Grant Award Agreement
Whereas: the Donor Contributor wishes to benefit from an affiliation with CondoFran and their business model development services including niche market strategies to reach private business owners and others to build Business Formation Models in order to further attract equity and venture capital investments.
Now, therefore, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:
The Donor Contributor understands that the project owner may choose to raise funds in the formation period of this new business venture without issuing an equity stake in their company. This is done through Crowd Funding Donations and Business Formation Grants. The Donor Contributor further understand that the Business Formation Grant is awarded to the project that needs a Business Formation Model to attract equity and/or venture capital, in their next round of funding. Once, the model is certified for its readiness to receive equity capital funding. The Donor Contributor will receive first option to invest when the owner of the project is ready to accept equity funding. This grant is given to a specific venture in the name that appears in this agreement as the "Business Formation Project". The grant is awarded in exchange for an Investment Participate Level and the exclusive option to buy a stake in the company when the owner is ready to accept equity capital investments.
This Business Formation Grant will be used as seed funds to build a Business Formation Model for the company, product prototype, trade/mark(s) to generate sufficient investor interest for successive financing rounds. The Donor Contributor further understand that the funds maybe used for the following: business research, trade/marks, logos, website development, business consulting, business development services, salaries, commissions, selling strategies, direct mail, brochure, marketing, customer evaluations & surveys, target marketing & feasibility studies, trade shows, travels, lodging and other necessary activities that will result in the development of a viable Business Formation Model.