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LANDLORD'S RELEASE AND WAIVER

Waiver Agreement

LANDLORD'S RELEASE AND WAIVER | Document Parties: PREMIER POWER RENEWABLE ENERGY, INC. | 33 Partners, Inc You are currently viewing:
This Waiver Agreement involves

PREMIER POWER RENEWABLE ENERGY, INC. | 33 Partners, Inc

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Title: LANDLORD'S RELEASE AND WAIVER
Governing Law: California     Date: 7/13/2009

LANDLORD'S RELEASE AND WAIVER, Parties: premier power renewable energy  inc. , 33 partners  inc
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Exhibit 10.15

 

LANDLORD’S RELEASE AND WAIVER

 

This Landlord’s Release and Waiver (this “ Agreement ”), dated as of July 13, 2009, is entered into among Premier Power Renewable Energy, Inc., a Delaware corporation (“ Borrower ”), whose address is 4961 Windplay Drive, Suite 100, El Dorado Hills, CA 95762, Umpqua Bank, an Oregon corporation, whose address is 2998 Douglas Blvd., Suite 100, Roseville, CA 95661(“ Lender ”) and 33 Partners, Inc., whose address is 2555 Townsgate Road, Second Floor, Westgate Village, CA  91361 (“ Landlord ”) on the following terms and conditions.

 

RECITALS

 

A.

Borrower and Landlord are parties to that certain Aviara Real Estate Sublease dated February 6, 2009, pursuant to which Borrower leases from Landlord the premises commonly known as 2555 Townsgate Road, Suite 200, Thousand Oaks, California (the “ Premises ”).

 

B.

Borrower and Lender have entered into, or are about to enter into, a loan agreement and promissory note pursuant to which Lender has agreed to lend, and Borrower has agreed to borrow, a line of credit and advised guidance line not to exceed, in the aggregate, Twelve Million and 00/100 Dollars ($12,000,000.00) (collectively, the “ Loan ”).  Lender has acquired or will acquire a security interest in the Collateral, as hereafter defined, to secure the Loan.  Some or all of the Collateral is located or may become located at the Premises.

 

Now, therefore, for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Borrower, Lender and Landlord agree as follows:

 

1.

Lender has acquired or will acquire a security interest in the following (collectively, the “ Collateral ”): The following described property of Borrower and/or its subsidiaries, whether now owned or hereafter acquired, whether now existing or hereafter arising, and wherever located: All personal and fixture property of every kind and nature including without limitation all Goods (including Inventory, Equipment and any accessions thereto), Instruments (including promissory notes), Documents, Accounts, Chattel Paper (whether tangible or electronic), Deposit Accounts, Letter-of-Credit Rights (whether or not the letter of credit is evidenced by a writing), Investment Property (including securities) and all  Supporting Obligations and proceeds, and all General Intangibles (including Payment Intangibles).

 

In addition, the term “ Collateral ” includes all the following, whether now owned or hereafter acquired, whether now existing or hereafter arising, and wherever located:

 

(a)           All attachments, accessions,


 
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