替换广告位收入占所有广告位收入的比例进行计算)或者解除本合同(即甲方须退还乙方支付的全部租赁费并承担因合同解除而对乙方造成的全部经济损失)。

 

		6.	During the performance of this Supplemental Agreement, Party B shall not be liable for any disputes,
conflicts or lawsuits arising between Party A and any third party concerning the advertising space hereof. If Party A is unable
to continue to perform all or part of its obligations under this Supplemental Agreement due to the above reasons, Party A shall,
within one month, arrange the same amount of alternative advertising space for Party B with similar advertising space in the equivalent
commercial area or residential area. If Party A fails to arrange sufficient alternative advertising space within one month, or
the alternative advertising space is not satisfied to Party B, Party B shall have the right to find and rent alternative advertising
space from a third party, and all expenses incurred during the period shall be borne by Party A, including but not limited to the
rent of the alternative advertising space, staff salaries, travel expenses, and third-party intermediary service fees. If Party
A is unable to arrange alternative advertising space for Party B within two months and both parties fail to achieve any agreement
through negotiation, Party B shall have the right to ask Party A to refund the rent to the corresponding advertising space (the
percentage of refund shall be calculated based on the percentage of the revenue from the replaced advertising space against the
total advertising space) or terminate this Supplemental Agreement, in which case, Party A shall refund all the rent paid by Party
B and bear all the economic losses caused to Party B due to the termination of this Agreement).

 

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		7、	乙方对广告发布内容承担责任:

 

		7.	Party B shall be responsible for the contents of advertisements
released:

 

		a)	乙方所发布的商业广告或店招内容应符合《中华人民共和国广告法》及相关法律法规的要求,主要用于企业、品牌、商品的标志、促销宣传,不得发布含违法、低俗、传销、反动等不合法内容的广告。

 

		a)	The contents of commercial advertisements or store advertisements published by Party B shall comply
with the requirements of the Advertising Law of the People’s Republic of China and other relevant laws and regulations, and shall
be mainly used for the promotion and publicity of enterprises, brands and products, and shall not publish advertisements containing
illegal, vulgar, pyramid selling, reactionary and other illegal contents.

 

		b)	甲方有权审查乙方提供的广告内容和表现形式。对不符合法律法规及政府规定的广告内容和表现形式,甲方有权要求乙方做出修改。乙方做出修改前,甲方有权拒绝发布,由此导致广告延误发布,责任由乙方承担。乙方拒不更换的,甲方有权终止合同,并不予退还乙方所交纳的费用。甲方的审查不代表对乙方的发布行为进行担保,并不免除乙方发布广告应承担的责任。

 

		b)	Party A shall have the right to review the contents and forms of advertisements provided by Party
B. Party A shall have the right to request Party B to modify the contents and forms of advertisements that are not in compliance
with related laws and government regulations. Before Party B makes any modification, Party A shall have the right to refuse to
publish the advertisement, and Party B shall be liable for any delay in the publication of the advertisement. If Party B refuses
to replace the advertisement, Party A shall have the right to terminate this Supplemental Agreement and shall not refund the rent
paid by Party B. Party A’s review shall not represent a guarantee for Party B’s publication in legal perspective and shall not
exempt Party B from any responsibility for publishing advertisements.

 

    7

     

    

 

		c)	乙方应按甲方管理要求进行广告的设计、制作、安装、拆卸和政府报批等事项,并承担相应费用。乙方应在相应施工前将方案报甲方审批备案。

 

		c)	Party B shall design, manufacture, install, dismantle and apply for governmental approval in compliance
with the management requirements of Party A, and bear the corresponding expenses. Party B shall submit the compliance plan to Party
A for approval and record before the corresponding construction.

 

		8、	乙方应确保施工安全、工程质量和广告发布期间相关设备设施的安全性。乙方应承担因施工质量造成广告位相关设备设施或墙体受到损害而引起的赔偿责任。乙方应承担在施工期间和广告发布期间因乙方设计缺陷和施工质量引起的安全责任(包括但不限于给甲方、安装人员及第三人所造成的人身和财产损失)。

 

		8.	Party B shall ensure the construction safety, project quality and the safety of relevant equipment
and facilities during the advertising period. Party B shall be liable for compensation for damage to the equipment, facilities
or walls of the advertising space caused by the construction quality. Party B shall be liable for security incidents caused by
design defects and construction quality during the construction and the advertising period (including but not limited to personal
and property losses caused to Party A, the installer and a third party).

 

		9、	如合同期满后如双方不再续约,乙方应将广告位恢复原状;乙方应另行制定装修方案报请甲方同意,并按方案实施,以上所有费用均由乙方承担。若租赁期届满而乙方未将广告位恢复原状,又未提交装修方案的,甲方有权要求乙方按本合同经定继续支付租金和电费;甲方也有权选择不经催告而自行将广告位恢复原状,所需要费用及产生的后果或损失均由乙方承担。

 

		9.	If the parties do not renew the Agreement upon expiration, Party B shall restore the advertising
space to its original condition. Part B shall provide a separate decoration plan and submit it to Party A for approval and decorate
the advertising space according to the plan. All the above expenses shall be borne by Party B. If Party B fails to restore the
advertising space to its original state and fails to submit the decoration plan upon expiration of the lease, Party A shall have
the right to require Party B to continue to pay the rent and electricity fee as stipulated in this Agreement. Party A shall also
have the right to restore the advertising space to its original condition without any demand, and all the expenses, consequences
or losses incurred thereby shall be bear by Party B.

 

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		10	、禁止关联、中介、非法交易

                                                                                

                                                                                

 

		10.	No
affiliated parties, intermediaries or illegal transactions shall be allowed.

 

		a)	甲、乙双方声明没有任何己方雇佣之高管或董事同时出任另一方或其附属或关联公司之高管或董事。

 

		a)	Both parties declare that no executive or director employed by them is an executive or director
of the other party or its subsidiary or affiliate.

 

		b)	甲、乙双方确认本合同的达成及签署未经过第三方中介,无需就此向第三方支付任何费用。

 

		b)	Both parties confirm that this Agreement was finalized and signed without a third party intermediary,
and there is no need to pay any fees to any third party.

 

		c)	甲乙双方均声明任何一方未采用财物或其他手段进行贿赂以促使本合同的达成及签署。若乙方违反前述规定,则视为乙方违约,甲方有权以书面方式通知乙方终止本合同。

 

		c)	There is no bribery from either party by property or other means to promote the finalization and
execution of this Agreement. If Party B breaches the foregoing provisions, it shall be deemed as breach of this Agreement and Party
A shall have the right to notify Party B in writing to terminate this Agreement.

 

		11	、不可抗力

 

		11.	Force majeure

 

		a)	如本合同的任何一方因不可预见、无法控制、非因无法履行义务一方的过错或疏忽所致的不可抗力事件而无法履行其在本合同项下的义务,则无法履行义务的一方应立即将该不可抗力事件书面通知另一方。在不可抗力事件存续期间,无法履行义务的一方可暂时不履行其义务,也无须对另一方由此引起的任何损失、不便、麻烦或不适进行赔偿,但应尽力减少因不可抗力引起的损失。任何相关的期限应根据该事件所影响的期限相应顺延。不可抗力事件消失时,无法履行义务的一方应继续履行其义务。如不可抗力情形存续超过180天,任何一方有权解除合同。

 

		a)	If either party is unable to perform its obligations under this Agreement due to a force majeure
that is unforeseeable, uncontrollable, or is not caused by the fault or negligence of either party, the party unable to perform
its obligations shall immediately notify the other party in writing of such force majeure. During the duration of the force majeure,
the party unable to perform its obligations may temporarily not perform its obligations and shall not be liable to any loss, inconvenience,
trouble or discomfort of the other party caused thereby, but shall use its best efforts to reduce the losses caused by the force
majeure. Any relevant period shall be postponed in accordance with the period affected by the force majeure. When the event of
force majeure disappears, the party unable to perform its obligations shall continue to perform its obligations. If the force majeure
lasts for more than 180 days, either party has the right to terminate this Agreement.

 

		b)	“不可抗力”应被定义为:任何不能预见、不能避免、不能克服的事件,包括洪水、台风、地震、战争或军事行动、内乱或民众动乱、恐怖主义行动、火灾、爆炸、罢工(甲、乙双方内部员工的罢工除外)等情况及类似的天灾。

 

		b)	“Force majeure” shall be defined as any unforeseen, unavoidable or insurmountable event,
including flood, typhoon, earthquake, war or military action, civil strife or civil unrest, terrorist action, fire, explosion,
strikes (except strikes by employees of both parties) and similar natural disaster.

 

    9

     

    

 

		三、	本协议生效后,即成为原合同不可分割的组成部分,与原合同具有同等法律效力。

 

除本协议中所作修改外之外,原合同其他部分应完全继续有效。本协议与原合同有冲突时,以本协议为准。

 

		III.	After the effectiveness of this Supplemental Agreement, it shall become an integral part of the
Original Agreement and have the same legal effect as the Original Agreement. Except as amended in this Supplemental Agreement,
all other parts of the Original Agreement shall remain in full force and effect. In case of any conflict between this Supplemental
Agreement and the Original Agreement, this Supplemental Agreement shall prevail.

 

		四、	本协议一式贰份,甲乙双方各持壹份,具有同等法律效力,自双方签字盖章之日起生效。

 

		IV.	This Supplemental Agreement is made in duplicate, each of which is held by both parties. The Supplemental
Agreement shall come into effect upon being signed and sealed by both parties.

 

附录:

Appendix:

 

		1、	乙方企业信息

 

Company Information
of Party B

 

		2、	合同提及广告位明细

 

Specific location
of the advertising space

 

		3、	海南黄花梨家具清单

 

Scented Rosewood
Furniture list

 

		4、	海南黄花梨评估报告

 

Scented Rosewood
Assessment report

 

		5、	海南黄花梨抵押协议

 

Scented Rosewood
Pledge Agreement

 

(以下无正文)

 

(Signature
page follows)

 

    10

     

    

 

(本页为签字页)

(This
page is the signature page)

  

	
        甲方(盖章)

        Party A (seal):
	
        乙方(盖章)

        Party B (seal):

	 	 
	
        法定代表人/签约代表

        Legal Representative: /s/ Zhifan
        Li
	
        法定代表人/签约代表

        Legal Representative: /s/
        Shuang Wang

	 	 
	
        时间

        Date: November 20, 2020
	
        时间

        Date: November 20, 2020

 

  

11btb_ex1011.htm

EXHIBIT 10.11
  
 LOAN AND MODIFICATION EXTENSION AGREEMENT
  
 This Loan Extension and Modification Agreement (the “Agreement”) is dated as of this 2nd day of March, 2020, by and between BT Brands, Inc., Delaware corporation (the “Lender”), a Next Gen Ice, Inc., a Delaware corporation (the “Borrower”).
  
 WITNESSETH:
  
 WHEREAS, the Borrower has obtained loans from the Lender in the aggregate principal amount of $179,000 (the “Loans”) which are evidenced by the promissory notes identified below, a copy of each of which is attached as Exhibit A, Exhibit B and Exhibit C hereto (each a “Note” and collectively the “Notes”);
  
 	 Date of Promissory Note
	  
	 Principal Amount
	  
	  
	 Original Maturity Date
	 
	 August 9, 2019
	  
	$	25,000	  
	  
	 March 2, 2020
	 
	 August 19, 2019
	  
	$	29,000	  
	  
	 March 2, 2020
	 
	 October 31, 2019
	  
	$	125,000	  
	  
	 March 2, 2020
	 

  
 WHEREAS, the Borrower and the Lender have agreed to extend the maturity date of the Notes on the terms and subject to the conditions set forth in this Agreement.
  
 NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged the Borrower and the Lender hereby agree as follows:
  
 1. Extension. Each of the Notes is amended to extend the Original Maturity Date of each Note from March 2, 2020 to August 31, 2020. Each Securities Purchase Agreement pursuant to which the Lender acquired a Note is hereby amended as provided herein but only to the extent provided herein.
  
 2. Consideration. In consideration of the extension of the Original Maturity Date of each Note, the Borrower shall:
  
 (a) Delivery of Shares. Cause 179,000 shares (the “Shares”) of the Borrower’s common stock, par value $0.0001 per share (“Common Stock”), to be delivered to the Lender; and 
  
 (b) Extension of Class A Warrant to Purchase Shares of Common Stock. The Borrower shall extend the expiration date of each Class A Warrant to Purchase Shares of Common Stock issued with the Notes to March 2, 2023. 
  
 (c) Issuance of Warrant. Issue to the Lender a warrant entitling the Lender (or its assignee) to purchase up to 179,000 shares of Common Stock at an exercise price of $1.00 per share at any time through March 2, 2023, the form of which warrant is attached hereto as Exhibit D (the “Warrant”).
  
 	 
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 (d) Security Interest. 
  
 (i) To secure the performance and payment of all obligations and indebtedness of the Borrower under the Notes to Lender, Borrower hereby grants to Lender a security interest in all of the Borrower’s property (the “Collateral”). Lender’s security interest shall be perfected by the Borrower’s execution of this Agreement and the Lender shall be authorized to file a UCC-1 financing statement in the County of Maricopa, State of Arizona and in such other jurisdictions as may be necessary to perfect the Lender’s security interest in the Collateral.
  
 (ii) The Collateral will not be misused or abused, wasted, or allowed to deteriorate, except for the ordinary wear and tear of its intended use, and will not be used in violation of any statute or ordinance.
  
 (iii) Borrower shall pay, prior to delinquency, all taxes, charges, liens and assessments against the Collateral, and upon the Borrower’s failure to do so, the Lender at its option may pay any of these and shall be sole judge of the legality or validity of these obligations and the amount necessary to discharge them.
  
 (iv) In addition to any other remedies set forth herein and without waiving or impairing them, upon the occurrence of an event of default under any of the Notes (“Event of Default”), and at any time thereafter, the Lender may declare all obligations secured hereby immediately due and payable, and shall have the rights and remedies of a lender under the Uniform Commercial Code of Arizona (“UCC”), including, without limitation, the right to sell, lease or otherwise dispose of any or all of the Collateral, and the right to take possession of the Collateral, and for such purposes the Lender may enter upon any premises on which the Collateral or any part of the Collateral may be situated and remove the same therefrom. The Lender may require the Borrower to assemble the Collateral and make it available to the Lender at a place to be designated by the Lender that is reasonably convenient to both parties. Unless the Collateral is perishable, or threatens to decline speedily in value, or is of a type customarily sold on a recognized market, the Lender will send or otherwise make available to the Borrower reasonable notice of the time and place of any public sale of the Collateral, or of the time after which any private sale or other disposition of the Collateral is to be made. The requirement of sending reasonable notice shall be met if such notice is mailed, postage prepaid, to the Borrower at the address designated herein, or if notice is otherwise posted on the door of the premises of the Borrower, or any public place, at least five (5) days before the time of the sale or disposition. It is expressly understood and agreed by the Borrower that the Lender ‘s right to take possession of the Collateral upon the happening of an Events of Default may be exercised without resort to any court proceeding or judicial process whatever, and without any hearing whatever. In this connection, the Borrower expressly waives any right to any judicial process or to any hearing prior to the exercise of the Lender’s right to take possession of the Collateral upon the happening of any such Events of Default. Expenses of retaking, holding, preparing for sale, or selling, or the like, of any Collateral shall include the Lender’s reasonable attorney’s fees and other expenses in connection with its enforcement of its rights under this Section 2(c). The Borrower shall remain liable for any deficiency. The Lender agrees to release UCC lien, upon the repayment of in full principle and interest on the Notes.
  
 	 
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 3. No Event of Default. No event of default under any Note has occurred and is continuing, or will result from the consummation of the transactions contemplated by this Agreement.
  
 4. Representations by Borrower. Borrower represents and warrants to Lender that (before and after giving effect to this Amendment):
  
 (a) Borrower has the power and authority and the legal right, to make, deliver and perform this Agreement and has taken all necessary corporate or other action to authorize the execution, delivery and performance of this Agreement. 
  
 (b) No consent or authorization of, filing with, notice to or other act by or in respect of, any governmental authority or any other person is required in connection with the consummation of this Agreement or the execution, delivery, performance, validity or enforceability of this Amendment which has not been obtained. This Amendment has been duly executed and delivered on behalf of Borrower. 
  
 (c) This Amendment constitutes a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).
  
 (d) The execution, delivery and performance of this Amendment will not violate any requirements of law or conflict with, result in a breach of, or constitute a default under, any of the terms, conditions or provisions of any of Borrower’s organizational documents or any agreement or instrument to which Borrower is a party or by which it is bound, or any order or decree applicable to Borrower, or result in the creation or imposition of any lien on any of Borrower’s assets or property.
  
 (e) There are no judicial, administrative actions, investigations, suits or other proceedings, pending or threatened against or affecting Borrower which, if adversely determined, could have a material adverse effect on the Borrower.
  
 5. Loan Extension Agreement. It is the intention and understanding of the parties hereto that this Agreement shall act as an extension of the Promissory Note and that this Agreement shall not act as a novation of any Note.
  
 6. Limited Effect. Except as expressly modified hereby, all of the terms and provisions of the Notes are and shall be and remain in full force and effect. The amendment to the Notes contained herein shall not be construed as an amendment, waiver, or modification of any other provision of the Loan Documents, or forbearance of exercise of remedies thereunder, or for any purpose except as expressly set forth herein.
  
 7. Further Assurances. In connection with this Agreement and the transactions contemplated hereby, the Borrower and the Lender hereby agree, at the request of the Lender, to execute and deliver such additional documents, instruments, conveyances and assurances and to take such further actions as may be required to carry out the provisions hereof and give effect to the transactions contemplated hereby. Borrower shall not take any position inimical to the transactions contemplated in this Agreement and the intent thereof.
  
 	 
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 8. Successors and Assigns. This Amendment shall inure to the benefit of and be binding upon Borrower, Lender and their respective successors and permitted assigns.
  
 9. Governing Law. This Amendment shall be construed and enforced in accordance with the laws of the State of Delaware, without regard to its conflicts of law principles. 
  
 10. Severability. If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, the other provisions of this Note shall remain in full force and effect and shall be unaffected thereby.
  
 IN WITNESS WHEREOF, intending to be legally bound, the parties hereto have caused this Agreement to be signed by their duly authorized officers.
  
 	 BORROWER:
	  
	 LENDER:

	  
	  
	  

	 NEXT GEN ICE, INC.
	  
	 BT BRANDS, INC.

	  
	  
	  
	  
	  
	  

	 By:
	 /s/ Denis Brunk 
	  
	 By:
	 /s/ Kenneth Brimmer 
	  

	 Name:
	 Denis Brunk
	  
	 Name:
	 Kenneth Brimmer
	  

	 Title: 
	 President
	  
	 Title:
	 Chief Executive Officer
	  

	 E-mail: dbrunk@nextgenice.com
	  
	 Email: kbrimmer@burgertime.com

	 Address: 1715 N. Rosemont, Suite 200, 
 Mesa, AZ 85205
	  
	 Address: 405 Main Avenue West, Suite 2D, 
 West Fargo, ND 58078

   
 	 
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