EXHIBIT 10.90
(Original document in Spanish)
AGREEMENT TO MODIFY LEASE CONTRACT
THIS MODIFYING AGREEMENT IS SIGNED ON THE 6TH OF FEBRUARY, 2001 BETWEEN MRS.
XXXXX FONT XXXXX (THE LESSOR) AND QUAKER FABRIC DE MEXICO, S.A. DE C.V. (THE
LESSEE), ACCORDING TO THE FOLLOWING DECLARATIONS AND CLAUSES:
D E C L A R A T I O N S
I. On the 6th of June, 1993, the Lessor and Lessee signed a lease contract
(the "Lease Contract") on the building located at 41 Calle Xxxxxx, Parque
Industrial Naucalpan, Xxxxxxxxx, Xxxxxx xx Xxxxxx 00000, with the purpose
of making it into a warehouse and offices for the Lessee. Said Lease
Contract is hereby incorporated by reference.
II. The Lessor and the Lessee wish to modify and amend in writing the said
Lease Agreement as described below in the following clauses.
III. The representatives of the parties have the authority to sign this
agreement, authority that has not been revoked as of this date.
By virtue of the aforesaid, the above mentioned parties hereby agree to the
following:
C L A U S E S
FIRST, the parties agree to modify the Second and Third Clauses of the Lease
Contract to state as follows:
SECOND. It is stipulated that the rent of the Lease for the period for the
6th of February, 2000 to the 5th of February, 2001, shall be the monthly
amount of $57,225.00 (FIFTY SEVEN THOUSAND TWO HUNDRED AND TWENTY FIVE
PESOS 00/100 M. N.), plus 15% of the Aggregate Value Tax and the Lessee
will Retain 10% as stated by the Treasury Department and Public Credit and
the Retention of 10% as stated by the Tax Laws to the Aggregate Value. The
Lessee shall pay the Lessor the rent within the first five days of each
month, maintaining as the place of payment the property which is the
subject of this contract, in the terms of Article 2427. The Lessee agrees
that he is obligated to pay the lease in full every month, even in the
event that he is only using the facility for a single day, the Lessee will
obtain a corresponding receipt, which will be the only legal means to prove
the rent payment.
Both parties agree, despite the duration of the Lease Contract, that the
rental amount of the building will vary annually, in the same proportion or
percentage that varies the inflation of that year.
The Lessee will pay a monthly interest rate of 2% in the event that he does
not pay rent in a timely manner on the agreed lease, which will be
calculated starting on the last day of the month during which he is
obligated to pay. When the Lessee pays the monthly rent with a check and
the check comes back to the Lessor, the right to charge 20% of the value of
the returned document in accordance with Article 193 of the General Law of
Titles and Credit Operations.
The Lessee may not keep the lease from the Lessor under any circumstances
and under any judicial or extra judicial title, nor for lack of maintenance
or repairs that the Lessor is obligated to do, but will pay in full and on
the stipulated date, in case the Lessee for any reason deposits the lease
payment, he will be obliged to inform the Lessor within five days of where
it is and continue to make the payments at the same place.
THIRD. The present contract is valid for a determined period of time, the
terms of the Lease is three years, which begins on the February 6th, 2000
and concludes on February 5th, 2003, in the understanding that the first
year of the lease is obliged to both parties, but from February 5, 2001,
the Lessor will be able to terminate it upon presentation of a written
letter to the Lessee with 60 days of notice.
Once the lease is ended, the Lessee is obligated to vacate and return the
property to the Lessor, being also obligated for payment of the
conventional penalty which is mentioned on subsection (b) of the Fifth
Clause of this contract, if the obligation is not met.
SECOND. Through this document, the Lessee and the Lessor agree, recognize and
accept that all terms and conditions of the Lease Contract that have not been
expressly modified or eliminated on this Modifying Agreement will stay in effect
and will take full effect.
In witness of which, the parties have agreed to this Modifying Agreement through
their respective authorized representatives on the 6th of February of the year
2001.
THE LESSOR THE LESSEE
XX. XXXXXX X. XXXXXX XXXXX XXXXX XXXXXX FUSTAGUERAS
MRS. XXXXX FONT XXXXX'X QUAKER FABRIC MEXICO, S.A.
LEGAL REPRESENTATIVE DE C.V.'S LEGAL
REPRESENTATIVE
