Document:

ex10-1.htm

Exhibit 10.1

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

Peerless Systems Corporation, a Delaware Corporation, (the “Company”) and its successors and assigns, and William Neil, a natural person (“Employee”) (collectively, the “Parties”), make this AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) as of July 18, 2011 (“Effective Date”).

 

RECITALS

 

1.           WHEREAS, Employee and the Company are party to an Employment Agreement, dated as of May 26, 2009 (the “Former Employment Agreement”), whereby Employee is employed as the Company’s Chief Financial Officer.

 

2.           WHEREAS, as of the date hereof, Employee is resigning as the Company’s Chief Financial Officer and the Company wishes to employ Employee and Employee wishes to be employed by Company as a Senior Analyst until June 15, 2012.

 

3.           WHEREAS, the Company and Employee thus desire to amend and restate the Former Employment Agreement and enter into this Agreement to outline the terms and conditions of Employee’s new position with Company and except as set forth herein, simultaneously wish to extinguish any and all obligations owed by each Party to the other arising out of their prior employment relationship, including, but not limited to, under the Former Employment Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the Company and Employee agree as follows:

 

AGREEMENT

 

1.           Employment.

 

(a)           Term.  The Term of this Agreement shall begin on the Effective Date and shall end on June 15, 2012 (the “Term”).

 

(b)           Duties and Responsibilities.   Employee will report to the Chief Executive Officer.  Employee shall be employed as Senior Analyst and shall perform and discharge well and faithfully the duties which may be assigned to him from time to time by the Chief Executive Officer in connection with the conduct of the Company’s business.

 

Employee’s job responsibilities shall include, but not be limited to, anything reasonably requested or required of Employee on behalf of the Company.

 

(c)           Extent of Services and Business Activities.  Employee shall devote his full-time efforts to the business of the Company and shall not devote time to other activities except with the prior consent of the Chief Executive Officer.  Employee covenants and agrees that for so long as he is employed by the Company, Employee shall not, whether as an employee, employer, consultant, agent, principal, partner, member, stockholder, corporate officer or director, or in any other individual or representative capacity, whether or not for compensation, engage in or participate in or render services to any other, provided, however, that, notwithstanding the foregoing, Employee (a) may invest in securities of any entity, solely for investment purposes and without participating in the business thereof, if (x) such securities are traded on any national securities exchange or the National Association of Securities Dealers, Inc. Automated Quotation System, and (y) Employee does not, directly or indirectly, own two percent (2%) or more of any class of securities of such entity.

 

  

  

  

 

 (d)           Location.  During the Term, Employee shall regularly perform his duties from his home office or the Company’s office in El Segundo, California.  In addition to spending time in El Segundo, California, Employee may be required to travel from time to time in order to perform his duties hereunder.

 

2.           Compensation.

 

(a)           Base Salary.  Employee shall be paid $2,708 for each two week pay period during the Term, for an annual base salary of seventy thousand nine hundred and nine dollars ($70,909).  Employee’s salary shall be payable consistent with the payroll practices established by the Company with respect to its employees.  

 

(b)           Payment.  Payment of all compensation to Employee hereunder shall be made in accordance with the relevant written Company policies in effect from time to time, including normal payroll practices, and shall be subject to all applicable employment and withholding taxes.  This provision shall survive the termination of Employee’s employment with the Company, for any reason.

 

3.           Other Employment Benefits.

 

(a)           Medical Benefits.  To the extent offered by the Company, Employee shall be entitled to participate in the Company’s medical insurance pursuant to its terms and conditions during the Term of this Agreement on the same basis and terms as the rest of the Company’s employees. Nothing in this Agreement shall preclude the Company or any affiliate of the Company from terminating or amending any employee benefit plan or program from time to time.

(b)   Vacation.

(i)           As of the date hereof, the Company has paid Employee $11,992.50 for 111 hours of accrued, unused vacation pursuant to the Former Employment Agreement and Employee is not entitled to any further compensation for accrued, unused vacation pursuant to the Former Employment Agreement.

(ii)           During the Term, Employee shall be entitled to two weeks of vacation.  One week shall be used on or before December 31, 2011, and the second week shall be used on or before May 31, 2012.  Employee acknowledges and agrees that he shall not be entitled to any payment for accrued but unused vacation during the Term.

 

(c)           No Other Benefits.  Employee understands and acknowledges that: (i) the compensation and benefits specified in Paragraphs 2 and 3 of this Agreement are the only compensation and benefits he is entitled to receive under this Agreement and (ii) Employee shall not participate in the Company’s retirement (e.g., non-matching 401(k) plan) or any other Company benefit plans.

 

4.           Confidentiality;.  Employee and Company are party to a Non-Disclosure Agreement, dated as of May 26, 2009 (the “Non-Disclosure Agreement”), which shall remain in full force and effect in accordance with its terms.  The terms of the Non-Disclosure Agreement are incorporated by this reference as if set forth in full.

 

  

  

  

 

5.           Termination of Employment.

(a)           Release; Severance Payment.  At the end of the Term, Employee shall execute a general release in favor of the Company in the form attached hereto as Exhibit B.  Upon execution of such release, Employee shall receive a lump sum payment of $25,000, less deductions required by law.

  

(b)           Exercise of Options.   Employee shall be entitled to exercise any vested options in the Company’s common stock subject to the terms and conditions of such options and the relevant governing option plan, provided that any such options shall be exercised on or before January 15, 2013.  Effective January 16, 2013, all options held by the Employee shall expire and be null and void, with no further effect.

 

6.           Employee’s Duties Upon Termination.

 

(a)           Cooperation.  After notice of termination, Employee shall, at the Company’s expense and subject to Employee’s professional availability, cooperate with the Company, as reasonably requested by the Company, to effect a transition of Employee’s responsibilities and to ensure that the Company is aware of all matters being handled by Employee.

 

(b)           Return of Company Property.  Within seven days of the termination of Employee’s employment under this Agreement for any reason, Employee will return all Company property in Employee’s possession to the Company.

 

7.           Assignment and Transfer.  Employee’s rights and obligations under this Agreement shall not be transferable by assignment or otherwise, and any purported assignment, transfer or delegation thereof shall be void.  This Agreement shall be assignable by the Company and inure to the benefit of, and be binding upon and enforceable by, any purchaser of substantially all of Company’s assets, any corporate successor to Company or any assignee thereof; provided however that such assignee assumes in writing the Company’s obligations thereunder.

 

8.           No Inconsistent Obligations.  This Agreement and the Non-Disclosure Agreement shall represent the sole agreements with Company as to the subject matter herein, and Employee has no other employment relationship and is not subject to any other employment agreement with the Company or any other affiliate of the Company and Employee has no obligations, legal or otherwise, inconsistent with the terms of this Agreement or with Employee undertaking employment with the Company.  Employee represents and warrants that Employee has the right and power to enter into this Agreement, to perform Employee’s obligations hereunder and by entering into this Agreement and performing Employee’s obligations hereunder Employee is not in conflict with any agreement with any third party.  The Company represents and warrants that the Company has all requisite corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder.

9.           Mutual Release of Claims Under Former Employment Arrangement.  In exchange and as consideration for each Party entering into this Agreement, each Party agrees to release the other from any claims they may have against the other, as stated below:

 

  

  

  

 

(a)           Each Party hereby voluntarily, knowingly and willingly releases, acquits and forever discharges the other Party including, without limitation, each of their former, current and future parents, subsidiaries, divisions, affiliates, predecessors, successors and assigns and all of their current, former and future agents, employees, officers, directors, shareholders, members, joint ventures, attorneys, representatives, predecessors, successors, assigns, owners and servants) from any and all claims, costs or expenses of any kind or nature whatsoever, whether known or unknown, foreseen or unforeseen, which against any or all of them any Party ever had, now has or hereinafter may have, against the other Party, up to and including the date of the Parties’ execution of this Agreement, including but not limited to the Former Employment Agreement (including, without limitation, Section 5(c) thereunder).

 

(b)           It is a condition hereof, and it is the Parties intention in the execution of the General Release in subparagraph 9(a), above, that the same shall be effective as a bar to each and every claim hereinabove specified, and in furtherance of this intention, the Parties hereby expressly waive any and all rights and benefits conferred upon them by Section 1542 of the California Civil Code, which provides:

 

A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.

 

(c)           Employee further acknowledges and agrees that he is not owed any wages, commissions, bonuses, MBO’s, accrued but unused vacation pay or unreimbursed business expenses except as set forth herein arising out of or relating to the Former Employment Agreement or Employee’s prior employment with the Company.

 

10.           Miscellaneous.

 

(a)           Survival.  The provisions of this Agreement, including, without limitation Paragraphs 10(c) (Arbitration), contained herein shall survive the termination of employment.

 

(b)           Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California without regard to conflict of law principles.

 

(c)           Arbitration.  With the exception of any claims for workers compensation, unemployment insurance, claims before any governmental administrative agencies or claims related to the National Labor Relations Act, any controversy relating to this Agreement or Employee’s employment shall be settled by binding arbitration according to the American Arbitration Association’s Employment Arbitration Rules and Mediation Procedures (available at http://www.adr.org) and subject to the Federal Arbitration Act and the Federal Rules of Civil Procedure (including their mandatory and permission rights to discovery.)  This provision to arbitrate applies to both Company and Employee.  Such arbitration shall be presided over by a single arbitrator in Delaware.  Such binding arbitration is applicable to any and all claims under state and federal employment related statutes including, without limitation, the Fair Employment and Housing Act, the Age Discrimination in Employment Act, the Family Medical Leave Act, the Title VII of the Civil Rights Act and any similar statute law or regulation of the state of California, as well as any claims related to a claimed breach of this Agreement.  The Company shall bear all costs uniquely associated with the arbitration process, including the arbitrator’s fees where required by law.  The arbitrator shall have the authority to award any damages authorized by law, including, without limitation, costs and attorneys’ fees.  The Parties agree to execute all documents necessary to keep the documents, findings, and award, if any, of the arbitration confidential, including, without limitation, execution of a protective order.

 

  

  

  

 

(d)           Amendment. This Agreement may be amended only by a writing signed by Employee and by a duly authorized representative of the Company .

 

(e)           Severability. If any term, provision, covenant or condition of this Agreement, or the application thereof to any person, place or circumstance, shall be held to be invalid, unenforceable or void, the remainder of this Agreement and such term, provision, covenant or condition as applied to other persons, places and circumstances shall remain in full force and effect, provided however, that any such provision found invalid, unenforceable or void shall be deemed amended only to the extent necessary and shall preserve the intent of the parties hereto.

 

(f)           Construction. The headings and captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed according to its fair meaning and not strictly for or against the Company or Employee.

 

(g)           Nonwaiver. No failure or neglect of either party hereto in any instance to exercise any right, power or privilege hereunder or under law shall constitute a waiver of any other right, power or privilege or of the same right, power or privilege in any other instance. All waivers by either party hereto must be contained in a written instrument signed by the party to be charged and, in the case of the Company, by an officer of the Company (other than Employee) or other person duly authorized by the Company.

 (i)           Notices. All notices, requests, demands, claims and other communications hereunder will be in writing.  Any notice, request, demand, claim or other communication hereunder will be deemed duly given as of the day such information is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient as set forth below:

 

If to Employee:

 

William R. Neil

PO Box 207

Lake Hughes, California  93532

 

If to Company:

 

Peerless Systems Corporation,

Attn:  Chairman of the Board

300 Atlantic St, Suite 301

Stamford, CT 06901

Tel: (203) 350-0040

 

Any party may send any notice, request, demand, claim, or other communication hereunder to the intended recipient at the address set forth above using any other means (including personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other communication will be deemed to have been duly given unless and until it is received by the intended recipient (which shall be evidenced by fax or e-mail confirmation, or registered receipt, or declaration via a messenger).  Any Party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other Parties notice in the manner herein set forth.

 

  

  

  

 

(i)           Assistance in Litigation. Employee shall, during and after termination of employment, upon reasonable notice, furnish such information and proper assistance to the Company as may reasonably be required by the Company in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become a party; provided, however, that such assistance following termination shall be furnished at mutually agreeable times and for mutually agreeable compensation.

 

(j)           Employee Acknowledgment. The undersigned Employee hereby acknowledges that he has had the option to consult legal counsel in regard to this Agreement, that he has read and understands this Agreement, that he is fully aware of its legal effect, and that he has entered into it freely and voluntarily and based on his own judgment and not on any representations or promises other than those contained in this Agreement.  Further, Employee hereby agrees to abide by all federal, state, and local laws, ordinances and regulations.

 

(k)           Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which will be deemed an original and all of which together will constitute one and the same instrument.

 

(l)           Entire Agreement. This Agreement and the documents referenced herein and executed herewith contain the entire agreement and understanding between the Parties hereto and supersede any prior or contemporaneous written or oral agreements, representations and warranties between them respecting the subject matter hereof.

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date set forth above.

 

	
Peerless Systems Corporation

	  
	
By: __/s/ Timothy Brog_____

Name:  Timothy Brog

Title: Chief Executive Officer

	  
	
Dated: July 20, 2011

 

 

	  
	
_/s/   William Neil_________

William R. Neil

	  
	
Dated: July 20, 2011Exhibit 10

  Exhibit 10.2
  
 ASSIGNMENT AND ASSUMPTION AGREEMENT
  
 This Assignment and Assumption Agreement (the "Agreement") is made as of June 28, 2011 (the "Effective Date"), by and among Housing Programs Limited, a California limited partnership ("Assignor"), and Gleason E. Amboy, Joel I. Ferguson, and Sol L. Steadman (collectively referred to herein as "Assignee"); and AMG-MGT, LLC, a Michigan limited liability company (the "General Partner" and together with Assignor and Assignee, each a "Party" and, as the context requires, any two or more, collectively, "Parties"), with reference to the following:
  
 A.        Oshtemo Limited Dividend Housing Association (the "Partnership") was formed as a limited partnership under the laws of the State of Michigan and is being operated pursuant to an Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of August 30, 1984, as amended by the First Amendment to Amended and Restated Agreement of Limited Partnership, dated as of March 1, 2007 (collectively, the "Amended Partnership Agreement").
  
 B.         Assignor, being the sole limited partner in the Partnership, has agreed to assign all of its limited partnership interests in the Partnership to Assignee and withdraw from the Partnership, Assignee has agreed to acquire such interests, and the General Partner has consented to such assignment and assumption, all pursuant to the terms of this Agreement.
  
 NOW THEREFORE, in consideration of the mutual promises and for such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
  
 1.         Assignment and Assumption.
  
 1.1       Effective as of the "Closing" (as hereinafter defined):
  
 (a)        Assignor hereby assigns to Assignee (in three equal parts) 100% of Assignor's interest in the Partnership, including, without limitation, Disposition Profits, Disposition Losses, Operating Disbursements, Operating Profits, Profits and Losses (each as defined in the Amended Partnership Agreement) and all other Partnership assets, and all rights to any fees, loan repayments and reimbursements (collectively, the "Interest"); and
  
 (b)        Assignee assumes and agrees to perform all of the obligations of Assignor under the Partnership Agreement.
  
 1.2       In consideration of Assignor's assignments of the Interest, at the Closing Assignee shall pay to Assignor an amount (the "Payment") equal to Three Hundred fifty Thousand ($350,000.00) Dollars, payable in cash. The Payment shall be treated as a direct acquisition of the Interest. Assignor covenants and agrees that such sum shall be received in full satisfaction of all obligations and liabilities due Assignor in connection with or in any manner arising out of the Partnership, the Property (as defined in the Amended Partnership Agreement) or any other assets owned by the Partnership. The Payment shall be made by federal funds wired pursuant to instructions from Assignor.
  
             
 2.         Closing.
  
 2.1       The closing of the transactions contemplated by this Agreement (the "Closing") shall occur no later than December 31, 2011 (the "Closing Date"). In the event the Closing does not occur on or before the Closing Date, this Agreement shall terminate automatically without the necessity of any further action on the part of any of the Parties unless the Parties otherwise agree in writing.
  
 2.2       At the Closing:
  
 (a)        As provided in Section 1.2, Assignee shall pay the Payment; and
  
 (b)        Assignor, Assignee and the General Partner shall execute and
exchange countersigned counterparts of the Second Amendment to Amended and Restated Agreement of Limited Partnership of the Partnership in the form attached hereto as Exhibit A (the "Amendment").
  
             3.         Conditions to Closing.
  
 3.1       Each of the Parties acknowledges that the consent of the Governmental Agencies (as defined in the Amended Partnership Agreement) to the transfer of the Interest, as contemplated by this Agreement, is required. The General Partner and Assignee shall each use commercially reasonable efforts to obtain the same, and Assignor, at no cost, expense or liability to it, will fully cooperate with the General Partner and Assignee by providing the Governmental Agencies with such information and executing documents which the Governmental Agencies may reasonably require in order to evaluate such transfer, and it shall be a condition precedent to Closing that the Governmental Agencies' consent is received prior to Closing. The General Partner and Assignee, on the one hand, and Assignor, on the other, shall each provide the other with copies of any correspondence from the Governmental Agencies or that it receives in connection with the Governmental Agencies' review of the proposed transfer of the Interest.
  
 3.2       It shall be a condition precedent to Closing that all representations and warranties set forth herein shall be true and correct in all material respects, and all covenants set forth herein shall have been fully complied with in all material respects, as of the Closing.
  
 3.3       Notwithstanding anything to the contrary contained or implied in this Agreement, there are no other conditions to the obligation of the Parties to close the transaction contemplated by this Agreement except as expressly set forth in this Section 3.
  
 3.4       If on the date of Closing any condition set forth in Section 3 has not been satisfied, this Agreement shall terminate and be of no further force or effect.
             
 4.         Representations, Warranties and Covenants.
  
 4.1       As a material inducement to Assignee entering into this Agreement, Assignor hereby represents and warrants to Assignee the following are true and correct as of the Effective Date, shall be true and correct as of the Closing Date, and shall survive the Closing and the withdrawal of Assignor from the Partnership:
  
 (a)        Assignor is the owner of the Interest and the Interest is not subject to any lien, pledge or encumbrance of any nature whatsoever and Assignee shall acquire the same free of any rights or claims thereto by any other party claiming by, through or under Assignor.
  
 (b)        The execution and delivery of this Agreement by Assignor and the performance of the transactions contemplated herein have been duly authorized by all requisite corporate and partnership proceedings and, assuming the due and proper execution and delivery by Assignee and the General Partner, this Agreement is binding upon and enforceable against Assignor in accordance with its terms.
  
 (c)        No proceeding before any federal, state, municipal or other governmental department, commission, board or agency is pending against Assignor or, to the knowledge of Assignor, threatened against Assignor pursuant to which an unfavorable judgment would restrain, prohibit, invalidate, set aside, rescind, prevent or make unlawful this Agreement or the transactions contemplated hereunder, nor does Assignee know of any reason to believe any such proceeding will be instituted.
  
 (d)        Assignor has incurred no obligation or liability, contingent or otherwise, for brokerage or finders' fees or agents' commissions or other similar payment in connection with this Agreement.
  
 4.2       As a material inducement to Assignor entering into this Agreement, Assignee hereby represents and warrants to Assignor the following are true and correct as of the Effective Date, shall be true and correct as of the Closing Date, and shall survive the Closing and the withdrawal of Assignor from the Partnership:
  
 (a)        The execution and delivery of this Agreement by Assignee and the performance of the transactions contemplated herein have been duly authorized by all requisite corporate and partnership proceedings.
             
 (b)        Assuming the due and proper execution and delivery by Assignor, this Agreement is binding upon and enforceable against Assignee in accordance with its terms.
  
 (c)        No proceeding before any federal, state, municipal or other governmental department, commission, board or agency is pending against Assignee or, to the knowledge of Assignee, threatened against Assignee pursuant to which an unfavorable judgment would restrain, prohibit, invalidate, set aside, rescind, prevent or make unlawful this Agreement or the transactions contemplated hereunder, nor does Assignee know of any reason to believe any such proceeding will be instituted.
  
 (d)        Assignee has incurred no obligation or liability, contingent or otherwise, for brokerage or finders' fees or agents' commissions or other similar payment in connection with this Agreement.
  
 (e)        Assignee is aware of the restrictions on transfer or encumbrance of the Interest under the Partnership Agreement, as well as the transfer restrictions imposed by the Securities Act of 1933, as amended, and applicable state securities laws (the "Securities Laws"). Assignee is able to bear the economic risk of its investment in the Interest, is aware that it must hold the Interest for an indefinite period and that the Interest has not been registered under the applicable Securities Laws and may not be sold or otherwise transferred unless permitted by the terms of the Partnership Agreement and the Interest is registered, or an exemption from the registration requirements is available with respect thereto, under the Securities Laws. Assignee is acquiring the Interest for its own account and not with a view to resell, transfer or otherwise dispose thereof.
  
 (f)         Assignee is an Affiliate of the General Partner and, knows, therefore, at least as much about the Partnership as Assignor. Assignee is experienced in financial transactions such as ownership of the Interest and understands the business and operations of the Partnership. Assignee has had an opportunity to ask questions about and seek information about the Partnership and the Property, and has not relied upon any express or implied representations or warranties from Assignor with regard to the Interest, the Partnership or the Property, except as expressly provided herein.
  
 (g)        Assignee accepts and adopts all of the terms and conditions of the Amended Partnership Agreement and accepts all of the conditions of the Regulatory Agreement (as defined in the Amended Partnership Agreement), and Assignee agrees to pay when due all capital contributions owed or to be owed to the Partnership relating to the Interest.
  
 4.3       As a material inducement to Assignor entering into this Agreement:
  
 (a)        The General Partner represents and warrants to Assignor that (i) the execution and delivery of this Agreement by the General Partner and its performance of the transactions contemplated herein have been duly authorized by all requisite corporate proceedings, and (ii) assuming the due and proper execution and delivery by Assignor, this Agreement is binding upon and enforceable against the General Partner in accordance with its terms. The foregoing representations and warranties are true and correct as of the Effective Date, shall be true and correct as of the Closing Date, and shall survive the Closing and the withdrawal of Assignor from the Partnership; and
  
 (b)        The General Partner covenants to Assignor that on or before Closing, the Partnership will have obtained all necessary consents and approvals for the transactions contemplated by this Agreement, including, but not limited to, the consents, to the extent required, of all Governmental Agencies.
  
                         4.4       Except as expressly provided in Section 4, no Party has made any other representation or warranty (oral or written) concerning the Interest, the Partnership, the Property or any other matter.
  
 5.         Miscellaneous. All notices, demands, requests and other communications required pursuant to the provisions of this Agreement ("Notice") shall be in writing and shall be deemed to have been properly given or served for all purposes (i) if sent by Federal Express or any other nationally recognized overnight carrier for next business day delivery, on the first business day following deposit of such Notice with such carrier, or (ii) if personally delivered, on the actual date of delivery or (iii) if sent by certified mail, return receipt requested postage prepaid, on the fifth (5th) business day following the date of mailing addressed as follows:
  
 5.1       If to Assignor:
 AIMCO
 639 Granite Street
 Suite 312
 Braintree, MA 02184
 Attention: Brian Flaherty
 Facsimile: 781-849-7652
  
 and:
  
 AIMCO
 4582 South Ulster Street Parkway
 Suite 1100
 Denver, CO 80237
 Attention: Trent Johnson, Esq.
 Facsimile: (720) 200-6881
  
 with a copy to:
  
 Bryan Cave LLP
 1201 West Peachtree Street
 Suite 1400
 Atlanta, GA 30309
 Attention: Todd Wade, Esq.
 Facsimile: (404) 572-6999
  
 5.2       If to Assignee and/or the General Partner, to the intended recipient at:
  
 Gleason E. Amboy
 4275 Five Oaks
 Lansing, MI 48911
  
 Sol L. Steadman
 2110 Casey Key Road
 Nokomis, FL 34275
  
 Joel I. Ferguson
 1223 Turner Street
 Suite 400
 Lansing, MI 48906
  
  
  
 AMG-MGT, LLC
 Attn: Gleason E. Amboy
 4275 Five Oaks
 Lansing, MI 48911
  
 With a copy to:
  
 Loomis, Ewert, Parsley, Davis & Gotting, P.C.
 124 W. Allegan, Suite 700
 Lansing, MI 48933
 Attention: Richard W. Pennings, Esq.
  
 Any of the Parties may designate a change of address by Notice in writing to the other Parties. Whenever in this Agreement the giving of Notice by mail or otherwise is required, the giving of such Notice may be waived in writing by the person or persons entitled to receive such Notice.
  
                         5.3       If any term, covenant or provision hereof is illegal, or the application thereof to any person or in any circumstance shall to any extent be invalid or unenforceable, the remainder of this Agreement, or the circumstances other than those with respect to which it is held invalid or unenforceable, shall not be affected thereby except that each term, covenant, condition and provision of this Agreement shall be interpreted to be consistent with the intent of the parties as characterized by all the provisions herein stated. If the only possible interpretation is to make the Agreement not consistent with the intent of the parties as so characterized, then the parties shall meet and mutually agree upon replacement provisions to the Agreement consistent with the intent of the parties herein.
  
                         5.4       This Agreement may be signed in any number of counterparts, each of which shall be an original for all purposes, but all of which taken together shall constitute only one agreement. The production of any executed counterpart of this Agreement shall be sufficient for all purposes without producing or accounting for any other counterpart thereof
  
                         5.5       This Agreement shall be binding upon and inure to the benefit of the heirs, executors, administrators, legal representatives and permitted successors and assigns of the Parties hereto. This Agreement shall be interpreted in accordance with the laws of the state in which the Property is located.
  
                         5.6       Nothing herein shall be construed to be for the benefit of or enforceable by any third party including, but not limited to any creditor of either Assignor.
  
                         5.7       The Parties shall execute and deliver such further instruments and do such further acts and things as may be required to carry out the intent and purposes of this Agreement.
  
                         5.8       All article and section titles or captions contained in this Agreement are for convenience only and shall not be deemed part of the text of this Agreement.
  
                         5.9       In the event that any court or arbitration proceedings is brought under or in connection with this Agreement, the prevailing party in such proceeding (whether at trial or on appeal) shall be entitled to recover from the other party all costs, expenses, and reasonable attorneys' fees incident to any such proceeding. The term "prevailing party" as used herein shall mean the party in whose favor the final judgment or award is entered in any such judicial or arbitration proceeding.
  
 5.10     This Agreement constitutes the sole agreement of the Parties with respect to the matters herein, all prior oral or written agreements being merged herein. This Agreement may only be modified by a writing signed by all of the Parties hereto and time is of the essence of this Agreement.
  
 5.11     In interpreting this Agreement it shall be presumed that the Agreement was jointly drafted and no presumption shall arise against any Party in the event of any ambiguity.
  
 5.12     Whenever herein the singular number is used, the same shall include the plural where appropriate, and words of any gender shall include each other gender where appropriate.
  
  
  
  
  
  
 [Signatures on following page(s)]

  IN WITNESS WHEREOF, the Parties have entered into this Agreement as of the date set forth above.
  
 ASSIGNOR:                                                          HOUSING PROGRAMS LIMITED,
                                                                               a California limited partnership
  
                                                                               By National Partnership Investments Corp.,
                                                                                     a California corporation,
                                                                                     General Partner
  
                                                                                     By  /s/Brian Flaherty
                                                                                         Name:  Brian Flaherty
                                                                                         Title:  Senior Vice President
  
                                                                               By NPIA III, a California limited partnership,
                                                                                     General Partner
  
                                                                                     By National Partnership Investments Corp.,
                                                                                     a California corporation,
                                                                                     General Partner
  
                                                                                     By  /s/Brian Flaherty
                                                                                         Name:  Brian Flaherty
                                                                                         Title:  Senior Vice President
  
                                                                               By Housing Programs Corporation II,
                                                                                     a California corporation,
                                                                                     General Partner
  
                                                                                     By  /s/Brian Flaherty
                                                                                         Name:  Brian Flaherty
                                                                                         Title:  Senior Vice President

                                                                                ASSIGNEE:
  
                                                                               /s/Gleason E. Amboy
                                                                               Gleason E. Amboy
  
                                                                               /s/Sol L. Steadman
                                                                               Sol L. Steadman
  
                                                                               /s/Joel I. Ferguson
                                                                               Joel I. Ferguson
  
  
 GENERAL PARTNER:                                         AMG-MGT, LLC.,
                                                                               A Michigan limited liability company
  
                                                                               By  /s/Gleason E. Amboy
                                                                                   Name:  Gleason E. Amboy
                                                                                   Title:  Manager

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}]]