EXHIBIT 10.27 ASSUMPTION AGREEMENT AND RELEASE OF LIABILITY WITH SILVER FAITH DEVELOPMENT LIMITED DATED MAY 16, 1996 [SILVER FAITH DEVELOPMENT LETTERHEAD]Assumption Agreement And • December 12th, 1996 • Morellis Nona Ii Inc • Services-miscellaneous amusement & recreation
Silver Faith Development Limited ("SFD") wishes to confirm its agreement with and acknowledgment of the transfer of that certain Convertible Security Promissory Note in the principal amount of US$21,000,000 executed in favor of SFD (the "Note") pursuant to the Purchase Agreement between Nona and SFD dated September 28, 1995 (the "Purchase Agreement") from Nona Morelli's II Inc. ("Nona"), as "Maker", to NuOasis International Ltd., a corporation organized under the laws of the Bahamas ("NuOasis").
