Common use of Purpose and Employment Clause in Contracts

Purpose and Employment. The Corporation's primary business (the "Corporation's Business") is (a) to acquire from banks and other financial institutions relatively large "pools" or groups, consisting of at least ten (10) or more multiple non-performing mortgages in any one particular "pool" or group, together with the underlying distressed real properties primarily composed of single family residences throughout the United States; (b) to generally purchase such "pools" or groups of multiple non-performing mortgages through special purpose entities formed with financial partners through a competitive bidding process or through direct negotiations with the selling bank or financial institution; and (c) to categorize and separate the newly-acquired real estate mortgages and real properties into various sub-groups for management, rehabilitation and resale, usually over a period of eighteen to twenty-four months. The purpose of this Agreement is to define the employment relationship between the Corporation and Executive. The Corporation agrees to employ Executive as the Corporation's President and Chief Executive Officer, and Executive hereby accepts such employment by the Corporation, all upon the terms and conditions hereinafter set forth.

Purpose and Employment. The Corporation's primary business (the "Corporation's Business") is (a) to acquire from banks and other financial institutions relatively large "pools" or groups, consisting of at least ten (10) or more multiple non-performing mortgages in any one particular "pool" or group, together with the underlying distressed real properties primarily composed of single family residences throughout the United States; (b) to generally purchase such "pools" or groups of multiple non-performing mortgages through special purpose entities formed with financial partners through a competitive bidding process or through direct negotiations with the selling bank or financial institution; and (c) to categorize and separate the newly-acquired real estate mortgages and real properties into various sub-groups for management, rehabilitation and resale, usually over a period of eighteen to twenty-four months. The purpose of this Agreement is to define the employment relationship between the Corporation and Executive. The Corporation agrees to employ Executive as the Corporation's President Senior Vice President, Secretary and Chief Executive OfficerTreasurer, and Executive hereby accepts such employment by the Corporation, all upon the terms and conditions hereinafter set forth.

Purpose and Employment. The Corporation's primary business (the "Corporation's Business") is (a) to acquire from banks and other financial institutions relatively large "pools" or groups, consisting of at least ten (10) or more multiple non-performing mortgages in any one particular "pool" or group, together with the underlying distressed real properties primarily composed of single family residences throughout the United States; (b) to generally purchase such "pools" or groups of multiple non-performing mortgages through special purpose entities formed with financial partners through a competitive bidding process or through direct negotiations with the selling bank or financial institution; and (c) to categorize and separate the newly-acquired real estate mortgages and real properties into various sub-groups for management, rehabilitation and resale, usually over a period of eighteen to twenty-four months. The purpose of this Agreement is to define the employment relationship between the Corporation and Executive. The Corporation agrees to employ Executive as the Corporation's Senior Vice President and Chief Executive Financial Officer, and Executive hereby accepts such employment by the Corporation, all upon the terms and conditions hereinafter set forth.