BLUEBIRD - TERM SHEET
Exhibit 6.14
BLUEBIRD - TERM SHEET
September 5, 2019
Summary: The purpose of this document is to outline an agreement between the parties described hereinafter, which specifies the construction of a steel building on the BLUEBIRD site and the construction financing agreement between parties.
The parties to this agreement are Xxxxxxx Xxxxxx, hereinafter referred to as (CP) and representing the capital ownership interest of the subject property. Xxxx Xxxxxx, and Xxxxxx Xxxxxxxxxxx, hereinafter referred to as (PV) representing the capital ownership interest of Puraverde LLC, the buyer. Both parties jointly thereafter referred to (CPPV).
General summary of opportunity: PV has executed a purchase agreement with CP to purchase the Bluebird property. PV is going to be steel frame building 175’ x 55’ footprint. This building will house grow rooms for Marijuana and a commercial kitchen and packaging area. CP will loan PV $600,000 USD under the following conditions below.
The General terms of the Capital Investment Plan are as follows:
| · | Property included in the sale: Attached hereto is Exhibit A which shows the complete property in its entirety. CP is currently subdividing the property in half (per the plat in exhibit A). The purpose of the division is to isolate half the property for PV’s business and remove the overlaying PUD designation and return the property to a simple Light Industrial (I.L) zoning classification. The other half of the property will remain as an exterior RV storage site. The designs for the new building, which is the focus of this agreement is attached hereto as EXHIBIT B. |
| · | Construction principle loan amount: $600,000 USD |
| · | Interest Rate: A lump sum of $7,500 will be added to the balance and considered the fixed interest payment. |
| · | Terms of loan: |
| o | Start Date: Start date is effective the date of this agreement. September 5, 2019. |
| o | Estimated construction timeframe: Completion date January 1, 2020. |
| o | Loan Terms: This will be attached to the existing owner financing that has been agreed to in a previous contract attached hereto as exhibit C. The land and structures will be used as collateral. |
| · | Loan Terms: |
| o | TERM: 60-month loan. Starting on Sept 1, 2019, and ending on Sept 1, 2024. |
| o | INTEREST RATE: 6% |
| o | Amortization rate: Payment based on a 20-year loan (amortization chart attached hereto as Exhibit B. |
| o | Balloon due at end of period. |
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year above written.
For and on behalf of PV:
| XXXX X. XXXXXX | XXXXXXX XXXXXXXXXXX |
For and on behalf of CP:
| XXXXXXX XXXXXX |
EXHIBIT A
SURVEY AND LOT SPLIT PLAN
EXHIBIT B
EXHIBIT C
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