PURCHASE CONTRACT TO PURCHASE PERSONAL PROPERTY
Exhibit 10.1
TO PURCHASE PERSONAL PROPERTY
| DATE: | 8/18/2016 |
| SALE: | Xxxxxxx Xxxxxx, 100% Member of Zinnia Investments, LLC agrees to sell his respective membership interest in Zinnia Investments, LLC, a Wyoming Limited Liability Company, (“ZI”), 000 X. Xxxxxxx Xxxxx, Xxxxx 000, Xxxxxxx Xxxxx, XX 00000 to Hubilu Venture Corporation, 000 X. Xxxxxxx Xxxxx, Xxxxx 000, Xxxxxxx Xxxxx, XX 00000. Included in the sale is the 100% ownership interest that Zinnia Investments, LLC owns of the property at 0000 X. Xxxxxxxx Xxxxxx, Xxx Xxxxxxx, XX 00000 (“property”) Price is $925,000.00, based on the following terms: |
| TERMS: | Xxxxxx agrees to secure Xxxxxxx Xxxxxx by recording a $655,000 AITD and Note at 6% interest only, $145,000 due in 1 year, balance due in 2 years. AITD to be secured by property. After the $145,000 is paid off, interest rate on the balance to decrease to greater of 3.5% principal & interest (‘P&I”) or 11th District COFI plus 2.8% P&I, rounded up to the nearest 0.125%, adjusted every 6 months starting the 1st of month 6 following the $145,000 payoff, and adjusting every 6 months thereafter. Rate can never be greater than 9.00%. In addition, Xxxxxxx Xxxxxx is to receive $270,000 in convertible preferred stock at $1.00 per share, convertible to common stock of Hubilu Venture Corporation at lesser of $0.50c per share or a 10% discount to the average closing price of the common for the 5 days prior to the date of conversion; 5% dividend PIK. |
| CLOSING: | Sale to close within 7 business day after verification of all property documentation by xxxxx’s auditor. |
| TERMS: | Due Diligence is subject to verification of title, rental income and satisfaction of audited results. Escrow Company to be Wilshire Escrow. Xxxxxxx Xxxxxx to indemnify Hubilu Venture Corporation of any liability with respect to Zinnia Investments, LLC and its assets prior to closing escrow. Each party to pay its own respective closing costs. Escrow fee is paid 50/50. |
| /s/ Xxxxx Xxxxxxx | 8/18/16 | /s/ Xxxxxxx Xxxxxx | 8/18/16 | |||
| Xxxxx Xxxxxxx, CEO | Date: | Xxxxxxx Xxxxxx, Manager | Date: | |||
| Hubilu Venture Corporation | Zinnia Investments, LLC | |||||
| /s/ Xxxxxxx Xxxxxx | 8/18/16 | |||||
| Xxxxxxx Xxxxxx | Date: |
