Document:

exhibit10-3.htm

    
      
         

      

      
         

        
          

        

      

      
         

        
          Exhibit
10.3

        

      

    

    ASSIGNMENT
AND ASSUMPTION OF

     PURCHASE
AND SALE AGREEMENT AND ESCROW INSTRUCTIONS

     

    This
Assignment and Assumption of Purchase and Sale Agreement and Escrow Instructions
(this “Agreement”)
is made as of this 7th day of
August, 2007 by and between DuPont
Fabros Development LLC, a
Delaware limited liability company (“Assignor”)
and Nanook
Ventures LLC, a Delaware limited liability company (“Assignee”).

     

    Recitals

     

    WHEREAS, Assignor, as
Purchaser, and Owens Mortgage Investment Fund, as Seller, entered into that
certain Purchase and Sale Agreement and Escrow Instructions dated as of July 24,
2007 (the “Contract”),
pursuant to which Assignor agreed to purchase the real property known briefly as
1850 De La Cruz Boulevard, and 556-558 Reed Street, in the City of Santa Clara,
State of California;

     

    WHEREAS, pursuant to Article
18 of the Contract, Assignor may assign the Contract to an affiliate of
Assignor;

     

    WHEREAS, Assignee is an
affiliate of Assignor; and

     

    WHEREAS, Assignor desires to
assign the Contract to Assignee, and Assignee wishes to assume the Contract from
Assignor, pursuant to the terms and conditions of this Agreement.

     

    Now,
Therefore, for and in consideration of the sum of TEN DOLLARS ($10.00),
cash in hand paid, other good and valuable consideration and the mutual
covenants and promises hereinafter set forth, the receipt and sufficiency of
which are hereby acknowledged by the parties hereto, Assignor and Assignee
hereby agree as follows:

     

    1. Incorporation of
Recitals.  The foregoing recitals are incorporated herein as if
fully restated.

     

    2. Assignment of
Contract.  Assignor hereby assigns, transfers, delivers and
sets over unto Assignee, its successors and assigns, and Assignee does hereby
accept, all of Assignor’s right, title and interest, in, to and under the
Contract.

     

    3. Assumption of
Obligations.  Assignee hereby accepts the foregoing assignment
and assumes all obligations arising thereunder on and after the date of this
Agreement pursuant to the terms of the Contract.

     

    4. Miscellaneous.

     

    4.1 Entire
Agreement.  This Agreement contains the entire understanding of
the parties with respect to the subject matters covered hereby and may be
modified only by a written instrument signed by the party against whom
enforcement of any modification is sought.  The parties hereto intend
that, to the maximum extent possible, invalidity or unenforceability of any
provision of this Agreement will not affect any other provision
hereof.

     

    
      
        
        

      

      
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    4.2 Successors.  This
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective their successors and assigns.

     

    4.3 Counterparts.  This
Agreement may be signed in two or more counterparts.  When at least
one such counterpart has been signed by each party, this Agreement shall be
deemed to have been fully executed, each counterpart shall be deemed to be an
original, and all counterparts shall be deemed to be one and the same
agreement.

     

    4.4 Governing Law.  This
Agreement shall be construed in accordance with and governed by the laws of the
Commonwealth of Virginia.

     

    

     

    [Signature
Page Follows]

     

    
      
        
          

          334050 v1/RE
                                                                  
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    In Witness
Whereof, the parties hereto have executed this Agreement as of the day
first above written.

     

    Assignor:

     

    DuPont
Fabros Development LLC, a
Delaware limited liability company

    

    

    By: /s/ Lammot J.
DuPont

    Lammot J. du Pont,

    Member

    

    Assignee:

     

    Nanook
Ventures LLC,

    a
Delaware limited liability company

    

    By:           Nanook
Interests LLC, a Delaware limited liability

    Company, Managing Member

    

    By:           Nanook
Management LLC, a Delaware

    limited liability company,
Managing

    Member

    

    By: /s/ Lammot J.
DuPont

    Lammot J. du Pont,
Manager

    

    
      
        
          

          334050 v1/RE
                                                                  
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        3exhibit10-4.htm

    

      
        
           

        

        
           

          
            

          

        

        
           

          
            Exhibit
10.4

          

        

      

      FIRST
AMENDMENT TO PURCHASE AND SALE AGREEMENT

      AND
ESCROW INSTRUCTIONS

      

       

      THIS
FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS (this
“Amendment”) is made as
of this 24th day of August, 2007, by and between OWENS MORTGAGE INVESTMENT FUND
(“Seller”), and NANOOK
VENTURES LLC, a Delaware limited liability company (“Purchaser”), successor to
DUPONT FABROS DEVELOPMENT LLC, a
Delaware limited liability company (“DFD”).

       

      RECITALS:

       

      A.           Seller
and DFD entered into that certain Purchase and Sale Agreement and Escrow
Instructions dated as of July 24, 2007 (the “Contract”).

       

      B.           Pursuant
to that certain Assignment and Assumption of Purchase and Sale Agreement and
Escrow Instructions dated as of August 7, 2007, DFD assigned the Contract to
Purchase in accordance with Article 18 of the Contract.

       

      C.           The
parties wish to amend the Contract as set forth herein.

       

      NOW,
THEREFORE, WITNESSETH:

       

      For good
and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, Purchaser and Seller hereby agree as follows:

       

      1. Definitions.  Each
defined term used but not defined herein has the meaning ascribed thereto in the
Contract.

       

      2. Contingency
Period.  The “Contingency Period,” as defined in Section 1 of
the Contract, is hereby extended to October 4, 2007.

       

                 3.           Closing
Date.  The “Closing Date,” as defined in Section 1 of the
Contract, is hereby extended to December 3, 2007.

      

      4.           Environmental
Studies.  In accordance with Section 15(E) of the Contract,
Seller hereby consents to Purchaser causing to be conducted at the Property
physically intrusive Due Diligence.  Furthermore, Seller acknowledges
and agrees that the "costs of remediation" referred to in Section 15(E) of the
purchase agreement are limited to the costs to remediate any hazardous materials
or contamination actually caused by Purchaser or Purchaser’s
consultant.  In other words, Purchaser or Purchaser’s consultant
finding and studying any existing environmental contamination would not trigger
an obligation by Purchaser to either remediate the existing contamination or
indemnify Seller for the cost of remediating any such existing
contamination.

      

      5.           Multiple
Counterparts.  This Amendment may be executed in a number of
identical counterparts.  If so executed, each of such counterparts
shall, collectively, constitute one agreement, but in making proof of this
Amendment, it shall not be necessary to produce or account for more than one
such counterpart.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      6.           Ratification.  The
Contract is in full force and effect and is hereby ratified.  Except
as amended by the terms hereof, the Contract has not been amended or modified,
and the Contract has not been assigned.

       

      IN
WITNESS WHEREOF, the parties hereto have, by their duly authorized
representatives, executed this Amendment as of the date first above
written.

       

      

       

      SELLER:

      

      OWENS
MORTGAGE INVESTMENT FUND

      

      

      

      

      By:/s/ William C.
Owens    (SEAL)

      Name:   William C.
Owens

      Title:     
President

      

      

      

      

      [Purchaser’s
Signature on Next Page]

      

      

      
        
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              PURCHASER:

      

       

      Nanook
Ventures LLC,

      a
Delaware limited liability company

      

      By:           Nanook
Interests LLC, a Delaware limited liability

      Company, Managing Member

      

      By:           Nanook
Management LLC, a Delaware

      limited liability company,
Managing

      Member

      

      

      

      By: /s/ Hossein
Fateh

      Hossein Fateh, Manager

      

      

      

      

      

       

      

      

      
        
          
            -3-

            335966 v2/REexhibit10-5.htm

    

      
        
           

        

        
           

          
            

          

        

        
           

          
            Exhibit
10.5

          

        

      

      SECOND
AMENDMENT TO PURCHASE AND SALE AGREEMENT

      AND
ESCROW INSTRUCTIONS

      

       

      THIS
SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS (this
“Amendment”) is made as
of this 3rd day of
October, 2007, by and between OWENS MORTGAGE INVESTMENT FUND (“Seller”), and NANOOK VENTURES
LLC, a Delaware limited liability company (“Purchaser”), successor to
DUPONT FABROS DEVELOPMENT LLC, a
Delaware limited liability company (“DFD”).

       

      RECITALS:

       

      A.           Seller
and DFD entered into that certain Purchase and Sale Agreement and Escrow
Instructions dated as of July 24, 2007 (the “Original Contract”).

       

      B.           Pursuant
to that certain Assignment and Assumption of Purchase and Sale Agreement and
Escrow Instructions dated as of August 7, 2007, DFD assigned the Original
Contract to Purchaser in accordance with Article 18 of the
Contract.

       

      C.           Pursuant
to that certain First Amendment to Purchase and Sale Agreement and Escrow
Instructions dated as of August 24, 2007, Purchaser and Seller amended the
Original Contract on the terms set forth therein (the Original Contract, as
amended by the First Amendment, the “Contract”).

       

      D.           The
parties wish to amend the Contract as set forth herein.

       

      NOW,
THEREFORE, WITNESSETH:

       

      For good
and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, Purchaser and Seller hereby agree as follows:

       

      1. Definitions.  Each
defined term used but not defined herein has the meaning ascribed thereto in the
Contract.

       

      2. Contingency
Period.  The “Contingency Period,” as defined in Section 1 of
the Contract, is hereby extended for ten (10) business days to October 18,
2007.

       

                 3.           Closing
Date.  The “Closing Date,” as defined in Section 1 of the
Contract, is hereby extended to December 17, 2007.

      

      4.           Multiple
Counterparts.  This Amendment may be executed in a number of
identical counterparts.  If so executed, each of such counterparts
shall, collectively, constitute one agreement, but in making proof of this
Amendment, it shall not be necessary to produce or account for more than one
such counterpart.

      

      5.           Ratification.  The
Contract is in full force and effect and is hereby ratified.  Except
as amended by the terms hereof, the Contract has not been amended or modified,
and the Contract has not been assigned.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
WITNESS WHEREOF, the parties hereto have, by their duly authorized
representatives, executed this Amendment as of the date first above
written.

       

      

       

      SELLER:

      

      OWENS
MORTGAGE INVESTMENT FUND

      

      

      

      

      By: /s/ William C. Owens
(SEAL)

      Name:  William C.
Owens

      Title:     President

      

      

      

      

      [Purchaser’s
Signature on Next Page]

      

      
        
          -2-

        

        
          
          

          
            

          

        

        
          
          

        

      

      

              PURCHASER:

      

       

      Nanook
Ventures LLC,

      a
Delaware limited liability company

      

      By:           Nanook
Interests LLC, a Delaware limited liability

      Company, Managing Member

      

      By:           Nanook
Management LLC, a Delaware

      limited liability company,
Managing

      Member

      

      

      

      By:  /s/ Lammot J. DuPont
(SEAL)

      Name: Lammot J.
DuPont

      Title:   Managing
Member

      

      

      

      

      

       

      

      

      
        
          
            -3-

            339836 v1/RE

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