ASSIGNMENT OF LOAN
This Assignment of Loan ("Assignment") is entered into as of March 28,
2005 between IPEX, Inc., a Nevada corporation ("IPEX"), in favor of DJB
Holdings, Inc., a Nevada corporation ("DJB"), who agree as follows:
IPEX represents and warrants that: (a) it is the successor in interest to
AICI, Inc., a Nevada corporation by virtue of its merger with Tamarack Ventures,
Inc. and subsequent name change to IPEX, Inc., (b) IPEX is the lender under that
certain loan in the original principal amount of $400,000 made to Xxxxxx X.
Xxxxxxxx III on or about March 28, 2005 (the "Loan"), (c) IPEX has not assigned,
sold, transferred, or encumbered any interest in the Loan or any security for
the Loan, (d) the security for such loan included a Deed of Trust on certain
real property commonly known as 00000 Xxxxx Xxxxx Xxx, Xxx Xxxxx, XX, (e) IPEX
is duly organized, validly existing, and qualified to conduct its business and
has the legal power, right and authority to enter into this Assignment, and (f)
the individual executing this Agreement on behalf of IPEX has the legal power,
right, and actual authority to act on behalf of IPEX with respect to this
Assignment.
For valuable consideration of $400,000, IPEX hereby assigns to DJB all
rights, title and interest in and to the Loan and all security for the Loan.
The prevailing party in any litigation, arbitration, mediation,
bankruptcy, insolvency or other proceeding relating to the enforcement or
interpretation of this Assignment may recover from the unsuccessful party all
costs, expenses, and actual attorney's fees.
IPEX, Inc., a Nevada corporation
By: /s/ Xxxxxxxx Xxxxxxx
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Xxxxxxxx Xxxxxxx, President & CEO
Accepted:
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DJB Holdings
