Assignment Agreement Letter Between Bajjer, LLC and MBI Mortgage, Inc. Regarding MBI Mortgage Management Corp. Stock

Contract Categories: Business Finance › Assignment Agreements
Summary

This letter agreement, dated May 5, 2005, is between Bajjer, LLC (Assignor) and MBI Mortgage, Inc. (Assignee). It outlines their intention for Bajjer, LLC to assign its rights and interests in the common stock of MBI Mortgage Management Corp. and MBI Mortgage Services Ltd. to MBI Mortgage, Inc. The parties agree to proceed in good faith with due diligence and to prepare a formal assignment agreement with detailed terms. This letter serves as a preliminary commitment to the transaction, pending further documentation and approvals.

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EX-10.2 3 exh10-2.txt EXHIBIT 10.2 May 5, 2005 Mr. John (Ted) E. Rea Managing Member Bajjer, LLC 2100 Valley View Lane Dallas, TX To whom it may concern: The purpose of this letter is to outline the manner in which MBI Mortgage, Inc. ("Assignee"), proposes to agree to the assignment for the purchase of the common stock of MBI Mortgage Management Corp, and interest in MBI Mortgage Services Ltd. ("MBI") currently held by Bajjer, LLC ("Assignor"). Assignor and Assignee recognize that the transaction will require further documentation and approvals, including the preparation and approval of a formal assignment agreement setting forth the terms and conditions of the proposed assignment purchase in more detail (the "Assignment Agreement") but Assignor and Assignee execute this letter to evidence their intention to proceed in mutual good faith to carry out complete due-diligence with the intent of defining the transaction substantially in the manner outlined herein. The proposed terms and conditions include, but are not limited to, the following: NOW, THEREFORE, in consideration of the mutual promises, covenants and representations set forth herein, the parties hereto agree as follows o ASSIGNMENT. Assignor will assign, convey, and transfer to Assignor all of the Assignees rights and obligations pursuant to the executed Purchase Agreement between Assignor and MBI dated March 25, 2005 as per Exhibit "A" . ASSIGNOR ASSIGNEE: /s/JOHN E. (TED) REA /S/ JOHN E. (TED) REA - ----------------------- ------------------------- John E. (Ted) Rea John. E. (Ted) Rea Managing Member President Bajjer, LLC MBI Mortgage, Inc.