AGREEMENT OF ASSIGNMENT, ASSUMPTION ANDRELEASE

EX-10.3 4 v372002_ex10-3.htm EXHIBIT 10.3

 

AGREEMENT OF ASSIGNMENT, ASSUMPTION AND RELEASE

 

THIS AGREEMENT is effective as of the 13th day of March, 2014, by and among:

 

San Lotus Holding Inc., a Nevada corporation (the “Assuming Party”);

 

Green Forest Management Consulting Inc. (the “Debtor”); and

 

The Creditor (the “Creditor”) listed on Exhibit A hereto.

 

WHEREAS, the Debtor is indebted to the Creditor under a promissory note in the aggregate principal sum of Eight Hundred Thirty Million Four Hundred Ninety Thousand Three Hundred Four New Taiwan Dollars (TWD $830,490,304), identified in Exhibit B hereto (referred to as the “Liabilities”).

 

WHEREAS, the Debtor wishes to assign and delegate its obligations under these Liabilities to the Assuming Party and the Assuming Party wishes to assume the obligations under the Liabilities.

 

NOW THEREFORE, in consideration of the mutual covenants hereinafter provided and other valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree:

 

1.Assignment of the Liabilities. The Debtor assigns its rights and delegates the performance of all of its duties, liabilities and obligations under the Liabilities to the Assuming Party.
2.Assumption of the Liabilities. The Assuming Party assumes and agrees with the Debtor and the Creditor to fully and faithfully discharge and perform all duties, liabilities and obligations of the Debtor under the Liabilities.
3.Approval of Assignment and Assumption. The Creditor (a) approves, consents to, and accepts the assignment and delegation by the Debtor and to the Assuming Party for the payment and the performance of the Liabilities; and (b) forever release and discharge the Debtor from the Liabilities.

 

IN WITNESS WHEREOF, the parties hereto have set their hands.

 

San Lotus Holding Inc.    
     
By:   /s/ Chen, Li Hsing   /s/Lo, Fun-Ming
  Chen, Li Hsing   Lo, Fun-Ming
  Chairman of the Board    
     
Green Forest Management Consulting Inc.    
     
By: /s/ Chiang, Yu-Chang    
  Chiang, Yu-Chang    
  Director    

 

1
 

 

Exhibit A

 

PROMOSSORY NOTE HOLDERS

 

Note Holder Land Lot Land Number (m2) Total Area of
Registered
Land
Value of
Interest (TWD)

 

 

Lo, Fun-Ming

Dataoping Section, Zaoqiao Township

81-5、82、647-16、647-17、

655-6 、656、699-14、699-16、699-17、699-20、699-25、699-26、711

 

 

35 ###-###-####

 

 

316 ###-###-####

 

 

$830,490,304

Laotianliao Section, Touwu Township 414-2、414-3、415、421、424、430、431、432-1、432-3、432-4、432-6、432-7、432-8、432-9、432-13、432-14、432-15、432-26、432-27、432-28、432-29、432-32、432-33、438、439、440、441、442、442-1、442-2、443、443-1、444-14、444-49、448-1、449-1

 

 

281,116.5

  

2
 

 

Exhibit B

 

GREEN FOREST MANAGEMENT CONSULTING INC.

 

FORM OF PROMISSORY NOTE

 

TWD $830,490,304

 

Dated: March 13, 2014

 

For value received, and pursuant to the Land Sale and Purchase Agreement dated March 13, 2014, Green Forest Management Consulting Inc. promises to pay the seller of certain lots of land in Zaoqiao Township and Touwu Township, Miaoli County, Taiwan (R.O.C.), Lo, Fun-Ming (the “Land Seller”) the sum of Eight Hundred Thirty Million Four Hundred Ninety Thousand Three Hundred Four New Taiwan Dollars (TWD $830,490,304).The Land Seller’s ownership interest in this Promissory Note is detailed on Annex A to this Promissory Note.

 

The sum shall be repaid to the Land Seller on or before March 13, 2014 according to the instructions of the Land Seller.

 

    Green Forest Management Consulting Inc.
     
  By: /s/ Chiang, Yu-Chang
    Chiang, Yu-Chang
    Director
    Green Forest Management Consulting Inc.
    Rm. B302C, 3F.-2, No. 185, Kewang Rd.
    Longtan Township, Taoyuan County 325
    Taiwan (R.O.C.)

 

3
 

 

Annex A

 

PROMOSSORY NOTE HOLDERS

 

Note Holder Land Lot Land Number (m2) Total Area of
Registered
Land
Value of
Interest (TWD)

 

 

Lo, Fun-Ming

Dataoping Section, Zaoqiao Township

81-5、82、647-16、647-17、

655-6 、656、699-14、699-16、699-17、699-20、699-25、699-26、711

 

 

35 ###-###-####

 

 

316 ###-###-####

 

 

$830,490,304

Laotianliao Section, Touwu Township 414-2、414-3、415、421、424、430、431、432-1、432-3、432-4、432-6、432-7、432-8、432-9、432-13、432-14、432-15、432-26、432-27、432-28、432-29、432-32、432-33、438、439、440、441、442、442-1、442-2、443、443-1、444-14、444-49、448-1、449-1

 

 

281,116.5

 

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