EXHIBIT 99.2
ASSIGNMENT, SETTLEMENT AND RELEASE
THIS AGREEMENT is effective as of September 1, 1999, by and between SOLPOWER
CORPORATION, a Nevada corporation ("Lessee"), and D.I. SOUTH, INC., an Indiana
corporation ("Lessor").
RECITALS
A. WHERFAS Lessor granted to Lessee certain rights in and to the premises of
Lessee pursuant to a Commercial Lease (the "Lease") effective as of June 1,
1998, for the premises located at the premises located at 52853 C.R. 7, Elkhart,
Indiana, a copy of which is attached hereto as Appendix A.
B. WHEREAS Lessor is prepared to accept a cancellation of the Lease from and
settle all outstanding accounts between Lessor and Lessee and grant a Release to
Lessor.
NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the mutual
covenants and agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by
each of the parties hereto, the parties hereto covenants and agree each with the
other as follows:
1) Lessee agrees to pay Lessor the sum of Thirty Thousand ($30,000) dollars,
in full settlement of all rents and amounts owning pursuant to the
commercial lease dated June 1, 1998, between Lessor by Lessee pursuant to
the Lease. Payment to be made by Lessee in the form of Twenty Thousand
(20,000) common shares of Lessee.
2) Lessee agrees to release and discharge Lessor and Lessor agrees to release
and discharge Lessee, their respective heirs, executors, administrators,
successors and assigns from any and all actions causes of action, suits,
charges and obligations, debts, dues, sums of money, accounts, reckonings,
bonds, bills, specialties, covenants, contracts, controversies, agreements,
promises, variances, trespasses, damages, judgements, extents, executions,
claims and demands whatsoever, in law, admiralty or equity, which against
Lessor and Lessee their respective heirs, executors, administrators,
successors and assigns ever had, now have or hereafter can, shall or may
have for, upon or by reason of any matter, cause or thing whatsoever from
the beginning of time to the date of this Release, and more specifically
the Lease.
IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed
effective the date and year first above written.
SOLPOWER CORPORATION, D.I. SOUTH, INC.
a Nevada corporation. an Indiana corporation.
By: /s/ Xxxxx X. Xxxxx By: /s/ Xxxx Xxxxx
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Its: President and CEO Its: President
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"Licensor" "Lessor"
