Story Transcript
A.REEMENT
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This l2th day of September,2005, the parties,HaciendaSantaMonica, S.A. C'St. Monica") by its vYusurr C. Lucom, Seller and GrandPanamalntemational,Ltd. C:G.P'I.'Ltd.") by its representaiive,Wilson authorizedrepres9llültrYe, autnorlz€o "As Is" ownedby or S. Kent l-auson,Buyer, agreewith respcctto the saleof the land autho¡izedrepresentative, (attached)to in the nameof Sellerand/or its holding companyandthat AugUst26, 2005 handwitten Agreement in üe Province, Cocle \epublic ofPanam4 Sell and Purchasereal property owned by St. Monica in El Chifu, tools, vehicles and fumiture, buildings, Finca numbers 3008, 11172, ll271, 11274 and 7022 including equipment,livestockand agriculture,per an inventorypreparedby St. Monica by October 29, .2005(less any contractsfor leaseor production of crops on the SubjectPrope(y which the partiesrecog¡¡ize.jsthe sole and completedto the separatepropertyofSt. Monica until the closing of the saleofthe SubjectPropertyhas.be_en satisfactionofboth parties)and do now agreeto the termsa¡d conditionsas follows: 1.
BUENAVENTRUA CLAIM. Concerningthe legal claim of BuenaventuraDevelopmentCorp. ("Buenaventura")and approximately49 Hectorsof real property on the easternboarderof Finca 3008,which boa¡deris the boundarycommonto said Buenaventu¡aand St. [4onica, which legal claim is disputed and is in litigation, the aarties¿g¡eethat St. Monic-ashai! segregate,by law, the propertyunder disputefrom the remainderofFinca 3008 so that it rvill become-itsown Finca upon üe recordsof Cocle Province,Panama. The cost of segregationof the disputedpropefy shall be paid by St. Monica. Segregationshall be completedby Monday, October 29, 2005, and if not segregatedby that date,further paymentsunderthe AgreementofAugust 26, 2005 will be delayed until segregationof the disputedpropertyis completed,Upon written notification and,/ora copy of theDooumentsofSegegation, paymentsshallresume.
2.
LEGAL FEES FOR BUENAVENTIJRA CLAIM. When the segregationof the disputedpropenrhasbeencompleted,G.P;I., Ltd. ag¡eesto pay the legal feesassociatedwith said titigation(law suits betweenBuenaventuraand St. Monica) from üat point forward. St. Monica agreesto pay all legal feesdue prior to tl¡e segregationof the disputedproperty. If the disputed property,or any paJr thereof,is resolvedin favor ofSt. Monica, it shallbecomethe property of G.P.I.; Ltd.
3.
DR. QUINTERO CLAIM AND LEGAL FEES. Conceming the legal claim of Dr. tugoberto
3 to 6 Hectorsof real propertyon the South-eastem Quinteroand approximately boarderof Finca 11272which is on the PacificOceanbeach,at the exrremeSouthand fast óf t¡p properry,Sr. lvfonicaagreesto completethe defenseof the claimbeforeMIDA and the.coiresponding judicial authorities that havejurisdictionover s¿idclaim. St. Monica shall pay all legaifeesin¿ "o,tt with theresolutionof this legalclaim. Saidlegalclaimshallbe completed associated by St.Monica at leastoneweekbeforeclosing,unlesJthere is an imped-iment causedby theg-ovemment, at which ./u n pointSt. Monicawill escrowsufficientfundsto paythe reasonable costof legalfe€sto conclude.,,4.Af said matter. 4.
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.7 a. srocK oF sr' MoNIcA. wirhintwo (2) daysof thesigningandnorarizing of thisAgreement,qJ¿-S-
st. Monica agreesto place all of its stock in escrow wiü i panamanianattomev of G.p.l.. Ltd.,s choice(to be designatedin a writing and sentto sellhorn AssociatesLaw Firm, Victor A. crosbre, '223-6002 within 24 hours of the signing of this Agreement). wilson c. lttorney,.by Fuo' at 507 Lucomagrees,as the authorizedagent,Presiden!Chai¡manolthJBoard andiole stoci