STOCK PURCHASE ACQUISITION AGREEMENT Of COMANCHE LIVESTOCK EXCHANGE, L.L.C. By GREEN ENERGY LIVE, INC.
Of
COMANCHE
LIVESTOCK EXCHANGE, L.L.C.
By
GREEN
ENERGY LIVE, INC.
SECTION
1 CLEL / PROPERTY
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1
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SECTION
2 CLOSING DATE / DELIVERY / FULL PAYMENT
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2
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SECTION
3 PURCHASE PRICE / NOTE / CONDITIONS
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2
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SECTION
4 DUE DILIGENCE.
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3
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SECTION
5 REPRESENTATIONS AND WARRANTIES OF GELV
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3
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SECTION
6 REPRESENTATIONS AND WARRANTIES OF THE SOLE OWNE
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4
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SECTION
7 TRANSITION
OBLIGATIONS
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4
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SECTION
8 CONDITIONS
PRECEDENT
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6
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SECTION
9 CLOSING /
PERFORMANCE
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7
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SECTION
10 NOTICE OF DEFAULT AND ADVERSE DEVELOPMENTS
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8
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SECTION
11 TERMINATION OF THIS
AGREEMENT
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9
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SECTION
12 GENERAL
PROVISIONS
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9
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Articles
of Incorporation of
CLEL
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13
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The
Bylaws of
CLEL
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14
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Audited
Financial Statements of CLEL, dated FY 2008 and FY
2007
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15
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Six-month
or Quarterly Financial Statements for the period January 2009 through June
2009
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16
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Real
Estate Contract included in this
Acquisition
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17
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This
STOCK PURCHASE ACQUISITION AGREEMENT (the "AGREEMENT") is entered into as when
both parties below sign and comes into effect on the same day by and
between:
1.
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The
Sole Owner (“Sole Owner”) of Comanche Livestock Exchange, LLC, located at
Xxxxxxx 00/000, Xxxxxxxx, Xxxxx 00000;
and
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2.
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Green
Energy Live, Inc., a Nevada corporation, (“GELV”), located at 0000 00xx
Xxxxxx, Xxxxx 0-000, Xxxxxxx, Xxxxxxxx
00000-0000.
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WHEREAS:
Sole Owner has the intention to exchange or sell all of their interests
(“Interests”) in CLEL to GELV, and GELV has the intention to purchase those same
Interests.
NOW,
THEREFORE, upon their own separate consultation, the Parties hereby enter into
this Agreement as follows:
SECTION
1
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CLEL
/ PROPERTY
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1.1
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Main CLEL
Description. The assets represented under the Interests
to be exchanged under this Agreement are Comanche Livestock Exchange, Inc,
and its subsidiaries. (“CLEL ”), as well as all tangible/intangible
property owned by CLEL.
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a)
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CLEL
is in the business of auctioning for large and small cattle
producers.
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1
1.2
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Real Property as described in
Exhibit E. An asset also purchased under this Agreement
is the land/property as described under Exhibit
E
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1.3
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Other
Assets. All CLEL assets associated with the running of
CLEL, including, but not limited to the name usage and goodwill, licenses,
contracts, franchises, and other miscellaneous and intangible
personal/CLEL property associated with
CLEL.
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SECTION
2
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CLOSING
DATE / DELIVERY / FULL PAYMENT
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2.1
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Date, time and place of
closing. This transaction shall close 1) upon signing
this Agreement, the attached employment agreement with Xxxx Xxxxx, the
attached Comanche Real Estate contract, and the attached Comanche
Promissory Note for Nine Hundred Fifty Thousand
Dollars (US$950,000) Note (“Note”)(See Section 3), and 2) upon
delivery of a Fifty Thousand Dollars (US$50,000.00) (Xxxxxxx Money) in the
form of Green Energy Live, Inc. stock issuance to
Seller.
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2.2
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Delivery.
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a)
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Delivery,
which includes the Interests, property, and operations (the
“Deliverables”), shall take place upon closing under Section
2.1. Those Deliverables shall be returned in full if Note is
not paid per Section 3.
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2.3
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Restoration. If
any part of CLEL is damaged or destroyed by fire or other casualty loss,
Sole Owner shall restore CLEL to its previous condition as soon as
reasonably possible, but, in any event, by the Closing
Date.
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a)
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If
Sole Owner is unable to do so without fault, GELV may either (1) terminate
this contract and any and all payments shall be refunded to GELV in full,
or (2) the parties may agree to extend the time for performance up to 45
days and the Closing Date shall be extended as necessary or (3) GELV may
accept CLEL in its damaged condition and accept an assignment of insurance
proceeds. If CLEL is totally destroyed by fire, windstorm, or other
catastrophe this contract shall become null and void and the Xxxxxxx
Interests shall be refunded to GELV in
full.
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SECTION
3
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PURCHASE
PRICE / NOTE / CONDITIONS
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a)
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Sole Owner’ Interest
Purchase. Sole Owner shall have satisfied all clauses
under this agreement. The following are the stock purchase
conditions:
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i.
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Purchase Amount. One
Million Dollars (US$1,000,000) as follows: Fifty Thousand Dollars
(US$50,000.00) (“Xxxxxxx Money”) in the form of Green Energy Live, Inc.
stock issuance to Seller and Nine hundred Fifty Thousand Dollars
(US$950,000.00) Note (“Note”) for all interests of Sole Owner in
CLEL.
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ii.
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Note Payment Terms. The
Note shall be paid in the following
manner:
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1.
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US$450,000
paid approximately 60 days after effective SEC registration of
GELV;
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2.
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US$250,000
within 12 months of Closing Date;
and
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3.
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Balance
of US$250,000 within 24 months of Closing
Date.
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2
iii.
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Financial Audits and SEC
Registration. Sole Owner agree and represent their
understanding that payment of the Note and this Agreement is dependent
upon CLEL completing a PCAOB certified financial audit, paid for and
handled by GELV, and a GELV successful registration statement with the
Securities and Exchange Commission (“SEC”) by September 15,
2009. See Section 3(c).
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b)
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The Sale Amount
Allocation. $850,000 shall be applied to the Property as
described under Section 1.2 and $150,000 shall be applied to the Interests
as described in Section 1.1.
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c)
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Successful
Audit. The Purchase
contemplated under this agreement by GELV is dependent upon a successful
audit of the financial status of CLEL and its assets
that GELV is fully reporting on the Securities and
Exchange Commission (SEC). The audit shall be conducted
by an accounting firm chosen by GELV. GELV shall pay all
expenses associated to this condition. In the event GELV
are unable to obtain approval of the SEC, Sole Owner may terminate this
contract subject to the provisions of Paragraph
11.
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d)
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Purchase Price based on No Debt
in CLEL. The Purchase Price is
based upon no debt in CLEL. Any debt incurred prior to
acquisition of Interests shall be deducted from the Note, unless Sole
Owner personally retains such debt. Any debt incurred for
normal business operations, after
acquisition of Interests, shall be incurred by CLEL and
GELV.
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SECTION
4
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DUE
DILIGENCE.
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4.1
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Site
Inspection. This Agreement is subject to site inspection
of the property under Section 1. The property and assets under
Section 1 shall be in reasonable condition for proper use in the business
of CLEL. A site inspection shall take place concurrently with
the audit of CLEL and shall have the same termination provisions under
Section 11.3(a)
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4.2
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Exhibits. By the Closing
Date, Sole Owner shall provide all documents requested by GELV including
but not limited to the following:
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a)
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Articles
of Incorporation of CLEL (“Exhibit
A”).
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b)
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The
By-Laws of CLEL. (“Exhibit B”).
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c)
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Audited
Full Year Financial Statements of CLEL dated FY 2008 and FY 2007 (“Exhibit
C”).
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d)
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Six-month
or Quarterly Financial Statements for the period January 2009 through June
2009 (“Exhibit D”).
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e)
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Real
Estate Contract included in this Acquisition (“Exhibit
E”).
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f)
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Additional
information listed in SECTION 7
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3
SECTION
5
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REPRESENTATIONS
AND WARRANTIES OF GELV
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5.1
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GELV
warrants that its stock is registered on a public
market.
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5.2
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GELV
shall have the means to perform financial audits of
CLEL.
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SECTION
6
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REPRESENTATIONS
AND WARRANTIES OF THE SOLE OWNER
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The Sole
Owner hereby jointly and severally make the following representations and
warranties to GELV, all of which shall be true and correct as of the date of
this Agreement and on the Closing Date:
6.1
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100% Ownership of
CLEL. Sole Owner owns 100% of CLEL, and hereby
represents that there are no other owners or third party liens against
such ownership of CLEL.
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6.2
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Title to Real CLEL.
After Closing, GELV shall have, good and marketable title to all
CLEL assets reflected in the Financial
Statements
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6.3
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Financial Condition. The
financial statements of Sole Owner set forth in Exhibit D, fairly
represent (in accordance with generally accepted accounting principles
except as otherwise set forth in Notes thereto consistently applied) the
financial condition and results of operations of Sole Owner at and for
period reported thereon. There exists no material adverse change in such
financial condition or results of operations of the Sole Owner since
January 1, 2008, copies of which have been provided to GELV and which
fairly present the financial condition and results of operations of the
Sole Owner; provided, however, that GELV understands and acknowledges that
the continuation of trends reflected in the Financial Statements shall not
constitute a material adverse
change.
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6.4
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No Right of Termination by
Major Customers or Suppliers. There are no grounds that would allow
any of the Sole Owner’ ten (10) largest (by level of revenue received by
CLEL ) CLEL customers, or any of the Sole Owner’ major suppliers to
terminate their existing service
contracts.
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6.5
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Maintain Lease to
CLEL. If CLEL operates on property currently not owned
by CLEL Business, but by Sole Owner, Sole Owner warrants he will continue
to lease CLEL of which CLEL is currently located to CLEL at the same or
lesser monthly rate. At the time of Closing, the Sole Owner
shall extend a long-term lease with GELV for CLEL
use.
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6.6
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Tax Liabilities. CLEL
does not have any federal, state or foreign tax liability that may be
assessed against or collected from GELV as a successor of the Sole Owner
or otherwise. CLEL has paid all taxes due and payable; has
established adequate reserves for any taxes not yet due and payable; has
timely filed all tax returns required to be filed; and does not have any
current or pending tax audits. There are no CLEL assets that
are subject to any liens for taxes.
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SECTION
7
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TRANSITION
OBLIGATIONS
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7.1
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Operation
of the CLEL Business after Closing.
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a)
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CLEL
shall become a subsidiary of GELV. After the Closing Date, the
Sole Owner shall remain an employee of CLEL for two (2) years (Sole Owner
shall have a salary of $50,000 total a year, or such larger amount as the
Board may from time to time determine) and shall operate CLEL in the
ordinary course and shall use his best efforts to maintain favorable
relationships with CLEL customers and suppliers. There shall be
an option to renew employment for another two years, subject to approval
by the GELV board of directors. A separate employment agreement
accompanies this document with further terms and conditions that have been
agreed upon by both parties.
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b)
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The
Sole Owner, as employee after the Closing Date, shall maintain an average
of a minimum Yearly Net Profit of Fifty Thousand Dollars
(US$50,000 Net Profit) for the next two (2) years after
Closing.
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c)
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If
and to the extent that the Sole Owner has been making any payments on any
leases or executory contracts, the Sole Owner shall continue to make such
payments. Such payments shall be disclosed to
GELV.
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7.2
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Employee
Matters.
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a)
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Until
the Note is paid in full, Sole Owner shall continue to handle Employee
Matters so as to not disrupt CLEL.
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7.3
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No Conflicting
Agreements. No Party shall enter into any agreement that would
adversely affect (i) its ability to perform its obligations under this
Agreement, or (ii) the rights of any other Party under this Agreement or
the Procedures Order.
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7.4
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Financial and Budgetary
Information. The Sole Owner shall work with GELV to have
CLEL’s and its assets’ financial and budgetary information audited by a
certified public accounting firm, and must be acceptable under by both
GAAP and SEC standards.
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7.5
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Filing
and Audit Cooperation.
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a)
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The
Sole Owner and GELV shall (i) cause any necessary filings with any
governmental agency to be made expeditiously, and (ii) obtain or cooperate
in obtaining any necessary government or third-party approvals (including,
without limitation, any filings or registrations with the SEC or state
securities regulatory authorities). In addition, each of the Parties
agrees to use its best efforts to expeditiously prepare, file and seek
confirmation of this Agreement.
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4
b)
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After
the Closing Date, the Sole Owner shall provide GELV and/or its
representatives, agents and designees with (i) reasonable access to the
CLEL books and records, employees, agents, accountants, advisors and other
representatives, and (ii) such other persons and information as GELV shall
request with respect to the assets, liabilities and equity of CLEL;
provided, however, that any such access shall only be given during normal
CLEL hours; provided further that any reasonable fees, costs and expenses
incurred or suffered by the Sole Owner in connection with providing such
access shall be paid by GELV.
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7.6
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Further Assurances.
After the Closing, (i) the Sole Owner shall, at the request of GELV, take
such additional actions, and execute and deliver such additional documents
and instruments, as may be reasonably necessary or appropriate to effect
the transactions contemplated by, and to carry out the intent of, this
Agreement, and (ii) GELV shall, at the request of the Sole Owner, take
such additional actions, and execute and deliver such additional documents
and instruments, as may be reasonably necessary or appropriate to effect
the transactions contemplated by, and to carry out the intent of, this
Agreement.
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7.7
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Amendment to CLEL Corporate
Documents. Any Certificate of Incorporation and By-laws
of CLEL, on or prior to the Closing Date, if and to the extent directed by
GELV, the certificate of incorporation and by-laws of CLEL shall be
amended to be in form and substance satisfactory to
GELV.
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5
SECTION
8
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CONDITIONS
PRECEDENT
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8.1
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Mutual Conditions. The
obligations of the Sole Owner and GELV under this Agreement are subject to
the satisfaction of each of the following
conditions:
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a)
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Authorizations. All
Authorizations required to consummate the transactions under this
Agreement shall have been obtained.
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8.2
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Conditions to obtain GELV's
Obligations. In addition to satisfaction of the mutual conditions
set forth in Section 8.1 of this Agreement, the obligations of GELV under
this Agreement shall be subject to the satisfaction of each of the
following conditions:
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a)
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Representations and Warranties
of the Sole Owner. The representations and warranties of the Sole
Owner in this Agreement shall be true and correct on the Closing Date as
if made on and as of that date, except for changes occurring in the
ordinary course of CLEL (provided that such changes do not have a material
adverse effect on CLEL taken as a whole), or with the prior written
consent of GELV.
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b)
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Sole Owner owns 100% of CLEL.
The Sole Owner hereby represents that they are the Sole Owner of
CLEL, its subsidiaries, and the assets under these
businesses. The Sole Owner shall indemnify GELV for any
misrepresentation of ownership or claims against ownership of
CLEL.
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c)
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Compliance with
Conditions. All of the terms, conditions, covenants and agreements
to be complied with or performed by the Sole Owner under this Agreement on
or before the Closing Date shall have been duly complied with or performed
in all material respects.
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d)
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No Material Change.
There shall have been no material adverse change in the operations of
CLEL.
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e)
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Material Documents Satisfactory
to GELV. All required documents from Sole Owner shall be
in form and substance reasonably satisfactory to
GELV.
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f)
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Closing Documents. The
Sole Owner shall deliver to GELV all the closing documents specified in
Section 9.2(a) of this Agreement, each of which shall be dated as of the
Closing Date, duly executed and in a form reasonably satisfactory to
GELV.
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g)
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No GELV Termination
Event. No GELV Termination Event shall have occurred
(other than GELV Termination Events, if any, that have been waived by GELV
in writing).
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h)
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No Default Notice or
Termination Notice. GELV has not sent (i) any uncured Default
Notice to Sole Owner (other than Default Notices, if any, that have been
rescinded or waived by GELV in writing), or (ii) a Termination Notice to
Sole Owner.
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i)
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Pre-Closing Balance
Sheet. GELV shall have received the Pre- Closing Balance Sheet at
least five (5) business days prior to the Closing Date, which shall be in
form and substance reasonably satisfactory to
GELV.
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6
8.3
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Conditions to obtain Sole
Owner’s Obligations. In addition to satisfaction of the mutual
conditions set forth in Section 8.1 of this Agreement, the obligations of
the Sole Owner under this Agreement shall be subject to satisfaction of
each of the following conditions:
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a)
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Representations and Warranties
of GELV. The representations and warranties of GELV in this
Agreement shall be true and correct in all material respects on the
Closing Date as if made on and as of that
date
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b)
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Compliance with
Conditions. All of the terms, conditions, covenants and agreements
to be complied with or performed by GELV or GELV on or before the Closing
Date under this Agreement shall have been duly complied with or performed
in all material respects.
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c)
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Closing Documents. GELV
shall deliver to Sole Owner all the closing documents specified in Section
9.2(b) of this Agreement, each of which shall be dated as of the Closing
Date, duly executed and in a form reasonably satisfactory to Sole
Owner.
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d)
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No Default Notice. Sole
Owner has not sent (i) any Default Notice to GELV (other than Default
Notices, if any that have been rescinded or waived by Sole Owner in
writing), or (ii) a Termination Notice to
GELV.
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e)
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No Sole Owner’s Termination
Event. No Sole Owner’s Termination Event shall have occurred (other
than Sole Owner’s Termination Events, if any, that have been waived by
Sole Owner in writing).
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8.4
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Waiver of Conditions
Precedent. If any condition described in this Section 8 has not
been satisfied, the Party that is entitled to require that such condition
be satisfied may (in its sole discretion) waive such
condition.
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SECTION
9 CLOSING
/ PERFORMANCE
9.1
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Closing Date. The
transactions contemplated by this Agreement shall close (the "Closing")
per Section 2.1.
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9.2
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Performance at Closing.
The following documents shall be executed and delivered at the
Closing:
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a)
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By Sole Owner. The Sole
Owner shall deliver to GELV:
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i.
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Certificates
of the officers or partners of CLEL in form and substance reasonably
satisfactory to GELV with respect to such matters as GELV may reasonably
request (including, but not necessarily limited to, a certificate with
respect to each Sole Owner that (i) all conditions precedent to be
satisfied by such Sole Owner under this Agreement have been satisfied in
all material respects, (ii) such Sole Owner has performed all of its
duties under this Agreement in all material respects, (iii) the
representations and warranties of such Sole Owner in this Agreement are
true and correct on the Closing Date, except for changes occurring in the
ordinary course of the CLEL (provided that such changes do not have a
material adverse effect on the CLEL taken as a whole), or with the prior
written consent of GELV, and (iv) evidencing the incumbency and signatures
of such CLEL officers authorized to act on behalf of such Sole Owner with
respect to the transactions contemplated by this
Agreement.
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7
ii.
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To
the extent deemed necessary or appropriate by GELV, such bills of sale,
warranty deeds and other instruments of transfer and assignment as GELV
may reasonably request to insure the full conveyance of the Interests to
GELV.
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iii.
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Copies
of all Authorizations required to be obtained by the Sole Owner to
consummate the transactions contemplated by this
Agreement.
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iv.
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Certified
copies of the resolutions of each Sole Owner’s board of directors or
partners then in full force and effect authorizing the transactions
contemplated by this Agreement and the execution of all of the documents
entered into by such Sole Owner to effectuate such
transactions.
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v.
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Opinions
of Sole Owner’s counsel with respect to such matters as GELV shall
reasonably request, which opinions shall be in form and substance
reasonably satisfactory to GELV.
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vi.
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Physical
possession of original copies of all Assets that constitute contracts,
agreements, securities and similar assets, and (iii) all of the
Records.
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vii.
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An
updated schedule of all liabilities and obligations to be assumed or paid
by GELV and/or its subsidiaries.
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b)
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By GELV. GELV
shall deliver to Sole Owner:
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i.
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Copies
of the resolutions of GELV's board of directors then in full force and
effect authorizing the transactions contemplated by this Agreement and the
execution of all of the documents entered into by GELV to effectuate such
transactions.
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ii.
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Opinions
of GELV's counsel with respect to such matters as Sole Owner shall
reasonably request, which opinions shall be in form and substance
reasonably satisfactory to the Sole
Owner.
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9.3
|
Other Documents and
Acts. The Sole Owner and GELV shall also execute such other
documents and perform such other acts, before and after the Closing Date,
as may be reasonably necessary or appropriate for the consummation of the
Transactions.
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SECTION
10
|
NOTICE
OF DEFAULT AND ADVERSE DEVELOPMENTS
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10.1
|
Notice of Default. If
any Party determines that any other Party is in default of its material
obligations, or has breached any of its representations and warranties in
any material respect, under this Agreement, such Party shall provide the
defaulting Party and the other non-defaulting Parties with notice (a
"Default Notice") specifying in reasonable detail the nature of such
default or breach; provided, however, that delivery of a Default Notice by
any Party to a defaulting Party shall not constitute a waiver of (i) any
default or breach by the defaulting Party, or (ii) any rights or remedies
under this Agreement of any non-defaulting
Party.
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10.2
|
Notice of Adverse
Developments. Each Party shall promptly notify the other Parties of
each development known to such Party that may have a material adverse
effect on the operation of the Sole Owner’s CLEL or any of the Assets;
provided, however, that the compliance by the Sole Owner shall not relieve
the Sole Owner of any obligation with respect to their representations,
warranties, covenants and agreements in this Agreement or waive any
condition to GELV's obligations under this
Agreement,
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8
SECTION
11
|
TERMINATION
OF THIS AGREEMENT
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11.1
|
By Any Party. If any
Party has delivered a Default Notice to the other Parties pursuant to
Section 10 of this Agreement and the default described in such notice has
not been cured within thirty (30) days after delivery of such notice, then
the Party giving such notice may terminate this
Agreement.
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11.2
|
Failure to obtain Financial
Audits. If CLEL cannot obtain either a PCAOB certified
financial audit or a successful registration statement with the SEC by
September 15, 2009, this Agreement shall terminate. The parties
may extend this requirement date by mutual
agreement.
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11.3
|
Notice of Termination.
Any Party that elects to exercise its right to terminate this Agreement
pursuant to this Section of this Agreement may do so by sending a written
notice (a "Termination Notice") to the other Parties in the manner
provided in Section 12.2 of this Agreement. In the event of any
termination of this Agreement, the Parties shall have no further
obligations or liabilities to one another under this
Agreement.
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a)
|
Returning to Conditions
existing prior to Closing Date. If in the event that
Section 7.1(b) is not obtained, GELV shall return all Interests to Sole
Owner. Sole Owner shall return all Payments under Section
3. Sole Owner shall not retain any payments. All
Parties shall proceed to complete all filings to come back to the
conditions prior to the Closing Date as reasonably as
possible. The Note shall be
terminated.
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SECTION
12
|
GENERAL
PROVISIONS
|
12.1
|
Expenses. Except as
otherwise provided in this Agreement and the Procedures Order, all
expenses involved in the preparation and consummation of this Agreement
shall be borne by the Party incurring such expense whether or not the
transactions contemplated by this Agreement are
consummated. All filing and auditing expenses related to this
acquisition shall be paid by GELV. Each party shall engage
their own legal counsel.
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12.2
|
Notices. All notices,
requests, demands, and other communications pertaining to this Agreement
shall be in writing and shall be deemed duly given when delivered
personally (which shall include delivery by (i) Federal Express or other
nationally recognized, reputable overnight courier service that issues a
receipt or other confirmation of delivery, or (ii) fax upon confirmation
of delivery) to the Party for whom such communication is intended, or
three (3) business days after the date mailed by certified or registered
U.S. mail, return receipt requested, postage prepaid, addressed as
follows:
|
If
to the Sole Owner:
|
Comanche
Livestock Exchange, LLC
Xxxxxxx
00/000
Xxxxxxxx,
Xxxxx 00000
|
If
to GELV:
|
0000
00xx Xxxxxx, Xxxxx 0-000, Xxxxxxx, Xxxxxxxx 00000-0000
|
With
a copy to:
|
Cident
Law Group PLLC
ATTN:
Xxxxxxx Xxxx
000
Xxxxxxxx Xxx Xxxx #000
Xxxxxxx,
Xxxxxxxxxx 00000
|
Any Party
may change its address for notices by notice to the other Parties given pursuant
to this Section 12.2. For purposes of this Agreement, any notice delivered to
Sole Owner shall be deemed to have been given to all of the other Sole Owner at
the time such notice is delivered to Sole Owner and any notice delivered to GELV
shall be deemed to have been given to GELV.
9
12.3
|
Attorneys' Fees. If any
Party initiates any litigation against any other Party involving this
Agreement prior to the Closing Date, each prevailing Party in any such
litigation shall be entitled to receive reimbursement from the other
Parties in that litigation of such prevailing Party's reasonable
attorneys' fees and other costs and expenses incurred by such prevailing
Party in connection with that litigation, including any appeal, and such
reimbursement may be included in the judgment or final order issued in
that proceeding.
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12.4
|
Waiver. Unless otherwise
specifically agreed in writing to the contrary by each adversely affected
Party: (i) the failure of any Party at any time to require performance by
the other of any provision of this Agreement shall not affect such Party's
right thereafter to enforce the same; (ii) no waiver by any Party of any
default by any other Party shall be valid unless in writing and
acknowledged by an authorized representative of the non-defaulting Party,
and no such waiver shall be taken or held to be a waiver by the
non-defaulting Party of any other preceding or subsequent default; and
(iii) no extension of time granted by any Party for the performance of any
obligation or act by the any other Party shall be deemed to be an
extension of time for the performance of any other obligation or act under
this Agreement.
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12.5
|
Assignment; Survival of
Representations, Warranties and Covenants. Except as otherwise
contemplated by this Agreement, no Party may assign its rights or delegate
its obligations under this Agreement without the prior written consent of
the other Parties. Subject to the foregoing, this Agreement shall be
binding upon and shall inure to the benefit of the Parties and their
respective successors and assigns, and no other person shall acquire or
have any right under or by virtue of this Agreement. The representations
and warranties of the Sole Owner in this Agreement shall expire on the
Closing Date and neither the Sole Owner nor GELV shall have any liability
to any Person after the Closing Date for any breach of any of its
representations, warranties, covenants or agreements under this Agreement;
provided, however, that notwithstanding anything to the contrary in this
Agreement, the following shall survive the termination of this Agreement:
(i) GELV's obligations under Section 12.1 of this Agreement, (ii) the
post-closing obligations of the Parties set forth in Section 7 of this
Agreement, and (iii) the Sole Owner’s obligation under Section 12.1 of
this Agreement.
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12.6
|
Entire Agreement. This
Agreement and the Exhibits and Schedules to this Agreement (which are
incorporated by reference in this Agreement), constitute the entire
agreement among the Parties with respect to the Transactions, and
supersede and terminate any prior agreements (including, but not limited
to, the Plan Sponsor Agreement) between the Parties (written or
oral). Neither this Agreement nor any Exhibit or Schedule may
be altered or amended except by an instrument in writing by all of the
Parties.
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12.7
|
Duplicate Originals.
This Contract may be executed in multiple counterparts and shall be deemed
to be fully executed when each of the parties hereto has signed one of the
counterparts, even though no one of the counterparts has been signed by
all of the parties hereto and all counterpart signature pages have been
exchanged between all parties. A facsimile copy of this Contract,
including any signature thereon, may be considered an original for all
purposes. Upon exchange of facsimile copies resulting in each party’s
having one set of copies with all required signatures, the document shall
be deemed fully executed and binding. Signature pages signed on multiple
counterparts may be separated from each counterpart and affixed to one
master document which shall be effective as the Contract and which may be
recorded as one instrument.
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10
12.8
|
Construction. The
Section headings of this Agreement are for convenience only and in no way
modify, interpret or construe the meaning of specific provisions of this
Agreement. As used in this Agreement, the neuter gender shall also denote
the masculine and feminine, and the masculine gender shall also denote the
neuter and feminine, where the context so
permits.
|
12.9
|
Severability. If any one
or more of the provisions contained in this Agreement should be found
invalid, illegal or unenforceable in any respect, the validity, legality,
and enforceability of the remaining provisions contained in this Agreement
shall not in any way be affected or impaired thereby. Any illegal or
unenforceable term shall be deemed to be void and of no force and effect
only to the minimum extent necessary to bring such term within the
provisions of applicable law and such term, as so modified, and the
remainder of this Agreement shall then be fully
enforceable.
|
12.10
|
Choice of Law / Venue.
This Agreement shall be governed by and construed in accordance with the
laws of the State of Texas, without regard to the choice of law rules
utilized in that jurisdiction. The venue shall be Comanche
County, Texas. In the event a dispute shall arise between the
parties to this agreement it is hereby agreed that the parties shall elect
a mediator to determine the dispute. In the event, the parties
cannot agree upon a mediator, then either party may petition the District
Court of Comanche County to appoint a mediator to handle the
matter. If the parties do not resolve the dispute at mediation
then either party may file a cause of action in court of competent
jurisdiction in Comanche County to resolve the dispute. In any
event, the matter should be mediated at a location agreed to by the
parties.
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12.11
|
Counsel. Each Party has
been represented by its own counsel in connection with the negotiation and
preparation of this Agreement and, consequently, each Party hereby waives
the application of any rule of law that would otherwise be applicable in
connection with the interpretation of this Agreement (including, but not
limited to, any rule of law to the effect that any provision of this
Agreement shall be interpreted or construed against the Party whose
counsel drafted that provision).
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12.12
|
Enforcement of the Rights of
GELV and the Sole Owner. Until all of the transactions contemplated
by this Agreement have been consummated on the Closing Date, (i) all of
GELV's rights under this Agreement shall be for the benefit of GELV, (ii)
GELV shall be entitled to enforce any such rights against any other Party,
and (iii) all of the Sole Owner’s rights under this Agreement shall be for
the benefit of the Sole Owner may be enforced by the Sole
Owner. (See Termination rights under Section
11).
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a)
|
Good Faith
Termination. Each party to this agreement acknowledges
that the other party may in good faith terminate this agreement for the
following causes specifically identified or expressly stated in this
agreement without liability for breach of contract or damages, to wit: (1)
a material defect in title to the CLEL which Sole Owner cannot or will not
cure, (2) a material environmental contamination which Sole Owner cannot
or will not remediate, (3) a default of a material obligation, or (4)
total destruction of CLEL. In addition, either party may
terminate this agreement without cause at any time prior to closing by
tendering to the other party a written notice of termination; however,
such a “without cause termination” shall be subject to the obligation to
pay liquidated damages.
|
b)
|
Liquidated
Damages shall be all fees and costs associated in forming this
transaction, which shall include, but not limited to, traveling costs,
attorneys’ fees, accountants’ fees, and reasonable time
spent. Proof of expense shall be by printed/written
evidence.
|
c)
|
No
Liquidated Damages shall be paid for failure to maintain any conditions
under Sections 5, 6, 7, 8, or 9. Parties may waive conditions
placed upon the other party in any of these
Sections.
|
11
IN WITNESS WHEREOF, each of
the Parties has caused this Agreement to be executed by a respective duly
authorized officer as of the date first written above.
“Sole Owner”
|
“GELV”
|
|||||
Comanche
Livestock Exchange, LLC
|
Green
Energy Live, Inc.
|
|||||
/s/ Xxxx Xxxxx |
7/22/2009
|
/s/ Xxxxx Xxxxx |
7/24/2009
|
|||
Xxxx
Xxxxx
Sole
Owner
|
Date
|
Xxxxx
Xxxxx
President/CEO
|
Date
|
|||
12
Exhibit
A
Articles
of Incorporation of CLEL
13
Exhibit
B
The
Bylaws of CLEL
14
Exhibit
C
Audited
Financial Statements of CLEL, dated FY 2008 and FY 2007
15
Exhibit
D
Six-month
or Quarterly Financial Statements for the period January 2009 through June
2009
16
Exhibit
E
Real
Estate Contract included in this Acquisition
17
Exhibit
F
Green
Energy Live, Inc Employment Agreement