Assignment and Assumption of LA Property Note between O'Donnell Acquisitions, LLC and OD FDX Louisiana, LLC
O'Donnell Acquisitions, LLC assigns its rights and obligations under a property note for a $100,100 loan, originally held by JDO Family Limited Partnership, to OD FDX Louisiana, LLC. From February 23, 2012, OD FDX Louisiana, LLC assumes all obligations under the note, and O'Donnell Acquisitions, LLC is released from further liability for the loan amount and future interest, except for interest accrued up to the transfer date. The assignment is made without any warranties or recourse.
Exhibit 10.13
ASSIGNMENT AND ASSUMPTION OF LA PROPERTY NOTE
| Maker of Note: | O’DONNELL ACQUISITIONS, LLC 3 San Joaquin Plaza Newport Beach, California 92660 | |
| Assignee: | OD FDX Louisiana, LLC 3 San Joaquin Plaza Newport Beach, California 92660 | |
| Note: | ||
| Date: | November 21, 2011 | |
| Loan Amount: | $100,100 | |
| Holder: | JDO Family Limited Partnership | |
For good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, Maker of the Note, a copy of which is attached hereto as Exhibit A, transfers and assigns the Note to Assignee and Assignee hereby assumes Maker’s obligations under the Note from the date hereof. Pursuant to the terms of the Note, Maker shall be released from its obligations under this Note for the Loan Amount and all interest accrued from the date hereof. Maker shall remain obligated to pay all accrued and unpaid interest through 12:01 a.m. on the date hereof. This assignment is made WITHOUT RECOURSE OR WARRANTY, EXPRESS OR IMPLIED.
Executed this 23rd day of February, 2012.
| O’DONNELL ACQUISITIONS, LLC | ||
| By: | /s/ Douglas D. O’Donnell | |
| Name: | Douglas D. O’Donnell |
| Title: |
| OD FDX LOUISIANA, LLC | ||
| By: | /s/ Douglas D. O’Donnell | |
| Name: | Douglas D. O’Donnell |
| Title: |
| JDO FAMILY LIMITED PARTNERSHIP | ||
| By: | /s/ Douglas D. O’Donnell | |
| Name: | Douglas D. O’Donnell |
| Title: |
