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EXHIBIT 10.3
LEASE TERMINATION AGREEMENT
Agreement made as of the 13th day of April, 1998 by and between Xxxxxx
Xxxxxx, Trustee of AEP Realty Trust (hereinafter Landlord) and Gargoyles
Acquisition Corporation II, t/b/k/a The Private Eyes Sunglass Corporation
(hereinafter Tenant).
Whereas Landlord and Tenant were parties to a certain lease of commercial
premises in Norwell, Massachusetts, and
Whereas, Tenant was interested in buying out its remaining obligations
under said Lease by payment of a fixed sum; and
Whereas, Landlord is prepared to accept said fixed sum and the parties are
prepared to acknowledge the termination of the Lease and any other obligations
toward each other;
Now therefore, the parties agree as follows:
1. Tenant shall pay to Landlord the sum of Seventy Five Thousand Dollars
($75,000.00) as full and final payment under the Lease. Said payment shall be
wired to the account designated by Landlord on Schedule A, on or before
April 14, 1998.
2. Upon receipt of payment, the parties agree the Lease between them
shall be deemed terminated with no further obligations existing between the
parties. Tenant has already vacated the Leased Premises.
3. Upon receipt of payment, Landlord acknowledges that the guarantor
Gargoyles, Inc. shall likewise have no further liability under the Lease.
Executed as a sealed instrument this 13th day of April 1998.
Landlord Tenant
AEP Realty Trust Gargoyles Acquisition Corporation II
/s/ XXXXXX XXXXXX, TRUSTEE /s/ XXX XXXXXXXXXXX
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By: Xxxxxx Xxxxxx, Trustee By: Xxx Xxxxxxxxxxx
Duly authorized hereunder Duly authorized hereunder
