SEC Contract Filing

Filing Date: 2015-10-28

Document Content:
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<TYPE>EX-10.4
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<FILENAME>c82855_ex10-4.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.4&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>PURCHASE AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><B>THIS PURCHASE AGREEMENT
</B>(this &ldquo;Agreement&rdquo;) is entered into as of the 10<SUP>th</SUP> day of August, 2015 (the &ldquo;Effective Date&rdquo;)
by and among <B>ISLAND BEACH RESORT, INC., </B>a Florida corporation (&ldquo;Property Management Seller<B>&rdquo;</B>),<B> </B>and
<B>ARK ISLAND BEACH RESORT, LLC</B>, a Delaware limited liability company (&ldquo;Property Management Buyer&rdquo;). Property
Management Seller is sometimes herein referred to as &ldquo;Seller&rdquo; and Property Management Buyer is sometimes herein referred
to herein as &ldquo;Buyer&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">WHEREAS, Island Beach Resort,
Inc. owns and operates a property management operation (the &ldquo;Business&rdquo;) known as Island Beach Resort (the &ldquo;Management
Company&rdquo;) at 9800 South Ocean Drive, Jensen Beach, Florida 34957 (the &ldquo;Location&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">WHEREAS, Ocean Enterprises,
Inc., a Florida corporation (&ldquo;Restaurant Asset Seller&rdquo;) owns and operates a restaurant and bars, gift shop and banquet
facility known as Shuckers (the &ldquo;Restaurant&rdquo;) at the Location; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">WHEREAS, DC Holding Company,
Inc., a Florida corporation (the &ldquo;Real Property Seller&rdquo;) owns real property consisting of the real property located
at 9800 South Ocean Drive, Commercial Units C-1, C-2, C-3, C-4, Unit 111 and Unit 201, Jensen Beach, Florida 34957 (the &ldquo;Real
Property&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">WHEREAS, Property Management
Seller holds certain licenses and permits from the Division of Hotels and Restaurants to operate the Real Estate Management Company;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">WHEREAS, the closing on
this Purchase Agreement is subject to and contingent upon the closing of the Real Estate Commercial Contract and Rider (&ldquo;Real
Estate Contract&rdquo;) between Real Property Seller and Ark Shuckers Real Estate, LLC (&ldquo;Real Property Buyer&rdquo;) and
the closing of the Restaurant Asset Purchase Agreement (&ldquo;Restaurant Asset Purchase Agreement&rdquo;) between Restaurant
Asset Seller and Ark Shuckers, LLC (&ldquo;Restaurant Asset Buyer&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">WHEREAS, subject to and
on the terms and conditions set forth in this Agreement, the Property Management Seller desires to sell, and Property Management
Buyer desires to buy, substantially all of the assets of the Property Management Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">NOW, THEREFORE, for and
in consideration of the recitals, the mutual covenants and agreements hereafter described and other good and valuable consideration,
the sufficiency and receipt of which is hereby acknowledged, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><B>1. <U>Sale and
Purchase</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 36pt">1.1. <U>Assets</U>.
On and subject to the terms and conditions of this Agreement, at the Closing, Property Management Seller agrees to sell, convey,
transfer, assign and deliver to Property Management Buyer and Property Management Buyer agrees to purchase from the Property Management
Seller, the Business as a going concern and Property Management Seller&rsquo;s right, title and</P>

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