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EXHIBIT 10.3
ASSIGNMENT AGREEMENT FOR ACQUISITION PROPERTY
This Assignment Agreement "Agreement" is entered into by and between:
XXXXX X. XXXXXX
hereinafter referred to as "Exchanger", and the Sellers of, hereinafter
referred to as "Sellers" of that certain
real property commonly known as
0000 XXXX XXXXXX, XXX XXXXXXX, XXXXX
RECITALS:
A. Exchanger and Sellers have entered into a Contract in which the
Sellers have agreed to transfer the Acquisition Property to Exchanger, referred
to in the Contract as "Purchaser". The Contract contemplates that Sellers and
Exchanger may structure the transfer of the Acquisition Property so that it will
qualify as a Tax Deferred Exchange pursuant to Section 1031 of the Internal
Revenue Code.
B. Exchanger has entered into an Exchange Agreement with Intermediary
pursuant to which the Acquisition Property will be deeded directly to the
Exchanger.
AGREEMENT
1. The Exchanger hereby agree to assign all of Exchanger's rights,
title and interest in the Contract to Intermediary. Intermediary agrees to
accept the assignment of the Contract and to perform all of Exchanger's
obligations thereunder. Seller hereby approves of the assignment; provided
Exchanger will not be released from any obligations under the contract. Pursuant
to Treas. Reg. 1031 as amended in 1991, the Exchanger agrees to accept title to
the Acquisition Property directly from the Seller.
2. The parties agree that should any dispute arise out of this
transaction with regard to the condition of the Acquisition Property or title
thereto, such dispute will be resolved with the full knowledge that the
Exchanger has received the Acquisition Property directly from Sellers. Both
Seller and Exchanger will remain responsible for any post closing obligations
found in the Contract.
3. Intermediary's obligation to close and complete the transfer of the
Acquisition Property is conditioned upon Exchangers approval of Intermediaries
closing instructions and all documents and instructions prepared by the Escrow
Holder.
4. Counterparts of this Agreement may be signed by each party with the
same effect as if all parties had signed the same Agreement.
NATIONAL EXCHANGE SERVICES, INC.
Intermediary: Date
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Xxxx Xxxxxx
President
Exchanger: Date
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Xxxxx X. Xxxxxx
Xxxxxx Income Properties I, LTD., a Texas limited partnership
Seller: Date
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By: Xxxxxx Realty Investors VIII, Inc., a Texas corporation,
its General Partner
By:
Name:
Title:
