Litigation on BACKPACKERS PARADISE (hostel – camping) development in Sarteneja.
The camping/hostel development is the equal property of Edward Rouvier and Nathalie Nguyen, 50% for each including infrastructures on the land and the Parcel No:1580.
The dispute will be bring to the Supreme Court of Belize sometime very soon.
Write to email@example.com for more info about the cessation of Super Sap bio-epoxy distribution in Belize and the Sustainable Wooden Boat of Sarteneja – research and development activity.
Partnership Share & Investment Protection Agreement
Sarteneja Village Corozal District Belize C. A. September 2014
A Business Partnership Agreement is hereby made this 10th day of August in the year Two Thousand and fourteen (2014) between Nathalie Nguyen Quang Minh, Business Partner and Land Proprietor of parcel No. 1580 residing at Backpackers, Sarteneja Village, Corozal District, Belize C.A., on the one part and Edward Mark Rouvier, Investor and Business Partner currently residing at Backpackers also, in Sarteneja Village, Corozal District, Belize C.A., on the other part and for the purpose of this Business Partnership Agreement termed as a “Business Partnership Agreement” , the former will hereinafter be referred to as the “Land Proprietor”, and the Latter will be referred to as the “Investor”.
The Proprietor in her current capacity as Proprietor holding a Title Absolute over Parcel No: 1580 in the Sarteneja Registration Section, Corozal Distric,t Belize C.A. which has been relatively developed over the past few years jointly, and as a live – in companion in a common law relationship with the Investor, has expressed her intention, desire ,will and commitment to enter into a Business Partnership Agreement encompassing all Operations, Current and future Business projects and present and future development within the perimeter of said parcel inclusive of the Parcel itself.
- Backpackers: Location and Operations
Established and operating from within all that freehold piece or parcel of land situate in Sarteneja Village, registered as Parcel No:1580 being the Property of the Land Proprietor and registered within the Sarteneja Registration Section, Corozal District, Belize C.A and recorded on the compilation of Sarteneja Registration Section and Being more particularly delineated and described as shown on Entry No:11403 comprising of 2.952 acres or 1.195Ha inclusive of an Established Business as a Restaurant & Bar, Cabañas Accommodation Facilities , Camping Grounds, Horseback Riding ,Bicycle Rentals and Organic Agro-Tourism Ventures for Backpackers, in addition to all additional projects and operations currently being undertaken and those of future occurrence.
- Both the “Land Proprietor” and the “Investor” have out of their free will and own accord, individually agreed to establish a baseline point for their Investment Protection and Business safeguards and recognize their joint input into the development of Backpackers, and now, desirous of practicing a healthy business relationship approach and demonstrating respect and recognition for their present achievements and endeavouring to foment, nurture and strengthen practical foreseen development.
- Both the “Land Proprietor” and the “Investor” have, out of their free will and business experience agreed to officially appraise the present Market Value of Parcel 1580 referred to as Backpackers as of the date of appraisal and have agreed to respect said appraisal as the Baseline for their individual investment and current value of Backpackers over which any and all additional investments shall be accounted for and properly established and added on to the respective partners’ equity in the best interest of both Partners.
- Both partners have resolved to record their understanding, will, desire and commitment in this agreement and have pledged to respect and give due course to the provisions herein stipulated.
- Both business partners have agreed, established and conscientiously declared that their individual equity on Parcel 1580 based on the official appraisal which will appear as Appendix-I to this Agreement, shall stand at an equal 50% (per cent) for each of both partners respectively, as at the date of this agreement.
- The Present Value of the Business
- Whereas both partners have agreed to and accepted the official appraisal of the entity generally known as Backpackers on parcel 1580 as their undisputed joint investment level into Backpackers and have accepted to establish said appraisal as Baseline level of investment as of today’s date on a 50% equity for each of both partners
- Whereas this Business Partnership will remain a partnership between both partners abovementioned only, and no other partner will be welcomed into the partnership, thus the share equity will be maintained on a 50%-50% basis between the two above mentioned partners only; save and except with prior consent and approval of both signatories to this Agreement Provided that:
- The only eligible Partner candidates shall be the immediate family of both Principals and Signatories.
- Any new partner shall recognize and respect this agreement and its established baseline and equity sharing as per the clause hereunder
- The Established Business Value for Backpackers assigned and accepted appears hereunder
A.) The Land Property: BZ$175,000.00
B.) Buildings and Erections:
Two-storey dwelling and
Workshop BZ$ 135,000.00
Accommodation Units ) BZ$80,000.00
- The Partners Share:
Both partners agree and accept that as of this point and date that their individual share in Backpackers stands at 50% Share for each partner. That future investment will be looked upon and will be undertaken with the philosophy of equitable investment in order to maintain the Share Value of Each Partner; that is maintaining the 50% equity for each partner.
There is consent and agreement that the provisions on this agreement will be further strengthened as the Investor seeks to get his Naturalization Certificate, upgrading his resident status to Citizen of Belize, thereafter formal Company application and registration will be undertaken.
Official Appraisal costs and formal Contractual Agreement costs and any other relevant expenses including any other activity on behalf of Backpackers interests, requiring the disbursement of funds , will be met either jointly by both partners or as they both mutually agree.
- INVESTMENT AND SHARE SECURITY
- Both partners have agreed and accepted to respect the above appraisal, appearing as Appendix I to this Agreement, as the Baseline Investment Level for backpackers as detailed above in this agreement and have entered into a respectfully cordial understanding that should any partner decide to nullify this partnership agreement, the agreed share hereby established shall be payable either in cash, goods or otherwise agreed by the partner retaining Property and the business.
- Should both partners decide to divest, the best possible options available that will safeguard the interest of the investment of both partners must be sought and procured and the share upon divestment shall be the 50 % share agreed herein, unless there be other compromises or agreements between the partners beyond this agreement.
- Both Partners have jointly come to concur and agree as parties to this agreement by affixing their signatures to this Agreement.
- Incumbrances on Property:
It is jointly agreed and understood that the Title Absolute for the Parcel of Land (Parcel 1580) hereto made reference is free from any Liens, Mortgage, Charge, or Court judgments or any other Claim that may put either of the Partner’s Investment at Risk. Furthermore the Land Proprietor commits to maintaining the status of the Land “Free” from any encumbrances ,provided that under mutual and written consent and solely for the purpose of the development of backpackers, should the need arise, the Land Proprietor may encumber said Parcel.
- Partner Responsibilities and Obligations:
Both Partners by virtue of this agreement commit to respect their individual Share Equity in the Business of Backpackers at a 50% Value for each individual partner and are bound by this agreement to respect said Share Equity should the partnership fold away.
Maintaining the financial obligations with any statutory bodies, government departments and land taxes up to date is the responsibility of both partners or as they mutually agree.
Both partners must upkeep of the property and maintain the premises at an acceptable levelto welcome patrons and to promote and foster business growth.
- Good Will Clause:
Now in pursuance of this agreement, termed a “Business Partnership Agreement” and in consideration of Three Hundred Thousand (BZ$390,000.00) the present assigned value and Baseline Investment Level Of backpackers we, both partners hereby individually agree to respect and abide by the provisions stipulated herewith in good faith and the practice of acceptable business Principles for and on behalf of the success, growth and development of our Business Partnership “Backpackers”.
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