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EXHIBIT 10(r)
CONSULIER ENGINEERING, INC.
Purchase and Royalty Agreement between Masters Marketing and Development, Inc.,
and Southeast Automotive Acquisition Corporation, dated April 11, 1996,
concerning CRA-Z Soap hand cleaner.
AGREEMENT
This Agreement is made and entered into on this 11th day of April, 1996
by and between MASTERS MARKETING AND DEVELOPMENT, INC. ("Masters") and SOUTHEAST
AUTOMOTIVE ACQUISITION CORPORATION ("Southeast").
WHEREAS, Masters manufactures and sells a bar type hand cleaner known
as Cra-Z Soap ("Product"), and
WHEREAS, Masters desires to raise additional capital for the company
through the sale of said product, and
WHEREAS, Southeast has agreed to purchase $600,000.00 worth of the
product pursuant to the terms contained herein and further to negotiate a
financing agreement regarding manufacturing costs of masters in accordance with
the terms contained herein, and
WHEREAS, in exchange for said purchase of product by Southeast and the
agreement to negotiate a financing agreement regarding manufacturing costs,
masters is willing to give Southeast a total of 3.5% of all net sales of Master,
payable monthly commencing six months from the date of this agreement and
monthly thereafter. Said percentage shall by payable in either cash or in an
equivalent amount of product.
NOW, THEREFORE, in consideration of TEN AND NO/100 DOLLARS ($10.00), in
the receipt and sufficiency of which is hereby acknowledged, the mutual premises
and covenants contained herein, the parties agree as follows:
1. Masters agrees to sell to Southeast and Mosler 400,000 Three hundred
gram bars of the product as a purchase price of $1.50 per bar for a
total of $600,000.00.
2. Masters will deliver 200,000 bars of said product to Southeast and
Mosler within five (5) days from the date of this Agreement. The
remaining 200,000 bars will be delivered by Masters to Southeast and
Mosler within sixty (60) days from the date of this Agreement.
3. Upon delivery of the initial 200,000 bars of the product, Southeast
and Mosler will pay to Masters the sum of $400,000.00. The balance of
the purchase price shall be due and payable at rate of $.50 per bar as
the product is sold by Southeast and Mosler.
4. This Agreement shall insure to the benefit of and be binding upon
the parties, their successors and assigns.
5. Masters agrees to provide Southeast with a monthly report of all
Masters' sales. masters agrees to allow Southeast access to Masters'
books in order to verify sales reports upon reasonable notice.
6. The parties hereto agree and acknowledge that this Agreement
contains the understanding between the parties and that neither is
relying upon any additional agreement, either oral or written, in
entering into this agreement.
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MASTERS MARKETING AND DEVELOPMENT, INC.
By: /s/ Xxxxxxx Xxxxxx
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Xxxxxxx Xxxxxx
President
SOUTHEAST AUTOMOTIVE ACQUISITION CORPORATION
By: /s/ Xxxxxxxx Xxxxxx
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Xxxxxxxx Xxxxxx
President
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