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                                                                    EXHIBIT 10.9

                     ASSIGNMENT AND ASSUMPTION OF AGREEMENT

      This Assignment and Assumption of Agreement ("Assignment") is made and
entered into on the 21st day of July 2005 between Bresler & Reiner, Inc., a
Delaware corporation ("Assignor") and Midlantic Partnership LP, a Delaware
limited partnership, or its assignee or nominee ("Assignee").

                                    Recitals.

A. Assignor is the Buyer under that certain Purchase and Sale Agreement (the
"Agreement") dated February 14, 2005, between Six Valley Square Associates, LLC,
a Pennsylvania limited liability company ("Seller") and Assignor, for the
purchase and sale of the real property and improvements located at 516 and 518
Township Line Road, Blue Bell, Whitpain Township, Montgomery County,
Pennsylvania, as further described in the Agreement and on Exhibit A hereto (the
"Property").

B. Assignor desires to assign to Assignee, and Assignee desires to accept from
Assignor, all Assignor's right, title, interest, and obligations, in, to, and
under the Agreement in connection with the sale of Property.

For good and valuable consideration the receipt and sufficiency of which are
hereby acknowledged by Assignor and Assignee, the parties agree as follows:

1. Recitals. The above recitals are true and correct and are incorporated in
this Assignment by reference.

2. Assignment. Assignor hereby assigns to Assignee, and Assignee hereby accepts
from Assignor, all of Assignor's rights, title, interest, and obligations, in,
to, and under the Agreement, as such rights, title, interest and obligations
relate to the Property, including but not limited to all deposits paid by or on
behalf of Assignor. It is the intention of the parties that Assignee shall have
and be vested with such rights, benefits, risks, and obligations conferred on
and undertaken by Assignor in the Agreement as though, and to the same extent as
if Assignee had been named as the Buyer under the Agreement.

3. Assumption. Assignee hereby assumes, agrees to be bound by, and agrees to
perform and observe all agreements, covenants, and obligations to be performed
and observed by the Buyer under the Agreement as such agreements, covenants and
obligations may concern the Property. Notwithstanding the Assignee's assumption
of the obligations as Buyer under the Agreement pursuant to paragraphs 2 and 3
above, Assignee's liability as Buyer under the Agreement and this Assignment is
specifically conditioned upon the following:

      (a) Assignee has received an owner's title insurance commitment and copies
of certain of the title exception documents referred to therein from the
Assignor and Assignee has delivered written notice to Assignor identifying the
title exception documents referred to in the

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title commitment not received by Assignee ("Exception Notice"). Within thirty
(30) business days after the date hereof, Assignor will send to Assignee a copy
of an updated survey for the Property (the "Survey") and copies of the title
exception documents contained in the Exception Notice. Within ten (10) business
days after Assignee's receipt of the updated survey for the Property an any
previously identified missing title exception documents ("Objection Period"),
Assignee shall notify Assignor in writing of any objections it has to the state
of title or survey of the Property ("Assignee's Title and Survey Objections").
Upon the expiration of the Objection Period, except for Assignee's Title and
Survey Objections, Assignee shall be deemed to have accepted the form and
substance of the title commitment and the Survey.

      (b) Assignor shall take reasonable efforts in attempting to eliminate or
modify any of Assignee's Title and Survey Objections, provided that Assignor
shall in no event be obligated to expend any sums in connection with the
elimination or removal of any Assignee's Title and Survey Objections. In the
event Assignor is unable or unwilling to attempt to eliminate or modify any or
all of Assignee's Title and Survey Objections to the reasonable satisfaction of
Assignee, Assignor shall provide written notice to Assignee of those objections
Assignor will not attempt or be able to cure ("ASSIGNOR'S NOTICE"). Thereafter,
Assignee shall have the option (as its sole and exclusive remedy) to (x)
terminate this Assignment by delivering written notice to Assignor of Assignee's
election to terminate this Assignment (the "Termination Notice") by the earlier
to occur of (i) the Closing Date (as the same may be adjourned as provided in
the Agreement), or (ii) five (5) business days after receipt of Assignor's
Notice, time being of the essence to the giving of Assignee's notice or (y)
proceed to Closing without adjustment to the Purchase Price. If Assignee shall
duly issue the Termination Notice, then this Assignment shall thereupon
terminate.

      (c) Assignee may, at or prior to Closing, notify Assignor in writing of
any objection to title (i) raised by the Title Company between the expiration of
the Objection Period and the Closing and (ii) not disclosed by the Title Company
or otherwise known to Assignee prior to the expiration of the Objection Period;
provided that Assignee must notify Assignor of such new objection to title
within two (2) business days of being made aware of the existence of such
matter. If Assignee sends such notice to Assignor, Assignee and Assignor shall
have the same rights and obligations with respect to such notice as apply to
Assignee's Title Objections and Assignee's Survey Objections under subsection
(b) above.

      (d) Assignee shall on or before the end of the Objection Period advise
Assignor as to my objection including the basis for any such objection (the
"Exhibit Objections"), Assignee has to the form and content of the:

      (i) the Rent Roll, dated June 1, 2005

      (ii) the Litigation Certificate, and

      (iii) the Management Agreement

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      Thereafter, Assignor shall have the right to elect to eliminate or modify
any of Assignee's Exhibit Objections to Assignee's reasonable satisfaction.

      (e) Within 30 days after the Effective Date, Purchaser shall have the
right to terminate this Agreement by notice to Seller in Purchaser's sole
discretion based on good faith on its due diligence review of the Property.

4. Further Assignment. Neither party will have the right to assign the
Agreement; provided, however, that the Assignee may assign its rights under this
Assignment, to any Affiliate (hereinafter defined) of Assignee as a "Substituted
Assignee". The term "AFFILIATE" shall mean, with respect to Assignee, (x) an
entity that, directly or indirectly, controls, is controlled by, or is under
common control with Assignee, (y) an entity, the majority of the economic
interest of which is owned by Assignee or (2) an entity in which Assignee has a
direct or indirect economic interest regardless of percentage of the Assignee's
economic interest therein. Any attempted assignment in violation of this
Paragraph 4 shall be void and without force or effect.

5. Validity. Each party respectively represents and warrants to the other that
this Assignment has been duly and validly executed and delivered by such party
and constitutes the legal, binding, valid, and enforceable agreement of such
party.

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      In witness whereof, the parties have executed this Assignment as of the
date first above written.

                                       ASSIGNOR

                                       Bresler & Reiner, Inc.

                                       By: /s/ Darryl Edelstein
                                           ----------------------------------
                                           Darryl Edelstein,
                                             Chief Operating Officer

                                       ASSIGNEE

                                       Midlantic Partnership LP

                                       By: Midlantic Office Properties, LLC,
                                             General Partner

                                       By: /s/ Sidney M. Bresler
                                           ----------------------------------
                                           Sidney M. Bresler,
                                           Chief Executive Officer, President,
                                             Secretary and Treasurer

                                     Consent

The undersigned acknowledges and consents to the foregoing Assignment and
Assumption of Agreement; provided, however, that Assignor shall not be released
from and shall remain liable for all of the obligations of the Buyer under the
Agreement.

                                       SELLER

                                       Six Valley Square Associates, LLC

                                       By: /s/ Donald J. Resnick
                                           ----------------------------------
                                           Managerexv10w1

 

Exhibit 10.1

SECURITIES EXCHANGE AGREEMENT

     This Securities Exchange Agreement (this “Agreement”), is dated as of July 26, 2005 (the
“Effective Date”), by and between Dirt Motor Sports Racing, Inc., a Delaware corporation formerly
known as Boundless Motor Sports Racing, Inc., a Colorado corporation (the “Company”), and Paul A.
Kruger (“Mr. Kruger”):

BACKGROUND:

     A. Mr. Kruger is the Chairman, Chief Executive Officer and President of the Company and
desires to return to the Company for cancellation 1,500,000 (the “Shares”) of the Company’s common
stock, par value $.0001 per share (the “Common Stock”) currently held by him in exchange for a
warrant to purchase 750,000 shares of Common Stock upon the terms and conditions set forth in the
form of the five year warrant attached hereto as Exhibit A (the “Warrant”), and the Company
is agreeable to such exchange.

AGREEMENTS:

     In consideration of the premises and the mutual covenants and agreements herein contained, and
intending to be legally bound hereby, the Company and Mr. Kruger hereby agree as follows:

     1. Securities Exchange. On the Effective Date:

               (a) Mr. Kruger shall deliver to the Company a stock certificate, endorced in blank,
representing the Shares (the “Certificate”); and

               (b) upon receipt of the Certificate, the Company will instruct its transfer agent to cancel
the Shares and will issue to Mr. Kruger the Warrant.

     In the event the stock certificate delivered to the Company by Mr. Kruger in accordance with
Section 1(a) represents more shares of Common Stock than the Shares, the Company will also instruct
its transfer agent to issue a new stock certificate to Mr. Kruger representing the balance of the
excess of such shares of Common Stock.

     2. Representations and Warranties of the Company. The Company represents and warrants
to Mr. Kruger, as follows:

               (a) The offer and exchange of the Warrant is intended to be exempt from registration under the
Securities Act, by virtue of Section 4(1) of the Securities Act.

               (b) This Agreement has been duly authorized, validly executed and delivered on behalf of the
Company and is a valid and binding agreement and obligation of the Company enforceable against the
Company in accordance with its terms, subject to limitations on enforcement by general principles
of equity and by bankruptcy or other laws affecting the enforcement of creditors’ rights generally,
and the Company has full power and authority to execute and deliver this Agreement and the other
agreements and documents contemplated hereby and to perform its obligations hereunder and
thereunder

 

 

               (c) The execution and delivery of this Agreement, and the consummation of the transactions
contemplated by this Agreement by the Company, will not conflict with or result in a breach of or a
default under any of the terms or provisions of the Company’s organizational documents or of any
material provision of any indenture, mortgage, deed of trust or other material agreement or
instrument to which the Company is a party or by which it or any of its material properties or
assets is bound, any material provision of any law, statute, rule, regulation, or any existing
applicable decree, judgment or order by any court, federal or state regulatory body, administrative
agency, or other governmental body having jurisdiction over the Company, or any of its material
properties or assets or will result in the creation or imposition of any material lien, charge or
encumbrance upon any material property or assets of the Company pursuant to the terms of any
agreement or instrument to which any of them is a party or by which any of them may be bound or to
which any of their property or any of them is subject.

               (d) This Agreement has been duly authorized, validly executed and delivered on behalf of the
Company, and the Company has full power and authority to execute and deliver this Agreement and the
other agreements and documents contemplated hereby and to perform its obligations hereunder and
thereunder.

     2.2 Representations, Warranties and Covenants of Mr. Kruger. Mr. Kruger represents
and warrants to the Company, as follows:

               (a) Mr. Kruger is an “accredited investor” as defined under Rule 501 of Regulation D
promulgated under the Securities Act of 1933, as amended (the “Securities Act”).

               (b) Mr. Kruger is acquiring the Warrant for his own account and not with a view to any
distribution of the Warrant in violation of the Securities Act.

               (c) This Agreement has been duly authorized, validly executed and delivered on behalf of Mr.
Kruger and is a valid and binding agreement and obligation of Mr. Kruger enforceable against Mr.
Kruger in accordance with its terms, subject to limitations on enforcement by general principles of
equity and by bankruptcy or other laws affecting the enforcement of creditors’ rights generally,
and Mr. Kruger has full power and authority to execute and deliver this Agreement and the other
agreements and documents contemplated hereby and to perform its obligations hereunder and
thereunder.

               (d) The execution and delivery of this Agreement, and the consummation of the transactions
contemplated by this Agreement by Mr. Kruger, will not conflict with or result in a breach of or a
default under any of the terms or provisions of any material provision of any indenture, mortgage,
deed of trust or other material agreement or instrument to which Mr. Kruger is a party or by which
he or any of the Shares is bound, any material provision of any law, statute, rule, regulation, or
any existing applicable decree, judgment or order by any court, federal or state regulatory body,
administrative agency, or other governmental body having jurisdiction over Mr. Kruger, or any of
the Shares or will result in the creation or imposition of any material lien, charge or encumbrance
upon any of the Shares pursuant to the terms of any agreement or instrument to which any of them is
a party or by which any of them may be bound or to which any of their property or any of them is
subject.

 

 

     (e) Mr. Kruger is the legal, beneficial and registered owner of the Shares, free and clear of
any liens, charges or encumbrances. At the Closing, the Company will acquire all right, title and
interest in the Shares, free and clear of all liens, charges or encumbrances.

     3. Headings. Section headings in this Agreement are for convenience of reference
only, and shall not govern the interpretation of any of the provisions of this Agreement.

     4. Entire Agreement. This Agreement embodies the entire agreement and understanding
between the Company and Mr. Kruger and supersedes all prior agreements and understandings among the
Company and Mr. Kruger relating to the subject matter thereof.

     5. Amendment. No amendment or modification to this Agreement shall be effective,
unless in writing and signed by all the parties to this Agreement.

     6. Severability. Any provision in this Agreement that is held to be inoperative,
unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative,
unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the
operation, enforceability, or validity of that provision in any other jurisdiction, and to this end
the provisions of this Agreement are declared to be severable.

     7. Choice Of Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF OKLAHOMA, WITHOUT REGARD TO ITS CHOICE OF LAWS PROVISIONS.

     8. Counterparts. This Agreement may be executed in any number of counterparts, all of
which taken together shall constitute one agreement, and any of the parties hereto may execute this
Agreement by signing any such counterpart.

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

	 	 	 
	 

	DIRT MOTOR SPORTS, INC
	 
	 	 
	

	By: /s/ Joseph Dickey
	

	Name: Joseph Dickey
	

	Title: Vice President
	

	Address: 	2500 McGee Street

Suite 147

Norman, Oklahoma 73072
	 
	 	 
	

	/s/ Paul A. Kruger

Paul A. Kruger

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