EXHIBIT 10.95
EXTENSION
TO
MANAGEMENT AGREEMENT
This Extension (this "Agreement") to that certain Management Agreement
dated August 23, 1996 (the "Management Agreement"), made as of this 25th day of
March, 2004, is entered into by and between Major Fleet & Leasing Corp., a New
York corporation having its principal office located at 00-00 Xxxxxxxx
Xxxxxxxxx, Xxxx Xxxxxx Xxxx, Xxx Xxxx 00000 (the "MF&L"), and Xxxxx Xxxxxxx and
Xxxxxx Xxxxxxx, individuals with primary business offices located at 00-00
Xxxxxxxx Xxxxxxxxx, Xxxx Xxxxxx Xxxx, Xxx Xxxx 00000 (jointly, the "Managers").
WHEREAS, pursuant to the Management Agreement, Messrs. Xxxxxxx were
appointed, hired and engaged as Managers to manage the motor vehicle operations
of MF&L, including, but not limited to the purchase, financing, leasing and sale
of motor vehicles; and further
WHEREAS, the term of the Management Agreement has been extended from
its anticipated initial termination date of December 31, 2001 upon mutual oral
agreement of the parties; and further
WHEREAS, MF&L and the Managers desire to further extend the term of the
Management Agreement as set forth herein.
NOW, THEREFORE, in consideration of the premises and agreements
hereinafter contained, it is agreed as follows:
1. Extension to Management Agreement.
Section 3(a) of the Management Agreement is hereby deleted in its
entirety and replaced with the following:
"(a) The initial term of this Management Agreement shall end on
December 31, 2005, unless extended as provided below in (b) or sooner
terminated pursuant to Paragraph 11 below."
2. Full Force and Effect.
Except as specifically amended hereby, all of the terms and provisions
of the Management Agreement shall remain in full force and effect.
3. Counterparts.
This Amendment may be executed in any number of counterparts, each of
which shall be deemed an original and all of which together shall be deemed to
be one and the same instrument.
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IN WITNESS WHEREOF, the parties have executed this Agreement effective
as of the date first above written.
Very truly yours,
Major Fleet & Leasing Corp.
By: ___________________________
Name:
Title:
Managers
________________________________
Xxxxx Xxxxxxx
________________________________
Xxxxxx Xxxxxxx
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