THIS ASSUMPTION AGREEMENT dated for reference the _____day of_________, 20_____
BETWEEN:
___________________________________________________________________________________
___________________________________________________________________________________
(hereinafter called the “Assignor”)
(NAME OF ASSIGNOR)
(ADDRESS OF ASSIGNOR)
OF THE FIRST PART AND:
___________________________________________________________________________________
(NAME OF ASSIGNEE)
(Incorporation No.
– IF STRATA)
___________________________________________________________________________________
(ADDRESS OF ASSIGNEE)
(hereinafter called the “Assignee”)
OF THE SECOND PART AND:
CLI LEASING CORPORATION, 4108 Heroux Road, Nelson B.C. V1L 6N5
(hereinafter called the “Lessor”)
OF THE THIRD PART
ASSUMPTION OF LEASE AGREEMENT
WHEREAS:
A. The Assignor has agreed to convey, transfer and assign to the Assignee for the sum of THREE ($3.00) DOLLARS and other valuable
consideration, the Assignor’s interest in that certain lease agreement which is dated _________ , 20_____, and referred to as lease
number _________ (herein referred to as the “Lease”) a copy of which is attached hereto as Schedule “A” , with the intent that the
Assignee shall, subject to the terms hereof, assume all of the duties, indebtedness and obligations of the Assignor under the Lease;
B. The Assignor and the Assignee have requested that CLI Leasing Corporation consent to the assumption of the Lease by the
Assignee and CLI Leasing Corporation has agreed to do so in consideration of the sum of THREE ($3.00) DOLLARS and other
valuable consideration and on the condition that the Assignor and the Assignee enter into this Assumption Agreement (herein
referred to as the “Assignment”).
NOW THIS AGREEMENT WITNESSETH as follows:
1. In consideration of the sum of THREE ($3.00) DOLLARS and other valuable consideration paid by the Assignee to each of the
Assignor and the Lessor, (the receipt whereof is hereby acknowledged by the Assignor and the Lessor), the Assignor hereby assigns
to the Assignee all of the Assignor’s right, title and interest in the Lease. TO HOLD unto the Assignee for all the residue now unexpired of the term of the Lease subject henceforth to the payment to the Lessor of the rents, charges, fees and assessments, if any,
and to the performance and observance of all of the covenants and agreements on the part of the Assignor in the Lease whether
during the remaining term thereof or thereafter until all indebtedness to the Lessor has been fully paid and all obligations to the
Lessor have been fully performed.
2. The Assignee covenants with the Assignor and the Lessor and each of them that the Assignee shall during all the residue now
unexpired of the term of the Lease and every renewal thereof and until all indebtedness to the Lessor has been fully paid and all
obligations to the Lessor have been fully performed, observe and perform the covenants on the part of the Assignor, as Lessee.
The Assignee covenants with the Assignor and the Lessor and each of them to indemnify the Assignor and the Lessor and each of
them against all actions, suits, costs, expenses, charges, damages, losses, claims and demands for or on account of non-payment of
the rents, charges, fees and assessments, if any, and the non-performance or non-observance of the said covenants and agreements
contained in the Lease.
3. The Assignee covenants with the Assignor and the Lessor and each of them to indemnify the Assignor and the Lessor and each of
them against all actions, suits, costs, expenses, charges, damages, losses, claims and demands for or on account of non-payment of
the rents, charges, fees and assessments, if any, and the non-performance or non-observance of the said covenants and agreements
contained in the Lease.
4. The Assignor covenants with the Assignee that the Lease is a valid and subsisting agreement, that the covenants, provisos and
conditions thereof on the part of the Assignor as Lessee, have been duly observed and performed up to the date hereof, that the
Assignor is entitled to grant this Assignment, the Assignee may assume the interest of the Assignor and may enjoy the Lease for all
the residue now unexpired of the term of each Lease and any renewals thereof, without interruption by the Assignor or any person
claiming through the Assignor unless any default shall occur and that the Assignor and the Lessor shall at all times hereafter at the
request and cost of the Assignee, execute such further assurance in respect of this Assignment as the Assignee may reasonably
require.
5. Upon full execution hereof by the parties hereto, the Lessor releases and fully discharges the Assignor from its indebtedness,
covenants and obligations under the Lease.
6. It is hereby agreed by the parties hereto that this Assignment shall ensure to the benefit of and be binding upon the parties
hereto, their successors and assigns respectively.
7. Each party acknowledges having received or having had the opportunity to receive independent legal and accounting advice
respecting the nature and effect of this Assignment.
8. This Assignment may be executed in counterpart and by facsimile copies and the counterpart and/or facsimile copies which when
taken together shall form one agreement fully binding upon and enforceable against all of the parties hereto.
9. This Assignment is dated for reference __________, 20_____, for convenience of reference only, and this Assignment will have full
force and effect when executed by all the parties hereto.
IN WITNESS WHEREOF the parties hereto have executed this Assignment on the dates set forth below.
CLI LEASING CORPORATION
_____________________________
Authorized Signatory
____________________
Date
(NAME OF ASSIGNOR)
______________________________
Authorized Signatory
____________________
Date
(NAME OF ASSIGNEE)
______________________________
Authorized Signatory
____________________
Date