Document:

ead-ex10_5.htm - Generated by SEC Publisher for SEC Filing

  

EXHIBIT 10.5

 

 

ASSIGNMENT OF ASSET PURCHASE AGREEMENT,

SECURED PROMISSORY NOTE, SECURITY AGREEMENT AND

PLEDGE AGREEMENT

 

 

FOR VALUE RECEIVED, the undersigned, CI Holdings, Inc., an Oregon corporation (CI”), hereby assigns its obligations with respect to the Quota (but not with respect to the Assets) under the (1) Asset Purchase Agreement dated September 18, 2012 by and among it, Paul Deloughery (“Deloughery”) and Chiurazzi International, LLC, an Arizona limited liability company (“Chiurazzi Arizona”) (CI, Deloughery and Chiurazzi Arizona sometimes referred to as the “Parties”); (2) Secured Promissory Note dated September 18, 2012 in the original principal amount of Two Million Eight Hundred Thousand Dollars ($2,800,000.00) owed by CI to Chiurazzi Arizona; (3) Amendment No. 1 to the Secured Promissory Note dated March 18, 2013 between CI and Chiurazzi Arizona; (4) Security Agreement dated September 18, 2012 by and among CI, Chiurazzi Arizona and Chiurazzi Internazionale, S.r.l., an Italian company (“Chiurazzi Italy”); and (5) the Pledge Agreement over Quotas dated September 18, 2012 by and among CI, Chiurazzi Arizona and Chiurazzi Italy (such documents collectively referred to herein as the “Indebtedness Documents”) as of May 7, 2013 to:

 

                                                            Experience Art and Design, Inc.,

                                                            A Nevada corporation (f/k/a

                                                            Clear System Recycling, Inc.)

                                                            27929 S.W. 95th Avenue

                                                            Suite 1101

                                                            Wilsonville, OR 97070

                                                             

 

Dated: May 7, 2013                                                                 CI HOLDINGS, INC.,

                                                                                                An Oregon corporation

 

 

 

                                                                                                By       /s/ Gordon C. Root                               

                                                                                                Gordon C. Root

                                                                                                President

 

 

 

  

 

 

 

ACCEPTANCE OF ASSIGNMENT

 

 

            The undersigned, Experience Art and Design, Inc., f/k/a Clear System Recycling, Inc., a Nevada corporation, hereby acknowledges and accepts the foregoing Assignment. The undersigned shall execute any such documents and take any such action necessary or convenient in accomplishing the foregoing as set forth herein.

 

This Acceptance of Assignment shall be effective as of the date written below.

 

IN WITNESS WHEREOF, this instrument was executed and effective as of the 7th day of May, 2013.

 

                                                                                                EXPERIENCE ART AND DESIGN, INC.,

                                                                                                f/k/a Clear System Recycling, Inc.,

                                                                                                a Nevada corporation

 

 

                                    By:      /s/ Gordon C. Root                               

                                    Gordon C. Root

                                    President

                                     

 

 

 

  

 

 

CONSENTS

 

            The undersigned hereby consent to the above Assignment and Acceptance of Assignment effective as of May 7, 2013. Effective as of this date, CI Holdings Inc., an Oregon corporation, shall bear no obligation under the Indebtedness Documents, and Experience Art and Design, Inc., f/k/a Clear System Recycling, Inc., a Nevada corporation shall be the sole obligor thereunder.

 

                                                                                                CHIURAZZI INTERNATIONAL, LLC,

                                                                                                an Arizona limited liability company  

 

 

 

                                                                                                By WIEST HOLDINGS, LLC,

                                                                                                an Arizona limited liability company

                                                                                                As Manager

 

 

 

                                                                                                By       /s/ Paul E. Deloughery                         

 

                                                                                                Name               Paul E. Deloughery                 

 

                                                                                                Title                 Manager                                  

 

 

 

                                                                                                             /s/ Paul E. Deloughery                         

                                                                                                            Paul Deloughery

                                                                                                Sole Member of Chiurazzi International, LLC,

                                                                                                an Arizona limited liability company

 

 

 

                                                                                                CHIURAZZI INTERNAZIONALE, S.r.l.

 

 

 

                                                                                                By       /s/ Gordon C. Root                               

                                                                                                Gordon C. Root

                                                                                                Sole Directcoread-ex10_6.htm - Generated by SEC Publisher for SEC Filing

EXHIBIT 10.6

Commercial Sub-Lease Agreement

 

 

 

            This Commercial Sub-Lease Agreement dated May 7, 2013 is by and between Masterpiece Investments Corporation, an Oregon corporation (“Sub-Lessor”), and Experience Art and Design, Inc., a Nevada corporation (“Sub-Lessee”), for office space located at 27929 SW 95th Avenue, Suite 1101, Wilsonville, OR 97070 (the “Premises”).

 

            WHEREAS, Sub-Lessor is a party to a Lease Agreement (“Master Lease”) dated December 27, 2010 and Addendum thereto dated February 20, 2013 between it and Rippey Investments Inc. for property including the Premises;

 

            WHEREAS, Sub-Lessor desires to sub-lease the Premises to Sub-Lessee, and Sub-Lessee desires to sub-lease the Premises from Sub-Lessor.

 

            NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES:

 

	The Sub-Lessor leases to the Sub-Lessee all of the Premises which consist of 5629 square feet. 

 

	The term (“Term”) of this Sub-Lease shall commence as of May 7, 2013 and end at 12:00 noon on June 30, 2016. 

 

	The Sub-Lessee shall pay and the Sub-Lessor shall accept the sum of Three Thousand Dollars ($3,000.00) per month during the Term which shall be paid no later than the fifth day of each calendar month. 

 

	The Sub-Lessee shall deliver monthly rent payments to Sub-Lessor at 27929 SW 95th Avenue, Suite 601, Wilsonville, OR 97070. 

 

	During the Term of this Sub-Lease, the Sub-Lessee shall pay all utilities and other charges due with respect to the Premises. 

 

	The Sub-Lessee, at its own expense, shall carry insurance similar to that required of the Sub-Lessor under the Master Lease. 

 

	The Sub-Lessee shall have the same right to make such alterations and improvements to the Premises as the Sub-Lessor is allowed under the Master Lease. 

 

	The Sub-Lessee will pay any excise or other taxes duly assessed against its business, the Premises and any personal property on the Premises. 

 

	The Sub-Lessee shall be in default under this Sub-Lease upon the occurrence of any one or more of the following events (“Events of Default”): 

 

	The Sub-Lessee fails to pay Rent to the Sub-Lessor when due or within the grace period, if any. 

 

 

 

 

	The Sub-Lessee fails to perform any of its obligations under Sub-Lease or any applicable obligations under the Master Lease. 

 

	The Sub-Lessee becomes insolvent, bankrupt or is involved in any dissolution or liquidation proceeding or if a receiver is appointed for Sub-Lessee. 

 

	The Sub-Lessee abandons the Premises. 

 

	Upon the occurrence of an Event of Default, the Sub-Lessor has any or all of the following remedies: 

 

	The Sub-Lessor may terminate this Sub-Lease upon such notice as required in the Master Lease, at which time this Sub-Lease will be forfeited and will be void. 

 

	The Sub-Lessor may, but is not obligated to, perform on behalf of the Sub-Lessee any obligation of this Sub-Lease which the Sub-Lessee has failed to perform and seek redress from the Sub-lessee for such performance. 

 

	The Sub-Lessor may reenter and repossess the Premises. 

 

	This Sub-Lease will remain in effect until the expiration hereof or may be cancelled by Sub-Lessee upon thirty days’ written notice to Sub-Lessor. 

 

	Upon the expiration, termination or cancellation of the Master Lease, all obligations of the parties under this Sub-Lease shall be extinguished.  

 

 

 

 

 

 

(Signature Page Follows)

2

 

 

 

            IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

 

 

	

   Sub-Lessor
	

   Sub-Lessee

	

    
	

    
	

    
	

    

	

   MASTERPIECE INVESTMENTS CORPORATION
	

   EXPERIENCE ART AND DESIGN, INC.

	

    
	

    
	

    
	

    

	

    
	

    
	

    
	

    

	

    
	

    
	

    
	

    

	

   By /s/ Mark Ghiglieri
	

   By /s/ Kenneth R. Kepp

	

   Mark Ghiglieri

   President
	

   Kenneth Kepp

   Chief Financial Officer

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