CONSENT AND ACKNOWLEDGEMENT OF ASSIGNMENT AND RELEASEConsent and Acknowledgement of Assignment and Release • July 8th, 2010 • Hemiwedge Industries, Inc • Fabricated structural metal products
The undersigned, HEMIWEDGE INDUSTRIES INC. (formerly called SHUMATE INDUSTRIES INC.), a Delaware corporation, SHUMATE MACHINE WORKS, INC., a Texas corporation, HEMIWEDGE VALVE CORPORATION, a Texas corporation, RUSS CLARK and MATTHEW C. FLEMMING (hereinafter collectively, the “Borrowers”) consent to the terms and conditions of that certain Assignment of Note, Loan Documents and Security Interests, dated of even date herewith, by and among Stillwater National Bank and Trust Company (the “Assignor”), Eads Investments I, LLC and D. Bradley McWilliams (“Assignment Agreement”) and to the consummation of the transactions described therein. The Borrowers acknowledge that the “Note” and “SNB Loan Documents,” as such terms are defined in the Assignment Agreement, are binding and enforceable against the Borrowers in accordance with all stated terms, and that the Borrowers have no defenses or rights of offset against the enforcement of the Note or the SNB Loan Documents in accordance with all stat
