Purchase Agreement for Membership Interest in Akebia Investments, LLC Between Esteban Coaloa and Hubilu Venture Corporation

Contract Categories: Business Finance › Purchase Agreements
Summary

Esteban Coaloa agrees to sell his 100% membership interest in Akebia Investments, LLC, including its ownership of property at 3711 S. Western Avenue, Los Angeles, to Hubilu Venture Corporation for $890,000. Payment includes a $710,000 note secured by the property, $100,000 due in one year, and $180,000 in convertible preferred stock. The sale is subject to due diligence, including verification of title and rental income, and will close within seven business days after documentation is verified. Each party pays its own closing costs, and Esteban Coaloa indemnifies Hubilu for prior liabilities.

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EX-10.2 3 ex10-2.htm

 

Exhibit 10.2

 

PURCHASE CONTRACT

TO PURCHASE PERSONAL PROPERTY

 

 

DATE: 9/26/2016
   
SALE: Esteban Coaloa, 100% Member of Akebia Investments, LLC agrees to sell his membership interest in Akebia Investments, LLC, a Wyoming Limited Liability Company, (“AI”), 205 S. Beverly Drive, Suite 205, Beverly Hills, CA 90212 to Hubilu Venture Corporation, 205 S. Beverly Drive, Suite 205, Beverly Hills, CA 90212. Included in the sale is the 100% ownership interest that Akebia Investments, LLC owns of the property at 3711 S. Western Avenue Street, Los Angeles, CA 90018. (“property”) Purchase Price is $890,000.00, based on the following terms:
   
TERMS:  Hubilu Agrees to secure Esteban Coaloa by recording a $710,000 AITD and Note at 6% interest only, $100,000 due in 1 year, balance due by August 1st, 2019. AITD to be secured by property. After the $100,000 is paid off, interest rate on the balance to decrease to 4% principal & interest. In addition Esteban Coaloa is to receive $180,000 in convertible preferred stock at $1.00 a share, convertible to common stock of Hubilu Venture Corporation at lesser of $0.50c per share or a 10% discount to the average closing price of the common for the 5 days prior to the date of conversion; 5% dividend PIK.
   
CLOSING: Sale to close within 7 business days after verification of all property documentation by buyer’s auditor.
   
TERMS: Due Diligence is subject to verification of title, rental income and satisfaction of audited results. Escrow Company to be Wilshire Escrow. Esteban Coaloa to indemnify Hubilu Venture Corporation of any liability with respect to Akebia Investments, LLC and its assets prior to closing escrow. Each party to pay its own respective closing costs. Escrow fee is paid 50/50.

 

/s/ David Behrend   9/26/16   /s/ Esteban Coaloa   9/26/16
David Behrend, CEO   Date:   Esteban Coaloa, Manager   Date:
Hubilu Venture Corporation       Akebia Investments, LLC    
             
/s/ Esteban Coaloa   9/26/16        
    Date: