1
EXHIBIT 10
TERMINATION AGREEMENT
THIS TERMINATION AGREEMENT (this "Agreement") is made by and between
Xxxxxx County Industrial Development Corporation, an Alabama corporation
("Landlord"), and Quality Housing Supply, L.L.C., (formerly Quality Housing
Supply, Inc.), an Alabama limited liability company ("Tenant"), as of the 31st
day of May, 2000 (the "Effective Date").
W I T N E S S E T H:
WHEREAS, Landlord and Tenant have heretofore entered into that certain
Lease Agreement with Option to Purchase dated May 9, 1994 (the "Lease"), whereby
Tenant leased from Landlord a certain 9.149 acre tract of land located in
Fayette County, Alabama;
WHEREAS, the Lease had an initial term of five (5) years, commencing on
May 1, 1994 and ending on April 30, 1999, together with an option to renew the
Lease for an additional five-year term, which option to renew was duly
exercised, so that the present expiration date of the Lease is April 30, 2004;
WHEREAS, Tenant no longer needs the demised premises and desires to
terminate the Lease early, and Landlord is willing to do so, all for the
consideration and on the terms and conditions set forth herein.
NOW, THEREFORE, for and in consideration of the premises, the payment
to Landlord set forth hereinbelow and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by Landlord, the
parties covenant and agree as follows:
1. On or before Landlord's execution of this Agreement, Tenant
has paid to Landlord an Early Termination Fee of $150,000.00. Said Early
Termination Fee is in full satisfaction of the rents that Tenant would otherwise
have been obligated to pay Landlord (approximately $360,000.00) during the
remaining term of the Lease as existed prior to this Agreement.
2. The term of the Lease is amended to end as of May 31, 2000,
instead of April 30, 2004, which early termination shall be with the same force
and effect as if the termination date had originally been set forth as May 31,
2000. Any rights or duties of either party running from or to the other that are
contemplated to survive the original termination date shall survive the new
termination date set by this Agreement (including, without limitation, Tenant's
rights to remove its property within thirty
1
2
days following Lease termination, Tenant's obligation to provide an exit Phase I
Audit and all releases or indemnities to the extent survival is contemplated in
the Lease).
IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed by its duly authorized representative as of the day and date first
written above.
LANDLORD:
XXXXXX COUNTY INDUSTRIAL
DEVELOPMENT CORPORATION
/s/ Xxxxxxx Xxxxxxxxx By /s/ Xxxxxxx Xxxxxxx
---------------------------------- -------------------------------------
Witness Its President
TENANT:
QUALITY HOUSING SUPPLY, L.L.C.
/s/ Xxxxxxx Xxxxxxxxx By /s/ Xxx X. Xxxxxx
---------------------------------- -------------------------------------
Witness Managing Partner
2
