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HomeMy WebLinkAbout02-5189IN RE: ASSIGNMENT OF STRUCTURED SETTLEMENT PROC~.RI)S OF DONALD H. MOORE : IN THE COURT OF COMMON pI.I~AS : CUMBERLAND COUNTY, PENNSYLVANIA P~.-rrrlON FOR JUDICIAL APPROVAL OF ASSIGNMENT OF STRUCTURED $a-I-~LEMENT PROCEEDS OF DONALD H. MOORE 1. Donald H. Moore is an adult individual residing at 530 Marsh Run Road, New Cumberland, PA 17070-3118. 2. 321 Henderson receivables Limited Partnership ("321 Henderson'S, is a Nevada Limited Partnership with its principal place of business at 2920 North Green Valley Parkway, Building #3, Suite 321, Henderson, Nevada 89014. 3. This Court has venue pursuant to the Structured Settlement Protection Act, the act of February 11, 2000, 40 P.S. § 4004, effective April 11, 2000, in that Donald H. Moore, the petitioner and payee is domiciled in Cumberland County. 4. Pursuant to a Purchase Agreement between Donald H. Moore and J.G. Wentworth S.S.C. Limited Partnership dated August 28, 2002, Petitioner agreed to transfer (A) one payment of Fifty Thousand Dollars ($50,000.00), which is due and payable to Donald H. Moore on or about June 1, 2003 pursuant to a Settlement Agreement executed on May 18, 1988 by Petitioner and Consolidated Rail Company (the "Settlement Agreement"), the payments of which are funded by an annuity contract issued by Monumental Life Insurance Company; and (B) one payment of One Hundred Thousand Dollars ($100,000.00), which is due and payable to Donald H. Moore on June 1, 2008 pursuant to the Settlement Agreement, to J.G. Wentworth S.S.C. in exchange for a lump sum payment of Ninety Thousand Dollars and Zero cents ($90,000.00). 5. The Purchase Agreement is a writing and a true and correct copy, along with Exhibits, is attached hereto as Exhibit A. 6. The proposed transfer does not contravene any other applicable Federal or State statutes or regulations. 7. The structured settlement does not arise out of a workers' compensation situation. 8. The Petitioner is an adult individual of sound mind and is not acting under duress on seeking court approval of this assignment. 9. Petitioner has sought out and received independent legal counsel regarding the ramification of this transaction. 10. Petitionerisawarethediscountrateforthetransactionis14.77%. Petitioner has seriously contemplated the assignment and due to his personal circumstances and needs believes this assignment is in his best interest. WHEREFORE, Petitioner respectfully requests the Court enter an order approving the assignment of the following payment to 321 Henderson: One payment of Fifty Thousand Dollars ($50,000.00), which is due on June 1, 2003; and (B) one payment of One Hundred Thousand Dollars ($100,000.00), which is due on June 1, 2008 Date: October 22, 2002 86531.1 By: Respectfully submitted, GOLDBERG, KATZMAN & SHIPMAN, P.C. Tho~mas J. Weber, Esquire Supr. I.D. #58853 David M. Steckel, Esquire Supt. I.D. #82340 320 Market Street, p. O. Box 1268 Harrisburg, PA 17108-1268 (717) 234-4161 CERTIFICATE OF SERVICE I hereby certify that I am this date serving a copy of the foregoing document upon the person(s) and in the manner indicated below, which service satisfies the requirements of the Pennsylvania Rules of Civil Procedure, by depositing a copy of same in the United States Mail, Harrisburg, Pennsylvania, with first-class postage, prepaid, as follows: 321 Henderson 2920 North Green Valley Parkway Building #3, Suite 321 Henderson, Nevada 89014 GOLDBERG, KATZMAN & SHIPMAN, P.C. Dated: October 22, 2002 By: Tl~5'mas J. Weber, Esquire Attorney I.D. #58853 David M. Steckel, Esquire Attorney I.D. #82340 320 Market Street P. O. Box 1268 Harrisburg, PA 17108-1268 (717) 234-4161 Exhibit A Sent by: J.G. WENTWORTH 215 567 4336; 10/02/02 17:0Bi #868; Page 2 · 0 PURCHASE AGREEMEN'~ , ~'Fhis isa Purchase Agreement, The date of this Agreement is ~t~ {~ ~ ,200~ Dnnnie Mooreis e 'el Hcadcrson Recci~bles Limite ~e~hi~ -x~---~-': .. ~, ~ .. . ~ ~ S ler. 321 d P~ ...... r, ~ ~v~a ~ml~ea ~e~nlp, its succe~o~ an~ur assigns is the Burr. In this Agreement, Dermic Moore is ~fe~od to ~ "You" or "Your" ~d 321 Henderson ~eceivabies Limited Paanership or lis comic, Js refe~ to ~ "We", "Us' 0r "~r". BACKGROUND OF THIS AGREEMENT I. On May l 8, 1988, Ymi signed a Settlement Agreement with Consolidated Rail Company ("CONRAIL') and possibly others (the "R. elease" or the "Settlement Agreement"). Under the Settlement Agrc~mant, You are entitled to receive certain payments (the "Payments") because You settled a personal injury claim with CONRAIL. 2. CONILAIL ~md/or its i~urer funded the Payments by buying an annuity contract (the "Annuity") issued by Monumental Life insurance Company (the "Annuity Company"). 3. A list of the Payments being sold under fi,is Agreement is attached Lo this Agreement as Exhibit "A". You have supplied us with a copy of the Release arid a copy of the Annuity or a letter that describes the obligations of Monumemal Life {nsurance Company under the Annuity, 4. You desire to sell and assign to Us all of Your rights to receive all or a portion of the Payments under the Release, as described on Exhibit "A", all of the other rights You have under the Release and the other rights as described in Section l(a) below. We desire to purchase all of Your rights and benefits, on the terms and under the conditions described in this Agreement. You and We agree as follows: 1. Purchase and Sale.. You now sell, transfer and assign to Us ail of Your rights in th" ' ,, e Asstgned Assets , As used in this Agreement, the term "Assigned Assets" means (1) all of Your rights to receive all or a portion of the Payments under the Release (2) the Payments listed in Exhibit "A", (3) the right to receive all or a portico of the" ' , qualified fi~ndmg asset defined in the Qualified Assignment described in Exhibit "C" and any interest in the proceeds of the qualified funding asset related to the Assigned Assets, (4) all of Your other rights (but none of Your obligations) under the R. elease and the Qualified Assignment related to the Assigned As.sets, and ($) ali of Your present or f~ture rights to sell, assign, transfer, cause an early termination of, modify, waive, settle, or receive value for, the Payments on Exhibit "A". By Our signing this Agreement, We are hereby purchasing and accepting the sale and assignment of all of the Assigned Assets described above. The purchase pri~ is NINETY THOUSAND DOLLARS AND 00/100 ($90,000.00) (the "Purchase Price"). The Purchase Price will be paid to You when both You and We sign this Agreement and Wc have completed Our internal process_ lnitisl: 1 ~2002 321 t-lendei'Son Receivables Limited Paxmcrihlp Sent by: J.G. WENqq/VORTH 215 567 4336; 10/02/02 17:04; #868; Page 3/14 Instructions to AnneJ~ ~'-' ashy: Acknowledgment_ a. When diis A~eemeflt is signed by Y~ ~d Us, You will deliver to LJs a rc~ar, addm~cd to Ammi~y Comply, s~t~g ~t all paym~ to be made minting to ~y of[he Assigned As~ will scm to Us (the "Notice of Direction of Payment"). The Notice of Direction nfl Payment will be in a fo~ sadsfactow to Us. You wild Mso, at ~c t~c of or ~ Year signing of~ia Agreement, dalDer lo Us, addressed ~ We ~y reqn~, o~er no~ic~, ~s~ctions or doct~cnts, and c~ies of them, We think ~c aec~ or proper to c~ out this A~cemsat. N Wh~a You ~d We si~ ~is A~m~t, Yon will also dcli~r to Us: (1) a letter adduced Annuity Comply dir~ting ~at ~1 ~a of ~e Asai~cd Assets after Yo~ dea~ shall be sent directly to Us. ~d (2) a ~ge of B~e~ci~ Fo~ ch~ging th~ b~nefici~ of ~ Assi~cd Assets, aaer Yo~ d~, to "321 Hend~n R~ci~bles Limited P~ncrship". as sol, ~ne~ci~ R 1 ) and (2) a~ve ~ r*f~d to ~ ~ Ch~ge of Benaflci~y Fermi. Thc Change of Form will ~te ~ tha inspections may aev~ De ravo~,d ~d that no change may De ma~ in ins~uctiona or in the ~yments (~clud~ as to the payee or the manner or place of m~ing such payments) without Our prior ~n consent. You will also, when this Agreement is signed by Yon ~ Ua, deliver to U~, addressed ~ We ma~ require, such o~er notices, ins~ction~ or ~ copies of ~em, ~ We ~i~ ga n~ca~ or proper to ~ out ~is Agreement. c. ~e~ore You ~d We si~ ~ A~meat, You will deliver to Us ~ ac~owl~agmeat of th~ ~mm of Dori Ann M. Bl~serd, K~ Eli~c~ M. S~m, Te~ Lynn M~re, Donald H~on Moore, I1, Ma~ew Jacob M~m, & J~n ~c Mourn, ~ p~m~ ~ane~ci~y of the Assi~ed As~, of ~c te~s of th~ A~emant. ~e Es~e of ~ri A~ M. Blo~ord, Kathryn Eli~c~ M. S~, Tc~ Lynn Moore. Donald H~sen M~r¢, 11, M~cw Iacob Moore, & Jason Le~ Moo~ will ag~ · ey are not eatid~ to ~y ri~ to ~y of~e ~si~ Asse~. d. You a~ec to ai~ all o~er d~en~ which We ~y r~uest forever naming Us ~ thc only ~nefici~ of the Assi~ed Aase~ ~lud~g but ant limimd to ~ agrcamen~ to provide in Yo~ L~t Will ~d Testat ~t all ofYo~ righm to ~e Assi~ed A~ were sola to Us (a "Tes~eat~ e. You acknowledge that We advised You to obtain independent professional tax advice to determine whether thi~ transaction will result in any adverse fedex'al an~or state tax consequences. f. You acknowledg~ that We edvised You mast obtain independent I~gal representation prior tO executing this Agreement and that We have advised you that We may not refer You to any specific attorney for Such purpose. You acknowledge that We have advised You that where a New York court approved Your original stnictumd settlement, We, to the extent the court will entertain jurisdiction, will apply to such coati rot approval of Your wans,action with Us prior to finalizing any a'ansfer of any rights to receive payments under Yotw swactured settlement. (Applicable to New York residents only.) Your Renresentations and Wnrrant~.'-, You now represent and warrant to Us that: a. You own (and are selling and assigning to Us tmd~r this Agreement) all of ~e Assigned Assets, free and clear of all claims, liens, charges, s~urlty interests, encnmhrances, and agreements of any aatm-e (other than this Agreement), ~md when You and We sign this Agreement, no one other than Us shall have any present or fi.~re right to the Assigned Assets. This Agreement and all of thc other documents signed in connection with this Agreement 2 ~2002 321 HmBe. raon Receivables Limi~:d P'armcrship Sent by: J.G. WENTWORTH 215 567 4336; 10/02/02 17:04; #868; Page 4/14 h,a,v.c t~e~o~perly, signed by You, and they represea~Your ega], valid and binding otmgaue~l~nrorceanle against You in accordance with t~Jl~terms. The copies of the list of Payments, ReJeas~ and Atmuiry or a letter that describes the obligations of Monumemal Life Insurance Company under the Annuls, a~aehed to ~is Ag~e~n~ ~ E~ibj~s A, B ~d C ~e ~e copies of such a~m~ ~d have not ~ ~tered, ~ended or modJJled in ~y way since thc date they were signed. ~c Rel~se is valid ~d binding on all of the ~Hjes that have signed iL is in ~lJ fo~e ~d effe~ ~d no p~y h~ violated ~y of its te~s. T~ signing and pe~ormmce ef th~ A~ment by You and thc ~ansactio~s described in · is Agreement; L do not conflict with any other obligations of Yours; ii. will not cause a violation under (or create any fight of termination, cancellation or acceleration or similar fight under) any contract or agreement by which You or Your assets, including the Release, ace bound or may be affected; iii. will not create, or give any part3t (other than Us) the right to create, any lien, charge, security interest or encumbrance in, to or on any of the Assigned Assets; and iv. will not create a present or future right Jn any other puny to make any claim against You or Youc assets, or any of the Assignad Assets. d. You understand the terms and provisions of this Agreement and You have bern represented by tax and accounting advisors and a lawyer in the signing of this Agreement. e. Neither You nor anyone else b. ava to do anything else for (1) thc proper signing and performance by You of this Agreement and any ~ansactJons intended to be done in this Agreement, or (2) the carrying out by Us of any of Our rights and remedies under this Agreement. No other person has made a cisinl in any rights in or to the Assigned Assets. £ You have valid reasons for selling Your interest in the Assigned Assets rather than obtaining a loan with the Assigned Assets aa collateral, and You agree that the transaction set forth in this Agreement is not a loan or other financing transaction. g. This Agreement is a valid sale, transfer and assignment to Us of the Assigned Assets. h, Your residence and legal addceas is as dnseribed in Paragraph 12 of this Agreement. During the last ~"~ fi years, You have lived at such ad.ess. i. No representation or warranty of Yours in this Agreement or in any of the documents delivered in ennnection with this Agreement Or in any agreement required by this Agreement, is inaccurate or euntains any untrue Or mJsleadilag statement. j. The signing by You of this Agr~ment will not vinlatc any other promise ar agreement you have made with anyone else. You understand that any and all resMetions on the assignability of the Scheduled Payments were included ia the Release and/or Annuity at Your request, for Your benefit and not for the benefit of any other person. These restrictions, il'any, were included by You aa a precautionary measure to make sure You were allowed favorable tax treatment under the Imernal ReVenue Code. You understand that by entering into this Agreement, you may be giving up this favorable tax treatment. You unders~nd that any income ~arned by You on any investment or use of the Purchase Price may be taxable to You. You may have to pay more in taxes as a result of this Agreement. For OUr benefit and the benefit of Our assigns or successors, You agree to WAIVE AND RELEASE all of Your rights in, to, or under, such resections on assignability, if any. Inidnh ©2002 321 H~dor~on R~:c~iva~les Limited Parblcr~hip Sent by: J.G, WENTWORTH 215 587 4336i 10/02/02 17:04; #868; Page 5/14 You ha,,i~t before the date of this Agreement, sold or ~,ned Your r ght to the Assigned Assets o1~l~y pan of the Ass gned Assets. You do not W any m~ney to Your present or former spouse for support maintenance or s/mi]ar obligations, nor do You owe any money to any of Your children or guardians of Your children. The Assigned Assets are not subj0ct to any community property or simil~ marital rights of any person. Your right to the Assigned Assets is not affected by any mortgage, pledge lien, charge. security interest, encumbrance, restriction or adverse claim of any natare. Yea understand that any violation of any of Your representations ia this agreement will result in an act of fraud by You which could result in You being held responsible for damages in favor of Us, with money to be paid by You to Us. You are not in violation of'any obligations concern/ag child-care, alimony or support. You now give up forever all Your rights in any agreement that says that You cannot assign or sell Your fights in the Assigned Assets to Us. You have not requested and You do not expect to receive fi-nm Us, a Form 1099 or any other documentation which could make the transaction described by this Agreement taxable to You in any way. You fiirther understand that We have not given to You any advice about any of Your taxes in this transaction. You have relied on Your own professional advisors concerning taxes As of the date of this Agreement, You are of'legal age in the stare noted as Your address in Section 12 of this Agreement, mentally sane, and of a sound m/nd. You have never been convicted of a felony or any other ct/me involving dishonesty. You are vary familiar with Your financial affair~ and condition. With that full understanding, You certify that (I) on the date We pay You the Purchase Price and You sell to Us the Assigned AS~L% the fair value of Your assets are and will be greater than all of Your debts; (2) You presently intend to pay all of Your m'editom when such payments are due; and (3) You have not intentionally hidden the fact fi-om any creditor of You. rs that You have entered /nto this Agreement and the other documents referred to in this Agreement, You do not intend to file for bankruplcy and there arc no lawsuits or other efforts by any of Your creditors to put You into bankruptcy or to take the Assigned Assets. The Purchase Price is not Your only or most important source of income and You dc not have any mental or physical problems that would prevent You fi-om having a paying job. You promise to us that no broker, finder, Or other peach other than those persons named in the broker statement signed by you in connection with this Agreement was involved in or important in arranging the purchase transaction in tiffs Agreement. No other person has a right to any fee, payment, commission, or other compensation because oft. his Agreement. You agree that We have not/breed You to give to Us copies of any confidential documents. You agree that We told You that We only needed to see those documents which described the Assigned Assets so we could buy fi.om Yon the Assigned Assets. You agree that We do not intend to tell any other party about what ia included in those documents. You understand that if We do so, it will only be for the sole purpose of buying the Assigned You understand that it usually takes four weeks to complete this process, but that it could take longer if we do not receive cOoperation flora you or tha annuity company. You understand that, due to the delays that may be occasioned by the annuity company, we will escrow the amount equal to the next two monthly payments due to you from the annuity company to insure that we receive all of the payments that we purchase, You understand that 4 ~2002 :t21 Henderson Receivables Limited Patmetship Sent by: J.G. WENTWORTH 215 567 43361 10/02/02 17:05j //868; Page 6/14 we may~cr pay or escrow funds lo satisfy any jud~,nts, tax liens or child support again.st .,~or the a~signad assets and deduct those am$~s fi`om t~e pu~hase price. You understand that we will deduct from the purchase price any amounts of paymcms received by you prior to funding, if such amounts are not covered by the escrowed funds. You promise Us that: You will not, and will not allow any other party (except Us or Our assignee, it' applicable) to take funds away from the Assigned Assets. You will not do anything else to affect the Assigned A~ets, You will not say You still own the Assigned Assets. You will not do anything or allow anyone else to do anything that could in any way interfere with or lessen Our rights in the Assigned Assets. You will not do anything that will, or could in the future, violate the Release, or any of the agreements required to be executed by this Agreement. You also agree to cooperate with Us to help Us to obtain all of the rights that We arc buying from You in this Agreemen~ and in the Release. You will give to Us az least thirty (30) days written notice of Your intention to move Your residence or change Your legal address fi'om the address in Paragraph t2 of this Agreement. d. You will oat make any change in Your instructions to the Annuity Company regarding payments to b~ made to You. e. You understand that the Annuity and the Release may say that Yon agree not to sell Your r/chis to the Assigned A~ets. You agree to continue to cooperate with Us. This includes Your obligation to immediately deliver to Us any cheeks, funds or other form of Payment received offer the date of this Agreement by You or anyone other than Us. If any Payment is ever denied, delayed, or withheld from Us, as determined by Us in our reasonable dis~etiun, directly or indirectly on account of any act or omission by You or any persun acting for You, then You shell be in default under this Agreement (and an [~vent of Default under ~8 shall be deemed to have occurred). Immediately upon Such default, and without any further notice to You, You will pay to Us the following amounts: (i) the full, dollar value of all remaining Scheduled Payments as they become due after the date of the default; All of the remedies specified under this sect/on shall be cumulative with all of the remedies for default pursuant to $9, If You learn before or after the signing of this Agreement of the threat or actual beginning of any lawsuit or proceeding that has anything to do with Om' rights under this Agreement ortho Assigned Assets, then You will immediately notify Us of that and You will give Us copies of all notices and other writings relating to it promptly after You receive them. Initial: 321 Henderson R¢cciv~btea Limited Par:nm:hip Sent by: J,6. WENTWORTH 215 567 4336; 10/02/02 17:05; #868; Page 7/14 h. It' Y~l~eceive any notice relating to any supposediY~li~aid claim affecting the Annuity ' or tlll~Lssigned Assets or to any other claim against ~[[llb, nnuity or the Assigned AsseLs, then You will promptly notify Us and will promptly give Us ,'epics otail notices and other writings relating to Jt received by You promptly after You receive them. i. You give to Us the right (if' We want to do it) to create and use a signatur~ stump fi'om a specimen signature given by You to Us for usc: (1) in endorsing checks given under the Annuity or the P, cleaie in payment of the Assigned Assets; and (2) to assist Us to do any~ing necessary so We can get all of the rights that We are paying You for Under this Agreement, even if YOu die or get sick. j. A.s described in thc Notice of Direction of Payment, You will tell thc Annuity Company (t) to rand all future Annuity payments for the Assigned Assets to the address We suggest and to change the mailing address of the plimary and contingent beneficiaries to that address; (2) to {gnore all future requests, demands, and insQ'uctions received fi'om You (or any other person besides Us) ubout the Assigned Assets; and (3) to aeeept and honor fiiture requests, instructions, and orders about the Assigned Assets only from Us. $, R~I. GI-IT TO CANCELLATION YOU MAY CANCEL THIS CONTILACT WITHOUT PENALTY OR FURTHER OBLIGATION WITHIN TWENTY-ONE DAYS FROM THE DATE YOU RI~CEIVE PAYMENT FROM 32] HENDERSON, In order for the cancell~tinn to be effeciive, You must mail a notice of cancellation by registered or certified U.S. mail, postmarked within twenty-one (21 ) days of receipt of the Percha.se Price to Us, ¢/o Vice President of Operations at 2920 North Green Valley Parkway. Building #3, Suite 321, Henderson, NV 89014. Furthermore. in order for Your notice of cancellation to be eft=clive, Your registered or certified U.S. mail package to us muir include a bank or certified check for the fiill Purchase Price that We paid You under this Purchase Agreement. Any failure to comply with the above procedtu~ shall be a waiver of Your right to cancel this t~ansaction. 6. Your Further Promise~ You agree that, fi.om time to time, at Your expense, You will promptly sign and give to Us any and all documents to help Us realize our fights and benefits under this Agreement. This promise includes signing, filing or allowing Us to file financing or continuation statomants, or amendments or assignments of those documents. You permit Us or others acting for Us to sigr our name and/or your name and file without Your signatur~ such f'mencing statements, if that is permitted in Your state of residence. When You sign this Agreement, You will also sign and deliver to Ua a "Special Irrevocable Power of' Attorney" You must r~tain the services of an attorney and deliver an opinion of Your attorney about the sale of Assigned Assets to Lis, in a form acceptable to Us, 7. Continuation of Reorese~.iati0ns, War.rustles and Covenants. All of Your representations, warrantie~ and promises made in this Agreement will continue to be relied on bl/Us after this Agreement is signed. ~2002 ~.21 H=nde, r$on Receivables Limite,:l Parma-ship Sent by: J,G. WENTWORTH 215 567 4336; 10/02/02 17;06; #868; Page 8/14 0 8, Event of DefaulL Yom' failure to comply with any term of this Aa.~eement or YOur breach of any of Your representations in this n~eement will mean that You wit1 be in default. We refer to this as an "Event of Default." If there is an Event et' Dethult, We have the right to sue You in court ~o make You perform Your promises or to get money fi.om You, Your failure to comply with any material terms of this Agreement will be a default. in Paragraph 4 (c) You agree to give US at least thirty (30) days written notice aRcr Your move to a new residence or change of Your legal address from the address in Paragraph 16 of this Agreement. If we ave purchasing fi.om You certain lump sum payments, We will contact yon at leasl 3 months before the scheduled payment is due to determine if the address change We have effected with the annuity company is in place and to determine if Your legal add, ass has remained the same. If We cannot contact you because Yon have changed Your legal address or moved Your residence and failed to notify Us, We will consider such failure to notify Us to be an EVENT OF DEFAULT and We will exercise alt of our legal rights under this Agreement. OUR RIGHT TO PROCEED AGAINST YOU UNDER THIS AGREEMENT SHALL BE SOLELY LIMITED TO WHEN YOU HAVE COMMITTED AN EVENT OF DEFAULT. WE SHALL NOT HAVE TIlE RIGHT TO SUE YOU IF OR BECAUSE THE ANNUITY COMPANY IS NOTABLE TO MAKE PAYMENTS BECAUSE IT IS NOT FINANCIALLY ABLE TO DO SO. 9. ~. This Agreemem shall be governed, coustl-~ed and enforced in accordance with the internal laws of the State of Pennsylvania without regard for the conflicts of law rules thereof or elsewhere. (For Court Orders or Notice Transfers obtained in the following jurisdictions: AZ, CA, CT, DE FL, GA, IA, ID, IL, IN, KY, LA, MA, MD. ME, MI, MN, MO, MS, NC, NE, NJ, OH OK, RI, SC, SD, TN, TX, UT, VA WA and WV the hws of those jurisdictions shall be applied in the event ora dispute regarding the transfer.) Your domicile is the proper place of venue to bring any action arising out ora breach 0f this Agreement. I O. Responsibility for this A~reement. This Agreement will hold responsible Your heirs, executors, successors and assigns and will benefit Our representatives, successors, beneficiaries and permitted assigns. Nothing in this Agreement is intended to give anyone other than You or Us or each of Our successOrs or assigns any benefi~z, l I. Notices. All notices and other communications under this Agreement will be in writing and will be made by delivery by means by which the sender obtains a receipt of delivery fi.om the carrier (including without limitation, certified mail return receipt requested or overnight couxier services), addressed to the party to whom a request or demand is to be made. Such demand or notice or request shaJJ be deemed given on lhc date which is one business day after the date sent by overnight mail or ti~cc days aRer the date sent by ccttJfiad mail. The addresses of the parties are as follows: if to You: ~ Meore 530 Marsh Run Rd New Cumberland, PA 17070-3118 If to Us: 321 Henderson Receivables Limited Pannership 2920 North Green Valley Parkway Building # 3, Suite 321 Henderson, NV 89014 Attention: Vice President - Operations Initial: 7 ©2002 321 Huncl~on Receivables {,irnit~d Pannenhip Sent by: J.G. WENTWORTH 215 567 4336j 10/02/02 17:06i #868; Page 9/14 12. Past Artiest_ Atng either You or We did or said before tfiis ~emant v~as signed will not - affect Your or Our rights under this Agreement in any way. 13. Exoenses. Except as othe~ise a~afively set fo~ in ~is A~mcn~, You ~d We agree ~at we will ~ch pay our res~ctlvc c~ and expenses in connection wi~ ~e ~ing om of this A~ement. 14. H~dines. The s~tJon ~d subsection ~dings contained in ~is A~eement ~e for reference pu~ses only and will not affect in ~y way the meaning or infarction or.ia A~eemenL 15. ~. ~e or more originals of this A~m~t may be si~ed wi~ Y~ or Our signat~e. Wh~ put ~er ~ey will m~e one a~eemant and the A~enmcnt will be eomide~d ai~ed by all pmies ~t n~d to si~. A f~imile sig~ture will ~ considered ~ original. 16. Assi~nmenL We ~d anyone to whom We ~si~ ~is A~ecment ~y ~si~ Our right, title and ~te~st M ~d to ~is Agreement, ~e Annuity and the Aasi~ed As~ without Yo~ approval. You ~d We agree that if~ is ~ ~ai~ment by Os m someone e{~, We shall not ~ frangible to You. You must I~k only to the per~n or comfy ~at We assi~ ~is A~eement to fur any payment (for e~ple, of~o Pu~hase Price) ~d peffomlance of · is A~cment. When asked by Us or ~y ~sign~, You will si~ and delivcr any s~h do.meats ~ We may require to p~ this w~tion, ~ ~si~ed. 17. your spouse. You and Your spouse are fi:lly aware of Your rights in :he Assigned Assets. You and Your spouse fully give up those rights. You and Your spouse understand that by selling the Assigned Assets to Us. You and Your spouse are not receiving the same amount of money as You would if You waited for all of the scheduled Payments of the Assigned Assets but., rather, are receiving a discounted va]un in fotura for receipt of the Purchase Price immediately. You and Your spOuse have valid reasons for selling the Assigned Assets. You end Your spouse fully understand the terms of the Purchase Agreement and understand that the sale of the Assigned Assets is t'mal. You also understand that Your spouse gives up any property right he or she may have in the Assigned Assets that Your spouse could claim because of Your marriage, Ig. Entire A reemern. This Agreement and the Exhibits and other documents You signed make up thc entire understanding and agreement between You and Us about this Agreement. This Agreement replaces all prior agreements, whether written or oral. about this Agreement. This Agreement may not bc changed unless in a writing signed by You and Us, 19. Limitation of Liabili~ of Buyer. You understand that Oar liability to You under this Agreement ia s~¢tly limited to the requirement to pay the Purchase Price and under no circumstances will We be responsible for consequential damages. 20. ~ You understand that this sale of the structured ~,ettlement ps.none; may be required to be approved by an order of a court. You agree to cooperate with us to obtafn such court approval. 21. Disclosure Statement. PLEASE BE ADVISED THAT THE PROPOSED TRANSACTION IS A SALE, NOT A LOAN, AND THAT YOU WILL BE SELLING ALL RIGHTS AND TITLE TO THE ASSIGNED ASSETS ONCE THIS TRANSACTION IS CONSUMMATED. PLEASE BE ADVISED THAT YOU MAY BE SUBJECT TO ADVERSE FEDERAL AND STATE INCOME TAX CONSEQUENCES AS A RESULT OF THE PROPOSED TRANSACTION. YOU SHOULD CONSULT YOUR OWN COUNSEL, ACCOUNTANT, OR FINANCIAL ADVISOR REGARDING ANY //~/~/~ Headcrson Receivab[. U,nit~d Partnership ~2002 321 Sent by: J.G. WENT~/ORTH 215 567 4336; 10/02/02 17:06; #B68; Page 10/14 FEDERAL OR STAT~NCOME TAX CONSEQUE~ES ARISING FROM · THE PROPOSED TRA~-SFER. YOUR PURCHASE PRICE WAS DERIVED ASSUMING A DISCOUNT RATE SIGNIFICANTLY HIGHER THAN THE PRIME INTEREST RATES CHARGED BY COMMERCIAL BANKS, THEREFORE, WE URGE YOU TO EXPLORE ALL FINANCIAL OPTIONS. WE WILL PURCHASE FROM YOU A) 1 payment of $50,000.00 on Jun 01, 2003B) 1 payment of $100,000.00 on Jun 01, 2008. THE AGGREGATE AMOUNT OF THE PURCHASED PAYMENTS IS $150,000.00. THE DISCOUNT PRESENT VALUE OF THE AGGREGATE PAYMENTS AT 5.2% IS $122,104.09. TIlE GROSS AMOUNT PAYABLE TO SELLER IS $90,000.00. NO EXPENSES ARE INCURRED BY YOU. THE DISCOUNT RATE FOR THIS TRANSACTION IS 14.77%. THE CASH PAYMENT YOU RECEIVE IN THIS TRANSACTION FROM US WAS DETERMINED BY APPLYING TFIE SPECIFIED EFFECTIVE ANNUAL DISCOUNT RATE, COMPOUNDED MONTHLY, TO TIlE TOTAL AMOUNT OF FUTURE PAYMENTS TO BE RECEIVED BY US. THE QUOTIENT OBTAINED BY DIVIDING TI4F~ NET PAYMENT BY THE DISCOUNTED PRESENT VALUE IS 73.7%. BASED ON THE NET AMOUNT THAT YOU WILL RECEIVE FROM US AND THE AMOUNTS AND TIMING OF THE STRUCTURED- SETTLEMENT PAYMENTS THAT YOU ARE TURNING OVER TO US, YOU WILL, IN EFFECT, BE PAYING INTEREST TO US AT A RATE OF 14.77% PER YEAR. 0 C,2002 321 H,~n~dcf.~un Re.'c, eivmb{~ Limil~ Parva¢~h{p Sent by: J.G. WENTWORTH 215 567 4336; 10/02/02 17:07; #868; Page 11/14 NOTICE OF CANCELaTiON RIGHTS: O YOU MAY CANCEL THIS TRANSACTION AT ANY TIME PRIOR TO 5:00 P.M. OF THE TWENTY-FIRST DAY FOLLOWING THE LATER OF THE EXECUTION OF THE PURCHASE AGREEMENT, OR THE DATE THE PAYEE BECOMES OBLIGATED UNDER THE PURCHASE AGREEMENT WITHOUT PENALTY OR FURTHER OBLIGATION. TO CANCEL, YOU MUST PROVIDE WRITTEN NOTICE TO THE TRANSFEREE. X, VR.ITTEN NOTICE SHOULD BE MAILED OR DELIVERED TO THE ADDRESS BELOW BY 5:00 P.M. OF Q- ~ ~'- 07_ (THE TWENTY-FIRST DAY FOLLOWING THE TRANSACTION). IT IS BEST TO MAIL IT BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, AND TO KEEP A PHOTOCOPY OF THE SIGNED FORM AND YOUR POST OFFICE RECEIPT. ADDRESS TO WHICH CANCELLATION IS TO BE RETURNED: 321 HENDERSON RECEIVABLES LIMITED PARTNERSHIP 2920 NORTH GREEN VALLEY PARKWAY BUILDING # 3, SUITE 321 HENDERSON, NV 89014 ATTENTION: VICE PRESIDENT- OPERATIONS THE DISCOUNTED PRESENT VALUE OF PAYMENTS SHALL BE CALCULATED AS FOLLOWS: THE CURRENT VALUE OF THE TRANSFERRED STRUCTURED SETTLEMENT PAYMENTS UNDER FEDERAL STANDARDS FOR VALUING ANNUITIES. PLEASE BE ADVISED THERE ARE NO PENALTIES OR LIQUIDATED DAMAGES PAYABLE BY YOU IN THE EVENT OF ANY BREACH OF THE TRANSFER AGREEMENT BY YOU. THERE ARE NO BROKERS COMMISSIONS, SERVICE CHARGES, APLLICATION FEES, CLOSING Initial: I0 ©2002 ~.2I Henderson Receivables Limitccl Partnership Sent by: J,G. WENTWORTH 215 567 4336; 10/02/02 17:07; #868; COSTS, FILING F.EE~OMINISTRATIVE FEES, N~DR(Y FEES AND ., . OTHER COMMISSION, FEES, COSTS, EXPENSES. 2HANGES PAYABLE BY YOU OR DEDUCTED FROM GROSS AMOUNT OTHERWISE PAYABLE TO YOU. THE APPLICABLE FEDERAL RATE USED IN CALCULATING THE DISCOUNTED PRESENT VALUE IS 5.2%. Page 12/14 IMPORTANT NOTICE: YOU ARE STRONGLY URGED TO CONSULT WITH AN ATTORNEY WHO CAN ADVISE YOU OF THE POTENT/AL TAX CONSEQUENCES OF TE[IS TRANSACTION. I HEREBY ACKNOWLEDGE THAT I RAVE READ AND UNDERSTOOD THE LANGUAGE CONTAINED IN SECTION 8 OF THE PURCHASE AGREEMENT WHICH STATES: THE NET AMOUNT THAT YOU WILL RECEIVE FROM US IN EXCHANGE FOR YOUR FUTURE STRUCTURED SETTLEMENT PAYMENTS REPRESENTS 73.7% OF THE ESTIMATED CURRENT VALUE OF THE PAYMENTS. 22. Exhihit.,~. Exhibit "A" Exhibit "B" Exhibit "C" Attached to this Purchase Agreement ate thc following Exhibits: List &What Payment~ We are Buy~ng, Settlement Agreement. Annuity Conu'acL intending to be legally bound, You and We have signed this Agreement aa of the date at the top of the first p~ge ofthls Agreement. Sworn to and su~bas~ibed before me this~ day of~, 200~ 321 HE~~M1TED PARTNERSHIP By: Spouse " Sent by: J.3. WENTWORTH 215 567 4386; 10/02/02 17:07; #868; Page 13/14 02002 32] ~n~e~soe Receivables L,/miLed Pa~e~hJp Sent by: J.G, WENTWORTH ,0 215 567 4336; ]~xhibit A 10/02/02 17:07; #86B; Page 14/14 We are hereby purchasing from You under the Annaity: A) ] payracn! of $50,000,00 on Jun 01, 2003B) I payment ors I00,000.00 on .Jun 01, 2008 Moore STATE OF ~~-_~ : COUNTY OF ~0~ : ~Onothi' ~..~_~-'~day of~ 2~ ~tore ~ ~ ~e ~o be ~a ~n ~ name is su~ri~d e~ed it. ~,~ w~um~ m~ent ~d ~k~ow]~g~ ~ ~e that he ASSIGNMENT OF STRUCTURED: SETTLEMENT PROCEEDS OF : DONALD H. MOORE : : IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA 02-5189 CIVIL CIVIL ACTION - LAW ORDER AND NOW, this ~ ~ day of November, 2002, a brief hearing in the within matter is set for Friday, November 15, 2002, at 9:15 a.m. in Courtroom Number 4, Cumberland County Courthouse, Carlisle, PA. t~homas J. Weber, Esquire For the Petitioner :rlm BY THE COURT, INRE: ASSIGNMENT OF STRUCTURED SETTLEMENT PROCEEDS OF DONALD H. MOORE : IN THE COURT OF COMMON PLEAS : CUMBERLAND COUNTY, PENNSYLVANIA : : 02-5189 CIVIL : CIVIL ACTION - LAW ORDER AND NOW', this IZ'~ day of November, 2002, in consideration of Petitioner's Motion to Transfer this Action to York County pursuant to Pa~ R. Civ. P. 213 (f), ITIS HEREBY ORDERED that said Motion is GRANTED. BY THE COURT, GOLDBERG, KATZMAN & SHIPMAN, P.C. Thomas J. Weber - I.D. #$8853 David M. Steckel, Esquire - I.D. #82340 Gold/berg, Kat~nan & Shipman, P.C. 320 Mark~ Strut, P. O. Box 1268 Hatriaburg, PA 1710g-1268 (717) 234-4161 INRE: ASSIGNMENT OF STRUCTURED SETTLEMENT PROCEEDS OF DONALD H. MOORE : IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA 02-5189 CWIL CIVIL ACTION - LAW PETITIONER'S MOTION TO TRANSFER ACTION TO YORK COUNTY, PENNSYLVANIA 17070-3118. 2. PURSUANT TO PA. R. CIV. P. NO. 213(t9 Petitioner, Donald H. Moore, resides at 530 Marsh Run Road, New Cumberland, PA A Petition was filed on behalf of Mr. Moore under the mistaken belief that Mr. Moore, who maintains a New Cumberland mailing address, was a resident of Cumberland County. 3. Mr. Moore is actually a resident of Fairview Township, York County, PA. 4. Pursuant to the Structured Settlement Protection Act, the act of February 11, 2000, 40 P.S. § 4004, effective April 11, 2000, this action must be filed in the county in which the Petitioner is domiciled. 5. Pursuant to this Honorable Court's November 8, 2002 Order, a hearing was scheduled in the herein matter on Friday, November 15, 2002 at 9:15 a.m in Courtroom 4, Cumberland County Courthouse, Carlisle, PA. 6. Pa. R. Civ. P. No. 213(0 provides for the transfer of an action to the proper county in Pennsylvania when the county in which the matter was originally filed lacksj urisdiction to hear the matter. WHEREFORE, Petitioner respectfully requests that this Honorable Court grant this Motion to Transfer this Action to York County, Pennsylvania. Respectfully submitted, GOLDBERG, KATZMAN & SHIPMAN, P.C. By: Thomas J. Weber, Esquire Supt. I.D. #58853 David M. Steckel, Esquire Supr. I.D. #82340 320 Market Street, P. O. Box 1268 Harrisburg, PA 17108-1268 (717) 234-4161 Date: November 12, 2002 87458.1 CERTIFICATE OF SERVICE I hereby certify that I am this date serving a copy of the foregoing document upon the person(s) and in the manner indicated below, which service satisfies the requirements of the Pennsylvania Rules of Civil Procedure, by depositing a copy of same in the United States Mail, Harrisburg, Pennsylvania, with first-class postage, prepaid, as follows: 321 Henderson 2920 North Green Valley Parkway Building #3, Suite 321 Henderson, Nevada 89014 GOLDBERG, KATZMAN & SHIPMAN, P.C. By: Attorney I.D. #58853 David M. Steckel, Esquire Attomey I.D. #82340 320 Market Street P. O. Box 1268 Harrisburg, PA 17108-1268 (717) 234-4161 Dated: November 12, 2002