Regarding Property Sample Clauses

Regarding Property. BusinessMall and TheYPD acknowledge that BusinessMall previously agreed (through an offer verbally made by its officers and subsequently affirmed and ratified by its board of directors) to pay ITS Four Hundred Thousand Dollars ($400,000.00) for the Property listed in Exhibit "E ", and certain other assets of which BusinessMall nor longer has possession. This payment was not made. The Parties acknowledge that this Property is of a type which depreciates speedily in value, and has in fact greatly depreciated in value. BusinessMall now disputes the obligation to make the Four Hundred Thousand Dollar ($400,000.00) payment to ITS. In settlement and satisfaction of this disputed claim, however, BusinessMall and TheYPD agree (i) to return the Property to ITS simultaneously with the execution of this Agreement, as set forth in Section 2 above, (ii) to deliver to ITS simultaneously with the execution of this Agreement the Shares, as defined in Section 10 of this Agreement, (iii) to transfer, assign and deliver the Assets described in Exhibit "E-2" attached hereto and incorporated herein by reference simultaneously with the execution of this Agreement, (iv) to execute and deliver, simultaneously with the execution of this Agreement, the Two Hundred Seventy-Five Thousand Dollar ($275,000.00) Promissory Note attached hereto as Exhibit "I", and incorporated herein by reference, and (v) to execute and deliver, simultaneously with the execution of this Agreement, the Seventy Thousand Dollar ($70,000.00) Promissory Note attached hereto as Exhibit "I-2" and incorporated herein by reference (hereinafter, the "Property Note"). TheYPD acknowledges that it will obtain a direct financial benefit from the settlement of this claim against its parent corporation, BusinessMall, and acknowledges the adequacy of the consideration received by TheYPD in exchange for the execution of the said $275,000.00 Promissory Note and the said Property Note.