Assignment of Membership Interest Agreement between SX Advisors, LLC and Wellsford Fordham Tower, LLC (October 1, 2000)

Summary

SX Advisors, LLC is transferring its entire 51% membership interest in Creamer Vitale Wellsford, LLC to Wellsford Fordham Tower, LLC for $200,000. The payment is to be split equally between Michael J. Vitale and Frank G. Creamer, Jr., who are the only members of SX Advisors, LLC. Both parties agree to the terms, and the transfer is effective as of October 1, 2000.

EX-10.103 3 0003.txt ASSIGNMENT OF MEMBERSHIP INTEREST 10/01/00 ASSIGNMENT OF MEMBERSHIP INTEREST ASSIGNMENT, dated as of October 1, 2000, by SX Advisors, LLC, a Delaware limited liability company ("Assignor") to Wellsford Fordham Tower, LLC, a Delaware limited liability company ("Assignee"). WHEREAS, Assignor is a member with a 51% membership interest in Creamer Vitale Wellsford, LLC a Delaware limited liability company (the "Company"); WHEREAS, Assignor desires to assign to Assignee its entire membership interest in the Company and Assignee desires to acquire such interest. NOW THEREFORE, for $200,000 (the "Purchase Price") and other good and valuable consideration, the receipt of which is hereby acknowledged, Assignor does hereby assign unto Assignee all of its right, title and interest as a member in and to the Company; TO HAVE AND TO HOLD the same unto Assignee, its successors and assigns forever; AND Assignee hereby accepts said interest and agrees to pay the Purchase Price on the date hereof one-half to Michael J. Vitale ("Vitale") and one-half to Frank G. Creamer, Jr. ("Creamer"), Vitale and Creamer constituting all of the members of Assignor. Exhibit 10.103 Page 1 IN WITNESS WHEREOF, Assignor and Assignee have executed this instrument as of the date and year first above written. ASSIGNOR: SX ADVISORS, LLC By: /s/ Michael J. Vitale --------------------- Name: Michael J. Vitale Title: Managing Director ASSIGNEE: WELLSFORD FORDHAM TOWER, LLC By: /s/ James J. Burns ------------------ Name: James J. Burns Title: Wellsford Capital Member Exhibit 10.103 Page 2