EXHIBIT 10.2
May 5, 2005
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Managing Member
Bajjer, LLC
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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/▇▇▇▇ ▇. (▇▇▇) ▇▇▇ /S/ ▇▇▇▇ ▇. (▇▇▇) ▇▇▇
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▇▇▇▇ ▇. (▇▇▇) ▇▇▇ ▇▇▇▇. E. (▇▇▇) ▇▇▇
Managing Member President
Bajjer, LLC MBI Mortgage, Inc.
