Contract
Exhibit 10.16
This Agreement is entered into as of April 16, 2012 by and between Xxxxxx Xxxxxxxx Trust U/A/D 12/9/83 (“Trust”) and Generation Zero Group, Inc. (“GNZR”).
RECITALS:
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A.
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GNZR executed that certain promissory note (“NOTE”) on November 4, 2010 in the original principal amount of $250,000 with Xxxxxx Xxxxxxxx (“GM”) as the Holder.
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B.
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GM assigned his interest in the Note as Holder to Trust upon receipt of the Note.
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C.
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GM and GNZR entered into an amendment dated November 4, 2011.
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D.
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Trust and GNZR desire to amend the Note and enter into certain agreements in connection with the execution and deliver y of this Agreement.
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NOW THEREFORE, in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
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1.
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Provided that GNZR secures new financing in the gross amount of not less than $250,000 on or before June 15, 2012, GM agrees that the new maturity Date of the Note shall be June 2, 2014. If the aforementioned funding does not occur in a timely manner, this Agreement shall be null and void.
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2.
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Except as modified by this Agreement, the Note shall remain in full force and effect in accordance with its terms, as amended by the November 4, 2011 amendment.
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
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XXXXXX XXXXXXXX TRUST U/A/D
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12/9/83
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By /s/ Xxxxxx Xxxxxxxx
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By /s/ Xxxxxxx Xxxxx
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Trustee
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CEO
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This Agreement is entered into as of June 15, 2012 by and between Xxxxxx Xxxxxxxx Trust U/A/D 12/9/83 (“Trust”) and Generation Zero Group, Inc. (“GNZR”).
RECITALS:
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E.
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GNZR executed that certain promissory note (“NOTE”) on November 4, 2010 in the original principal amount of $250,000 with Xxxxxx Xxxxxxxx (“GM”) as the Holder.
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F.
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GM assigned his interest in the Note as Holder to Trust upon receipt of the Note.
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G.
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GM and GNZR entered into an amendment dated November 4, 2011.
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H.
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GM and GNZR entered into another amendment dated April 16, 2012.
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I.
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Trust and GNZR desire to amend the Note and enter into certain agreements in connection with the execution and deliver y of this Agreement.
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NOW THEREFORE, in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
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3.
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GM agrees that the new maturity Date of the Note shall be June 2, 2014.
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4.
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Except as modified by this Agreement, the Note shall remain in full force and effect in accordance with its terms.
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
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XXXXXX XXXXXXXX TRUST U/A/D
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12/9/83
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By /s/ Xxxxxx Xxxxxxxx
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By /s/ Xxxxxxx Xxxxx
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Trustee
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CEO
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