EASTGROUP PROPERTIES
Exhibit
10.2
EASTGROUP
PROPERTIES
August
15, 2007
Xx.
Xxxx
X. Xxxxxxxxxxx
Executive
Vice President/CFO
Sequiam
Corporation
000
Xxxxxxx Xxxx
Orlando,
FL 32809
RE: Promissory
Note Repayment
Dear
Xxxx:
This
letter shall serve as documentation of our agreement to accept $275,000.00
on or
before November 1, 2007 as payment in full for your Promissory Note, whether
or
not the First Lease Amendment with Control Center is executed and
fulfilled.
Should
the $275,000.00 not be paid in full by November 1, 2007, Xxxxxxx will be in
default of their lease and the full Promissory Note balance of $1,489,283.00
shall be due and payable per the terms of the First Lease
Agreement.
Please
acknowledge your acceptance of these terms by signing below and returning to
me
as soon as possible. This letter shall become a part of your Lease
Agreement file.
Sincerely,
Xxxxx
Xxxxxxx
Vice
President
CC: Lease
File
_____________________________
Xx.
Xxxx
X. Xxxxxxxxxxx
Executive
Vice President/CFO
Sequiam
Corporation
