ADDENDUM
To the Deposit Receipt & Purchase and Sale Agreement dated March 30, 2000, by
and between BNS of Central Florida, Ltd., as Seller and Universal Beverages, as
Buyer. It is hereby agreed as follows:
1. Paragraph 4 of the subject contract is hereby amended as
follows:
4. The Seller will pay for the state documentary stamps
on the deed of conveyance and the owner's title
insurance policy insuring the title of the subject
property equal to the purchase price. The Seller
shall provide the Buyer with any survey currently in
Seller's possession to Buyer.
2. Paragraph 9 of the subject Agreement is hereby amended and
modified as follows:
9. Default by Buyer: if the said Buyer fails to perform
the covenants and requirements herein contained
within the time specified, Seller shall be entitled
to retain as liquidated damages the entire deposit,
said deposit being demed non-refundable. The parties
further agree that this paragraph shall not be deemed
a penalty and that is a reasonable sum equaling the
liquidated damages due Seller in light of Seller's
removal of the subject property for sale during the
term of this Agreement. As such, paragraphs 15, 16
and 17 are hereby deleted in their entirety.
3. Paragraph 13 of the subject Agreement is hereby amended as
follows:
13. Buyer has been in continued possession of the subject
property and hereby agrees to purchase same in its
"AS IS" condition with no warranty whatsoever from
Seller with regard to the condition of the property.
As such, paragraphs 18 and 19 of the subject contract
are hereby deleted in their entirety.
4. Paragraph 21 of the subject contract is hereby amended as
follows:
21. Seller's offer to sell subject property to Buyer
under the terms and conditions contained herein shall
be open through April 14, 2000. In the event Buyer
has not executed this contract and delivered to
Seller's attorney the deposit to be held in trust of
the total amount of $100,000.00 by April 14, 2000,
this offer shall expire and this contract shall be
considered null and void. The deposit shall be held
in escrow under the "XxXxx Xxxxxxx Trust Account."
5. Paragraph 24 of the subject contract is hereby amended as
follows:
24. Each party represents to the other that there is no
real estate agent or broker involved with this
transaction.
6. The subject property is currently leased from Seller to Buyer under
a separate rental agreement reference thereto is hereby incorporated herein by
reference. In the event of default under said lease agreement, including the
failure to pay rent due by midnight of the third day written notice is given by
the Seller to Buyer to pay the rental due, such default shall also constitute an
immediate default under this contract allowing Seller to retain the deposit as
liquidated damages and terminating this contract in its entirety.
Universal Beverages Holding Corporation
By: /s/ Xxxxxxxx X. Xxxxx
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Xxxxxxxx X. Xxxxx, CEO
BNS of Central Florida, Ltd.
By: /s/ BNS, Inc.
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BNS, Inc., General Partner
