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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2005 |
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Preview shows 7KB of 66KB total |
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Price: |
$43 |
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ID: |
#1037356 |
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<SEQUENCE>4
<FILENAME>ex10_5.txt
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
ASSET PURCHASE AGREEMENT
------------------------
THIS AGREEMENT is made as of the 7 day of March, 2005
BETWEEN:
PETRUZZO PRODUCTS LIMITED., a New York company having an office and place
----------------------------
of business at Corinth New York (Fax No. (518) 654 -9301)
(the "Vendor")
OF THE FIRST PART
AND:
ORGANIC RECYCLING TECHNOLOGIES, LTD, a company duly incorporated under the
------------------------------------
laws of New York and having an office and place of business at Corinth New
York (Fax No. (604) 419 - 0431)
(the "Purchaser")
OF THE SECOND PART
AND:
EAPI ENTERTAINMENT, INC., a company duly incorporated under the laws of
--------------------------
Nevada and having an office and place of business at Suite 204 - 3970
East Hastings Burnaby BC (Fax No.: (604) 419 - 0431)
(together, the "Parent")
OF THE THIRD PART
WITNESSES THAT WHEREAS:
A. The Vendor has the benefit of certain real property located in Saratoga New
York;
B. The Purchaser desires to acquire certain of the Vendor's real property
located in Saratoga New York, on the terms and subject to the conditions
hereinafter contained;
C. The Parent are principals of the Purchaser and have become parties to
this Agreement for the purpose of guaranteeing payment to the Vendor of the
real property in the manner hereinafter provided;
NOW THEREFORE, in consideration of the premises and the mutual agreements and
covenants herein contained, and in consideration of the sum of $10.00 now paid
by the Purchaser to the Vendor and the Parent, and for other good and valuable
consideration (the receipt and adequacy of such consideration being hereby
acknowledged by the Vendor and Parent), the parties covenant and agree as
follows:
<PAGE>
-2-
SECTION 1
INTERPRETATION
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1.1 Definitions In this Agreement, the following words and phrases shall
-----------
have the meanings set forth after each:
"Assets" means the Real property loacated in Saratoga New York;
"Closing", "Closing Time", Closing Date" means 11:00 a.m. (local Vancouver time)
on the date first written above, or such other time or date as may be agreed
upon by the parties hereto;
"Conversion Option" means the option in favour of the Vendor to convert any or
all of the principal balance of the Debt into Shares, exercisable on the terms
set forth in SCHEDULE 1.1A;
"Debt" means the portion of the Purchase Price remaining unpaid from time to
time and accrued and unpaid interest thereon;
"Encumbrance" means any mortgage, charge, pledge, hypothecation, lien, security
interest, assignment, option, equity, execution, claim or any other title defect
or other encumbrance of any kind or nature whatsoever (including any agreement
to give any of the foregoing), whether or not registered or registrable or
whether consensual or arising by operation of law (statutory or otherwise);
"Real Property" means, collectively, those items of personal property listed or
described in SCHEDULE 1.1B hereto;
"Interest Rate" means five and one half (5.5%) percent per annum;
"Note" means a promissory note evidencing the Purchaser's obligation to pay the
Purchase Price and interest thereon substantially in the form attached hereto as
SCHEDULE 1.1C
"Person" includes an individual, corporation, body corporate, partnership, joint
venture, association, trust or unincorporated organization or any trustee,
executor, administrator or other legal representative thereof;
"Purchase Price" means US$1,500,000.00 plus all applicable sales and transfer
taxes payable by the Purchaser in connection with its acquisition of the Assets;
"Vendor's Certificates" means the certificates to be delivered at Closing
pursuant to paragraph 6.1(e)(v).
1.2 Schedules The following are the schedules to this Agreement:
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Schedule 1.1A Conversion Option
Schedule 1.1B Real Property
Schedule 1.1C Note
<PAGE>
-3-
1.3 Interpretation For the purposes of this Agreement, except as
--------------
otherwise expressly provided herein:
(a) "this Agreement" means this Agreement, including the Schedules hereto,
as it may from time to time be supplemented or amended and in effect;
(b) all references in this Agreement to a designated "Section",
"paragraph", "subparagraph" or other subdivision, or to a Schedule, is
to the designated Section, paragraph, subparagraph or other
subdivision of or Schedule to this Agreement, unless otherwise
specifically stated;
(c) the words "herein", "hereof" and "hereunder" and other words of
similar import refer to this Agreement as a whole and not to any
particular Section, paragraph, subparagraph or other subdivision or
Schedule;
(d) the singular of any term includes the plural and vice versa and
the use of any term is equally applicable to any gender and, where
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