When Recorded, return to:
Samuel L. Ciatu
Genesis Investment Group, Inc.
2777 E. Camelback Road
Phoenix, Arizona 85016
ASSIGNMENT OF OPTION
THIS ASSIGNMENT OF OPTION ("Assignment") is made effective the 15th day
of September, 1994, by and between MARTORI ENTERPRISES INCORPORATED, an Arizona
corporation ("Assignor"), and GENESIS INVESTMENT GROUP, INC., an Arizona
corporation ("Assignee").
1. Assignment. Assignor hereby assigns to Assignee all of its right,
title and interest existing under that certain Option Agreement ("Option
Agreement") entered into effective March 31, 1994 by and between Assignor as
Buyer thereunder and Indian Wells Partners, Ltd., a California limited
partnership, as Seller thereunder. The Option Agreement relates to that certain
real property described on Exhibit "A" attached hereto and incorporated herein
by this reference.
2. Assumption. Assignee hereby assumes all future obligations of
Assignor as Buyer under the Option Agreement, and, effective upon execution
hereof, agrees to indemnify and hold Assignor harmless from any and all future
claims and liabilities arising under said Option Agreement.
3. Further Action. Each party hereto shall, promptly upon the request
of the other, have executed (and, if applicable, acknowledged) and delivered to
the other any and all further instruments and assurances reasonably requested or
otherwise necessary to carry out the intent of this Assignment.
4. Consideration. The parties hereto acknowledge and agree there is
adequate, good and valuable consideration in hand received for the making and
entering into this Assignment and each and every obligation and undertaking
herein.
IN WITNESS WHEREOF, the parties agree to the foregoing.
ASSIGNOR: ASSIGNEE:
MARTORI ENTERPRISES INCORPORATED, GENESIS INVESTMENT GROUP,
INC.,
an Arizona corporation an Arizona corporation
By: Joseph P. Martori By: Nancy J. Stone
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Joseph P. Martori Nancy J. Stone
Its: Chairman Its: Vice President
STATE OF ARIZONA )
) ss.
County of Maricopa )
On this the 15th day of September, 1994, before the undersigned Notary
Public personally appeared Joseph P. Martori, the Chairman of MARTORI
ENTERPRISES INCORPORATED, an Arizona corporation, and acknowledged that as such
officer, being authorized so to do, he/she executed the foregoing Assignment for
the purposes herein set forth.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
Michelle C. Lemieux
--------------------------------
Notary public
My Commission Expires:
April 11, 1997
----------------
STATE OF ARIZONA )
) ss.
County of Maricopa )
On this the 15th day of September, 1994, before the undersigned Notary
Public personally appeared Nancy J. Stone, the Vice President of GENESIS
INVESTMENT GROUP, INC., an Arizona corporation, and acknowledged that as such
officer, being authorized so to do, he/she executed the foregoing Assignment for
the purposes herein set forth.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
Michelle C. Lemieux
-------------------------------------
Notary public
My Commission Expires:
April 11, 1997
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EXHIBIT "A"
LEGAL DESCRIPTION
An undivided 667/8,925 fee simple interest in and to the real property
situated in Coconino County, Arizona, more particularly described in
Docket 1422, page 850, at the office of the Coconino County Recorder,
Coconino County, Arizona.
Subject to the terms and conditions set forth in the Membership Plan
for Sedona Vacation Club at Los Abrigados (the "Plan") recorded on
September 16, 1991, in the official records of the Coconino County
Recorder, Coconino County, Arizona at Docket 1422, page 850, and any
amendments thereto.