ASSIGNMENT OF LEASE
THIS ASSIGNMENT OF LEASE (the "Agreement") is made as of this 14th day
of June, 1991 between XXXX CARGO SYSTEMS, INC. (the "Assignor") and ASTRO
HOLDINGS, INC. (the "Assignee").
WHEREAS, by an Amended and Restated Lease and Operating Agreement dated
December 30, 1990 (the "Lease") between the Philadelphia Regional Port Authority
(the "PRPA") and the Assignor, the premises commonly known as the Packer Avenue
Marine Terminal and Piers 96, 98 and 100, which premises are more fully
described in the Lease (collectively the "Premises"), were leased to Assignor
for the term of ten (10) years from the effective date of the Lease, March 5,
1991, at an annual rental as set forth in Article III, Compensation, of the
Lease and subject to the covenants, conditions and stipulations therein
contained.
NOW, THEREFORE, in consideration of the sum of Fifty Thousand
($50,000.00) Dollars by the Assignee to Assignor, the receipt whereof is hereby
acknowledged, and assumption by Assignee of Assignor's obligations under the
Lease, Assignor assigns to Assignee all Assignor's right, title and interest in
and to the Lease for the unexpired term of said Lease and all renewal options
subject to the payment of rent and performance of the covenants, conditions and
stipulations in said Lease.
Assignee covenants that, during the continuance of the unexpired term
of the Lease and renewal options, to pay the rents as provided for therein, and
to perform the covenants, conditions and stipulations in said Lease to be
performed by Assignor, and to keep Assignor indemnified against all actions,
claims and demands whatsoever in respect of said rents, covenants, conditions or
anything relating thereof.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals
as of the day and year first above written.
XXXX CARGO SYSTEMS, INC,
BY: Xxxxxxx Xxxxxx
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V.P.
(Assignor)
ATTEST:
Xxxx Xxxxx
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ASTRO HOLDINGS, INC.
BY: Xxxxxx X. Xxxx Xx.
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President
(Assignor)
ATTEST:
Xxxx Xxxxx
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