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Assignment Contract - 8143 S Sangamon St, Chicago, IL 60620.pdf

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DocuSign Envelope ID: 9C4917B1-42F7-42DC-A693-5E5803980F6C ASSIGNMENT AND ASSUMPTION AGREEMENT This ASSIGNMENT AND ASSUMPTION AGREEMENT (“Assignment”) by and between Odai Ammar (“Assignor”), and Lofty Holding 8143 S Sangamon Street LLC (“Assignee”). Each of the aforesaid entities is a “Party” and collectively are the “Parties.” A. The Assignor is the Purchaser under that certain Contract to Purchase Real Estate dated: October 18th, 2021 (“Contract”) by and between Assignor, as Purchaser and Sell

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DocuSign Envelope ID: 9C4917B1-42F7-42DC-A693-5E5803980F6C

ASSIGNMENT AND ASSUMPTION AGREEMENT
This ASSIGNMENT AND ASSUMPTION AGREEMENT (“Assignment”) by and between
Odai Ammar (“Assignor”), and Lofty Holding 8143 S Sangamon Street LLC (“Assignee”).
Each of the aforesaid entities is a “Party” and collectively are the “Parties.”
A. The Assignor is the Purchaser under that certain Contract to Purchase Real Estate dated:
October 18th, 2021 (“Contract”) by and between Assignor, as Purchaser and Seller for, the
purchase of the parcel of real estate commonly known as 8143 S Sangamon St, Chicago, IL
60620 (The “Property”). A true copy of the Contract is attached hereto.
B. The Purchaser (Assignor) shall assign and Assignee shall accept assignment of all of
Purchaser’s/Assignor’s rights under the Contract.
C. Purchaser/Assignor shall delegate and Assignee shall accept delegation of all of
Purchaser’s/Assignor’s duties under the Contract.
NOW THEREFORE, in consideration of the mutual promises made hereunder, and for other
good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties
agree as follows:
1. Assignor hereby assigns to Assignee of all Assignor’s rights, title and interest in and to the
Contract, together with all rights arising thereunder.
2. Assignor represents and warrants to Assignee that (a) the Contract is in full force and effect
and has not been modified or amended and (b) neither the Assignor nor any other party thereto is
in default under the Contract beyond any applicable period for curing the default, nor to the
Assignor’s knowledge has any event or condition occurred which, with the giving of notice, the
passage of time, or both, would constitute a default by any party. The Contract and the
Assignment Agreement are conditioned upon the Seller being able to obtain marketable title to
the Property. If the Seller is not able to obtain marketable title, the Assignee may take the
exception(s) on title as subject to its owner’s policy or if the title exception(s) is/are not
acceptable to the Assignee, the Contract and the Assignment Agreement shall be terminated and
all parties shall receive a full refund of its earnest money.
3. Assignee accepts this Assignment and assumes and agrees to perform all of the obligations of
Assignor arising or accruing under the Contract on or after the date of this Assignment.
4. In consideration of the Assignor’s assignment of his rights under the Contract, the Assignee
shall pay to the Assignor an assignment fee of $5,000 from the closing proceeds. Fee to be paid
at closing.
5. Assignee agrees: a) to accept the Contract price of $308,300 , b) buyer will pay both buyer
and seller traditional closing costs, c) to all the terms of the Assignment between Assignor and

DocuSign Envelope ID: 9C4917B1-42F7-42DC-A693-5E5803980F6C

Assignee, as set forth in this Agreement, and d) the closing date shall be November 18th, 2021 or
a date that the parties mutually agreed upon in writing.
6. This Assignment and Assumption shall be construed, interpreted and enforced in accordance
with the laws of the State of Illinois, including its choice of law provisions.
7. The Parties hereto consent to the jurisdiction of the Circuit Court of Cook County, Illinois, for
the resolution of any dispute or claim arising hereunder. In any lawsuit filed to enforce the rights
of any party hereunder, the losing party or parties shall compensate the prevailing party for his or
its fees and costs, including reasonable attorney’s fees.
IN WITNESS WHEREOF, the parties hereto acknowledge their acceptance of this Agreement in
its entirety by executing this Assignment and Assumption Agreement below as the date first
written above.

Odai Ammar

_______________________________
(Assignor’s Name)
Jerry Chu

11/17/2021

__________________
Date
11/17/2021

________________________________ __________________
[Assignee’s Name]
Date