Exhibit 10.5
20% Xxxxxxxx Assignment
ASSIGNMENT
THIS ASSIGNMENT made and entered into and effective April 1, 2003 executed in
triplicate originals by and between Eastern Consolidated Energy, Inc. ("ECEI")
and Xxxxx Xxxxxxxx and/or assignee, ("Purchaser").
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, Purchaser desires to purchaser a twenty percent (20%) Net Working
Interest (the net profit before income tax and any loss from a prior month
will be recouped before payment is made) in said mine for One Hundred Thousand
Dollars.
WHEREAS, ECEI is willing to assign the twenty percent (20%) Net Working
Interest (the net profit before income tax and any loss from a prior month
will be recouped before payment is made) , 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 Purchaser agree as follows:
1. ECEI hereby assigns to Purchaser, without warranties of any kind except
those listed in (a) & (b) below, the twenty percent (20%) Net Working Interest
( the net profit before income tax and any loss from a prior month will be
recouped before payment is made) interest in and to the Lease. ECEI warrants
that:
(a) It will furnish Purchaser with a true and complete copy 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. Purchaser hereby accepts assignment of ECEI's twenty percent (20%) Net
Working Interest (the net profit before income tax and any loss from a prior
month will be recouped before payment is made) of the Lease.
3. By this Lease Assignment, ECEI assigns to Purchaser only such rights and
privileges as it possesses under the Lease and no more.
4. 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 Purchaser:
Xxxxx Xxxx Xxxxx Xxxxxxxx
0000 X. Xxxxxx Xxxx Xxxxx #000 726 Windmere Dr.
Xxxxx Xxxxxxx, XX 00000 Xxxxxxx, XX 00000
5. The rights and obligations of the parties hereunder shall be interpreted
in accordance with the laws of the State of Florida.
6. 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/Xxxxx Xxxxxxxx BY:/s/Xxxxx Xxxx
Xxxxx Xxxxxxxx, Individual Xxxxx Xxxx, President - ECEI
