Exhibit 10.6
20% ECCC Assignment
ASSIGNMENT
THIS LEASE ASSIGNMENT made and entered into and effective July 1 2003 executed
in triplicate originals by and between Eastern Consolidated Energy, Inc.
("ECEI") and Eastern Consolidated Coal Corp ("ECCC").
WITNESSETH:
WHEREAS, ECEI as Lessee, holds rights in and to the Xxxxxxxx property (the
"Property") described in that certain Lease Agreement which will be
subsequently attached as Exhibit "A" hereof; and
WHEREAS, ECEI desires to assign a twenty percent (20%) Net Working Interest to
ECCC in exchange for its consulting and services for the past two years on the
Xxxxxxx Heirs Lease; and
WHEREAS, ECEI is willing to assign the twenty percent (20%) New Working
Interest in the Xxxxxxx Heirs lease, upon the terms and conditions set out
herein.
NOW, THEREFORE, in consideration of the premises and of the mutual covenants
set forth below, the adequacy and sufficiency of which are hereby
acknowledged, ECEI and ECCC agree as follows:
1. ECEI hereby assigns a twenty percent (20%) Net Working Interest (the net
profit before income tax and the deduction of any loss from a prior month will
be recouped before payment is made) to ECCC, without warranties of any kind
except those listed in (a) & (b) below, the same percentage of its right,
title and interest in the Lease, and ECEI warrants that:
(a) It will furnish ECCC with true and complete copies of the Lease; and
(b) It is not in default on the Lease, and has not received any notice of
default from any Lessor (the "Lessors") on the Lease.
2. ECCC hereby accepts the twenty percent (20%) assignment of ECEI's right,
title and interest in and to the Lease.
3. It is understood by both ECEI and ECCC that the Agreement may require
future modifications to adequately reflect specific changes in the lease,
and/or to correct any errors or omissions contained herein or not
contemplated. ECEI and ECCC hereby agree to provide full and timely
cooperation on any such modifications and for any reasonable requests for
information to support this Agreement.
4. By this Lease Assignment, ECEI assigns to ECCC only such rights and
privileges as it possesses under the Lease and no more.
5. Notices required hereunder shall be sent certified mail to the addresses
specified below and shall be effective as of the date postmarked thereon.
To ECEI: To ECCC:
Xxxxx Xxxx Xxxx X. Xxxxxx
0000 X Xxxxxx Xx. Xxxxx #000 0000 X Xxxxxx Xx. Xxxxx #000
Xxxxx Xxxxxxx, XX 00000 Xxxxx Xxxxxxx, XX 00000
6. The rights and obligations of the parties hereunder shall be interpreted in
accordance with the laws of the State of Florida.
7. This Assignment shall not be modified or amended except in writing executed
by both parties.
IN WITNESS WHEREOF, the parties have executed this Assignment as of the day
and year first written above.
BY:/s/Xxxx X. Xxxxxx BY:/s/Xxxxx Xxxx
Xxxx X. Xxxxxx, V President ECCC Xxxxx Xxxx, President ECEI
