ASSIGNMENT OF AGREEMENT
THIS AGREEMENT is made on November ___, 1998, between COMMUNITY
ACQUISITION & DEVELOPMENT CORP., a Delaware corporation, hereinafter referred to
as ("CADC"); and CAX RIVERSIDE, L.L.C., a Delaware limited liability company,
hereinafter referred to as ("CAX").
I N T R O D U C T I O N:
A. MOORINGS DEVELOPMENT AND MARKETING CORPORATION, a Florida
corporation ("MDMC"), RIVERSIDE SOD AND SUPPLY COMPANY, a Florida corporation
("RSSC"), XXXXX XXXXXXX ("Xxxxxxx") and CADC entered into an Agreement for
Assignment of Contracts and Covenant Not to Compete dated November, ___ 1998
(the "Agreement").
B. CADC wishes to assign the Agreement to CAX, and CAX wishes to accept
the assignment.
THEREFORE, in consideration of their mutual promises it is agreed as
follows:
1. The Agreement referred to in the Introduction is
assigned, effective as of , 1998 (the "Effective Date"), to CAX.
2. CAX agrees to perform all obligations of CADC under
the agreement subsequent to the Effective Date.
IN WITNESS OF this Assignment, the parties have signed it below.
COMMUNITY ACQUISITION &
DEVELOPMENT CORP., a
Delaware corporation
/s/ Xxxxxx X. XxXxxxxxxx, Xx. By: /s/ Xxxxxx X. Xxxxxx
------------------------------ ---------------------------
Xxxxxx X. XxXxxxxxxx, Xx. Xxxxxx X. Xxxxxx
(print name of witness) Its: President
(print name of corporate
officer)
/s/ Xxxxxxxx X. Xxxxxxxx
------------------------------
Xxxxxxxx X. Xxxxxxxx
(print name of witness)
CAX RIVERSIDE, L.L.C., a
Delaware limited liability
company
By: COMMERCIAL ASSETS, INC.,
a Maryland corporation
/s/ Xxxxx X. Xxxxxxx By:/s/ Xxxxx X. Xxxxxx
----------------------------- ----------------------
Xxxxx X. Xxxxxxx Xxxxx X. Xxxxxx
(print name of witness) Chief Financial Officer
/s/ Xxxxx X. Xxxxxxx
-----------------------------
Xxxxx X. Xxxxxxx
(print name of witness)
w:\moorings\xxxxxx\closing.doc\13120a
2
