Covenant Not to Execute - DCBS and Mary Morrissey

IN THE CIRCUIT COURT OF THE STATE OF OREGON

FOR THE COUNTY OF MULTNOMAH

STATE OF OREGON, ex rel CORY STREISINGER, Director of the Department of Consumer and Business Services, in her official capacity, Plaintiff,

v.

MARY MANIN MORRISSEY, an individual; EDWARD P. MORRISSEY, an individual; THE LIVING ENRICHMENT CENTER, a non-profit religious organization, LIVING ENRICHMENT MINISTRIES, a non-profit religious corporation; NEW THOUGHT BROADCASTING, Inc.; and NEW THOUGHT BROADCASTING FOUNDATION, a dissolved non-profit religious organization, Defendants

NO. 0504-03509 Covenant Not to Execute on Judgment BETWEEN Plaintiff and Defendant Mary Manin Morrissey, only

CONVENANT NOT TO EXECUTE JUDGMENT

This AGREEMENT is made between Plaintiff STATE OF OREGON, ex rel CORY STREISINGER, Director of the Department of Consumer and Business Services, in her official capacity (DCBS) and Defendant Mary Manin Morrissey (Morrissey).

DCBS and Morrissey have entered into a stipulated General Judgment in this matter (the Judgment). Morrissey is obligated with certain financial obligations under the Judgment. DCBS and Morrissey agree:

DCBS agrees that it will refrain from executing or garnishing on the Judgment against Morrissey, so long as all the following conditions are met:

Page 1 - Covenant Not to Execute - DCBS and Mary Morrissey Department of Justice 1515 SW 5th Ave., Suite 410 Portland, Oregon 9721 503 229-5725

i) The payment obligations of the second paragraph of Section VI A of the Judgment are fully satisfied, timeliness being of the essence;

ii) The payment obligations of Section VI B of the Judgment are fully satisfied, timeliness being of the essence;

iii) No knowingly false statement or recklessly false statement is made in the financial statements required by Section VI F of the Judgment;

iv) The payment obligations of the Section VI G of the Judgment are fully satisfied, timeliness being of the essence;

v) Morrissey complies with the Injunction requirements of Section V of the Judgment;

vi) Morrissey complies with the requirements of Section VIII of the Judgment, timeliness being of the essence; and

vii) Morrissey complies with Sections IX, and X of the Judgment.

Section VII A of the Judgment contemplates credits to the amounts showing as owed in Exhibit A of the Judgment. Morrissey represents to DCBS that those credits due may be, as of the date of the execution of this Covenant, approximately $3,000,000.00. Neither the crediting of any such payments nor the forgiving or waiving of any debt by anyone listed on Exhibit A shall constitute a payment for purposes of satisfying any of the conditions imposed upon Morrissey under this Covenant.

In the event that Morrissey fails to comply with the conditions set forth above, DCBS shall be under no obligation to refrain from execution or garnishment on the Judgment obligations of Morrissey and may exercise all rights allowed to it under the law.

This Covenant Not to Execute does not in any way prevent or inhibit DCBS from exercising other rights available to it in aid of collection on the Judgment, including without limitations the right to exercise offset and the right to conduct a Judgment Debtor Examination of Morrissey.

Mary Morrissey

Dated: April 4, 2005

DCBS Michelle Teed

Dated: April 6, 2005