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EXHIBIT 10.12
[PHYSICIAN HEALTHCARE PLAN OF NEW JERSEY LETTERHEAD]
August 26, 1997
Medigroup of New Jersey, Inc.
000 Xxxxxxxx Xxxxxx
Xxxxxxx, XX 00000
Attn: Xxxxxx Xxxxxx
Dear Xxxxxx:
This will confirm our agreement regarding the sale of certain furniture and
equipment by Physician Healthcare Plan of New Jersey, Inc. ("PHPNJ") to
Medigroup of New Jersey, Inc. ("Medigroup"). In consideration for the purchase
price and the other terms of this agreement, PHPNJ hereby agrees to sell to
Medigroup, and Medigroup hereby agrees to purchase, the furniture and equipment
set forth on Exhibit A attached hereto and made a part hereof (the "Assets").
The purchase price for the Assets will be $3,975.00, which purchase price shall
be payable by Medigroup on or before September 12, 1997. If the purchase price
is not paid by that date, the purchase price will accrue interest at the rate of
eighteen percent (18%) per annum from that date until the date paid to PHPNJ.
Upon payment of the purchase price, PHPNJ shall execute a bill of sale in
substantially the form attached hereto as Exhibit B and made a part hereof.
If this agreement sets forth your understanding, please sign below and return
this to my attention.
Sincerely yours,
PHYSICIAN HEALTHCARE PLAN OF NEW JERSEY, INC.
By: /s/ Xxxxx Xxxxxx
______________________________
Xxxxx Xxxxxx
Acting CEO
AGREED AND ACKNOWLEDGED TO:
MEDIGROUP OF NEW JERSEY, INC.
By: /s/ Xxxxxx X. Xxxxxx
_______________________
Name: Xxxxxx X. Xxxxxx
Title: Chief Operating Officer
BCBS Health Centers
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EXHIBIT A
FURNITURE AND EQUIPMENT
Thirty (30) five drawer lateral file cabinets
One (1) Hewlett Package HP4si-Serial Number USGB562893
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EXHIBIT B
Bill of Sale
Physician Healthcare Plan of New Jersey, Inc. ("Seller") for and in
consideration of the sum of $1.00 and other good and valuable consideration
does hereby sell, grant, transfer, convey and deliver all of its rights, title
and interest in and to the furniture and equipment set forth on Exhibit A
attached hereto (the "Assets") to Medigroup of New Jersey, Inc. ("Buyer").
Seller represents and warrants that it has good and marketable title to the
Assets conveyed hereunder, free and clear of any and all encumbrances, liens,
charges or defects.
IN WITNESS WHEREOF, Xxxxxx has caused this instrument to be duly executed
as of the 15th day of September, 1997.
PHYSICIAN HEALTHCARE PLAN OF
NEW JERSEY, INC.
By: /s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx
Acting CEO
