SEC Contract Filing

Filing Date: 2015-10-20

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>f8k100515ex10iii_canadian.htm
<DESCRIPTION>GUARANTEE, BY AND BETWEEN 2264793 ONTARIO INC. AND AVONLEA VENTURES INC., EXECUTED OCTOBER 16, 2015
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">DATED AS OF: October 16, 2015</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><B>WHEREAS</B> Avonlea
Ventures Inc. (the &quot;<B>Lender</B>&quot;), a corporation incorporated under the laws of the Province of Ontario, has agreed
to advance a loan (the &ldquo;<B>Loan</B>&rdquo;) in the original principal sum of One Million Dollars ($1,000,000) to Canadian
Cannabis Corp., a company incorporated under the laws of the<B> </B>State of Delaware, including, without limitation, in accordance
with and secured by a promissory note (the &ldquo;<B>Promissory Note</B>&rdquo;) dated as of the date hereof;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><B>AND WHEREAS</B> 2264793
Ontario Inc. (the &quot;<B>Guarantor</B>&quot;) has agreed to execute this Guarantee in order to induce the Lender to accept the
Promissory Note and advance the Loan to the Borrower and for good and valuable consideration (the receipt and sufficiency whereof
are hereby acknowledged by the Guarantor) the Guarantor covenants, promises and agrees, in favour of and with the Lender as follows:</P>

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 <TD STYLE="width: 36pt">1.</TD>
 <TD STYLE="width: 36pt">(a)</TD>
 <TD STYLE="text-align: justify">The
Guarantor, as principal debtor and not as surety, unconditionally guarantees to the Lender the due payment by the Borrower of all
outstanding amounts owed by the Borrower to the Lender with respect to the Loan, including, without limitation, arising as a result
of the Loan and any other advance of funds or extension of credit by the Lender to the Borrower (the &quot;<B>Principal Sum</B>&quot;),
interest thereon, fees and any other amounts payable thereon, including, without limitation, pursuant to the Promissory Note, request
by the Borrower or other agreement between the parties (collectively, the &quot;<B>Loan Documents</B>&quot;), at the times and
in the manner set out in such Loan Documents, and the due performance and observance by the Borrower of all covenants, conditions,
stipulations and provisos contained in the Loan Documents.</TD></TR>
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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">As between the Lender and the Guarantor, the Guarantor is and shall continue to be liable as principal
debtor hereunder notwithstanding any change in the name, objects, capital stock or constitution of the Borrower or the bankruptcy,
insolvency or going into liquidation of the Borrower, voluntarily or otherwise, and notwithstanding any transaction which may take
place between the Lender and the Borrower or any neglect, waiver or default of the Lender which might otherwise operate as a discharge
whether partial or absolute of the Guarantor if the Guarantor was a surety only of the Borrower, and without restricting the generality
of the foregoing, notwithstanding the releasing in whole or in part of the property and assets mortgaged, pledged, charged or assigned,
whether by fixed and specific mortgage, charge or assignment or otherwise, in the Loan Documents, or the granting of time or other
indulgences to the Borrower. The Lender shall not be concerned to see or enquire into the powers of the Borrower or any of its
directors or officers acting or purporting to act on its behalf; and moneys, advances, renewals or credits in fact borrowed or
obtained from the Lender in professed exercise of such powers shall be deemed to form part of the debts and liabilities hereby
guaranteed, notwithstanding that such borrowing or obtaining of moneys, advances, renewals or credits shall be in excess of the
powers of the Borrower or of its directors, officers, managers or other agents aforesaid, or be in any way irregular, defective
or informal.</TD></TR></TABLE>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">The Lender in its absolute discretion or in the absolute discretion of any authorized officer or
agent, and without diminishing the liability of the Guarantor hereunder may grant time or other indulgences to the