SECURITIES PURCHASE AGREEMENT
This Securities Purchase Agreement (the "Agreement") is made as of June 20,
2000, by and between Maintenance Depot, Inc., a Florida corporation (the
"Company"), with its principal office at 000 Xxxxxxxx Xx., Xxxx Xxxx Xxxxx, XX
00000 and Solana Venture Group, LP, a California Limited Partnership, with its
principal office at 000 Xxxxxxxx Xx., Xxx. 000-X, Xxxxxx Xxxxx, XX 00000 (the
"Investor").
SECTION 1
AUTHORIZATION AND SALE OF STOCK
1.1 AUTHORIZATION. The Company has authorized the sale and issuance of up
to 1,005,590 shares of its Common Stock ("Common Stock").
1.2 SALE OF STOCK. Subject to the terms and conditions hereof, the Company
will issue and sell to the Investor, and the Investor will buy from the Company,
the number of shares (the "Shares") of Common Stock at a cash purchase price of
$1.79 per share.
SECTION 2
CLOSING DATES; DELIVERY
2.1 CLOSING DATES.
2.11 The closing of the purchase and sale of the initial installment of
223,468 Shares hereunder shall take place within two (2) days after execution of
this Agreement.
2.12 The closing of the purchase and sale of the second installment of
335,195 Shares hereunder shall take place within two (2) weeks after the first
closing.
2.13 The closing of the purchase and sale of the third installment of
446,927 Shares hereunder shall be two weeks after Company notifies Investor that
the Company has hired a person to assist Xxxx Xxxx in the day to day accounting
functions and the Company has cleared all Securities & Exchange Commission
comments pertaining to the Company's form 10-SB.
2.14 Time is of the essence with respect to section 2 and as indicated
in section 7.12
2.2 DELIVERY. At the Closing Dates, Investor shall deliver to Company a
check representing payment of the purchase price, within three (3) days after
clearance of funds, Company shall cause to be delivered a certificate or
certificates representing the number of Shares designated above.
SECTION 3
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
3.1 ORGANIZATION AND STANDING; CERTIFICATE AND BYLAWS. The Company is a
corporation duly organized and existing under, and by virtue of, the laws of the
State of Florida and is in good standing under such laws. The Company has
requisite corporate power to own and operate its properties and assets, and to
carry on its business as presently conducted and as proposed to be conducted.
The Company is not qualified to do business as a foreign corporation in any
jurisdiction and such qualification is not presently required.
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3.2 CORPORATE POWER. The Company will have at the Closing Date all
requisite corporate power to execute and deliver this Agreement, to sell and
issue the Shares hereunder, and to carry out and perform its obligations under
the terms of this Agreement.
3.3 SUBSIDIARIES. The Company has no subsidiaries or affiliated companies
and does not otherwise own or control, directly or indirectly, any other
corporation, association or business entity.
3.4 CAPITALIZATION. The authorized capital stock of the Company consists of
40,000,000 shares of Common Stock, 2,085,551 shares of which are issued and
outstanding prior to the Closing, and 10,000,000 shares of Preferred Stock,
700,000 shares of which are issued and outstanding prior to the Closing. The
Company has reserved (i) 1,005,590 shares of common stock for issuance
hereunder. There are no other options, warrants, conversion privileges or other
rights presently outstanding to purchase or otherwise acquire any authorized but
unissued shares of capital stock or other securities of the Company. Assuming
the accuracy of the Investor's representations in Section 4 below, upon
issuance, the Shares will have been issued in compliance with all federal and
state securities laws.
3.5 AUTHORIZATION. All corporate action on the part of the Company, its
directors and shareholders necessary for the authorization, execution, delivery
and performance of this Agreement by the Company, the authorization, sale,
issuance and delivery of the Shares and the performance of the Company's
obligations hereunder has been taken or will be taken prior to the Closing
Dates. This Agreement, when executed and delivered by the Company, shall
constitute the valid and binding obligations of the Company enforceable in
accordance with their respective terms except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other laws of general
application affecting enforcement of creditors' rights generally, and (ii) as
limited by laws relating to the availability of specific performance, injunctive
relief, and other equitable remedies. The Shares, when issued in compliance with
the provisions of this Agreement, will be validly issued and will be fully paid
and nonassessable.
3.6 TITLE TO PROPERTIES AND ASSETS; LIENS, ETC. The Company has good and
valid title to its properties and assets, and has good title to all its
leasehold interests, in each case subject to no mortgage, pledge, lien, lease,
encumbrance or charge, other than (i) the current facility, which is verbally
leased to the Company, (ii) the lease of its prior facility located at 0000 XX
0xx Xxx., Xxxxxx Xxxxx, XX 00000, which it has subleased, at a slightly higher
rate, to two companies for the remainder of the original lease which expires in
November 2003, (iii) the Company's existing line of credit, (iv) the lien of
current taxes not yet due and payable, and (v) possible minor liens and
encumbrances which do not in any case materially detract from the value of the
property subject thereto or materially impair the operations of the Company, and
which have not arisen otherwise than in the ordinary course of business.
3.7 FINANCIAL STATEMENTS. The Company has delivered to Investor its
financial statements (balance sheet and income statement) for the period from
inception through 12-31-1999 (the "Financial Statements"). The Financial
Statements have been prepared in accordance with generally accepted accounting
principles applied on a consistent basis throughout the periods indicated and
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with each other, except that the Financial Statements may not contain all
footnotes required by generally accepted principles and are subject to normal
year end adjustments. The Financial Statements fairly present the financial
condition and operating results of the Company as of the dates, and for the
periods, indicated therein. Except as set forth in the Financial Statements,
the Company has no material liabilities, contingent or otherwise, other than (i)
liabilities incurred in the ordinary course of business subsequent to
12-31,1999, which individually or in the aggregate are not material to the
financial condition or operating results of the Company, (ii) obligations not
required under generally accepted accounting principles to be reflected in the
Financial Statements, and (iii) the existing line of credit.
3.8 ACTIVITIES SINCE BALANCE SHEET DATE. Since the Company's balance sheet
dated 12-31-1999 there has not been:
(a) any damage, destruction or loss, whether or not covered by insurance,
materially and adversely affecting the assets, properties, financial condition,
operating results, or business of the Company; (b) any waiver by the Company
of a valuable right or of a material debt owed to it;
(c) any material change or amendment to a material contract or arrangement by
which the Company or any of its assets or properties is bound or subject, except
for changes or amendments which are expressly provided for or disclosed in this
Agreement;
(d) any loans or guarantees made by the Company to or for the benefit of its
employees, officers or directors, or any members of their immediate families,
other than travel advances or other advances made in the ordinary course of
business;
(e) any declaration, setting aside of payment or other distribution in respect
of any of the Company's capital stock, or any direct or indirect redemption,
purchase or other acquisition of any such stock by the Company;
(f) any incurrence of indebtedness for money borrowed individually in excess of
$50,000 or in excess of $100,000 in the aggregate;
(g) any material change in any compensation arrangement or agreement with any
employee other than the January 1, 2000 employment agreements with Xxxx Xxxxxx
and Xxxx Xxxx, which the Investor and its accountants have reviewed;
(h) any sale, assignment or transfer of any patents, trademarks, copyrights,
trade secrets or other intangible assets;
(i) any resignation or termination of employment of any key officer of the
Company; and
(j) to the Company's knowledge, any other event or condition or any character
which would be reasonably likely to materially and adversely affect the assets,
properties, financial condition, operating results or business of the Company.
3.9 TAX RETURNS AND PAYMENTS. The Company has timely filed all tax returns
and reports when and as required by law and has never been audited by any state
or federal taxing authority. All tax returns and reports of the Company, if
applicable, are true and correct in all material respects.
3.10 PATENTS, TRADEMARKS, ETC. The Company owns or has the right, or prior
to the Closing will own or have the right, to use, free and clear of all liens,
charges, claims and restrictions, all patents, trademarks, service marks, trade
names, copyrights, licenses and rights necessary to its business as now
conducted, and is not, to the best of its knowledge, infringing upon or
otherwise acting adversely to the right or claimed right of any person under or
with respect to any of the foregoing. There are no outstanding options,
licenses, or agreements of any kind relating to the foregoing, nor is the
Company bound by or a party to any options, licenses or agreements of any kind
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with respect to the patents, trademarks, service marks, trade names, copyrights,
trade secrets, licenses, information, proprietary rights and processes of any
other person or entity. The Company has not received any written communications
alleging that the Company has violated or, by conducting its business as
proposed, would violate any patent, trademark, service xxxx, trade name,
copyright or trade secret or other proprietary right of any other person or
entity. The Company is not aware that any of its employees is obligated under
any contract (including licenses, covenants or commitments of any nature) or
other agreement, or subject to any judgment, decree or order of any court or
administrative agency, that would interfere with the use of such employee's best
efforts to promote the interests of the Company or that would conflict with the
Company's business as proposed to be conducted. Neither the execution nor
delivery of this Agreement, nor the carrying on of the Company's business by the
employees of the Company, nor the conduct of the Company's business as proposed,
will, to the Company's knowledge, conflict with or result in a breach of the
terms, conditions or provisions of, or constitute a default under, any contract,
covenant or instrument under which any of such employees is now obligated. The
Company does not believe it is or will be necessary to utilize any inventions of
any of its employees (or people it currently intends to hire) made prior to
their employment by the Company.
3.11 MATERIAL CONTRACTS AND COMMITMENTS. Neither the Company, nor, to the
best knowledge of the Company, any third party is in default under any material
contract, agreement or instrument to which the Company is a party other than the
default of the Company's line of credit with First Capital, which Investor and
its accountants have reviewed.
3.12 COMPLIANCE WITH OTHER INSTRUMENTS, NONE BURDENSOME, ETC. The Company is
not in violation of any term of its Articles of Incorporation or Bylaws, or in
any material respect of any term or provision of any material mortgage,
indenture, contract, agreement or instrument to which it is a party or by which
it is bound, and to the best of its knowledge, is not in violation of any order,
statute, rule or regulation applicable to the Company, which violation
reasonably would be expected to have a material adverse effect on the Company's
business or financial condition. The execution, delivery and performance of and
compliance with this Agreement, and the issuance of the Shares, have not
resulted and will not result in any violation of, or conflict with, or
constitute a default under, or result in the creation of, any material mortgage,
pledge, lien, encumbrance or charge upon any of the properties or assets of the
Company.
3.13 LITIGATION, ETC. There are no actions, suits, proceedings or
investigations pending against the Company or its properties before any court or
governmental agency (nor, to the best of the Company's knowledge, is there any
written threat thereof), which, either in any case or in the aggregate,
reasonably would be expected to result in any material adverse change in the
business or financial condition of the Company or any of its properties or
assets, or in any material impairment of the right or ability of the Company to
carry on its business as now conducted, and none which questions the validity of
this Agreement or any action taken or to be taken in connection herewith. The
Company is not a party to, or to the best of its knowledge named in any order,
writ, injunction, judgment or decree of any court or government agency or
instrumentality. There is no action, suit or proceeding by the Company
currently pending or that the Company currently intends to initiate.
3.14 EMPLOYEES. To the best of the Company's knowledge, no employee of the
Company is in violation of any term of any employment contract, patent
disclosure agreement or any other contract or agreement relating to the
relationship of any such employee with the Company or any other party because of
the nature of the business conducted or to be conducted by the Company. The
Company does not have any collective bargaining agreements covering any of its
employees.
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3.15 GOVERNMENTAL CONSENT, ETC. No consent, approval or authorization of,
or designation, declaration or filing with, any federal, state or local
governmental authority on the part of the Company is required in connection with
the valid execution and delivery of this Agreement, or the offer, sale or
issuance of the Shares, or the consummation of any other transaction
contemplated hereby, except (a) qualification (or taking such action as may be
necessary to secure an exemption from qualification, if available) of the offer
and sale of the Shares under Federal and California Corporate Securities Law
and other applicable Blue Sky laws, which filing and qualification, if
required, will be accomplished in a timely manner prior to or promptly upon
completion of the Closing.
3.16 BROKERS OR FINDERS. The Company has not incurred, and will not incur,
directly or indirectly, any liability for brokerage or finders' fees or agents'
commissions or any similar charges in connection with this Agreement or any
transaction contemplated hereby.
3.17 DISCLOSURES. No representation, warranty or statement by the Company
in this Agreement, or in any written statement or certificate furnished to the
Investor pursuant to this Agreement, contains any untrue statement of a material
fact or, when taken together, omits to state a material fact necessary to make
the statements made herein, in light of the circumstances under which they were
made, not misleading. However, as to any projections furnished to the Investor,
such projections were prepared in good faith by the Company, but the Company
makes no representation or warranty that it will be able to achieve such
projections.
3.18 PERMITS. The Company has all franchises, permits, licenses, and any
similar authority necessary for the conduct of its business as now being
conducted by it, the lack of which could materially and adversely affect the
business, properties or financial condition of the Company, and believes it can
obtain without undue burden or expense, any similar authority for the conduct of
its business as planned to be conducted. The Company is not in default in any
material respect under any of such franchises, permits, licenses or other
similar authority.
SECTION 4
REPRESENTATIONS AND WARRANTIES OF THE INVESTOR
The Investor hereby represents and warrants to the Company with respect to its
purchase of the Shares as follows:
4.1 AUTHORIZATION. This Agreement, when executed and delivered by the
Investor, will constitute the Investor's valid and legally binding obligation,
enforceable in accordance with its terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other laws of general
application affecting enforcement of creditors' rights generally, and (ii) as
limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies.
4.2 PURCHASE ENTIRELY FOR OWN ACCOUNT. This Agreement is made with the
Investor in reliance upon the Investor's representation to the Company, which
by the Investor's execution of this Agreement the Investor hereby confirms,
that the Common Stock to be received by the Investor will be acquired for
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investment for the Investor's own account, not as a nominee or agent, and not
with a view to the resale or distribution of any part thereof, and that the
Investor has no present intention of selling, granting any participation in, or
otherwise distributing the same. By executing this Agreement, the Investor
further represents that the Investor does not have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant
participations to such person or to any third person, with respect to any of the
Securities. The Investor represents that it has the full power and authority to
enter into this Agreement.
4.3 INVESTMENT EXPERIENCE. The Investor is an investor in securities of
companies in the development stage and acknowledges that it is able to fend for
itself, can bear the economic risk of its investment, and has such knowledge and
experience in financial or business matters that it is capable of evaluating the
merits and risks of the investment in the Common Stock. The Investor also
represents it has not been organized solely for the purpose of acquiring the
Common Stock, that all of the equity owners of the Investor are "accredited
Investor" as defined below.
4.4 ACCREDITED INVESTOR. The Investor is an "accredited investor" within
the meaning of Securities and Exchange Commission ("SEC") Rule 501 of Regulation
D, as presently in effect.
4.5 LIMITED PUBLIC MARKET. The Investor understands that there is only a
limited public market for the securities issued by the Company.
4.6 RECEIPT OF INFORMATION. The Investor has received and reviewed this
Agreement; it, its attorney and its accountant have had access to, and an
opportunity to review all documents and other materials requested of, the
Company; it and they have been given an opportunity to ask any and all
questions of, and receive answers from, the Company concerning the terms and
conditions of the offering and to obtain all information it or they believe
necessary or appropriate to evaluate the suitability of an investment in the
Common Stock.
4.7 RESTRICTED SECURITIES. The Investor understands that the Securities it
is purchasing are characterized as "restricted securities" under the federal
securities laws inasmuch as they are being acquired from the Company in a
transaction not involving a public offering and that under such laws and
applicable regulations such securities may be resold without registration under
the Act only in certain limited circumstances. In addition, the Investor
represents that it is familiar with Rule 144 promulgated under the Act, as
presently in effect, and understands the resale limitations imposed thereby and
by the Act.
4.8 LEGENDS. It is understood that the certificates evidencing the
Securities may bear one or all of the following legends:
(a) "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT
TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE
144 OR RULE 144A OF SUCH ACT."
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(b) Any legend required by the laws of the State of Florida or the State
of California, including any legend required by the California Department of
Corporations.
4.9 GOVERNMENT CONSENTS. Other than securities law filings required to be
made by the Company, no consent, approval or authorization of or designation,
declaration or filing with any state, federal or foreign governmental authority
on the part of the Investor is required in connection with the valid execution
and delivery of this Agreement by the Investor and the consummation by the
Investor of the transactions contemplated hereby and thereby.
SECTION 5
CONDITIONS TO CLOSING OF SECOND INSTALLMENT OF INVESTOR
The Investor's obligations to purchase the Shares at the Second Installment or
at any Subsequent Closing are, at the option of the Investor, subject to the
fulfillment on or prior to the Closing Date or at any Subsequent Closing Date of
the following conditions:
5.1 REPRESENTATIONS AND WARRANTIES CORRECT. The representations and
warranties made by the Company in Section 3 hereof shall be true and correct in
all material respects when made, and shall be true and correct in all material
respects on the Closing Date, or the Subsequent Closing Date, as the case may
be, with the same force and effect as if they had been made on and as of said
date.
5.2 COVENANTS. All covenants, agreements and conditions contained in this
Agreement to be performed by the Company on or prior to the Closing Date or the
Subsequent Closing Date, as the case may be, shall have been performed or
complied with in all material respects.
5.3 OPINION OF COMPANY'S COUNSEL. The Investor shall have received from
Company's counsel, an opinion addressed to them, dated the Closing Date or the
Subsequent Closing Date, as the case may be, opining that the shares are validly
issued and will be fully paid and nonassessable.
5.4 COMPLIANCE CERTIFICATE. The Company shall have delivered to the
Investor a certificate executed by the President of the Company, dated the
Closing Date or the Subsequent Closing Date, as the case may be, and certifying
to the fulfillment of the conditions specified in Sections 5.1, 5.2, and 5.7 of
this Agreement, and that he has made, or caused to be made, such investigations
as he deemed necessary in order to permit him to verify the accuracy of the
information set forth in such certificate.
5.5 BLUE SKY. The Company shall have obtained all necessary Blue Sky law
permits and qualifications, or secured an exemption therefrom, required by any
state for the offer and sale of the Shares and the Conversion Stock.
5.6 BOARD OF DIRECTORS. The Board of Directors shall, after the second
installment, consist of Xxxx Xxxxxx, Xxxx Xxxx and Xxxx Xxxx or such other
nominee designated by Investor, which is reasonably acceptable to Company's
Board of Directors.
5.7 NO MATERIAL ADVERSE CHANGE. There shall have been no material adverse
change in the Company's business or financial condition.
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5.8 PURCHASE OF FACILITY. The Company must purchase the facility it
currently occupies.
5.9 CONVERSION OF PREFERRED SHARES. Investor understands and agrees that
Company's Board of Directors have modified the series A preferred stock to allow
for conversion on a 1 for 1 basis if within five (5) years, the Company is sold
or merged.
5.10 NEW DEBT OR EQUITY FINANCING. Any additional amount of debt or equity
financing over $100,000.00, except the refinancing of the existing or any new
line of credit not to exceed a total of $3,000,000.00, must be unanimously
approved by the Board of Directors consisting of Xxxx Xxxxxx, Xxxx Xxxx and Xxxx
Xxxx or such other nominee designated by Investor, which is reasonably
acceptable to Company's Board of Directors.
5.11 SALES OF COMMON STOCK. The Company shall not sell its common stock for
less than $2.00 per share unless the Board of Directors, consisting of Xxxx
Xxxxxx, Xxxx Xxxx and Xxxx Xxxx or such other nominee designated by Investor,
which is reasonably acceptable to Company's Board of Directors, unanimously
agree.
5.12 INVESTOR'S RIGHT TO AUDIT. Investor shall have the right to audit the
Company at Investor's expense four times per year.
5.13 ACCOUNTING FIRM. Company shall employ the accounting firm of Xxxxxx,
Zacks & Ciceric for the Company's 2001 audit if their fees are substantially
similar to the Company's current accounting firm, Xxxxx, Xxxxxx & Company and
the Company's lender accepts the arrangement.
5.15 MONHTLY PROFIT & LOSS STATEMENTS. Company shall provide investor with
monthly profit and loss statements.
5.16 TERMINATION OF ON GOING CONDITIONS. Company will not be subject to the
on going conditions set forth in this agreement should Investor's ownership in
the Company fall below 10%.
SECTION 6
CONDITIONS TO CLOSING OF COMPANY
The Company's obligation to sell and issue the Shares at the Closing or at any
Subsequent Closing, is at the option of the Company, subject to the fulfillment
of the following conditions:
6.1 REPRESENTATIONS. The representations made by the Investor in Section 4
hereof shall be true and correct when made, and shall be true and correct on the
Closing Date or the Subsequent Closing Date, as the case may be.
6.2 BLUE SKY. The Company shall have obtained all necessary Blue Sky law
permits and qualifications, or secured an exemption therefrom, required by any
state for the offer and sale of the Shares and the Conversion Stock.
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SECTION 7
MISCELLANEOUS
7.1 GOVERNING LAW. This Agreement shall be governed in all respects by the
laws of the State of California, without giving effect to the conflicts of laws
principles thereof.
7.2 SURVIVAL. The representations, warranties, covenants, and agreements
made herein shall survive any investigation made by Investor and the closing of
the transactions contemplated hereby.
7.3 SUCCESSORS AND ASSIGNS. Except as otherwise provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors, and administrators of the parties hereto,
provided, however, that the rights of Investor to purchase Shares shall not be
assignable without the written consent of the Company.
7.4 ENTIRE AGREEMENT; AMENDMENT. This Agreement and the other documents
delivered pursuant hereto constitute the full and entire understanding and
agreement between the parties with regard to the subjects hereof and thereof.
Neither this Agreement nor any term hereof may be amended, waived, discharged,
or terminated other than by a written instrument signed by the party against
whom enforcement of any such amendment, waiver, discharge, or termination is
sought
7.5 NOTICES, ETC. All notices and other communications required or
permitted hereunder shall be in writing and shall be deemed effectively given
upon delivery to the party to be notified in person or by courier service or
five days after deposit with the United States mail, by registered or certified
mail, postage prepaid, addressed (a) if to the Investor, at the Investor's
address set forth on the cover page of this Agreement, or at such other address
as the Investor shall have furnished to the Company in writing, or (b) if to the
Company, one copy should be sent to its address set forth on the cover page of
this Agreement and addressed to the attention of the Corporate Secretary, or at
such other address as the Company shall have furnished to the Investor.
7.6 DELAYS OR OMISSIONS. No delay or omission to exercise any right, power
or remedy accruing to any holder of any Shares, upon any breach or default of
the Company under this Agreement, shall impair any such right, power or remedy
of such holder nor shall it be construed to be a waiver of any such breach or
default, or an acquiescence therein, or of or in any similar breach or default
thereafter occurring; nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent or approval of any kind or character on
the part of any holder of any breach or default under this Agreement, or any
waiver on the part of any holder of any provisions or conditions of this
Agreement, must be in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, either under this
Agreement or by law or otherwise afforded to any holder, shall be cumulative and
not alternative.
7.7 CALIFORNIA CORPORATE SECURITIES LAW. THE SALE OF THE SECURITIES WHICH
ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER
OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES
OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO
SUCH QUALIFICATION IS UNLAWFUL UNLESS AN EXEMPTION FROM SUCH QUALIFICATION IS
AVAILABLE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY
CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, OR SUCH EXEMPTION BEING
AVAILABLE.
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7.8 EXPENSES. The Company and the Investor shall each bear their own
expenses and legal fees with respect to this Agreement and the transactions
contemplated hereby
7.9 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which may be executed by less than all of the Investor,
each of which shall be enforceable against the parties actually executing such
counterparts, and all of which together shall constitute one instrument.
7.10 SEVERABILITY. In the event that any provision of this Agreement
becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement shall continue in full force and effect
without said provision; provided that no such severability shall be effective if
it materially changes the economic benefit of this Agreement to any party.
7.11 GENDER. The use of the neuter gender herein shall be deemed to include
the masculine and the feminine gender, if the context so requires.
7.12 TIME IS OF THE ESSENCE. Time is of the essence in respect to all
provisions of this Agreement that specify a time for performance; provided,
however, that the foregoing shall not be construed to limit or deprive a party
of the benefits of any grace or use period allowed in this Agreement.
For Maintenance Depot, Inc.
__________________________________ (____________________, _______________)
Signature Please print name and title.
__________________________________ (____________________, _______________)
Signature Please print name and title.
For Solana Venture Group, LP
__________________________
Xxxx X'Xxxxxx, President of Solana Capital Partners, Inc.
__________________________
Xxx Xxxxxxxx, Vice President of Solana Capital Partners, Inc.
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