OF LEASE AGREEMENT

 

                              ASSIGNMENT AND ASSUMPTION
                                           
                                  OF LEASE AGREEMENT
                                           
                           (SLEEP INN  - SARASOTA, FLORIDA)
                                           

STATE OF FLORIDA    ) 
                    )
COUNTY OF SARASOTA  )

         THIS ASSIGNMENT AND ASSUMPTION OF LEASE AGREEMENT (Sleep Inn, 
Sarasota, Florida)  (this "Assignment") is executed and delivered as of this 
____ day of March, 1997, by CrossHost, Inc., a Maryland corporation 
("Assignor"), to Host Ventures, Inc. a Maryland corporation ("Assignee"), 
whose mailing address is 6116 N. Central Expwy., Suite 1313, Dallas, Texas 
75206.

         THIS ASSIGNMENT IS EXECUTED AND DELIVERED BY ASSIGNOR AND ASSIGNEE on
the basis of the following facts, intentions and understandings:

         Assignor is the "Lessor" pursuant to that certain Lease Agreement 
(Sleep Inn, Sarasota, Florida)  (as same has thereafter been amended, as set 
forth herein below, the "Lease"), dated September 6, 1996, by and between 
Assignor, as "Lessor", and Crossroads Hospital Tenant Company, L.L.C., a 
Delaware limited liability company ("Crossroads"), as "Lessee", and covering 
the "Leased Property" more particularly described therein and known as the 
Sleep Inn Hotel, Sarasota, Florida (the "Property").  The Lease has been 
amended pursuant to that certain First Amendment to Lease Agreement (the 
"First Lease Amendment"), dated effective March __, 1997, and by and between 
Assignor and Crossroads.

         Assignor desires to assign all of its right, title and interest as 
"Lessor" in, to and under the Lease to Assignee on the following terms and 
conditions.

         NOW, THEREFORE, IN CONSIDERATION of the premises and other good and 
valuable consideration, the receipt and sufficiency of which is herein 
acknowledged and confessed, Assignor and Assignee hereby agree as follows:

    1.   ASSIGNMENT AND CONVEYANCE. Assignor hereby assigns and transfers to 
Assignee all of Assignor's right, title and interest as "Lessor" in, to and 
under the Lease.

    2.   ASSUMPTION.  Assignee hereby accepts such assignment and assumes all 
obligations of the "Lessor" under the Lease arising from and after the date 
hereof.

    3.   REPRESENTATIONS AND WARRANTIES.  Assignor represents and warrants 
that (a) the Lease is in full force and effect, (b) the Lease, as amended by 
the First Lease Amendment, is the entire agreement between Assignor and 
Crossroads pertaining to the Property, (c) except for the First Lease 

Amendment, there are no amendments, modifications, supplements, arrangements, 
side letters or understandings, oral or written of any sort, modifying, 
amending, altering, supplementing or changing the terms of the Lease, and (d) 
all obligations of Assignor, as "Lessor," and Crossroads, as "Lessee," under 
the Lease have been performed, and no event has occurred and no condition 
exists that, with the giving of notice or lapse of time or both, would 
constitute a default by either of said parties under the Lease.

    4.   INDEMNITY. Assignor shall indemnify, defend by counsel acceptable to 
Assignee, and hold harmless Assignee for, from and against any and all 
claims, loss, cost, liability and expense (including, without limitation, 
reasonable attorneys' fees and costs) arising out of or in connection with 
the Lease from events which occurred before the date hereof.  Assignee shall 
indemnify, defend by counsel acceptable to Assignor, and hold harmless 
Assignor for, from and against any and all claims, loss, cost, liability and 
expense (including, without limitation, reasonable attorneys' fees and costs) 
arising out of or in connection with the Lease from events which occur on or 
after the date hereof.

    5.   SUCCESSORS AND ASSIGNS. All of the terms, covenants and conditions 
set forth herein shall be binding upon and inure to the benefit of Assignor 
and Assignee and their successors and assigns.

    IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment the
day and year first above written.

                             "ASSIGNOR"

                              CROSSHOST, INC., a Maryland corporation

                              By: /s/ Michael S. McNulty
                                  -------------------------------------------
                                   Michael S. McNulty, President

                              "ASSIGNEE"

                              HOST VENTURES, INC. a Maryland corporation

                              By: /s/ Michael S. McNulty
                                  -------------------------------------------
                                   Michael S. McNulty, President

APPROVED AND CONSENTED TO
this 31st day of March, 1997

CROSSROADS HOSPITALITY TENANT COMPANY, L.L.C.,

a Delaware limited liability company

By: /s/ Kevin P. Kilkeary
    -------------------------------------
    Kevin P. Kilkeary, President

STATE OF ____________  )
                       )
COUNTY OF __________   )

         The foregoing instrument was acknowledged before me this ____ day of 
March, 1997, by Michael S. McNulty, President of CrossHost, Inc., a Maryland 
corporation, on behalf of the corporation.

                                       --------------------------------------
                                       Notary Public

My commission expires:

- ------------------------------------

STATE OF ____________  )
                       )
COUNTY OF __________   )

         The foregoing instrument was acknowledged before me this ____ day of 
March, 1997, by Michael S. McNulty, President of Host Ventures, Inc., a 
Maryland corporation, on behalf of the corporation.

                                                                               
                                       --------------------------------------- 
                                       Notary Public

My commission expires:

_________________________

 

Basic Info X:

Name: OF LEASE AGREEMENT
Type: Lease
Date: March 31, 1997
Company: HOST FUNDING INC
State:

Other info:

Date:

  • September 6 , 1996
  • 31st day of March , 1997

Organization:

  • N. Central Expwy.
  • Crossroads Hospital Tenant Company , L.L.C.
  • First Lease Amendment
  • First Lease <
  • CrossHost , Inc.
  • Host Ventures , Inc.

Location:

  • Dallas
  • Texas
  • Sarasota
  • Florida
  • Delaware
  • Maryland

Person:

  • Kevin P. Kilkeary
  • Michael S. McNulty