This agreement is made this 24th day of June, 1998, by and between Fairway
Sports Inc., a corporation organized and existing under the laws of the
state of Florida ("Florida") and Xxxxxxx X. Xxxxxxxx and Xxxxx X. Xxxxxxxx.
Therefore:
1. Fairway Sports Inc. and Merilyn and Xxxxx agree that Fairway Sports
Inc. will receive $200,000 dollars for 90 days.
2. Fairway Sports Inc. will pay an annual percentage rate of 10.5%.
3. Merilyn and Xxxxx will receive 4% interest in ownership of Lexington
Oaks Golf Club which is located in Pasco County on Highway 54.
4. Fairway Sports Inc. also agrees to pay Merilyn and Xxxxx any
additional increase for income tax due to this transaction, all income tax
penalties, and any stock sales charges due to this transaction.
5. For consideration of the $200,000 dollars Fairway Sports Inc. agrees
to issue 5000 shares of stock to Merilyn and Xxxxx.
In witness whereof, the proper officers of Fairway Sports Inc. and Xxxxxxx
Xxxxxxxx and Xxxxx Xxxxxxxx have executed this agreement under seal on this
day and year first written above.
Fairway Sports Inc.
0000 X. Xxxxxxxxx Xxxx.
Xxxxx, Xxxxxxx 00000
By /s/ Xxxxx Xxxxxx Witnessth /s/ Xxx Xxxxxxx
-------------------------- ---------------
Xxxxx Xxxxxx, President Xxx Xxxxxxx
0-000-000-0000
By /s/ Xxxxxxx X. Xxxxxxxx Witnessth /s/ Xxx Xxxxxxx
--------------------------- ---------------
Xxxxxxx X. Xxxxxxxx Xxx Xxxxxxx
By /s/ Xxxxx X. Xxxxxxxx Witnessth /s/ Xxx Xxxxxxx
--------------------------- ---------------
Xxxxx X. Xxxxxxxx Xxx Xxxxxxx
