Exhibit 10.8
THIRD AMENDMENT
OF MANAGEMENT AGREEMENT
THIS THIRD AMENDMENT OF MANAGEMENT AGREEMENT is made and entered into
as of January 1, 1998, by and between Milestone Properties, Inc., ("Milestone")
and Concord Assets Group, Inc., ("Concord").
WHEREAS, Concord and Milestone entered into that certain Management
Agreement dated December 18, 1990, which Agreement provided for Milestone to
undertake Management Services, as therein described, on behalf of Concord for a
fee of $50,000.00 per month; and
WHEREAS, the parties to said Management Agreement agreed in February
1992, that Milestone would provide certain of its personnel to Concord, for
which Concord would reimburse Milestone based upon the hourly wage rate of such
employees, and that furthermore, Milestone was to provide office space and
general office services to Concord, for which Concord would reimburse Milestone;
and
WHEREAS, the Management Agreement was amended by Second Amended
Management Agreement dated, as of January 1, 1993, whereby the management fee
was reduced from $50,000.00 per month to $25,000.00 per month and established
the percentage for reimbursement for office space and general office services,
to be paid by Concord to Milestone, at forty-nine (49%) percent of actual cost;
and
WHEREAS, the parties to the Management Agreement agreed in March 1995,
to reduce the management fee from $25,000.00 per month to $50,000.00 per annum
and to reduce the percentage of reimbursement for office space and general
office services from forty-nine (49%) percent of actual costs to twelve and one
half (12-1/2%) percent of actual costs; and
WHEREAS, the parties to the Management Agreement have agreed to
memorialize in writing these and further amendments to the Management Agreement.
NOW THEREFORE in consideration of the services rendered, and the fees
previously established, and other valuable consideration, the receipt of which
is hereby acknowledged, the parties hereto do hereby agrees as follows:
1. The management fee established by the Management Agreement, is hereby reduced
from $50,000.00 per annum to $25,000.00 per annum.
2. The percentage of reimbursement for office space and general office services
provided by Milestone to Concord is confirmed as reduced from forty-nine (49%)
percent of actual costs to twelve and one half (12 1-/2%) percent of actual
costs.
Except as hereby modified, the Management Agreement, as originally
established, remains unmodified as to its terms and conditions, and is hereby
ratified and confirmed in all respects.
IN WITNESS WHEREOF the undersigned parties have hereby entered into
this Agreement the date first above written.
Milestone Properties, Inc.
WITNESSES: a Delaware corporation
By:
Xxxxxx Xxxx, Vice President
Concord Assets Group, Inc.
a New York corporation
By:
Xxxxxx Xxxxxx, President
STATE OF FLORIDA
COUNTY OF PALM BEACH
The foregoing instrument was acknowledged before me this ______ day of
__________, 1999, by Xxxxxx Xxxx, as Vice President of Milestone Properties,
Inc., a Delaware corporation, on behalf of the corporation. He is personally
known to me or has produced a drivers license as identification.
NOTARY PUBLIC:
Sign:
Print:
State of Florida at Large (SEAL)
My Commission Expires:
STATE OF FLORIDA
COUNTY OF PALM BEACH
The foregoing instrument was acknowledged before me this ______ day of
__________, 1999, by Xxxxxx Xxxxxx, as President of Concord Assets Group, Inc.,
a New York corporation, on behalf of the corporation. He is personally known to
me or has produced a drivers license as identification.
NOTARY PUBLIC:
Sign:
Print:
State of Florida at Large (SEAL)
My Commission Expires:
