Exhibit 10.3
ASSIGNMENT OF REAL ESTATE
LEASE
This Assignment,
effective the 1st day of July, 2004 (the “Effective
Date”), between Assignor and Assignee:
1.
Definitions.
For the purposes
of this Assignment:
a.
"Assignor" shall mean
Burger Time Corporation, a corporation organized under the laws of
the State of North Dakota, whose mailing address is 675 12th Avenue
NE, West Fargo, North Dakota 58078.
b.
"Assignee" shall mean
Burger Time Acquisition Corporation, a corporation organized under
the laws of the State of Minnesota, whose mailing address is 13828
Lincoln Street NE, Ham Lake, Minnesota 55304.
c.
"Landlord" shall mean
Dallas Vandenbos and Janice Vandenbos, whose mailing address is 617
East 26th Street, Sioux Falls, South Dakota 57105-0000.
d.
"Tenant" shall mean
Burger Time Corporation, a corporation organized under the laws of
the State of North Dakota, whose mailing address is 675 12th Avenue
NE, West Fargo, North Dakota 58078.
e.
"Assignment" shall mean
this Assignment of Real Estate Lease assigning the Tenant's
interest in the Lease from Tenant to Assignee.
f.
"Lease" shall mean that
certain Real Estate Lease Agreement between Landlord and Tenant
dated January 1, 2004, a copy of which is attached to this
Assignment as Attachment “A”.
2.
Consideration and
Assignment. For good and valuable consideration,
receipt of which is hereby acknowledged, Assignor hereby sells,
assigns, transfers and sets over to Assignee, its successors and
assigns, all of Assignor's right, title, estate and interest as
tenant in the Lease to Assignee as of the Effective
Date.
3.
Assumption of
Ob
