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the parties hereto agree as follows:
1. DELAWARE CORPORATION assigns to Frances Ha-
vens, all of its legal and equitable rights in and to
the contract of purchase dated August 1, 1993, by and
between Frances B. HAVENS and DELAWARE CORPORATION for
the Virginia Beach property, reference to which con-
tract is hereby expressly made and which contract is
incorporated into this agreement.
2. DELAWARE CORPORATION assigns all claims which
it may have, legal or equitable, under any contract or
color of title, to any interest in the House and
Realestate [sic] located in Virginia Beach, Virginia.
3. The August 1, 1993 Note from DELAWARE CORPORA-
TION payable to Frances B. HAVENS in the amount of One
Hundred Twenty Eight Thousand and NO/100 Dollars
($128,000.00) is cancelled effective upon the date of
this agreement.
4. Frances Havens will re-assume the liability of
the pay off balance to Crestar Mortgage Corporation in
the amount of One Hundred Fifty Nine Thousand Nine
Hundred Forty Five and 94/100 Dollars ($159,945.94) and
commence making the monthly payments.
5. Delaware Corporation will deduct from Frances
Havens Loan from Stockholder account Twelve Thousand
Fifty Four and 06/100 Dollars ($12,054.06), which
represents Delaware Corporation’s Equitable interest in
the Virginia Beach Property.
6. This Assignment and release of contractual
rights and claim under any color of title shall not be
recorded.
Some time after the conclusion of the litigation with
respect to the Mitchums Creek property, Ms. Barber purchased for
$75,000 the one-half of that property that the Middlesex Circuit
Court had found she did not own and that Mr. Barber had purported
to sell to Delaware Corporation pursuant to the Mitchums Creek
contract.
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