EXHIBIT 10.9
WAIVER OF INTEREST
I, Xxxxxxxxx Xxxxx, am the spouse of Xxxxxxx X. Xxxxx. I
understand that to induce Xxxxx Fargo Business Credit, Inc., a Minnesota
corporation (herein, with its participants, successors and assigns, called the
"Lender"), to extend credit to XIT Corporation, a New Jersey corporation, and
CXR Telcom Corporation, a Delaware corporation (together, the "Borrower"), my
spouse has agreed to guaranty the payment of any indebtedness of the Borrower to
the Lender (the "Indebtedness").
The Lender's credit decision will be based, in part, on our
financial statement which is a joint financial statement that does not
distinguish between assets that are owned separately by one of us or that are
owned jointly. To induce the Lender to extend credit to the Borrower based,
in part, on my spouse's guaranty, I hereby waive as against the Lender any
interest I now have or may in the future have in (1) any real or personal
property shown on any financial statement of ours submitted in connection
with my spouse's guaranty, and (2) any other real or personal property now
owned or hereafter acquired by either of us individually or by both of us
jointly (all such property described in clauses (1) and (2) being referred to
as the "Property")
I understand that one of the remedies that the Lender has upon
default in the Indebtedness is to satisfy the Indebtedness out of the Property
either by obtaining a judgment against my spouse or otherwise, and in that event
I understand and agree that if the Lender attempts to satisfy the Indebtedness
out of the Property, I will not claim any ownership or other interest in the
Property.
I also acknowledge that by signing any mortgage or security
agreement securing my spouse's guaranty, I have subjected any interest I may
have in the Property described therein to the lien and security interest of the
mortgage or the security agreement.
By its acceptance of this Waiver and by extending credit to
the Borrower, the Lender agrees that I am not personally liable to repay the
Indebtedness.
Dated August 16, 2000.
/s/ XXXXXXXXX XXXXX
----------------------------
Xxxxxxxxx Xxxxx
N.C. D.L. ALL-PURPOSE ACKNOWLEDGMENT
STATE OF N.C. D.L. )
) SS.
COUNTY OF Pasquotank )
-------------------------
On 16 August 2000, before me, D.L. Xxxxxxx X. Xxxx,
-------------- ------------------------------------------,
Date Name and Title of Officer (e.g. "Xxxx
Xxx, Notary Public")
personally appeared Xxxxxxxxx Xxxxx
----------------------------------------------------------,
Name of Xxxxxx(s)
[X]personally known to me - OR - [ ] proved to me on the basis of satisfactory
evidence to be the person(s) whose name(s)
is/are subscribed to the within instrument
and acknowledged to me that he/she/they
executed the same in his/her/their
authorized capacity(ies), and that by his/
her/their signature(s) on the instrument
the person(s), or the entity upon behalf
of which the person(s) acted, executed the
instrument.
WITNESS my hand and official seal.
/s/ Xxxxxxx X. Xxxx
------------------------------------------
Signature of Notary Public
OPTIONAL
Though the data below is not required by law, it may prove valuable to persons
relying on the document and could prevent fraudulent reattachment of this form.
CAPACITY(IES) CLAIMED BY SIGNER(S) DESCRIPTION OF ATTACHED DOCUMENT
[X] Individual
[ ] Corporate Officer
Guarantee
-------------------------------- -------------------------------------
Title(s) Title or Type of Document
[ ] Partner(s) [ ] LIMITED
[ ] GENERAL -------------------------------------
[ ] Attorney-in-Fact Number of Pages
[ ] Trustee(s)
[ ] Guardian/Conservator
[ ] Other:
--------------------------------- -------------------------------------
Date of Document
Signer is Representing:
Name of Person(s) or Entity(ies)
--------------------------------- -------------------------------------
Signer(s) Other Than Named Above
---------------------------------
- 3 -
