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1、JOINTVENTUREAGREEMENTTHISJOINTVENTUREAGREEMENT(the”Agreement”)madeandenteredintothis2nddayofMarch,2011(the"ExecutionDate")BETWEENFerrodJommakCapital,LLCOFTHEFIRSTPARTAndHOLLANDLANDONDEVELOPMENTLLC,OFTHESECONDPARTBACKGROUND:A.TheMemberswishtoenterintoanassociationofmutualbenefitandagreetojoi
2、ntlyinvestandsetupajointventureenterprise.B.ThetermsandconditionsofthisAgreementsetsoutthetermsandconditionsgoverningthisassociation.INCONSIDERATIONOFandasaconditionoftheMembersenteringintothisAgreementandothervaluableconsideration,thereceiptandsufficiencyofwhichconsiderationisacknowledged,
3、thepartiestothisAgreementagreeasfollows:Formation1.BythisAgreementtheMembersenterintoajointventure(the"Venture")inaccordancewiththelawsoftheStateofCalifornia.TherightsandobligationsoftheMemberswillbeasstatedintheapplicablelegislationoftheStateofCalifornia(the'ActJexceptasotherwiseprovidedhe
4、re?Name2.ThebusinessnameoftheVenturewillbeFERRODJOMMAKCAPITALLLC&HOLLANDLANDONDEVELOPMENTLLCPurpose3.TheexclusivepurposeoftheVenturewillbe:REALESTATEINVESTMENT.Term1.TheVenturewillbeginonMarch2,2011andwillcontinuetobeeffectiveandinfullforcefor12MONTHSoruntilterminatedasprovidedinthisAgreeme
5、ntforthefollowingproperty:8190TerraceDrive,ElCerrito,CA94530.BusinessManagement2.Anydecisionsthatneedtobemadeoutsideofthisagreementwillbedonewithmutualagreementofallmembers.Emailstoupdatememberswillcomeasneeded.Contributions3.EachoftheMembershascontributedasfollows:HOLLANDLANDONDEVELOPMENTL
6、LCiscontributingcashproceedsfortheamountofthepurchaseofthepropertyplusclosingcostsandmaterial&laborfortheimprovementsneededforsubjectpropertywhichisasfollows:Purchasepricepercontractandaddendum(attached):$399,900.00tobepaidatcloseofescrowtobedeterminedtheexactdate.ClosingCostsapproximate(se
7、eattached):$5426.58tobepaidatcloseofescrow,tobedeterminedexactdate*Improvementsestimatedat$95,000>00tobepaidthroughescrow.FerrodjommakCapitalLLCwillprovideinvoiceforworkperformedintotaluponcompletionofwork.TotalAmounttobewiredtoTitleCompany:$500,326.58Fe
