ACCOUNTING SERVICES
AGREEMENT
This Accounting Services Agreement (the
“Agreement ”) is made and entered into as
of this ____ day of April, 2009, by and between Strategix
Solutions, LLC, a Nevada limited liability company
(“Strategix ”), having its primary place
of business at 3441 S. Eastern Ave., Las Vegas, Nevada 89169 and
Vestin Fund III, LLC., a Nevada limited liability company (
“Vestin ”), having its primary place of
business at 6149 S. Rainbow Blvd., Las Vegas, Nevada
89118.
RECITALS
A. Vestin is a
company primarily engaged in the business of making loans secured
by commercial real estate.
B. Strategix is a
company that specializes in the provision of accounting services
and is an affiliate of LL Bradford & Company, a certified
public accounting firm located in Las Vegas, Nevada.
C. Vestin desires to
retain Strategix to provide substantially all of its accounting
needs including but not limited to the preparation of monthly
internal financial reports as well as quarterly and annual
financial statements, preparation of all quarterly and annual
reports to be filed with the SEC as well as filings required on
Forms 8-K and such other filings as may be required in compliance
with applicable laws, co-ordination with Vestin’s
independent public accountants with respect to the annual audit and
all other services generally provide by a chief financial officer
and controller (the “ Accounting Services
”).
D. Strategix desires
to render to Vestin the Accounting Services on the terms and
conditions set forth herein.
Now, Therefore,
in consideration of the mutual covenants, promises, representations
and warranties set forth herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto, intending to be legally bound
hereby, agree that the above recitals are incorporated herein and
further agree as follows.
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Responsibilities Of Strategix
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Strategix shall provide to Vestin all Accounting
Services necessary to operate Vestin’s business
and to comply with Vestin’s operating agreement, the laws,
rules and regulations of the SEC including Sarbanes Oxley and all
other laws, rules and regulations which Vestin is subject
to.
In addition, Strategix shall provide the
services of one person who shall be designated as and
shall function as Vestin’s chief financial officer (the
“CFO” ). The initial CFO shall be Rocio
Revollo. Vestin shall have the right, at any time, with
or without cause, to terminate the services of Ms. Revollo as CFO
and to require Strategix to designate another individual to act as
CFO, provided that such person has been approved by Vestin’s
manager. . The CFO shall report to
Vestin’s manager and shall be subject to the supervision of
Vestin’s manager. The CFO shall be required to
comply with all policies and procedures adopted by
Vestin.
All Accounting Services shall be provided by
certified public accountants and other professionals acting under
the supervision of certified public accountants.
2.
Responsibilities of Vestin. Vestin shall be responsible for
providing to Strategix all information reasonably requested by
Stategix to perform the Accounting Services required by this
Agreement. Vestin shall at all times while this
Agreement is in effect maintain Director’s and
Officer’s Liability insurance.
3.
Representations, Warranties and Covenants of the Parties.
Each party represents, warrants and covenants that as of the date
of this Agreement it:
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Is not bound by
any agreement or arrangement that would preclude it from entering
into this Agreement.
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Has the
requisite power and authority to enter into and perform this
Agreement and the execution, delivery, and performance of this
Agreement has been duly authorized by all necessary
action.
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Will comply
with all obligations under this Agreement and will take all action
necessary to assure that its representations, warranties, and/or
covenants in this Agreement are true and correct at all times. Each
party will promptly notify the other in the event of any breach of
such representations, warranties, and/or covenants.
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4.
Confidential Information and Trade Secrets .
a. Strategix
recognizes that due to the nature of this Agreement, Strategix will
have access to information of a proprietary nature owned by Vestin
which may include, but is not limited to (1) computer programs
(whether or not completed or in use); (2) operating manuals or
similar materials which constitute the policies and procedures
Vestin; (3) methods of doing business developed for the operation
of Vestin, (4) client lists, contracts, agreements, (5) accounting
and financial information and (6) lending practices and borrower
lists. Strategix acknowledges and agrees that Vestin has a
proprietary interest in all such information and that all such
information constitutes confidential and proprietary information,
and is the trade secret property of Vestin. Strategix hereby waives
any and all right, title and interest in and to such trade secrets
and confidential information and agrees to return all copies of
such trade secrets and confidential information related thereto to
Vestin upon the termination of Agreement.
b. Strategix
further acknowledges and agrees that Vestin is entitled to prevent
its competitors and other third parties from obtaining and
utilizing its trade secrets and confidential information.
Therefore, Strategix agrees during the term of this Agreement, or
any time after the expiration or sooner termination of this
Agreement, to hold Vestin's trade secrets and confidential
information in strictest confidence and not to disclose them or
allow them to be disclosed, directly or indirectly, to any person
or entity other than those persons or entities who are employed by
or affiliated with Strategix, without the prior written consent of
Vestin. Strategix agrees to require each independent contractor and
employee of Strategix, and any such person or entities to whom such
information is disclosed for the purpose of performance of
Strategix’s obligations under this Agreement, to execute a
“Confidentiality Agreement' regarding such
information.
c. Strategix
shall incorporate the foregoing confidentiality provisions in its
employment agreements with its employees.
d. Strategix
acknowledges and agrees that a breach of this Paragraph 4 will
result in irreparable harm to Vestin which cannot be reasonably or
adequately compensated in damages, and therefore Vestin shall be
entitled to injunctive and/or equitable relief to prevent a breach
and to secure enforcement thereof, in addition to any other relief
or award to which Vestin may be entitled.
5.
Compensation to Strategix for Performance of its
Obligations. As compensation during the Term, and any extension
thereof, Vestin shall p