CHARTWELL INTERNATIONAL, INC.
September 20, 2000
Xx. Xxxxx X. Xxxxx
Stock Enterprises
0000 Xxx Xxxxx Xxxx, Xxxxx 000
Xxx Xxxxx, XX 00000
RE: EXTENSION OF CONTRACT BETWEEN
STOCK ENTERPRISES AND CHARTWELL INTERNATIONAL, INC.
Dear Xxx:
This letter confirms our understanding that you have agreed to extend the
contract dated October 11, 1999 between Chartwell International, Inc. and Stock
Enterprises, Inc. from October 11, 2000 through October 11, 2001.
Subject to approval by Chartwell's Board of Directors, Chartwell International,
Inc. agrees to extend your option to purchase the Chartwell warrants to January
3, 2003. In addition, Chartwell agrees to accept a one year promissory note from
you for the exercise of the warrants.
We look forward to working with you.
Sincerely,
/s/ Xxxxxx X. Xxxxx
Xx. Xxxxxx X. Xxxxx
Chair of the Board
JAJ/cs
Agreed, Approved & Understood:
/s/ Xxxxx X. Stock
------------------------------------------
Xxxxx X. Xxxxx for Stock Enterprises, Inc.
000 X. XXXXXXX XXXXXXX, XXXXX 000, XXXXXXXX, XXXXXXXX 00000
TEL: 000-000-0000 O FAX: 000-000-0000
