EXHIBIT 10.1
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AGREEMENT made effective as of July 19, 1995 between XXXX INDUSTRIES,
INC. ("Borrower") and X.X. XXXXXXX & COMPANY, INC. ("Lender")
WHEREAS, Borrower is the maker and Lender is the holder of a certain
promissory note dated January 17, 1995 in the principal amount of $100,000
(the "Promissory Note");
WHEREAS, under the terms of the Promissory Note, (a) the principal
amount of $100,000, (b) a placement fee of $5,000 and (c) accrued interest in
the amount of $5,000 were due and payable on July 19, 1995 (the "Maturity
Date"); and
WHEREAS, Borrower wishes and Lender is willing to extend the Maturity
Date upon the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the premises and the agreements
hereinafter contained, the parties agree as follows:
1. On January 16, 1996, (the "Extended Maturity Date"), Borrower
shall pay to Lender the aggregate of the following amounts:
(a) principal amount of $100,000;
(b) placement fee of $5,000;
(c) accrued interest at the rate of 10% per annum on the principal
amount from January 17, 1995 to July 19, 1995 at the rate of 10%
per annum (i.e. $5,000); and
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(d) accrued interest on the amount of $110,000 from July 19, 1995
Lo date of payment at the rate of 10% per annum.
2. All of the terms and conditions of the Promissory Note and all rights,
remedies and obligations thereunder remain in full force and effect except that
the Maturity Date thereof shall be deemed to be the Extended Maturity Date.
3. In consideration for Lender's agreement herein, Borrower shall and
hereby does issue to Lender Ten Thousand (10,000) shares of Borrower's common
stock (the "Shares"). Borrower shall use its best efforts to diligently cause
the Shares to be duly registered under the Securities Act of 1933, as amended.
4. This Agreement shall be governed by the laws of the State of New York.
This Agreement shall not be amended or modified nor any provision thereof waived
except in a writing executed by the Lender.
XXXX INDUSTRIES, INC.
By: /s/ Xxxx Xxxxxxx
---------------------
Name: Xxxx Xxxxxxx
Title: Chief Executive Officer
X.X. XXXXXXX & COMPANY, INC.
By: /s/ Xxxxxx X. Xxxxxxx
--------------------------
Name: Xxxxxx X. Xxxxxxx
Title: President
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