Exhibit 10.6.3
STATE OF GEORGIA
COUNTY OF XXXXXXXX
AGREEMENT
This Agreement, made and entered into this 1st day of September, 1996, by
and between Mayfair Homes Corporation, a Delaware Corporation, with its
principal place of business at 0000 Xxxxxxx Xxxx, Xxxxx 000, Xxxxxxx, XX 00000,
hereinafter referred to as "Mayfair" and Xxxxxxx X Xxxxxxxx, a resident of 0000
Xxxxxxxxxxxxx Xxxx, Xxxxxxx, XX 00000, hereinafter referred to as "Xxxxxxxx",
WITNESSETH
Whereas, Mayfair owns and operates a retail sales center at 0000 Xxxxxxxxxxxxx
Xxxx doing business under the Trade Name of "Apple Homes",
And, whereas Xxxxxxxx is desirous of obtaining a 20% partnership agreement with
Mayfair to manage and operate said sales center,
And, whereas the parties hereto are desirous of outlining and formalizing an
operating agreement with respect to said retail sales center, and they have
therefore, agreed between themselves as f follows:
1. Mayfair hereby conveys twenty percent (20%) of said sales center to
Xxxxxxxx for the purchase price of $ 25,000. Said purchase price shall be paid
in the following fashion: Ten thousand dollars in cash and a demand note for $
15,000.
2. In return for the payment by Xxxxxxxx for said interest, it is agreed
that Xxxxxxxx shall be entitled to receive 20% of all net profit derived from
the operation of said mobile home sales lot, to include, but not limited to,
sales of manufactured homes, both new and used, sales of tires and axles, and
volume rebates paid unto the corporation by the manufacturers. It is agreed that
such distribution shall be made to Xxxxxxxx on a quarterly basis beginning with
the last quarter of 1996, and continuing at the end of each and every subsequent
quarter thereafter. It is further agreed that the $ 15,000 note from Xxxxxxxx to
Mayfair be deducted from said distributions.
3. It is further agreed that Xxxxxxxx and associated companies i.e.
"Xxxxxxxx Home Transport" shall have the option to do the deliveries and set-ups
of the homes sold off of said sales center as long as said services are done in
a satisfactory manner and at competitive prices, and
4. It is agreed and anticipated that this agreement be assigned to a
corporation to be created by both parties by January of 1997.
In witness whereof, the parties hereto set their hands and affixed their
seals on this, the 1st day of September 1996.
/s/Xxxxxx Xxxxxxx /s/ Xxxxxxx X. Xxxxxxxx
----------------- -----------------------
Xxxxxxx X. Xxxxxxxx
/s/Xxxxxx Xxxxxxxxx /s/ E. Xxxxxx Xxxxx
------------------- -------------------
MAYFAIR HOMES CORPORATION
E XXXXXX XXXXX
PRESIDENT
Apple Homes
Corporation
0000 Xxxxxxx Xxxx, Xxxxx 000
Xxxxxxx, XX 00000
(000) 000-0000
FAX (000) 000-0000
STATE OF GEORGIA
COUNTY OF RICHMOND
AMENDMENT
This amendment is made to the agreement entered into on the 1st day of
September, 1996, by and between Mayfair Homes Corporation, a Delaware
Corporation now known as Apple Homes Corporation, with its principal place of
business located at 0000 Xxxxxxx Xxxx, Xxxxx 000, Xxxxxxx, Xxxxxxx 00000,
hereinafter referred to as "Apple" and Xxxxxxx Xxxxxxxx, a resident of 0000
Xxxxxxxxxxxxx Xxxx, Xxxxxxx, Xxxxxxx 00000, hereinafter referred to as
"Xxxxxxxx".
WITNESSETH
This amendment affects only those sections addressed herewith. The original
agreement stays in affect in every way except for these amendments:
1. The payment of any dividends is at the discretion of the officers of
the company.
2. It is agreed that 25-33% of the net profits of said company, (X.X.
Homes), will remain in working capital until a minimum of $100,000
working capital exists.
3. Further, it is agreed that bonuses and management fees will be at the
discretion of the officers of X.X. Homes and will be paid quarterly
depending on the profitability of the company.
In witness whereof, the parties hereto set their hands and affixed their
seals on this the 1st day of April 1998.
/s/ E. Xxxxxx Xxxxx /s/ Xxxxxxx X. Xxxxxxxx
E. Xxxxxx Xxxxx Xxxxxxx X. Xxxxxxxx
President President
Apple Homes Corporation X.X. Homes, Inc.
