Document:

exhibit10_4.htm

Exhibit 10.4

 

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

ASSIGNMENT AND ASSUMPTION AGREEMENT made this ____ day of July, 2011, by and between CONTINENTAL RESOURCES ACQUISITION SUB, INC., a Florida corporation (the “Buyer”) and CONTINENTAL RESOURCES GROUP, INC., a Delaware corporation (the “Seller”).

 

W I T N E S S E T H

 

WHEREAS, pursuant to that certain Asset Purchase Agreement, dated as of the date hereof by and among Sagrbrush Gold Ltd., a Nevada corporation (the “Company”), the Buyer and the Seller (the “Purchase Agreement”), the Seller agrees to assign and transfer to Buyer, and Buyer agrees to purchase, as of the Closing Date, all right, title and interest of Seller under the Contracts and all rights, title and interest of Seller being transferred pursuant to Section 2.1(a) of the Purchase Agreement; and

 

WHEREAS, pursuant to the Purchase Agreement, the Buyer agrees to assume all of the Assumed Liabilities as of the Closing Date.

 

NOW THEREFORE, in consideration of the premises and in accordance with the provisions of the Purchase Agreement, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION 1.                                Definitions.

 

1.1.           Unless otherwise herein defined all terms used herein shall have the respective meanings ascribed to them in the Purchase Agreement.

 

1.2.           Words importing singular number shall include the plural number and vice versa.  The words “herein,” “herewith,” “hereby,” “hereof' and words of similar import shall refer to this Agreement as a whole, and not any particular section, provisions or subdivision of this Agreement.

 

SECTION 2.                                Assignment of Interest

 

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Seller hereby assigns and transfers to Buyer all right, title and interest of Seller under the Contracts and all right, title and interest of Seller being transferred pursuant to Section 2.1(a) of the Purchase Agreement.

 

SECTION 3.                                Assignment and Assumption of Assumed Liabilities.

 

3.1.           Seller hereby transfers and assigns to Buyer, all of the Assumed Liabilities.  Such transfer and assignment is effective as of the date hereof.

 

3.2.           The Buyer hereby absolutely and irrevocably accepts and assumes to be solely liable and responsible for and to perform, satisfy and discharge all rights, liabilities and obligations of the Seller arising under or pursuant to Assumed Liabilities.  Such acceptance, assumption and covenant shall be effective as of the date hereof.

 

 

 

  

  

  

 

3.3.           The Buyer hereby absolutely and irrevocably accepts and assumes to be solely liable and responsible for and to pay, perform, discharge and satisfy when due the Assumed Liabilities.  Such acceptance, assumption and covenant shall be effective as of the date hereof.

 

SECTION 4.                                Separate Agreement.

 

Notwithstanding any other provisions of this Agreement to the contrary, nothing contained herein shall in any way supersede, modify, replace, amend, change, rescind, waive, exceed, expand, enlarge or in any way affect the provisions, including the warranties, covenants, agreements, conditions, representations or, in general any of the rights and remedies, and any of the obligations of Company, Buyer or Seller set forth in the Purchase Agreement nor shall this agreement expand or enlarge any remedies under the Purchase Agreement.

 

SECTION 5.                                Non-Merger; Miscellaneous.

 

5.1.           The agreements, obligations, assumptions and covenants of the Buyer and the Seller under the Purchase Agreement are not merged into this agreement and shall, to the extent provided in the Purchase Agreement, survive the execution and delivery of this agreement, and the performance of the consummation of all transactions provided for in the Purchase Agreement.

 

5.2.           This Assignment and Assumption Agreement shall be binding upon and enforceable against the Buyer, its assigns and successors.

 

5.3.           This Assignment and Assumption Agreement shall be governed by and construed with in accordance with the internal laws of the State of New York without giving effect to the conflicts of laws principles thereof.

 

5.4.           This Assignment and Assumption Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which, when taken together, shall constitute one and the same instrument.

 

[Signature Page to Follow]

 

 

 

  

  

  

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

 

	 	CONTINENTAL RESOURCES ACQUISITION SUB, INC.	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name: Barry Honig	 
	 	 	Title: Chief Executive Officer	 
	 	 	 	 

 

	 	CONTINENTAL RESOURCES GROUP, INC.	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name: Joshua Bleak	 
	 	 	Title: Presidentexhibit10_5.htm

Exhibit 10.5

 

 

INTELLECTUAL PROPERTY ASSIGNMENT AGREEMENT

 

This Intellectual Property Assignment Agreement (the “Agreement”) is dated as of July ____, 2011 by and between Continental Resources Group, Inc., a Delaware corporation (the “Assignor”) and Continental Resources Acquisition Sub, Inc., a Florida corporation (the “Assignee”).

 

W I T N E S S E T H

 

WHEREAS, the Assignor is the owner or licensee of certain Intellectual Property, as that term is defined, and identified, in the Asset Purchase Agreement dated July ___, 2011 by and among the Assignor, Sagebrush Gold Ltd., a Nevada corporation and the Assignee (the “Asset Purchase Agreement”);

WHEREAS, the Assignor desires to assign the Intellectual Property to the Assignee as provided in said Asset Purchase Agreement including, but not limited, to all related intellectual property, license agreements, patents, copyrights, trademarks, and good will; and

WHEREAS, the Assignee desires to acquire from the Assignor such assignment of the Intellectual Property.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Assignor, intending to be legally bound, does hereby sell, assign, transfer and deliver unto the Assignee, its successors, legal representatives and assigns, all right, title and interest in, to and under the Intellectual Property and all other rights associated with the Intellectual Property, including, without limitation, the right to sue for any past infringement of the Intellectual Property (collectively, the “Intellectual Property Rights”), and the Assignee hereby accepts the foregoing assignment of the Intellectual Property Rights.

The terms of the Asset Purchase Agreement are incorporated herein by reference and capitalized terms used herein and not otherwise defined shall have the meaning ascribed thereto in the Asset Purchase Agreement.

This Intellectual Property Rights is intended only to document the assignment of the Intellectual Property Rights to Buyer, and that the Asset Purchase Agreement is the exclusive source of the agreement and understanding between Seller and Buyer respecting the Purchased Assets. Nothing in this Agreement shall limit, expand or otherwise affect any of the representations, warranties or covenants contained in the Asset Purchase Agreement. To the extent any term or provision herein is inconsistent with the Asset Purchase Agreement, the terms and provisions of the Asset Purchase Agreement shall control.

 

The Assignor shall, from time to time, execute and deliver to the Assignee such additional instruments, documents, conveyances or assurances and take such other action as shall be necessary or otherwise reasonably requested by the Assignee to confirm and assure the rights and obligations provided for in this Agreement and the Asset Purchase Agreement and render effective the consummation of the transactions contemplated hereby and thereby including, but not limited to the execution of all non-provisionals, divisionals, continuations, continuations-in-part, substitutes, reexaminations, reissues, and all other patent applications on the invention; execute all lawful oaths, declarations, assignments, powers of attorney and other papers; communicate to the Assignee all facts known to the Assignor relating to the invention and the history hereof; and generally do everything possible which the Assignee shall consider necessary for vesting title to the Intellectual Property Rights in the Assignee, and for securing, maintaining and enforcing proper protection for the Intellectual Property Rights.

 

 

 

  

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This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

This Intellectual Property Assignment Agreement shall be governed and construed in accordance with the laws of the State of Florida, without giving effect to the principles of conflicts of laws thereof and shall be binding on the heirs, assigns, representatives and successors of the Assignor and extending to the successors, assigns, and nominees of the Assignee.

[Signature Page to Follow]

 

 

 

  

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IN WITNESS WHEREOF, the Assignor and the Assignee have caused this assignment to be executed by their duly authorized officers as of the date first above written.

ASSIGNOR:

Continental Resources Group, Inc.

By: __________________________________

       Joshua Bleak, President

ASSIGNEE:

Continental Resources Acquisition Sub, Inc.

By: __________________________________

Barry Honig, Chief Executive Officer

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