Exhibit 10.03

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GE
 
Healthcare Financial Services

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ASSIGNMENT AND ASSUMPTION AGREEMENT

Assignor:
 
Assignee:
     
THE SAGEMARK COMPANIES, LTD.
 
ASCENT DIAGNOSTIC IMAGING OF
4710 NW BOCA RATON BLVD
 
JACKSONVILLE, LLC
SUITE 200
 
2100 S.E. OCEAN BOULEVARD
BOCA RATON, FL 33431
 
SUITE 102
 
 
STUART, FL 34996 
     
Company:
 
Contracts:
     
GENERAL ELECTRIC CAPITAL CORPORATION
 
Contract Numbers: See Exhibit A
20225 WATERTOWER BLVD.
   
BROOKFIELD, WI 53045
         
Equipment:
 
Effective Date:
     
See Exhibit A
 
April 24, 2008

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT, herein "Agreement," dated this 24th
day of April, 2008, is by and between Assignor and Assignee and regards
Assignor's assignment to Assignee and Assignee's assumption, effective as of the
Effective Date, of all of Assignor's rights, duties and obligations under the
Contracts.

WHEREAS, Company has financed, sold or leased to Assignor, subject to and in
accordance with the terms, conditions and provisions of the Contracts, certain
medical equipment and other property described in the Contracts, true and
complete copies of which are attached hereto and made a part hereof as Exhibit
A; and

WHEREAS, Assignor desires to assign to Assignee its future rights, duties and
obligations of Assignor under the Contracts, effective as of the Effective Date;
and
 

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WHEREAS, Assignee desires to accept the assignment from Assignor of and to
assume all future rights, duties and obligations of Assignor under the
Contracts, effective as of the Effective Date; and

WHEREAS, Assignor and Assignee to accomplish this end must obtain the written
consent of Company and evidence their assignment and assumption agreement in
writing;

NOW, THEREFORE, for the reasons recited above and in consideration of the mutual
covenants contained herein, Assignor and Assignee intending to be legally bound
agree as follows:

1. Assignor hereby and by these presents does assign, transfer and convey unto
Assignee, its successors and assigns, effective as of the Effective Date, all of
the Assignor's future rights, duties and obligations under the Contracts, to
have and to hold the same unto Assignee, its successors and Assigns forever, as
if Assignee were named in the original Contracts in place of the Assignor as an
obligor thereunder, subject, however, to the terms and conditions of the
Contracts, Company hereby confirming its consent to the said assignment and
assumption, Assignor's retention of the full benefit of and liability for all of
its rights, duties and obligations under the Contracts that become due and
payable or are otherwise to be performed prior to the Effective Date, and
Assignee's only enjoying the benefit of and being solely liable for all of
Assignor's future rights, duties and obligations under the Contracts that become
due and payable or are otherwise to be performed on or after the Effective Date.

2. Assignee hereby and by these presents does unconditionally purchase and
accept the assignment, transfer and conveyance from Assignor of and assume,
effective as of the Effective Date, all of Assignor's future rights, duties and
obligations under the Contracts, as the same have been amended by amendments of
even date herewith between Assignee and Company, to have and to hold the same
unto Assignee, its successors and assigns forever, as if Assignee were named in
the original Contracts in place of Assignor as an obligor thereunder, subject,
however, to the terms and conditions of the Contracts, Company hereby confirming
its consent to the said assignment and assumption, Assignor's retention of the
full benefit of and liability for all of its rights, duties and obligations
under the Contracts that become due and payable or are otherwise to be performed
prior to the Effective Date and Assignee only enjoying the full benefit of and
being liable for all of Assignor's future rights, duties and obligations under
the Contracts that become due and payable or are otherwise to be performed on or
after the Effective Date.
 
3. Assignor hereby and by these presents does agree not to assert against
Company any defense, setoff, recoupment, claim or counterclaim which Assignee
might have against Company under or in relation to the Contracts on or after the
Effective Date (except for the defense of timely payment).
 
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4. Assignee hereby and by these presents does agree not to assert against
Company any defense, setoff, recoupment, claim or counterclaim which Assignor
might have against Company under or in relation to the Contracts before the
Effective Date (except for the defense of timely payment).
 
5. Assignor and Assignee hereby and by these presents agree that any consent by
Company to this Agreement shall not be deemed to be a consent by Company to any
subsequent or other assignment and/or assumption by Assignor or Assignee and
that any other assignment and/or assumption without Company's prior written
consent shall be null and void.
 
6. Assignor agrees to indemnify, defend and hold harmless Assignee from and
against any and all such duties and obligations under the Contracts other than
those first coming due on or after the Effective Date. Assignee will indemnify,
defend and hold harmless Assignor from and against all such duties and
obligations under the Contracts which arise subsequent to the Effective Date.

7. In connection with the assignment and assumption contemplated by this
Agreement, Company will waive past due rents and other amounts due under the
Contracts, as follows:

Contract No.: 8541220001

Date
 
Invoice Number
 
Amount
1/15/08
 
13610541
 
$2,897.66
1/15/08
 
13773262
 
$144.88 (Late Fee)
2/15/08
 
13697577
 
$10,161.86;
2/15/08
 
13842636
 
$508.09 (Late Fee);
3/15/08
 
13773263
 
$10,161.86
3/15/08
 
N/A
 
$508.09 (Late Fee)
                 
Total: $24,382.44

 
Contract No. 8541217002

Date
 
Invoice Number
 
Amount
2/01/08
 
13660130
 
$904.56
2/01/08
 
13805368
 
$45.23 (Late Fee)
3/01/08
 
13736755
 
$904.56
3/01/08
 
N/A
 
$45.23
4/01/08
 
13805369
 
$904.56
                 
Total: $2,804.14

 
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Contract No. 8541217003

Date
 
Invoice Number
 
Amount
2/01/08
 
13660131
 
$41,377.76
2/01/08
 
13805370
 
$1,933.54 (Late Fee)
3/01/08
 
13736756
 
$41,377.76
3/01/08
 
N/A
 
$1,933.54 (Late Fee);
3/01/08
 
13743997
 
$31,549.18 (Property Tax)
3/01/08
 
N/A
 
$1,474.26 (Late Fee)
4/01/08
 
13805371
 
$41,377.76
                 
Total: $161,023.80

Total (All Contracts): $188,210.38

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EXECUTION PAGE FOLLOWS]
 
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IN WITNESS WHEREOF, Assignor and Assignee have caused these presents to be
executed the day first above written.

ATTESTED:
ASSIGNOR:
     
THE SAGEMARK COMPANIES, LTD.
   
/s/ Jan Lipstein
By:
/s/ Ron Lipstein
     
President and Chief Executive Officer
 
Title
     
ASSIGNEE:
     
ASCENT DIAGNOSTIC IMAGING OF
 
JACKSONVILLE, LLC
     
By:
ASCENT, L.L.C., its Manager
     
By:
/s/ Robert O. Baratta
     
President
 
Title

 
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FORM OF CONSENT

Company, in consideration of the foregoing, hereby consents to this Assignment
and Assumption Agreement and discharges Assignor from all duties and obligations
due, payable or performable under the Contracts, except such duties and
obligations that, pursuant to the terms of the Contracts, are intended to
survive expiration or termination of the Contracts.

 
General Electric Capital Corporation
                 
(Type or Print Name)
     
Duly Authorized Signatory
 
Title

 
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EXHIBIT A

Contract Number
 
Equipment
     
8541217-002
 
HOT LAB & DIGITIZER
8541217-003
 
DISCOVERY ST PET/CT SYSTEM
8541220-001
 
PROM NOTE LEASEHOLD IMPROVEMENTS

Copies of Contracts are attached.
 
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