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<SEC-DOCUMENT>0001144204-10-037597.txt : 20100713
<SEC-HEADER>0001144204-10-037597.hdr.sgml : 20100713
<ACCEPTANCE-DATETIME>20100713060801
ACCESSION NUMBER:		0001144204-10-037597
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100712
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100713
DATE AS OF CHANGE:		20100713

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRIME ESTATES & DEVELOPMENTS INC
		CENTRAL INDEX KEY:			0001474167
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				270611758
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-162597
		FILM NUMBER:		10949239

	BUSINESS ADDRESS:	
		STREET 1:		4709 WEST GOLF ROAD
		STREET 2:		#425
		CITY:			SKOKLE
		STATE:			IL
		ZIP:			60076
		BUSINESS PHONE:		224 489 2392

	MAIL ADDRESS:	
		STREET 1:		4709 WEST GOLF ROAD
		STREET 2:		#425
		CITY:			SKOKLE
		STATE:			IL
		ZIP:			60076
</SEC-HEADER>
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AND EXCHANGE COMMISSION</font></div>
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D.C. 20549</font></div>
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8-K</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURSUANT
TO SECTION 13 OR 15(d) OF THE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
EXCHANGE ACT OF 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of earliest event reported): July 12, 2010</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prime
Estates &amp; Developments, Inc.&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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registrant in our charter)</font></div>
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      </font></td>
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            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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      </font></td>
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      or other jurisdiction of</font></div>
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      Number)</font></div>
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      West Golf Rd, Suite 425, Skokie,</font></div>
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      </font></td>
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      of principal executive offices)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
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telephone number:&#160; 224-489-2392</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):</font></div>
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pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></div>
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communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item1.01.&#160;&#160;Entry
into a Material Definitive Agreement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A Joint
Venture Agreement ("Agreement") was made and entered into as of this 12 day of
July, 2010 by and between Madison Realty Advisors, LLC ("Madison") and Prime
Estates and Developments, Inc. ("Prime").&#160;&#160;The principal provisions of
the Agreement are as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Services to be Provided by
Madison</font>. Madison will actively seek commercial real estate properties for
acquisition. In connection therewith, Madison will negotiate the acquisition,
perform due diligence on the properties, arrange financing and close the
properties. Then perform property management, asset management and be
responsible for the ultimate disposition of the properties. All property
acquisitions shall be subject to the approval of Prime. Madison hereby agrees
that it will cause Langendoen and other key Madison managers to spend a majority
of their time on the business of this joint venture provided that Prime has
significant capital to invest and is active in the commercial real estate
business. The Madison managers will do the work they deem necessary to do in
order to promote the business of the joint venture. Madison will provide
reasonable reports and attend meetings to conduct the business of this joint
venture.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Support to be Provided by
Prime</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Prime
&amp; Madison agree that all the costs of the services provided by Madison will
be determined on a property by property case. All fees and expenses will be
charged on every property that the two parties will agree to acquire, lease,
manage, sell, etc. Both parties agree that there are no fees, costs, and/or any
type of expenses that oblige the two parties with this agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
property acquired will be in the form of a separate special purpose entity
jointly owned between Prime and Madison and or their
assigns.&#160;&#160;Additional, each property will be controlled by an agreement
that comprehensively delineates each party&#8217;s responsibilities, rights and
obligations.&#160;&#160;This agreement will address, but not be limited to
capital reserves, income deficiencies, property management, financial accounting
and the distribution of profits from net operating income and
resale.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In
terms of profit distributions, in general, Prime will receive a preferred rate
of return that will be determined on a property by property case.&#160;&#160;The
net profit from resale will be split between the parties, with a percentage rate
that will be determined on a property by property case, after the repayment of
the equity invested by Prime.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Madison
will charge market rate fees for its services which can include
brokerage/acquisition commissions, financing fees, property management fees and
asset management fees. Once Prime is funded and the work load is established
then Madison and Prime agree to reevaluate the compensation and cost
reimbursements on a good faith basis. Likewise the compensation to Explicit
Growth Strategy Consultants, Inc and School Lane Capital Partners, LLC and/or
their assigns will be agreed upon by all parties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Right of First
Refusal</font>. Prime shall have the right of first refusal to acquire any
properties that Madison may locate provided the property meets Prime&#8217;s buying
parameters under terms and conditions set forth in the Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Responsibilities</font>. If
Prime elects to purchase a property that Madison recommends then Prime agrees to
come up with the required equity to purchase the property. Madison shall be
responsible to provide all on and off site supervision of the property
management and/or asset management activities and shall be responsible for the
day-to-day management of the properties that are acquired. Madison shall provide
monthly operating statements and such other financial reports and budgets as are
commonly provided for the type and size of properties covered by the property
management agreement and/or as may be specifically required under the terms of
the management agreement. All major property management, asset management and
financial reporting issues ("Major Matters") shall be subject to mutual approval
of Madison and Prime.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Term</font>. The term of the
Agreement is for a period of one (1) year, and shall be automatically renewed
annually unless terminated by either party in writing at least sixty (60) days
prior to the then scheduled expiration date of this Agreement; provided,
however, either party may terminate the agreement upon not less than 60 days
prior written notice of such termination to the other party. Upon the
termination of the Agreement, the rights and obligations of the parties hereto
shall immediately terminate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Agreement is filed as an exhibit to this report and should be referred to in its
entirety for a complete description thereof.</font></div>
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9.01. Financial Statements and Exhibits.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">SIGNATURES</font></font></div>
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to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.</font></div>
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      ESTATES &amp; DEVELOPMENTS, INC.</font></div>
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      July 12, 2010</font></div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v190469_ex10-1.htm
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  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: Vintage Filings-->
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">JOINT VENTURE
AGREEMENT</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
Joint Venture Agreement ("Agreement") is made and entered into as of this 12 day
of July, 2010 by and between Madison Realty Advisors, LLC ("Madison") and Prime
Estates and Developments, Inc. ("Prime") with reference to the following
facts:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Madison
has extensive experience in the business of acquiring, financing, managing and
selling commercial real estate properties for itself and third parties. The
manager of Madison is Gary Langendoen ("Langendoen").</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Prime
is a public company (PMLT) and intends to be in several businesses including
acquiring and operating commercial real estate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Madison
and Prime desire to enter into an arrangement whereby Madison will locate,
negotiate and perform due diligence for acquiring commercial properties for
Prime. Madison will also be responsible for the financing, managing and
ultimately the disposition of the properties for Prime.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Therefore,
in consideration of the foregoing premises and other good and valuable
consideration receipt of which is hereby acknowledged, the parties hereto hereby
agree as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Services to be Provided by
Madison</font>. Madison will actively seek commercial real estate properties for
acquisition. In connection therewith, Madison will negotiate the acquisition,
perform due diligence on the properties, arrange financing and close the
properties. Then perform property management, asset management and be
responsible for the ultimate disposition of the properties. All property
acquisitions shall be subject to the approval of Prime. Madison hereby agrees
that it will cause Langendoen and other key Madison managers to spend a majority
of their time on the business of this joint venture provided that Prime has
significant capital to invest and is active in the commercial real estate
business. The Madison managers will do the work they deem necessary to do in
order to promote the business of the joint venture. Madison will provide
reasonable reports and attend meetings to conduct the business of this joint
venture.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Support to be Provided by
Prime</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Prime
&amp; Madison agree that all the costs of the services provided by Madison will
be determined on a property by property case. All fees and expenses will be
charged on every property that the two parties will agree to acquire, lease,
manage, sell, etc. Both parties agree that there are no fees, costs, and/or any
type of expenses that oblige the two parties with this agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
property acquired will be in the form of a separate special purpose entity
jointly owned between Prime and Madison and or their
assigns.&#160;&#160;Additional, each property will be controlled by an agreement
that comprehensively delineates each party&#8217;s responsibilities, rights and
obligations.&#160;&#160;This agreement will address, but not be limited to
capital reserves, income deficiencies, property management, financial accounting
and the distribution of profits from net operating income and
resale.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In
terms of profit distributions, in general, Prime will receive a preferred rate
of return that will be determined on a property by property case.&#160;&#160;The
net profit from resale will be split between the parties, with a percentage rate
that will be determined on a property by property case, after the repayment of
the equity invested by Prime.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Madison
will charge market rate fees for its services which can include
brokerage/acquisition commissions, financing fees, property management fees and
asset management fees. Once Prime is funded and the work load is established
then Madison and Prime agree to reevaluate the compensation and cost
reimbursements on a good faith basis. Likewise the compensation to Explicit
Growth Strategy Consultants, Inc and School Lane Capital Partners, LLC and/or
their assigns will be agreed upon by all parties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Right of First
Refusal</font>. Prime shall have the right of first refusal to acquire any
properties that Madison may locate provided the property meets Prime&#8217;s buying
parameters. Madison shall provide written notice (the "Notice") to Prime with
respect to any property that it is being considered for acquisition. The Notice
shall provide information with respect to the type, location, financial
condition and other material facts relating to the property and/or portfolio
that is the subject matter of the property to the best of Madison&#8217;s knowledge.
The Notice will also provide details as to any compensation to be paid to
Madison which will be generated by the acquisition which shall include, but not
be limited to, property management fees, asset management fees,
acquisition/disposition fees, loan placement fees and any other amounts payable
to Madison under the terms of the proposed acquisition. Madison shall provide
such other information and/or analysis as Prime may reasonably request. Prime
shall have ten (10) days after receipt of the Notice and related materials
within which to notify Madison that Prime is willing to acquire the property or
not. If Prime does not notify Madison of its willingness to purchase the
property within the Notice Period, then Madison shall be free to enter into an
agreement with another party or parties with respect to acquiring the
property.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Responsibilities</font>. If
Prime elects to purchase a property that Madison recommends then Prime agrees to
come up with the required equity to purchase the property. Madison shall be
responsible to provide all on and off site supervision of the property
management and/or asset management activities and shall be responsible for the
day-to-day management of the properties that are acquired. Madison shall provide
monthly operating statements and such other financial reports and budgets as are
commonly provided for the type and size of properties covered by the property
management agreement and/or as may be specifically required under the terms of
the management agreement. All major property management, asset management and
financial reporting issues ("Major Matters") shall be subject to mutual approval
of Madison and Prime.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Term</font>. The term of
this Agreement shall be for a period of one (1) year, and shall be automatically
renewed annually unless terminated by either party in writing at least sixty
(60) days prior to the then scheduled expiration date of this Agreement;
provided, however, either party may terminate this agreement upon not less than
60 days prior written notice of such termination to the other party. Upon the
termination of this Agreement as provided herein, the rights and obligations of
the parties hereto shall immediately terminate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Governing Law</font>. This
Agreement shall be construed and enforced in accordance with the laws of the
State of California.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Attorneys'
Fees</font>.&#160;&#160;Should any party hereto employ an attorney for the
purpose of enforcing or construing this Agreement, or any judgment based on this
Agreement, in any legal proceeding whatsoever, including insolvency, bankruptcy,
arbitration, declaratory relief or other litigation, the prevailing party shall
be entitled to receive from the other party or parties thereto reimbursement for
all reasonable attorneys' fees and all costs, whether incurred at the trial or
appellate level, including but not limited to service of process, filing fees,
court and court reporter costs, investigative costs, expert witness fees and the
cost of any bonds, whether taxable or not, and such reimbursement shall be
included in any judgment, decree or final order issued in that
proceeding.&#160;&#160;The &#8220;prevailing party&#8221; means the party in whose favor a
judgment, decree, or final order is rendered.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Entire
Agreement</font>.&#160;&#160;This Agreement contains the entire agreement
between the parties relating to the joint venture contemplated hereby and all
prior or contemporaneous agreements, understandings, representations and
statements, oral or written, are merged herein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Modification</font>.&#160;&#160;No
modification, waiver, amendment, discharge or change of this Agreement shall be
valid unless the same is in writing and signed by the party against which the
enforcement of such modification, waiver, amendment, discharge or change is or
may be sought.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Time of
Essence</font>.&#160;&#160;Time is of the essence to this Agreement and to all
dates and time periods set forth herein.&#160;&#160;However, if this Agreement
requires any act to be done on a date that is not a business day, such act or
action shall be deemed to have been validly done or taken if done or taken on
the next succeeding business day.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Successors and
Assigns</font>.&#160;&#160;All terms of this Agreement shall be binding upon,
inure to the benefit of and be enforceable by, the parties hereto and their
respective legal representatives, successors and assigns.</font></div>
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executed shall be deemed an original; such counterparts shall together
constitute but one agreement.</font></div>
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Partnership</font>.&#160;&#160;Notwithstanding anything to the contrary
contained herein, this Agreement shall not be deemed or construed to make the
parties hereto partners, or to render either party liable for any of the debts
or obligations of the other.</font></div>
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notices, demands or other communications given hereunder shall be in writing and
shall be deemed to have been duly delivered upon the receipt by facsimile
transmission as evidenced by a receipt transmission report, or upon the delivery
by overnight express delivery service, addressed as follows:</font></div>
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                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Madison
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              <td width="50%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">      </font>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">301
      E. Colorado Blvd., Suite 620</font></div>
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                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attention:
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              <td width="50%" style="PADDING-LEFT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">      </font>
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                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prime
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              <td width="50%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">      </font>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4709
      West Golf Road, Suite 425</font></div>
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              <td width="50%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">      </font>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attention:
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ON FOLLOW PAGE]</font></div>
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REALTY ADVISORS, LLC,</font></div>
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California limited liability company</font><br></div>
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Gary Langendoen, Manager</font></div>
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