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Effective Date: <br />Payment Date: <br />Payment Method: <br />Purchase Price and Deposit; <br />As Is. Where Is: <br />Commissions and Fees: <br />Sale Process: <br />21131011111 <br />The Effective Date shall mean the date that is the 15th <br />day after entry of a final, enforceable order of the <br />Bankruptcy Court order approving a sale that is not <br />subject to an effective stay. <br />The third (3") business day after the Effective Date. <br />All payments shall be by wire transfer pursuant to <br />instructions provided by PRC's counsel to Purchaser. <br />The Purchaser shall pay $87,000 cash for the Personal <br />Property, with such payment to be free and clear of all <br />liens and encumbrances. Upon execution of this term <br />sheet, the Purchaser shall pay an earnest money <br />deposit of $10,000, which shall be fully refundable if <br />the Effective Date does not occur on or before <br />November 30, 2015, shall be applied to the Purchase <br />Price on the Payment Date, and shall be non- <br />refundable and forfeitable if the Purchaser does not <br />pay the balance of the Purchase Price on the Payment <br />Date pursuant to the Payment Method. <br />The sale of the Personal Property shall be on an "as is, <br />where is" basis without any representations or <br />warranties of any kind, nature and description. <br />Purchaser shall be responsible for the payment of any <br />and all commissions, brokerage fees, finder's fees, <br />agent fees and the like associated with, arising from or <br />related to the sale, regardless of origin so that the <br />Debtors receive a net purchase price payment of <br />$87,000, and Purchaser shall indemnify and hold the <br />Debtors harmless from any and all such fees and <br />claims. Debtors are informed by Purchaser that <br />Purchaser already has paid all commissions, brokerage <br />fees, finder's fees, agent fees and the like in the <br />amount of $3,000.00. <br />The sale of the Personal Property shall be subject to <br />higher and better offers, after appropriate notice as <br />determined by the Bankruptcy Court, provided, <br />however, that any higher and better offer must exceed <br />the Purchaser's purchase price by at least $5,000.00; <br />the Purchaser shall have the right to competitively bid <br />for the assets at an auction, should a higher offer be <br />received; and, if the assets are sold to another offeror, <br />then, from the sale proceeds, the Purchaser shall <br />2 <br />F <br />it <br />