ASSIGNMENT OF CONTRACT
Exhibit 10.1.1
For value received, Federated Energy Corporation, a Tennessee corporation (“Assignor”), hereby assign all of its right, title, and interest in and to the Joint Venture Contract and Operating Agreement entered into by and between Assignor and New Western Oil Corporation, dated May 21, 2009 (“Glass Contract”) to RC Oil Co., Inc., an Oklahoma corporation (“Assignee”). A true and correct copy of the Glass Contract is attached hereto marked as Exhibit “1” and incorporated herein by this reference as though fully set forth.
By this Assignment, Assignor hereby delegates to Assignee all of Assignor’s duties and obligations of performance of the Glass Contract.
By accepting this Assignment, Xxxxxxxx agrees to assume and perform all duties and obligations that Assignor has under the Glass Contract, as if Assignee had been an original party to the Glass Contract. Assignee further agrees to indemnify and hold Assignor harmless from any liability for performance or nonperformance of the Glass Contract.
Inurement
This Assignment shall inure to the benefit of, and shall be binding upon, the assigns, the successors in interest, personal representatives, estates, heirs, and legatees of each of the parties hereto.
Amendment
No modifications or amendments to this agreement shall be valid unless in writing and executed by both parties hereto.
Severability
If any term or provision of this agreement or the performance thereof shall to any extent be invalid or unenforceable, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this agreement permitted by law.
Governing Law
This agreement shall be governed by and construed in accordance with the laws of the State of Oklahoma.
Executed this 1st day of September, 2009, at Kennesaw, Georgia
“ASSIGNOR”: Federated Energy Corporation
__/s/ Xxxx Xxxxxxx_______________________
Xxxx Xxxxxxx, Vice- President
“ASSIGNEE”: RC Oil Co., Inc.
__/s/ Xxxx Xxxxxxx_______________________
Xxxx Xxxxxxx, President
Agreed to and Approved this
1st day of September, 2009
New Western Oil Corporation
__/s/ Haris Baha_______________________
Xxxxx Xxxx, President
