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Document Preview Assignment of Membership Interest |
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Title: |
Assignment of Membership Interest |
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Date: |
2003 |
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Price: |
$32 |
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ID: |
#386091 |
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ASSIGNMENT OF MEMBERSHIP INTEREST
Assignment made this 26th day of March, 2003, by and between
QUEBEC CITY, INC. (hereinafter "Quebec"), a Nevada corporation and ARK QUEBEC,
INC. (hereinafter "Purchaser").
R E C I T A L S:
A. Quebec is the holder of 50% interest of 3072929 Nova Scotia
Company., a Nova Scotia unlimited liability company (the "Company"), owner of
the Holiday Inn Select, 395 rue de la Cournne, Quebec City, Quebec, Canada G1K
7X4 (the "Hotel"), pursuant to an agreement of members dated January 8, 2003 by
and among the Company, Quebec, and AFP Nineteen Corp. (the "Agreement").
B. Purchaser wishes to purchase a ten (10%) percent interest in the
Company.
NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good
and valuable considerations the receipt and sufficiency of which the parties
acknowledge, the parties agree as follows;
1. Quebec hereby assigns and sells to Purchaser, effective as of the
date hereof, so much of its interest (including its stock and "Membership
Rights" as defined in the Agreement) in the Company such that Purchaser has a
resulting interest of ten (10%) percent and Quebec has a resulting interest of
forty (40%) percent in the Company. The purchase price for such interest is
$1,232,773 (or 10% rounded) of the $12,237,726 acquisition cost of the Hotel set
forth on Exhibit 8.1 of the Agreement), payable in full on the date hereof by
wire transfer to the account of Quebec pursuant to the instructions attached
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