EXHIBIT 10.3
NOTICE AND ACKNOWLEDGEMENT OF ASSIGNMENT
December 1, 2002
Infinite Graphics Incorporated
0000 Xxxx Xxxx Xxxxxx
Xxxxxxxxxxx, XX 00000
Re: Schedule No. 1 dated December 1, 2002, to Lease Agreement No. 3717 dated
December 1, 2002, between Infinite Graphics Incorporated, as "Lessee", and Lease
Finance Group, Inc., as "Lessor", (hereinafter referred to as the "Lease"),
together with all documents relating thereto, including any and all guarantees
to the extent they relate to the Lease.
Lessee hereby acknowledges that all right, title and interest of Lessor in the
above referenced Lease and the remaining rentals due under the Lease will be
assigned to Xxxxx Fargo Equipment Finance, Inc. (the "Assignee"). Xxxxxx agrees
to pay rent and other amounts due under the Lease directly to the following (or
to such other party or address as Assignee may direct):
Xxxxx Fargo Equipment Finance, Inc.
Investors Building, Suite 000
000 Xxxxxxxxx Xxxxxx
Xxxxxxxxxxx, XX 00000
By signing below, Xxxxxx acknowledges receipt of notice of the assignment and
represents and agrees as follows:
1. Assignee does not assume any of the obligations of Lessor under the
Lease, and Xxxxxx will continue to look to Lessor rather than Assignee for the
performance of the obligations of Lessor under the Lease.
2. Assignee is entitled to the benefits of and to enforce the rights of
the Lessor under the Lease to the same extent as Lessor, subject to Paragraph 1
above.
3. Lessee will not enter into any amendment of, or receive any waiver or
accommodation as to the Lease without the prior written consent of Assignee, it
being understood that any such amendment, waiver or accommodation will be void
without such consent
4. Xxxxxx will deliver to Assignee copies of all notices and other
communications given or received by Lessee pursuant to the Lease.
5. If the Lease at any time is deemed to be a lease intended as security,
Lessee grants Lessor and Assignee a security interest in the Equipment to secure
Lessee's obligations under the Lease.
6. Lessee acknowledges that 59 rentals of $l0,947.46 and a balloon
payment of $122.250.00 (plus applicable taxes, if any) remain payable during the
term of the Lease, and that the first of such rentals which is payable to
Assignee is due on January l, 2003.
7. Xxxxxx understands that Assignee will rely upon the representations
and agreements herein in accepting the assignment.
8. Xxxxxx acknowledges that the Lease is in full force and effect, that
Xxxxxx has accepted the Equipment under the Lease, and that Lessee has not
entered into any agreement with respect to the Lease or the Equipment other than
agreements contained in the Lease and herein.
This Notice and Acknowledgement of Assignment shall constitute an agreement
between Lessee and Assignee upon its execution and delivery to Assignee.
Assignee may assign its rights under this agreement without the consent of
Xxxxxx.
Acknowledged and Agreed:
INFINITE GRAPHICS INCORPORATED, Lessee
By: /s/ Xxxxxxxx X. Xxxxxxx, Xx.
----------------------------------
Its: CEO
----------------------------------
