EXHIBIT 10.16
FINANCIAL ACCORD
It is established, known and recorded that Xxxxxxx X. Xxxxx and Xxxxxxx X.
Xxxxx, hereinafter Chase, have conveyed all of their equitable and other
personal and corporate rights and interests, in and to, Natural Cool, Ltd., and
Natural Cool, Inc., to Xxxxxxx X. Xxxxx, hereinafter Xxxxx.
This legal instrument serves to evidence and record the agreed-to financial
terrns and conditions that triggered said conveyance.
1. Xxxxx will pay Chase, their heirs, successors or assigns, the sum of $20,000
USD on or before March 15, 1997.
2. Xxxxx will pay Chase, their heirs, successors or assigns, the sum of $200 USD
on each base product, system or apparatus manufactured for the benefit and
advantage of Xxxxx, his heirs, successors or assigns. Said payments will be made
contemporaneous with each order for manufacture.
3. Xxxxx represents that he will cause no less than 500 units to be manufactured
each year during each of the succeeding five years (1997-2002).
If the herein-stated terms and conditions of conveyance are not satisfied and
fulfilled as set forth, Chase expressly reserves the right to set aside all of
the elements of the XXXXX-XXXXX COMMERCIAL TRANSACTION, as evidenced and dated
on March 1, 1997. A default, for purposes of this agreement, is defined as any
instance or event that causes a delay of 30 calendar days in the meeting of any
of the enumerated financial terms and conditions of conveyance. In the event of
such a default, all elements of the XXXXX-XXXXX COMMERCIAL TRANSACTION will
automatically revert, by operation and effect of this legal instrument, and
without the requirement of any formal legal proceedings and judicial action, to
Chase. In the event of such a default and a subsequent reversion, any and all
interests and rights conveyed in the referenced commercial transaction to Xxxxx,
his heirs, successors and assigns, will be terminated and forfeited forever.
Beyond any reversion as herein defined, Xxxxx, his heirs, successors or assigns
will remain financially liable for any measurable diminishment in the value of
the interests and rights conveyed in the herein-referenced XXXXX-XXXXX
COMMERCIAL TRANSACTION. Chase, their heirs, successors and assigns, retain the
option to waive any herein-defined contractual default and to cause the full
effect and force of their contract and commercial conveyance with Xxxxx, his
successors and assigns, to remain alive.
IN WITNESS WHEREOF, this legal instrument is affirmed and executed on March 1,
1997, by our free acts and deeds.
/s/ Xxxxxxx X. Xxxxx
-----------------------------
Xxxxxxx X. Xxxxx
X.X. Xxx 00 - Xxxx Xxxxxx
Xxxxxxxxxx, XX 00000
/s/ Xxxxxxx X. Xxxxx
------------------------------
Xxxxxxx X. Xxxxx
RR1 - Xxx 00
Xxxxxxxxxx, XX 00000
/s/ Xxxxxxx X. Xxxxx
------------------------------
Xxxxxxx X. Xxxxx
000 Xxxxxxx Xxxxxx
Xxxxxxx, XX 00000
