Common use of Promises Clause in Contracts

Promises. (a) Upon execution of this Settlement Agreement in exchange for and in consideration of the promises of Tangiers and its release of claims as set forth herein below, Defendants promise the following: Sierra Global, I.▇▇ shall pay to Tangiers a total of $45,500 ("Settlement Amount"). The first payment in the amount of $22,750.00 shall be tendered to 'Tangiers upon execution of this Settlement Agreement, with the balance to be paid no later than thirty (30) days from the date of execution of this Settlement Agreement. Payments shall be made by wire transfer or cashier’s check made payable to Tangiers Investors. L.P. Payments shall be tendered to Tangiers at 4▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇. (b) Pursuant to the Prior Settlement Agreement, STARRS and MYEC are liable jointly and severally for payment of the entire $45,500 due thereunder. If Sierra Global. LLC fails to pay the entire Settlement Amount in consideration for the convertible debenture the unpaid balance shall be owed by SLUMS and MYEC jointly and severally. (c) Upon execution of this Settlement Agreement, in exchange for and in consideration of these promises of STARRS and MYEC and their release of claims as set forth herein below, Tangiers promises the following: No later than three business days from the date that funds clear in Tangiers's account for the total amount of the Settlement Amount ($45,500), Tangiers shall tender to Sierra Global, LLC the convertible debenture that was the subject of the Action at the address for notice listed herein. (d) Tangiers's release of claims set forth below shall only become effective upon the date that funds for the ball Settlement Amount ($45,500) clear in Tangiers's bank account. (e) If Sierra Global. LLC fails to tender payment of the full Settlement Amount ($45.500) to Tangiers within thirty days of the execution of this Settlement Agreement. MYEC and STARRS stipulate to the entry of judgment in El Dorado County Superior Court for any unpaid balance of the Settlement Amount. Said stipulated judgment shall be entered against STARRS and MYEC jointly and severally.

Promises. (a) Upon execution of this Settlement Agreement in exchange for and in consideration of the promises of Tangiers and its release of claims as set forth herein below, Defendants promise the following: Sierra Global, I.▇.▇▇ shall pay to Tangiers a total of $45,500 ("Settlement Amount"). The first payment in the amount of $22,750.00 shall be tendered to 'Tangiers upon execution of this Settlement Agreement, with the balance to be paid no later than thirty (30) days from the date of execution of this Settlement Agreement. Payments shall be made by wire transfer or cashier’s check made payable to Tangiers Investors. L.P. Payments shall be tendered to Tangiers at 4▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇. (b) Pursuant to the Prior Settlement Agreement, STARRS and MYEC are liable jointly and severally for payment of the entire $45,500 due thereunder. If Sierra Global. LLC fails to pay the entire Settlement Amount in consideration for the convertible debenture the unpaid balance shall be owed by SLUMS and MYEC jointly and severally. (c) Upon execution of this Settlement Agreement, in exchange for and in consideration of these promises of STARRS and MYEC and their release of claims as set forth herein below, Tangiers promises the following: No later than three business days from the date that funds clear in Tangiers's account for the total amount of the Settlement Amount ($45,500), Tangiers shall tender to Sierra Global, LLC the convertible debenture that was the subject of the Action at the address for notice listed herein. (d) Tangiers's release of claims set forth below shall only become effective upon the date that funds for the ball Settlement Amount ($45,500) clear in Tangiers's bank account. (e) If Sierra Global. LLC fails to tender payment of the full Settlement Amount ($45.500) to Tangiers within thirty days of the execution of this Settlement Agreement. MYEC and STARRS stipulate to the entry of judgment in El Dorado County Superior Court for any unpaid balance of the Settlement Amount. Said stipulated judgment shall be entered against STARRS and MYEC jointly and severally.