EXHIBIT 10.3
ASSUMPTION AGREEMENT WITH RELEASE OF LIABILITY
ASSUMPTION AGREEMENT WITH RELEASE OF LIABILITY
THIS AGREEMENT, made this ______ day of October, 1996, by and among POT
REALTY, Florida general partnership ("Sellers"), PRECISIONAIRE, INC., a Florida
corporation ("Purchasers").
WITNESSETH
WHEREAS, Purchaser(s) has purchased from Seller(s) real property described
in Exhibit "A" attached hereto and as set forth in the Security Instrument
("Security Instrument") dated January 18, 1996, which was recorded at Volume
1198, Page 686, Real Property Records of Xxxxxxx County, State of Texas, and
WHEREAS, on January 18, 1996, a note ("Note") covered by the Security
Instrument was executed by the "Sellers" in the original amount of $2,069,653.00
payable in monthly installments as therein provided. The outstanding balance of
the Note as of the date hereof is $_____________; and
WHEREAS, Purchaser desires to assume and to agree to pay the indebtedness
and to performa all of the terms and conditions of the said note and Security
Instrument.
NOW THEREFORE, in consideration of one and more dollars ($1.00 +) and other
good and valuable consideration, the receipt and sufficiency of which is hereby
mutually acknowledged, the parties agree as follows:
1. Purchaser assumes and agrees to pay the indebtedness evidenced by the
said Note according to the terms of the Note and agrees to keep and to perform
all of the covenants and conditions of the Security Instrument according to the
provisions thereof and agrees to be bound thereby with the same force and effect
as though the Purchaser had been the original maker of the Note and Security
Instrument.
2. Seller and Purchaser severally represent, warrant, and agree they have
no offsets or defenses of any kind against enforcement of the said Note and
Security Instrument which shall remain and continue in full force and effect
hereby approved, ratified and confirmed.
3. Lender understands and agrees that by its execution of this Agreement,
the Seller is no longer liable or any other signatories or guarantors personally
liable to pay the indebtedness evidence by the said Note and is released from
liability.
4. The liability of those signing this Agreement as Purchaser shall be
joint and several.
5. The word "Note" as used in this Agreement shall be construed to mean the
note, bond, or any other written instrument which evidences the indebtedness
referred to herein. The words "Security Instrument" as used in the Agreement
shall be construed to mean the mortgage, deed of trust, or other written
instrument which secured the indebtedness referred to herein.
6. Whenever appropriate, the singular number shall include the plural and
the plural the singular.
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IN WITNESS WHEREOF, intending to be legally bound, the parties have executed
this Agreement the day and year first above written.
PRECISIONAIRE, INC., POT REALTY,
a Florida corporation a Florida general partnership
---------------------- -----------------------------
Purchaser: Seller:
By: _______________________ By: /s/ Xxxxx X. Xxxx
Purchaser: Seller: Xxxxx X. Xxxx, General Partner
By: /s/ Xxxxxxx X. Xxxx
Seller: Xxxxxxx X. Xxxx, General
Partner
ACCEPTED AND APPROVED:
THE AMERICAN NATIONAL BANK OF TEXAS
By:_________________________________
Name:_______________________________
Title:______________________________
STATE OF }
} ss.
COUNTY OF }
On this _____ day of October, 1996, before me, the undersigned officer,
personally appeared Xxxxxxx X. Xxxx and Xxxxx X. Xxxx, General Partners of POT
REALTY, a Florida general partnership (Sellers), known to me (or satisfactorily
proven) to be the person(s) whose name(s) is/are subscribed to within the
instrument and acknowledged that he/she/they executed the same for the purposes
therein contained, and the capacity herein stated.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
___________________________________
NOTARY PUBLIC
(SEAL) MY COMMISSION EXPIRES______________
STATE OF }
} ss.
COUNTY OF }
On this __________ day of October, 1996, before me, the undersigned officer,
personally appeared ______________________________________, ___________________
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of PRECISIONAIRE, INC., a Florida corporation, known to me (or satisfactorily
proven) to be the person(s) whose name(s) is/are subscribed to within the
instrument and acknowledged that he/she/they executed the same for the purposes
therein contained, and the capacity herein stated.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
___________________________________
NOTARY PUBLIC
(SEAL) MY COMMISSION EXPIRES______________
STATE OF }
} ss.
COUNTY OF }
On this __________ day of October, 1996, before me, the undersigned officer,
personally appeared ______________________________________, ___________________
of THE AMERICAN NATIONAL BANK OF TEXAS, known to me (or satisfactorily
proven) to be the person(s) whose name(s) is/are subscribed to within the
instrument and acknowledged that he/she/they executed the same for the purposes
therein contained, and the capacity herein stated.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
___________________________________
NOTARY PUBLIC
(SEAL) MY COMMISSION EXPIRES______________
AFTER RECORDING, RETURN TO:
THE AMERICAN NATIONAL BANK OF TEXAS
_________________________________
_________________________________
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