EXHIBIT 10.14
AMENDMENT TO MUTUAL RELEASE AND
SETTLEMENT AGREEMENT
AMENDMENT TO MUTUAL RELEASE AND SETTLEMENT AGREEMENT,
made as of June 24, 1997 (the "Amendment"), by and between
Pharmhouse Corp. ("Pharmhouse"), Rx Realty Corp. ("Rx
Realty"), their respective affiliates and successors
(jointly and severally the "Pharmhouse Entities") and X.X.
Xxxxxxxxx Co. and Woolworth Corporation and their respective
affiliates and successors (collectively "Woolworth").
WITNESSETH:
WHEREAS, the parties hereto have heretofore entered
into the certain Mutual Release and Settlement Agreement,
dated January 31, 1997 (the "Settlement Agreement"):
WHEREAS, the Pharmhouse Entities and Woolworth hereby
wish to amend the Settlement Agreement in certain respects,
as hereinafter provided.
NOW, THEREFORE, in consideration of the premises and
the mutual agreements and covenants contained in the
Settlement Agreement and this Amendment, the parties hereto
agree that the Settlement Agreement is amended as follows:
1. Regarding the Option Leases (as such term is
defined in the Settlement Agreement) for the stores known as
#0000, Xxxxxxx Xxxx Xxxxx, Xxxx Xxxx, Xxxxxxxxxxxx; #0000,
Xxxxxxxx Xxxxxx Xxxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxxxx;
#0000, Xxxxx Xxxxx, Xxxxxx, Xxx Xxxx; and #0000 Xxxxxxxx
Xxxxxxx, Xxxxxxxx, Xxx Xxxx, the parties agree that
effective August 1, 1997:
(a) The Pharmhouse Entities shall remain in possession of
each of the stores referenced above subject to Paragraph
1(c) hereof.
(b) Woolworth shall continue to accommodate the payment of
current rent and other fixed monthly sums, as required under
the Settlement Agreement, on the same basis as prior to July
31, 1997, except that the Pharmhouse Entities shall
contribute toward the monthly accommodation payments by
permitting Woolworth to deduct therefrom, the following
amounts:
(i) #0000, Xxxxxxx Xxxx Xxxxx, Xxxx Xxxx
Xxxxxxxxxxxx, - $10,000.00/per month;
(ii) #0000, Xxxxxxxx Xxxxxx Xxxxxxxx Xxxxxx
Xxxxxxxxxx, Xxxxxxxxxxxx - $7,500.00/per
month;
(iii) #0000, Xxxxx Xxxxx, Xxxxxx, Xxx
Xxxx
$6,500.00 per month; and
(iv) #0000, Xxxxxxxx Xxxx, Xxxxxxxx, Xxx Xxxx
$15,000.00/per month
(c) Either the Pharmhouse Entities or Woolworth shall
be permitted to terminate any or all of the leases
for the stores referenced above at any time upon not
less than seventy-five (75) days prior written
notice to the other. Notwithstanding the foregoing
to the contrary, Woolworth shall be permitted to
terminate any or all of the leases for the stores
referenced above at least sixty (60) days prior
written notice to the Pharmhouse Entities, if
Woolworth has sublet or assigned the premises to a
third party or entered into an agreement with a
landlord for the termination or entered into an
agreement with a landlord for the termination of a
lease who, as a condition to taking such space by
assignment, sublet or termination requires
possession of the premises prior to the expiration
of such seventy-five (75) day notice period and
confirms such requirement in a letter sent to the
Pharmhouse Entities.
2. Market Fair North Shopping Center, Clay, New York,
(store #3025) shall be reassigned to Woolworth on or before
August 31, 1997 and Woolworth shall continue to make
payments for the month of August 1997, to accommodate the
current rent and other fixed monthly sums, as provided in
the Settlement Agreement with respect to store #3025, on the
same basis as prior to July 31, 1997. Except for the
foregoing, store #3025 will be reassigned to Woolworth in
accordance with the terms and conditions of the Settlement
Agreement.
3. Exhibit G to the Settlement Agreement is hereby
amended as set forth in the revised Exhibit G, attached
hereto and made a part hereof. The Pharmhouse Entities
shall pay to Woolworth upon execution of this Amendment all
unpaid rents, less offsets, as set forth in the revised
Exhibit G.
4. Except as specifically provided herein and in
Pharmhouse's letters of May 29, 1997 and June 10, 1997
regarding the return of store #3015 in Albany, New York, the
Settlement Agreement shall remain in full force and effect
in accordance with its express terms.
5. Upon the full execution and delivery of this
Amendment, this Amendment shall supersede that certain
letter delivered to Woolworth by the Pharmhouse Entities
dated June 11, 1997, with respect to the reassignment of the
Option Leases (as such term is defined in the Settlement
Agreement).
IN WITNESS WHEREOF, the parties hereto have been duly
executed this Amendment as of the day and year first above
written.
X.X. XXXXXXXXX CO.
By: /s/ Xxxx X. Xxxxxx
--------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
WOOLWORTH CORPORATION
By: /s/ Xxxx X. Xxxxxx
------------------------------
-
Name: Xxxx X. Xxxxxx
Title: Vice President
PHARMHOUSE CORP.
By: /s/ Xxxxxx X. Xxxxx
------------------------------
-
Name: Xxxxxx X. Xxxxx
Title: Executive Vice
President
RX REALTY CORP.
By: /s/ Xxxxxx X. Xxxxx
------------------------------
-
Name: Xxxxxx X. Xxxxx
Title: Executive Vice
President
