Passley’s life in the amount of $235,000.
The Company, and a life insurance policy on Mr.
#Neatreceipts mobile scanner nw 1000 plus
The Loan has a term of ten (10) years bears interest at the prime rate plus 2.75% per annum (currently 6%), adjusted quarterly is payable in monthly installments (beginning in December 2011) of $2,609 per month is guaranteed by the Company and personally guaranteed by Shaun Passley, the Company’s Chief Executive Officer and is secured by all of the assets of K9 Sub and the Company, 100% of the outstanding capital of K9 Sub which is held by We raised the funds paid to K9 Bytes in connection with the Purchase Contract through a $235,000 Small Business Association loan obtained by K9 Sub from a third party (the “ Loan”). We agreed to indemnify and hold K9 Bytes harmless against, among other things, any claims and liability associated with the future operations of the assets purchased pursuant to the Purchase Contract and K9 Bytes agreed to indemnify and hold us harmless against any misrepresentations made by K9 Bytes in the Purchase Contract any failure of K9 Bytes to perform any required term or condition of the Purchase Contract and any debts or other obligations of K9 Bytes not specifically assumed pursuant to the Purchase Contract in excess of $2,000. To retain and be responsible for any and all liabilities of K9 Bytes. Pursuant to the Purchase Contract, we purchased all of K9 Bytes assets, including all of its intellectual property, its business trade name, website (), furniture, fixtures, equipment and inventory, accounts receivable and goodwill in consideration for an aggregate of $205,000, of which $175,000 was paid in cash at the closing and $30,000 was paid by way of a Balloon Installment Promissory Note (the “ K9 Note”). Sub”), entered into an Asset Purchase Contract and Receipt Agreement with K9 Bytes, Inc., a Florida corporation (“ K9 Bytes” and the “ Purchase Contract”). (the “ Company”, “ Epazz”, “ we” and “ us”), through a newly-formed wholly-owned Illinois subsidiary, K9 Bytes, Inc.
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