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October 10, 1996, through October 10, 2007, in the following
amounts, before applicable tax withholdings:
Payment Date Gross Amount
Oct. 10, 1996 $44,968
Oct. 10, 1997 46,631
Oct. 10, 1998 48,356
Oct. 10, 1999 50,145
Oct. 10, 2000 52,000
Oct. 10, 2001 53,924
Oct. 10, 2002 55,919
Oct. 10, 2003 57,988
Oct. 10, 2004 60,133
Oct. 10, 2005 62,357
Oct. 10, 2006 64,664
Oct. 10, 2007 67,056
Total 664,141
On April 30, 1996, Mary and Woodbridge Financial Corp.
(Woodbridge) executed a “Lottery Prize Assignment Agreement” (the
assignment agreement) pursuant to which Mary assigned to
Woodbridge her rights to receive the 12 future lottery payments,
before applicable tax withholdings, in exchange for a lump-sum
payment of $400,000 payable within 5 days after the Colorado
State Lottery and the annuity company funding the lottery
payments had given their approval of the assignment.
On May 6, 1996, Mary and Woodbridge executed an addendum to
the assignment agreement (the addendum) pursuant to which the
parties agreed that Mary would use up to $250,000 of the $400,000
to be received pursuant to the assignment agreement to repay the
balance due on the loans (anticipated not to exceed $250,000 by
Mary and Woodbridge), and that Woodbridge would pay directly to
Mary any outstanding balance in excess of $250,000. The parties
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Last modified: May 25, 2011