EXHIBIT 10.11
ASSIGNMENT OF LEASE
This Assignment of Lease dated as of February 28, 1997 (the "Effective
Date") by and between Xxxxxxx Controls, Inc., a Wisconsin corporation
("Assignor"), and Xxxxxxxxxx-Lubeca Plastic Containers USA, Inc., a
Delaware corporation ("Assignee").
WHEREAS; pursuant to a Lease Agreement, by and between Assignor and
AquaPenn Spring Water Company dated July 19, 1996 (the "Lease"), Assignor
currently leases certain premises in Milesburg, Pennsylvania, as more
particularly described in the Lease (the "Leased Premises").
WHEREAS; Assignor and Xxxxxxxxxx-Lubeca AG, the parent company of
Assignee, have entered into an Acquisition Agreement (the "Agreement")
pursuant to which Assignor has agreed to sell to Assignee and Assignee has
agreed to buy from Assignor the Purchased Assets (as defined in the
Agreement) of Assignor's Plastic Container Division, which include, among
other things, the leasehold interest in the Leased Premises.
NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein, Assignor and Assignee hereby agree as follows:
As of the Effective Date, Assignor hereby assigns to Assignee all of
Assignor's right, title and interest in and to the Lease and the Leased
Premises. As of the Effective Date, Assignee accepts this assignment and
assumes and agrees to make all payments required by said Lease from and
after the Effective Date, and to perform all covenants and conditions of
the Lease by said Assignor to be made and performed. It is expressly agreed
that Assignee shall succeed to all rights and benefits of Assignor in said
lease.
This Assignment of Lease may be executed in counterparts.
"ASSIGNOR" "ASSIGNEE"
XXXXXXX CONTROLS, INC. XXXXXXXXXX-LUBECA PLASTIC
CONTAINERS USA, INC.
By: (Illegible Signature) By: (Illegible Signature)
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Title: Attorney in Fact Title: Secretary
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