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THIS LEASE AGREEMENT (the "Agreement") is entered into on this, ______________ _____, ________.
 
BY AND BETWEEN:

 
of: , , ,
 
("Creditor")

 
AND

 
of: , , ,
 
("Previous Debtor")

 
AND

 
of: , , ,
 
("Debtor")

 
DEBT ASSIGNMENT AGREEMENT

 
  1. ASSIGNMENT OF DEBT:

    The Previous Debtor hereby assign, transfer and deliver to the Debtor a debt in the amount of $. The Debtor promises to repay the outstanding debt to the Creditor as outlined in this agreement.


  2. MODIFICATION:

    No modification or waiver of any of the terms of this Agreement shall be allowed unless by written agreement signed by both parties. No waiver of any breach or default hereunder shall be deemed a waiver of any subsequent breach or default of the same or similar nature.


  3. BINDING EFFECT:

    Expect as otherwise provided in this Agreement, all of the covenants, conditions and provisions of this Agreement shall be binding upon the parties hereto and their respective heirs, personal representatives, executors, administrators, successors and assigns.


  4. HEADINGS:

    Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement


  5. GOVERNING LAW:

    This Agreement is governed by the statutory and case law of the State of .


  6. The parties hereby indicate by their signatures below that they have read and agree with the terms and conditions of this Agreement in its entirety.

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