Stock Purchase Agreement With Promissory Note
The entire proceeds from the sale of the units (the “product”) are paid into a separate current account of Alpine. Revenues are provided in the form of short-term financing to accelerate and/or assist customers of SearchCore and its wholly owned subsidiary, Wisdom Homes of America, Inc. (“Wisdom”), when purchasing a home manufactured by Wisdom. Customer loans are guaranteed by a pledge and/or UCC-1 deposited in assets such as other homes, land, cars, recreational vehicles, motorhomes, boats, etc. The decision on acceptable guarantees is left to Alpine`s discretion. Alpine will not borrow a single borrower or, as part of an individual transaction, more than thirty thousand dollars ($30,000) in revenue. All loans must be used for short-term financing to help the borrower purchase a home at Wisdom Homes Of America, Inc. General contractors and subcontractors must be on the list of licensed contractors. The contract must be licensed and inseured in Texas or in the state where the services are provided, with respect to the credit facility. Contractors must provide W-9s to the credit facility. Upon completion of its work and upon receipt of payment under the credit facility, the credit facility must receive a waiver of deposit from the supplier.
In general, the work of contractors includes the installation of the following; electric, dirt and pad, HUD/FHA permanent foundation, septic, channel connection, air conditioning, installation of water pipes, water meters, and home-made. The installation of a manufactured house includes the assembly of the two halves, attachment to the foundations, the exterior and the roof roof. Copies of all construction loan invoices must be included in the borrowers` file. Notwithstanding the provisions of paragraphs (i) and (ii), such a registration statement or legal aid notice is not necessary to transfer by that buyer to a partner (or retired partner) from the buyer or to register, by donation, the estate of a spouse or descendant or an ancestor, if all purchasers agree in writing to be subject to the terms of the agreement to the extent that they purchase it as long as the buyer is solicited. (i) there is then in fact a declaration of registration under the Law, which covers such a proposal for a decision, and that order is made in accordance with that registration statement; or g) shell status. In the past, SearchCore was a Shell company under Rule 12b-2 of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 144 (i), adopted under the Securities Act of 1933 (the Securities Act), and the purchaser therefore recognizes that the purchaser is in addition to a six-month holding period from the time it is limited by the sale of the shares and common shares to be acquired when converting the note into a public market transaction until the earlier (i) effectiveness of a registration statement filed by SearchCore, or (ii) until SearchCore “cures” its shell status by meeting the following conditions : make the following assumptions about the situation in which the sale contract of this company is triggered and has a 10% share of its equity: h) fees.