1
EXHIBIT 10.19
PURCHASE AGREEMENT
This Purchase Agreement (hereinafter referred to as "Agreement") is
made this 13th day of March, 1992, by and between TRENDWEST RESORTS, INC.
(hereinafter referred to as "Seller") and JELD-WEN FOUNDATION (hereinafter
referred to as "Buyer"), each of whom agrees:
1. DEFINED TERMS. As used in this Purchase Agreement, the following terms
shall have the respective meanings set forth below (such meanings to be equally
applicable to both the singular and plural forms of the terms defined):
a. "Acquired Purchase Contracts" means the purchase contracts receivable
of Seller which are described and listed in Exhibit A hereto, free and clear of
all liens and encumbrances.
b. "Assignment and Assumption Agreement" means the agreement to be
executed by the Seller and Buyer at the Closing in the form of attached Exhibit
B covering transfer of the Seller's interest in the Acquired Purchase contracts.
c. "▇▇▇▇ of Sale" means the instrument to be executed by the Seller and
delivered to the Buyer at the Closing in the form of attached Exhibit C.
d. "Buyer" means the JELD-WEN FOUNDATION located at ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇.,
▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇.
e. "Closing" has the meaning specified in Section 3 hereof.
f. "Closing Date" has the meaning specified in Section 3 hereof.
g. "Effective Time" has the meaning specified in Section 3 hereof.
h. "Person" shall mean an individual, partnership, joint venture,
corporation, bank, trust, unincorporated organization and/or a government or
any department or agency thereof.
i. "Purchase Price" has the meaning specified in Section 4.1 hereof.
j. "Seller" means TRENDWEST RESORTS, INC. located at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇., ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇.
Page 1
2
2. AGREEMENT TO SELL AND PURCHASE THE ACQUIRED PURCHASE CONTRACTS.
Subject to the terms and conditions and in reliance upon the representations
and warranties contained in this Agreement, Seller shall sell to Buyer and
Buyer shall acquire from Seller the Acquired Purchase Contracts.
3. CLOSING; EFFECTIVE DATE. The sale and purchase of the Acquired
Purchase Contracts as contemplated by this Agreement (the "Closing") shall take
place at Seller's offices, located at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇., ▇▇▇▇▇ ▇▇▇,
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ at 10:00 a.m. (local time) on March 13, 1992 (or
such other place, date and time as shall be agreed upon by Buyer and Seller).
The date of Closing is referred to in this Agreement as the "Closing Date".
When completed, the Closing shall be effective as of 12:01 a.m. (local time) on
March 13, 1992 (the "Effective Time").
4. PURCHASE PRICE.
4.1 Price. As the purchase price for the Acquired Purchase Contracts,
Buyer shall pay to Seller the total sum of One Million Four Hundred Thousand
and No/100ths Dollars ($1,400,000.00) (hereinafter referred to as "Purchase
Price"), payable, at Closing, in immediately available funds of the United
States by wire transfer.
5. REPRESENTATIONS AND WARRANTIES OF SELLER. Seller hereby warrants and
represents to Buyer as follows:
5.1 Standing and Authority of Seller. Seller is a corporation duly
organized and validly existing in good standing under the laws of the State of
Washington and possesses all requisite corporate power and authority to enter
into and perform this Agreement. This Agreement is a valid and binding
obligation of Seller, duly enforceable in accordance with its terms.
5.2 Title and Condition of Acquired Assets. Seller has good,
marketable and indefeasible title to all of the Acquired Purchase Contracts at
the Closing and as of the Effective Time, free and clear of all mortgages,
liens, charges, claims, leases, restrictions and encumbrances whatsoever. There
is no agreement of any kind whereby any Person or Persons have any right to
acquire or obtain (by purchase, gift, merger, consideration or otherwise) an
interest in any of the Acquired Purchase Contracts.
5.3 Compliance with Instruments. Seller is not in default under, or
in breach of any material term or provision of contract, lease, agreement or
other instrument to which the Acquired Purchase Contracts are bound. The
Page 2
3
execution, delivery and performance of this Agreement by Seller does not and
will not conflict with or result in a breach of or a default under, or give
rise to any right of termination, cancellation or acceleration with respect to,
any of the terms, conditions or provisions of any (as so defined) indenture,
contract, agreement, license, lease or other instrument to which the Acquired
Purchase Contracts are bound.
5.4 Authorization by Seller. The execution, delivery and performance
of this Agreement by Seller have been duly and validly authorized by all
necessary action on the part of Seller and this Agreement is a valid, binding
and enforceable obligation of Seller except as the enforcement thereof may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium and
other laws affecting or limiting the rights of creditors generally.
5.5 Brokers. No person acting on behalf of the Seller or under the
authority of Seller is or will be entitled to any broker's, finder's or similar
fee, directly or indirectly from the Buyer in connection with the asset
purchase contemplated in this Agreement.
5.6 Disclosure. To Seller's knowledge there are no other matters or
liabilities, contingent or otherwise, which materially adversely affects or has
a substantial likelihood in the future of materially adversely affecting the
Acquired Purchase Contracts.
6. CONDITIONS TO SELLER'S OBLIGATION TO CLOSE. The obligation of the Seller
to transfer, assign, and deliver the Acquired Purchase Contracts to Buyer
pursuant to this Agreement is subject to the satisfaction (unless waived in
writing by seller) of each of the following conditions at and as of the Closing.
6.1 Performance of Obligations by Buyer. Buyer shall have performed
and complied with all agreements and conditions required to be performed or
complied with by Buyer under this Agreement prior to or at the Closing.
6.2 Purchase Price, Seller shall have received, the Purchase Price as
described in Section 4.1 herein.
6.3 Consents and Notices. Buyer shall have obtained or effected all
consents, approvals, waivers, notices and filings required in connection with
the execution and delivery by Buyer of this Agreement or consummation by Buyer
of the transactions contemplated thereby, and any notice or waiting period
relating thereto shall have expired with all requirements lawfully imposed
having been satisfied in all
Page 3
4
material respects
6.4 Escrow Service Agreement. Buyer Seller, and the escrow agent
shall sign and deliver the Service Escrow Agreement in the form attached
hereto as Exhibit D.
7. CONDITIONS TO BUYER'S OBLIGATION TO CLOSE. The obligation of Buyer to
purchase the Acquired Purchase Contracts from Seller pursuant hereto is subject
to the satisfaction (unless waived in writing by Buyer) of each of the
following conditions at and as of the Closing:
7.1 Representations and Warranties Correct. The representations and
warranties of Seller contained in Section 5 hereof shall be true and correct in
all material respects on and as of the date of this Agreement and at and as of
the Closing as though made at and as of the Closing, except as affected by the
transactions contemplated by this Agreement.
7.2 Performance of Obligations by Seller. Seller shall have performed
and complied with all agreements and conditions required to be performed or
complied with by Seller under this Agreement prior to or at the Closing
including without limitation the delivery to Buyer of: (a) a duly
executed ▇▇▇▇ of Sale transferring to Buyer all of the Acquired Purchase
Contracts free of all liens and encumbrances; (b) a duly executed Assignment
and Assumption Agreement transferring the Acquired Purchase Contracts; (c) a
certified copy of resolutions of the Board of Directors of Seller authorizing
it to enter into and perform this Agreement.
7.3 Consents and Notices. Seller shall have obtained or effected
all consents, approvals, waivers, notices and filings required in connection
with the execution and delivery by Seller of this Agreement or consummation by
Seller of the transactions contemplated hereby, and any notice or waiting
period relating thereto shall have expired with all requirements lawfully
imposed having been satisfied in all material respects.
7.4 Escrow Agreement. Buyer, Seller, and the escrow agent shall sign
and deliver the Service Escrow Agreement in the form attached hereto as
Exhibit D.
8. FURTHER COOPERATION. After the Closing, each party, at the request of
the other and without additional consideration, shall execute and deliver or
cause to be executed and delivered from time to time such further instruments
and shall take such further action as the requesting party may reasonably
require in order to carry
Page 4
5
out more effectively the intent and purpose of this Agreement.
9. AMENDMENTS AND WAIVERS. Any term or provision of this Agreement may be
waived without affecting any of the rights, conditions, or limitations relating
to the other terms and conditions of this Agreement at any time by an
instrument in writing signed by the party which is entitled to the benefits
thereof and this Agreement may be amended or supplemented at any time by an
instrument in writing signed by all parties hereto.
10. EXPENSES. Each party will be responsible for its own attorneys',
accounting and other professional fees incurred in connection with the purchase
contemplated in this Agreement.
11. PRORATIONS. The parties will prorate as of the Effective Time, all
interest and principle receivable and periodic charges which related to the
Acquired Purchase Contracts.
12. ASSIGNMENT AND BINDING EFFECT. The Agreement shall be binding upon and
inure to the benefit of and be enforceable by each of the parties hereto and
their respective successors and assigns. Neither this Agreement nor any
obligation hereunder shall be assigned or assignable by Buyer or Seller without
the prior written consent of the other parties hereto.
13. NOTICES. All notices, consents, requests, instructions, approvals and
other communications provided for herein and all legal process in regard hereto
shall be validly given, made or served if in writing or delivered personally or
sent by certified or registered mail, postage prepaid, addressed as follows:
To Seller: TRENDWEST RESORTS, INC.
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇., ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
To Buyer: JELD-WEN FOUNDATION
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇.
▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇
or to such other address as any party hereto may, from time to time, designate
in writing delivered in a like manner. Notice given by mail shall be deemed to
be given on the date which is two business days following the date the same is
postmarked.
14. ENTIRE AGREEMENT. This Agreement constitutes the
Page 5
6
entire agreement between the parties hereto with respect to the transactions
contemplated hereby and supersedes and is in full substitution for any and all
prior agreements and understandings between any of said parties relating to
such transactions.
15. DESCRIPTIVE HEADINGS. The descriptive headings of the several sections
of this Agreement are inserted for convenience only and shall not control or
affect the meaning or construction of any of the provisions hereof.
16. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF OREGON.
17. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.
18. ATTORNEY'S FEES. In the event legal action is taken to enforce this
Agreement or any provision thereof, or as a result of any breach of warranty or
representation or other default of either party, the prevailing party in such
action shall be entitled to receive its reasonable attorney's fees, in addition
to all other costs or charges allowed, which shall be fixed by the court or
courts in which the suit or action, including any appeal thereon, is tried,
heard or decided.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.
BUYER: SELLER:
JELD-WEN FOUNDATION TRENDWEST RESORTS, INC.
By: /s/ ▇. ▇. ▇▇▇▇▇ By: [SIG]
-------------------------- ---------------------------
▇. ▇. ▇▇▇▇▇ Its: Secretary
Trustee -------------------------
Page 6
7
TRENDWEST RESORTS, INC. ASSIGNMENT JOURNAL TRENDWEST RESORTS, INC. PAGE 1
ASSIGNMENTS TO 500 - JELD WEN FOUNDATION o EDIT RUN RUN DATE 03/12/92
ASSIGNMENT SALE ASSIGN PR TY SALE PRINCIPAL
MEMBER # LAST NAME OLD NEW -DATE- DATE PK PE PRICE BALANCE TERM
-------------------------------------------------------------------------------------------------------
01001030 ▇▇▇▇▇▇ 100 500 10/24/90 03/12/92 01 06 4600.00 5724.93 84
01001904 ▇▇▇▇▇▇▇▇ 100 500 05/06/91 03/12/92 01 06 4600.00 7740.00 84
01001970 ▇▇▇▇▇▇▇ 100 500 05/16/91 03/12/92 01 06 4600.00 7479.87 84
01002025 KAENE 100 500 05/28/91 03/12/92 01 06 4600.00 5744.52 84
01002055 ▇▇▇▇ 100 500 05/31/91 03/12/92 01 06 4600.00 5810.46 84
01002045 ▇▇▇▇▇▇▇ 100 500 06/01/91 03/12/92 01 06 4600.00 5810.46 84
01002160 ▇▇▇▇▇▇▇ 100 500 06/13/91 03/12/92 01 06 4400.00 5810.92 84
01002165 ▇▇▇▇▇▇▇ 100 500 06/14/91 03/12/92 01 06 4400.00 5805.43 84
01002166 ▇▇▇▇▇ 100 500 06/14/91 03/12/92 01 06 4400.00 5810.48 84
01002311 SHERWOOD 100 500 07/05/91 03/12/92 01 06 4400.00 5854.15 84
01002319 ▇▇▇▇▇▇ 100 500 07/05/91 03/12/92 01 06 4400.00 5897.32 84
01002334 KAYES 100 500 07/09/91 03/12/92 01 06 4400.00 5854.35 84
01002343 EUGULSKI 100 500 07/09/91 03/12/92 01 06 4400.00 5877.32 84
01002381 FLINXFELT 100 500 07/13/91 03/12/92 01 06 4400.00 5854.15 84
01002454 ▇▇▇▇▇ 100 500 07/15/91 03/12/92 01 06 4400.00 5894.89 84
01002442 ▇▇▇▇▇▇▇▇▇ 100 500 07/25/91 03/12/92 01 06 4400.00 5940.00 84
01002487 RIDER 100 500 07/26/91 03/12/92 01 06 4400.00 5897.32 84
01002517 KILTENBERGER 100 500 07/31/91 03/12/92 01 06 4400.00 5764.32 84
01002568 GOLOMREK 100 500 01/02/92 03/12/92 01 06 4400.00 5854.15 84
01002381 ▇▇▇▇▇▇▇▇▇ 100 500 01/07/92 03/12/92 01 06 4400.00 5902.32 84
01002619 ▇▇▇▇▇▇ 100 500 02/20/92 03/12/92 01 06 4400.00 5940.00 84
01002684 ▇▇▇▇▇▇▇ 100 500 08/17/91 03/12/92 01 06 4400.00 5810.99 84
01002820 GILLIES 100 500 07/05/91 03/12/92 01 06 4400.00 5748.00 84
01002860 GARH 100 500 02/20/92 03/12/92 01 06 4400.00 5740.00 84
01002881 ▇▇▇▇ 100 500 02/11/91 03/12/92 01 06 4400.00 5765.32 84
01003043 MALVORSON 100 500 10/01/91 03/12/92 01 06 4400.00 5766.32 84
01003046 ▇▇▇▇▇▇▇ 100 500 10/03/91 03/12/92 01 06 4400.00 5733.39 84
01003039 ▇▇▇▇▇▇▇ 100 500 10/03/91 03/12/92 01 06 4400.00 5774.47 84
01003065 ▇▇▇▇▇▇ 100 500 10/03/91 03/12/92 01 06 4400.00 7488.43 84
01003074 ▇▇▇▇ 100 500 10/04/91 03/12/92 01 06 10700.00 7420.02 84
01003080 ▇▇▇▇▇▇▇▇▇ 100 500 10/05/91 03/12/92 01 06 4400.00 5810.48 84
01003081 ▇▇▇▇▇ 100 500 10/05/91 03/12/92 01 06 4400.00 5721.65 84
01003046 HEARTLAND 100 500 10/05/91 03/12/92 01 07 7700.00 6727.39 84
01003102 ▇▇▇▇▇▇▇▇ 100 500 10/05/91 03/12/92 01 06 6600.00 5854.15 84
01003200 ▇▇▇▇▇ 100 500 10/22/91 03/12/92 01 07 7700.00 6784.05 84
01003204 ▇▇▇▇▇▇▇▇ 100 500 10/23/91 03/12/92 01 06 4400.00 5810.48 84
01003210 NEXIE 100 500 10/24/91 03/12/92 01 07 7700.00 4778.91 84
01003214 ▇▇▇▇▇▇▇ 100 500 10/24/91 03/12/92 01 10 11000.00 9684.15 84
01003232 ▇▇▇▇▇▇ 100 500 10/26/91 03/12/92 01 07 7700.00 6778.91 84
01003321 OLBU 100 500 11/05/91 03/12/92 01 06 6600.00 5815.48 84
01003343 ▇▇▇▇▇▇ 100 500 11/00/91 03/12/92 01 06 6600.00 5810.48 84
01003345 HIFFMAN 100 500 11/08/91 03/12/92 01 06 6600.00 5810.48 84
01003550 ?????? 100 500 11/09/91 03/12/92 01 06 8800.00 7752.43 84
01003344 MOVE 100 500 11/09/91 03/12/91 01 06 4400.00 5690.63 84
01003382 ▇▇▇▇▇▇▇▇▇ 100 500 11/13/91 03/12/92 01 07 7700.00 4778.91 84
01003388 REIHERF 100 500 11/14/91 03/12/92 01 04 4400.00 5810.48 84
01003413 ▇▇▇▇▇ 100 500 11/16/91 03/12/92 01 07 7700.00 6714.92 84
01003423 ▇▇▇▇▇▇▇ 100 500 11/16/91 03/12/92 01 12 13200.00 10950.06 84
01003431 JORANSTAD 100 500 11/20/91 03/12/92 01 06 4400.00 5854.15 84
01003454 ▇▇▇▇▇▇ 100 500 11/20/91 03/12/92 01 06 6600.00 5910.38 84
01003440 ▇▇▇▇▇▇▇▇ 100 500 11/22/91 03/12/92 01 07 6800.00 7747.51 84
01003462 ▇▇▇▇▇ 100 500 11/23/91 03/12/92 01 06 7700.00 6829.85 84
01003475 ▇▇▇▇▇▇▇▇▇ 100 500 11/24/91 03/12/92 01 06 6600.00 5854.15 84
8
TRENDWEST RESORTS, INC. ASSIGNMENT JOURNAL TRENDWEST RESORTS, INC. PAGE 2
ASSIGNMENTS TO 500 - JELD WEN FOUNDATION EDIT RUN RUN DATE 03/12/92
ASSIGNMENT SALE ASSIGN PR TY SALE PRINCIPAL
MEMBER # LAST NAME OLD NEW -DATE- DATE PK PE PRICE BALANCE TERM
-------------------------------------------------------------------------------------------------------------------------------
01003479 ▇▇▇▇▇▇▇ 100 500 11/30/91 05/12/92 01 07 4235.00 3728.89 84
01003407 ▇▇▇▇▇ 100 500 11/29/91 03/12/92 01 07 7700.00 6829.85 84
01003492 ▇▇▇▇▇▇▇ 100 500 11/29/91 03/12/92 01 10 11000.00 9756.92 84
01003501 ▇▇▇▇▇▇ 100 500 11/30/91 03/12/92 01 07 7700.00 6854.91 84
01003505 ▇▇▇▇▇▇ 100 500 11/30/91 03/12/92 01 07 7700.00 6834.85 84
01003509 ▇▇▇▇▇ 100 500 11/30/91 05/12/92 01 06 4600.00 5654.15 84
01003530 ▇▇▇▇▇ 100 500 01/04/92 03/12/92 01 04 6600.00 5097.32 84
01003531 ▇▇▇▇▇▇▇▇▇ 100 500 12/04/91 03/12/92 01 07 7700.00 6029.85 84
01003535 MCCAIN 100 500 12/05/91 03/12/92 01 04 6600.00 5781.37 84
01003541 JAIN 100 500 12/05/91 03/12/92 01 06 6600.00 5820.48 84
01003547 ▇▇▇▇▇ 100 500 12/06/91 03/12/92 01 07 7700.00 6829.85 84
01003561 ▇▇▇▇▇▇▇ 100 500 12/07/91 03/12/92 01 06 6600.00 8201.80 84
01003570 ROBS 100 500 12/05/91 03/12/92 01 08 8800.00 7863.09 84
01003577 ▇▇▇▇▇ 100 500 12/10/91 05/12/92 01 07 7700.00 6880.21 84
01003620 FERRCEN 100 500 12/20/91 03/12/92 01 07 7700.00 6827.95 84
01003653 ▇▇▇▇ 100 500 01/11/92 03/12/92 01 07 7700.00 6876.16 84
01003662 ▇▇▇▇▇▇ 100 500 01/11/92 03/12/92 01 07 7700.00 6872.57 84
01003767 ▇▇▇▇▇▇▇▇ 100 500 02/01/92 03/12/92 01 10 11500.00 7269.59 84
01003847 ▇▇▇▇▇▇ 100 500 02/12/92 03/12/92 01 06 6900.00 6210.00 84
01005067 ▇▇▇▇▇▇▇ 100 500 02/15/92 05/12/92 01 12 13800.00 12420.00 84
01403883 ▇▇▇▇▇ 100 500 02/18/92 03/12/92 01 06 6900.00 6210.00 84
01005901 KALES 100 500 02/20/92 03/12/92 01 08 9280.00 8280.00 84
01003915 ▇▇▇▇▇▇▇ 100 500 02/22/92 03/12/92 01 07 8050.00 7245.00 84
01003940 GREENWOOD 100 500 02/27/92 05/12/92 01 04 6900.00 6218.00 84
01003955 ▇▇▇▇▇▇▇ 100 500 02/28/92 03/12/92 01 08 9200.00 8280.00 84
01003915 ▇▇▇▇▇▇▇▇ 100 500 02/29/92 03/12/92 01 08 9200.00 8280.00 84
03001404 ▇▇▇▇▇▇▇ 100 500 05/17/91 03/12/92 03 06 6600.00 5940.00 84
03001715 ▇▇▇▇▇ 100 500 06/23/91 03/12/92 03 06 6600.00 5806.49 84
03001720 KIMMEL 100 500 06/24/91 03/12/92 05 06 6400.00 5805.51 84
03001723 ▇▇▇▇▇▇▇ 100 500 06/27/91 03/12/92 03 06 6600.00 5807.45 84
03001729 ▇▇▇▇▇▇▇ 100 500 06/28/91 03/12/92 05 06 6600.00 5857.16 84
03001731 ▇▇▇▇▇ 100 500 06/28/91 03/12/92 05 06 6600.00 5852.11 84
03001744 ▇▇▇▇▇▇▇▇ 100 500 07/03/91 03/12/92 05 06 6600.00 5852.11 84
03001634 PRITTIE 100 500 07/28/91 03/12/92 05 06 6600.00 5777.10 84
03001807 ▇▇▇▇▇ 100 500 08/14/91 03/12/92 05 06 6600.00 5772.41 84
03001914 NORTHROP 100 500 08/22/91 03/12/92 03 06 6600.00 3744.32 84
03001932 ROBERTUS 100 500 08/29/91 03/12/92 03 06 6600.00 5854.15 84
03001942 GILLIES 100 500 09/07/91 03/12/92 05 06 6600.00 5864.70 84
03001972 ▇▇▇▇ 100 500 09/08/91 03/12/92 03 06 6600.00 5814.43 84
03001977 ▇▇▇▇ 100 500 09/11/91 03/12/92 03 06 7700.00 6789.09 84
03002079 ▇▇▇▇▇▇▇ 100 500 10/03/91 03/12/92 03 07 7700.00 6729.08 84
03002080 ▇▇▇▇▇ 100 500 10/03/91 03/12/92 03 08 8800.00 7651.77 84
03002092 MEGANT 100 500 10/04/91 03/12/92 03 06 6600.00 5825.54 84
03002094 ▇▇▇▇▇▇ 100 500 10/04/91 03/12/92 03 07 7700.00 6690.63 84
03002100 ▇▇▇▇▇▇▇ 100 500 10/09/91 03/12/92 03 06 6600.00 5764.32 84
03002104 HUZYK 100 500 10/06/91 03/12/92 03 06 6600.00 4642.67 84
03002109 ▇▇▇▇▇▇▇▇▇ 100 500 10/09/91 03/12/92 03 07 7700.00 6757.43 84
03002114 NENCHEROFF 100 500 10/09/91 03/12/92 03 07 7700.00 6850.77 84
03002120 ▇▇▇▇▇ 100 500 10/11/91 03/12/92 03 10 11000.00 7326.86 60
03002131 ▇▇▇▇▇▇ 100 500 10/12/91 03/12/92 03 08 0000.00 7688.45 84
03002132 ▇▇▇▇▇▇ 100 500 10/12/91 03/12/92 03 07 7700.00 6675.22 84
03002175 GROSS 100 500 10/20/91 03/12/92 03 06 6600.00 5744.32 84
03002178 ▇▇▇▇▇ 100 500 10/23/91 03/12/92 03 04 6600.00 3810.48 84
9
TRENDWEST RESORTS, INC. ASSIGNMENT JOURNAL TRENDWEST RESORTS, INC. PAGE 3
ASSIGNMENTS TO 500 - JELD WEN FOUNDATION o EDIT RUN RUN DATE 03/12/92
ASSIGNMENT SALE ASSIGN PR TY SALE PRINCIPAL
MEMBER # LAST NAME OLD NEW -DATE- DATE PK PE PRICE BALANCE TERM
-------------------------------------------------------------------------------------------------------
03002107 KEPLE 100 500 10/24/91 03/12/92 03 06 4400.00 5744.32 84
03002327 ▇▇▇▇▇ 100 500 11/23/91 03/12/92 03 06 6600.00 5854.14 84
03002344 SIGUALDASON 100 500 11/27/91 03/12/92 03 06 6400.00 5859.15 84
03002371 ▇▇▇▇▇▇ 100 500 12/04/91 03/12/92 03 06 4600.00 1874.58 84
03002386 FOXX 100 500 12/03/92 03/12/92 03 07 7700.00 6828.75 84
03002399 ▇▇▇▇▇▇ 100 500 12/12/91 03/12/92 03 06 6400.00 5897.32 84
03002427 ▇▇▇▇▇▇▇▇▇ 100 500 01/11/92 03/12/92 03 06 6600.00 5887.72 84
03002445 ▇▇▇▇▇▇▇▇▇ 100 500 01/16/92 03/12/92 03 07 0050.00 7188.71 84
03002459 ▇▇▇▇▇▇▇ 100 500 01/19/92 03/12/92 03 06 4900.00 6161.75 84
03002497 GENTRAY 100 500 01/29/92 03/12/92 03 06 4900.00 4210.00 84
03002527 HAMMER 100 500 02/07/92 03/12/92 05 06 4900.00 4210.00 84
03002553 ▇▇▇▇▇▇▇▇▇ 100 500 02/09/92 03/12/92 03 07 8050.00 1102.46 84
03002559 ▇▇▇▇▇ 100 500 02/14/92 03/12/92 03 07 8050.00 7245.00 84
03002540 ▇▇▇▇▇ 100 500 02/14/93 03/12/92 03 07 8050.00 7186.71 84
03002585 GARDENER 100 500 02/20/92 03/12/92 03 08 9200.00 8200.00 84
03002407 ▇▇▇▇ 100 500 02/28/92 03/12/92 03 10 11500.00 10350.00 84
04401144 ▇▇▇▇▇▇ 100 500 05/31/91 03/12/92 04 06 6000.00 5283.62 84
04001146 ▇▇▇▇▇ 100 500 04/01/91 03/12/92 04 07 7080.00 6156.65 84
04001374 ▇▇▇▇▇▇▇▇ 100 500 04/09/91 03/12/92 04 07 7000.00 4164.24 84
04001234 NOSMER 100 500 01/15/91 03/12/92 04 07 4400.00 5697.82 84
04001251 ▇▇▇▇▇ 100 500 06/20/91 03/12/92 04 06 4600.00 5055.15 84
04001257 ▇▇▇▇▇▇▇▇ 100 500 06/29/91 03/12/92 04 06 4600.00 5612.98 84
04001390 ▇▇▇▇▇▇ 100 500 08/05/91 03/12/92 04 07 7700.00 6780.65 84
04001391 ▇▇▇▇▇ 100 500 01/15/92 03/12/92 04 08 8800.00 7843.76 84
04001420 MARGUNRDT 100 500 03/13/91 03/12/92 04 06 6400.00 3811.90 84
04001439 ADACA 100 500 08/14/91 03/12/92 04 12 13200.00 11678.75 84
04001445 ▇▇▇▇▇▇▇▇▇ 100 500 08/16/91 03/12/92 04 07 7700.00 6780.65 84
04041445 ▇▇▇▇▇▇▇ 100 500 08/22/91 03/12/92 04 06 4400.00 5855.15 84
04001471 IVORY 100 500 08/22/91 03/12/92 04 06 4400.00 5811.98 84
04001467 LAMB 100 500 08/27/91 03/12/92 04 06 4400.00 5811.98 84
04001487 JENSEK 100 500 08/27/91 03/12/92 04 06 4600.00 5817.09 84
04001530 ▇▇▇▇▇ 100 500 09/07/91 03/12/92 04 06 4600.00 5811.98 84
04001549 HOLDEN 100 500 09/10/91 03/12/92 04 07 7700.00 6830.99 84
04001431 ▇▇▇▇▇▇▇▇ 100 500 09/28/91 03/12/92 04 04 6600.00 5940.00 84
04001444 ▇▇▇▇▇▇▇▇ 100 500 10/03/91 03/12/92 04 06 4400.00 5774.82 84
04001448 ▇▇▇▇▇▇▇▇▇ 100 500 10/05/91 03/12/92 04 08 8800.00 7811.25 84
04001454 ▇▇▇▇▇▇▇ 100 500 10/05/91 03/12/92 04 10 10600.00 5425.25 75
04001437 ▇▇▇▇▇▇▇ 100 500 10/09/91 03/12/92 04 04 6600.00 5899.47 84
04001640 ▇▇▇▇▇▇▇▇▇ 100 500 10/09/91 03/12/92 04 07 7700.00 6737.28 84
04001400 HORLINCS 100 500 01/15/92 03/12/92 04 06 6600.00 5899.47 84
04001435 HONG 100 500 10/17/91 03/12/92 04 07 7700.00 6757.28 84
04001720 MACAFEE 100 500 10/24/91 03/12/92 04 06 6600.00 5816.80 84
04001753 ▇▇▇▇▇ 100 500 10/26/91 03/12/92 04 10 11000.00 9494.90 84
04001740 ▇▇▇▇▇▇▇ 100 500 10/30/91 03/12/92 04 08 8900.00 7755.93 84
04001741 ▇▇▇▇▇ 100 500 10/30/91 03/12/92 04 04 6600.00 5814.88 84
04001748 ▇▇▇▇▇▇ 100 500 11/01/91 03/12/92 04 10 11000.00 7624.72 84
04001761 ▇▇▇▇▇ 100 500 11/02/91 03/12/92 04 04 4400.00 5834.40 84
04001782 NAZZAK 100 500 11/09/91 03/12/92 04 07 7700.00 4786.34 84
04001793 ▇▇▇▇ 100 500 11/14/91 03/12/92 04 06 6600.00 3858.00 84
04001799 HOOD 100 500 11/15/91 03/12/92 04 08 8800.00 7755.83 84
04001815 HOLLAND 100 500 11/19/91 03/12/92 04 08 8800.00 7811.23 84
04001832 ▇▇▇▇▇▇▇▇▇▇▇ 100 500 11/23/91 03/12/92 04 07 7700.00 6834.43 84
04001344 ▇▇▇▇▇▇▇▇ 100 500 11/29/91 03/12/92 04 06 6600.00 5748.68 84
10
TRENDWEST RESORTS, INC. ASSIGNMENT JOURNAL TRANDWEST RESORTS, INC. PAGE 4
ASSIGNMENTS TO 500 -- JELD WEN FOUNDATION EDIT ADM RUN DATE 5/12/92
ASSIGNMENT SALE ASSIGN PR TV SALE PRINCIPAL
MEMBER # LAST NAME OLD NEW -DATE- DATE PK PE PRICE BALANCE TERM
---------------------------------------------------------------------------------------------
04001945 ▇▇▇▇▇▇ 100 500 11/29/91 05/12/92 04 04 6600.00 5058.45 84
04001952 ▇▇▇▇▇▇▇▇ 100 500 11/29/91 03/12/92 04 06 6600.00 5916.95 84
04001953 ▇▇▇▇▇▇▇ 100 500 12/17/91 05/12/92 04 10 11000.00 9832.56 84
04001842 ▇▇▇▇▇ 100 500 12/03/91 05/12/92 04 10 4400.00 5854.45 84
04001883 GEORGATOS 100 500 12/06/92 05/12/92 04 5000.00 7311.23 84
04001895 ▇▇▇▇▇▇ 100 500 12/06/91 05/12/92 04 05 7700.00 6380.23 84
04001901 ILANDER 100 500 11/30/91 05/12/92 04 05 11000.00 9744.46 84
04001818 ▇▇▇▇▇▇▇ 100 500 12/10/91 05/12/92 04 05 1600.00 5924.67 84
04001824 ▇▇▇▇▇▇ 100 500 12/10/91 05/12/92 04 06 4400.00 5899.47 84
04001927 ▇▇▇▇▇▇▇▇ 100 500 01/02/91 05/12/92 04 06 7700.00 4282.71 84
04001966 SKAMMAN 100 500 01/11/92 03/12/92 04 07 7700.00 6282.71 84
04001994 ▇▇▇▇▇▇▇ 100 500 01/16/92 05/12/92 04 06 6900.00 4167.45 84
04007237 ▇▇▇▇▇ 100 500 02/11/92 03/12/92 04 07 8050.00 7195.34 84
04002194 ▇▇▇▇▇▇▇▇ 100 500 02/21/92 05/12/92 04 07 15000.00 12420.00 84
04402194 GONG 100 500 02/26/92 03/12/92 04 08 9200.00 9280.00 84
04002203 ▇▇▇▇▇ 100 500 02/27/92 03/12/92 04 07 8050.00 7245.00 84
04002212 ▇▇▇▇ 100 500 02/28/92 03/12/92 04 06 6900.00 4210.00 84
05001072 GONZALEX 199 500 00/02/91 03/12/92 05 06 4000.00 5322.86 84
05091105 ODOMHELL 100 500 08/15/91 03/12/92 05 07 4600.00 5279.42 84
05001144 GOLSIC 100 500 08/20/91 03/12/92 05 06 4600.00 5897.92 84
05001161 ▇▇▇▇▇▇▇ 100 500 08/10/91 03/12/92 05 06 4600.00 5748.51 84
05001162 KING 100 500 08/30/91 05/12/92 05 06 4400.00 5847.51 84
05001147 ▇▇▇▇▇▇▇ 100 500 05/28/91 03/12/92 05 07 7700.00 4760.45 84
05001310 ▇▇▇▇▇ 100 500 09/27/91 03/12/92 05 04 4606.08 5816.98 84
05001251 ▇▇▇▇▇▇▇▇▇ 100 500 10/25/92 03/12/92 05 06 4400.00 5879.47 84
05001274 ▇▇▇▇ 100 500 10/23/92 03/12/92 05 05 4700.00 5754.45 84
05001310 GEM 100 500 10/23/92 03/12/92 05 05 4400.00 5774.82 84
05001343 ▇▇▇▇▇▇▇ 100 500 10/23/92 03/12/92 05 07 7700.00 6796.04 84
05001354 RUGER 100 500 10/23/92 03/12/92 05 07 4660.00 6773.93 84
05001375 ▇▇▇▇▇ 100 500 10/23/92 03/12/92 05 06 4400.00 3265.42 84
05001375 ▇▇▇▇▇▇▇▇ 100 500 11/23/92 03/12/92 05 07 7700.00 4574.21 84
05001376 ▇▇▇▇▇▇ 100 500 11/23/92 03/12/92 05 06 6600.00 4476.34 84
05001378 ▇▇▇▇▇ 100 500 11/23/92 03/12/92 05 06 4400.00 5816.43 84
05001301 ▇▇▇▇▇ 100 500 11/23/92 03/12/92 05 07 4770.00 5848.24 84
05001302 ▇▇▇▇▇▇ 100 500 11/23/92 03/12/92 05 07 6600.00 3456.34 84
05001395 MATSUDA 100 500 11/23/91 03/12/92 05 06 4400.00 5821.67 84
05001381 ▇▇▇▇▇▇▇ 100 500 11/23/91 03/12/92 05 06 7700.00 5746.55 84
05001396 ▇▇▇▇ 100 500 11/23/91 03/12/92 05 07 6600.00 6885.38 84
05001498 MHODIES 100 500 12/23/91 03/12/92 05 06 4400.00 5814.72 84
05001401 ▇▇▇▇▇▇▇▇▇▇▇ 100 500 12/23/91 03/12/92 05 06 7700.00 6784.36 84
05001412 SCHWINN 100 500 12/23/91 03/12/92 05 06 6600.00 5814.72 84
05001420 MAYASHI 100 500 12/23/91 03/12/92 05 06 4400.00 5816.38 84
05001474 ▇▇▇▇▇▇▇▇ 100 500 12/23/91 03/12/92 05 04 7700.00 5848.43 84
05001459 GARTIEZ 100 500 12/23/91 03/12/92 05 06 6600.00 5858.43 84
05001475 FAJARRO 100 500 12/23/91 03/12/92 05 06 4400.00 5816.89 84
05001475 FEIGHERT 100 500 12/23/91 03/12/92 05 06 7700.00 5816.80 84
05001475 IMEI 100 500 12/23/91 03/12/92 05 06 6600.00 5858.43 84
05001467 ▇▇▇▇▇▇▇▇ 100 500 12/23/91 03/12/92 05 06 4400.00 5858.43 84
05001495 HOYNE 100 500 12/23/91 03/12/92 05 07 7700.00 7811.23 84
05001537 ▇▇▇▇▇ 100 500 01/23/92 03/12/92 05 07 6600.00 6738.80 84
05001568 ▇▇▇▇▇▇▇ 100 500 10223/92 03/12/92 05 04 7700.00 5899.47 84
05001869 ISHIDA 100 500 01/11/92 03/12/92 05 04 6600.00 6874.09 84
11
TRENDWEST RESORTS, INC. ASSIGNMENT JOURNAL TRENDWEST RESORTS, INC. PAGE 5
ASSIGNMENTS TO 500 - JELD WEN FOUNDATION o EDIT RUN RUN DATE 03/12/92
ASSIGNMENT SALE ASSIGN PA TY SALE PRINCIPAL
MEMBER # LAST NAME OLD NEW -DATE- DATE PK PE PRICE BALANCE TERM
-------------------------------------------------------------------------------------------------------------
05001508 HIGHT 100 500 01/15/92 03/12/92 05 06 4900.00 6147.65 84
05001590 ▇▇▇▇▇▇ 100 500 01/16/92 03/12/92 05 07 7700.00 6834.83 84
05001608 HAWTHORNE 100 500 01/18/92 03/12/92 05 06 4900.00 6210.00 84
05001630 ▇▇▇▇▇▇▇ 100 500 01/24/92 03/12/92 05 07 8050.00 7194.56 84
05001799 ▇▇▇▇▇▇ 100 500 02/27/92 03/12/92 05 07 8050.00 7245.00 84
-------------------------------------------------------------------------------------------------------------
500 - JELD WEN FOUNDATION 1421950.00 1404377.53 217
12
ASSIGNMENT AND ASSUMPTION AGREEMENT
FOR VALUE RECEIVED, (i) TRENDWEST RESORTS, INC., a Washington
corporation ("Assignor"), assigns, transfers and sets over to the JELD-WEN
FOUNDATION ("Assignee"), all of Assignor's right, title and interest as of the
Effective Time in the Acquired Purchase Contracts described in that certain
Purchase Agreement dated as of March 13, 1992 between Assignor and Assignee
("Agreement"), and listed in the attached Schedule; and (ii) Assignee hereby
assumes and agrees to perform all obligations of Assignor under said contracts,
which arise or mature after the Effective Time.
This Assignment and Assumption Agreement is executed pursuant to the
Agreement, which contains warranties, rights and limitations with respect to
the obligations assigned and assumed hereunder and which Agreement is
incorporated herein by this reference. All capitalized terms in this instrument
shall have the meanings set forth in the Agreement, unless separately defined
herein.
DATED this 13th day of March, 1992.
JELD-WEN FOUNDATION TRENDWEST RESORTS, INC.
By: [SIG] By: [SIG]
-------------------------- ---------------------------
▇. ▇. ▇▇▇▇▇ Its: Secretary
Trustee
13
▇▇▇▇ OF SALE
FOR VALUE RECEIVED, TRENDWEST RESORTS, INC., a Washington corporation
("Seller") sells, assigns and transfers to the JELD-WEN FOUNDATION ("Buyer"),
all of Seller's right, title and interest in the Acquired Purchase Contracts as
of the Effective Time. The property being conveyed pursuant to this ▇▇▇▇ of
Sale is listed on Appendix "A", attached hereto.
This ▇▇▇▇ of Sale is given pursuant to that certain Purchase Agreement
dated as of March 13, 1992, between Seller and Buyer ("Agreement"), which is
incorporated herein by reference and which contains certain warranties and
disclaimers applicable for this instrument. All capitalized terms in this ▇▇▇▇
of Sale shall have the meanings specified in the Agreement.
DATED this 13th day of March, 1992.
TRENDWEST RESORTS, INC.
By: [SIG]
----------------------------
Its: Secretary
--------------------------