1
EXHIBIT 10.11
AGREEMENT
For valuable and sufficient consideration, Xxxxxx Group, Inc., (LESSEE) and
Xxxxxx X. Xxxxxx, (OWNER) and Xxxxx Xxxxxxxxx Xxxxxx (OWNER) on 1 February, 1993
do hereby agree as follows:
WHEREAS, OWNERS lease a certain tract or parcel of land situated in the Parish
of East Xxxxxxxxx, State of Louisiana, in Xxxxxxx 00, Xxxxxxxx 0 Xxxxx, Xxxxx 0
Xxxx, Xxxxxxxxxx Land District of Louisiana, containing 30.451 acres and
otherwise described in that certain Commercial Lease of December 31, 1991
between OWNERS and LESSEE and,
WHEREAS, LESSEE desires to prepay land lease rent to OWNERS in exchange for a
reduction in value of such rent,
THE PARTIES HEREBY AGREE as follows:
1. LESSEE will pay OWNERS the sum of $55,465 upon signing of this
Agreement as prepayment of rental on land described above and leased to
LESSEE, such prepayment to satisfy all rentals due to OWNERS through
December 31, 2008, rental for the year ending December 31, 1993 having
been previously paid by LESSEE to OWNERS.
2. If LESSEE and OWNERS mutually agree to terminate that certain
Commercial Lease of December 31, 1991 at any time prior to December 31,
2008, OWNER will refund to LESSEE the sum of $6,000 per full year
remaining from time of termination to December 31, 2008 plus a partial
payment of $6,000 times the ratio of remaining days in the year divided
by 365 for a partial year, the total of such payments to be discounted
at the rate of 8 percent from the time otherwise due to the date of
termination.
This Agreement binds each of the parties and their respective heirs, successors
and assigns. All of the terms hereof apply to any persons or legal entities
claiming by or through either party.
WITNESSES:
------------------------------------
Xxxxx Xxxxxxxxx Xxxxxx, Owner
------------------------------------
------------------------------------
Xxxxxx X. Xxxxxx, Owner
------------------------------------
------------------------------------
Xxxxxx Group, Inc.
Xxxx X. Xxxxx,
President and Chief Operating Officer
