RELEASE OF OBLIGATIONS
UNDER
TRIPLE NET LEASE OF INDUSTRIAL LAND AND
BUILDING
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DATE OF
RELEASE:
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October 31,
2006
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DATE
OF
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ORIGINAL
LEASE:
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January 11,
2002
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LESSOR:
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Muzz
Investments, LLC, an Arizona limited liability
company
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15770 North
Greenway/Hayden Loop, Suite 104
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Scottsdale,
Arizona 85260
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LESSEE:
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AZCO Mining,
Inc., a Delaware corporation
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7239 North
El Mirage Road
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Glendale,
Arizona 85307
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RELEASE entered
into this 31st day of October, 2006, by and between Muzz
Investments, LLC , an Arizona limited liability company, as
Lessor, and AZCO Mining, Inc. , a Delaware corporation, as
Lessee, both doing business in Maricopa County, Arizona.
WHEREAS, on
January 11, 2002, the parties entered into that certain Triple Net
Lease of Industrial Land and Building dated as of January 11, 2002
(the "Lease") for the lease of the real property located at 7239
North El Mirage Road, City of Glendale, County of Maricopa, State
of Arizona, legally described on Exhibit A (the
“Property”); and
WHEREAS, Lessee is indebted to
Lessor for certain obligations arising from the Lease;
and
NOW THEREFORE, the parties
agree:
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1.
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The Lease will be terminated by
mutual agreement as of October 31, 2006.
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2.
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Lessee shall facilitate a
cashless exercise of Lessor’s 2,550,000 Azco Mining, Inc.
stock purc
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