JOINT VENTURE AGREEMENTJoint Venture JV Agreement |
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449991 BC LTD | CANITALIA INDUSTRIES LTD. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.2
JOINT VENTURE AGREEMENT
THIS AGREEMENT is dated for reference this 28th day of July, 2006
BETWEEN:
STANFORD DEVELOPMENT CORPORATION, of 1963 Lougheed Highway, Coquitlam, British Columbia, V3K 3T8
(the Company)
OF THE FIRST PART
AND:
CANITALIA INDUSTRIES LTD.
(Canitalia)
OF THE SECOND PART
AND:
449991 B.C. LTD.
(Purewal)
OF THE THIRD PART
WHEREAS:
A.
Canitalia, Purewal and the Company (the Partners) have entered into an agreement on July 14, 2006 to purchase two properties located at 20542 - 80th Avenue and 20514 - 80th Avenue, Langley, B.C. (the Properties) for $1.7 million each with the intention of proceeding with the development of the Properties (the Project); and
B.
The Partners are attempting to arrange for a bank loan to fund the purchase price and related expenses of acquiring the Properties
NOW THEREFORE THIS AGREEMENT WITNESSES that the parties mutually agree as follows:
1.
PARTNERSHIP
1.1
In the event a bank loan is available, the down payment of the bank loan will be paid by Purewal and the Company equally and all mortgage payments will be paid equally by Purewal, Canatalia and the Company. All expenses associated with any development, legal fees, mortgage setup costs, etc. will also be paid equally by the three partners. After 5 years from the date of purchase of this Agreement, if the Project is not sold, Canatalia will be required to inject its 33.3% portion of the down payment (Canatalia Payment) into the Project and the Company and Purewal will be entitled to withdraw 50% of the Canatalia Payment from the Project each.
In the event the project is sold, the Company and Purewal will be paid their respective down payments first before any profits are distributed.
In the event the Project sustains a loss, the loss is shared equally amongst the three partners.
1.2
In the event a bank requires the security of the building located at 1963 lougheed Highway, Coquitlam and owned by the Companys subsidiary 0716590 BC Ltd. (Asset) in order to proceed with the mortgage, the Partners agree that, for the duration the Asset is pledged (maximum 1 year), the Partners will pay the Companys subsidiary $7,083 per month.
1.31
In the event a bank loan is NOT available, the estimated purchase price of $3,475,000 will be paid by:
| $ 3,475,000.00 |
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First 50% | $ 868,750.00 | To paid by Purewal |
| $  
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