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Exhibit 10-16
AMENDMENT NO. 1 TO FINANCING AGREEMENT
AMENDMENT NO. 1, dated as of September 30, 1997 ("Amendment"), to
Financing Agreement dated February 12, 1997 ("Financing Agreement") by and
between United Leisure Corporation, a Delaware corporation ("ULC") and Grand
Havana Enterprises, Inc., a Delaware corporation ("GHE").
WHEREAS, the parties hereto wish to amend the Financing Agreement
to extend the maturity date of the advances made by ULC to GHE pursuant to the
Financing Agreement;
NOW, THEREFORE, the parties hereto agree as follows:
1. Extension of Maturity Date. The Maturity Date of the advances
made to GHE by ULC pursuant to the Financing Agreement is hereby extended to
March 31, 1998.
2. Shares to ULC. GHE acknowledges and agrees that pursuant to
Section 3 of the Financing Agreement if the advances made pursuant thereto were
not repaid on or prior to September 30, 1997, that ULC would be entitled to
25,000 shares of the common stock of GHE as a late fee, and GHE acknowledges and
agrees that such late fee has now become due and payable notwithstanding the
extension of the Maturity Date as provided for herein.
3. Ratification of Financing Agreement. All of the terms and
provisions of the Financing Agreement, except as such terms and provisions have
been modified by this Amendment, are hereby ratified, approved and confirmed in
all respects.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date and year first above-written.
UNITED LEISURE CORPORATION
By: /s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx, President
GRAND HAVANA ENTERPRISES, INC.
By: /s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx, President
