EXHIBIT 10.34
January 8, 1997
Xx. Xxxx Xxxxxxxxxx
President
WESTMARK MORTGAGE CORPORATION
000 Xxxxx Xxxx 0xx Xxxxxx, Xxxxx 0
Xxxxxx Xxxxx, Xxxxxxx 00000
RE: WESTMARK HOLDINGS, INC.
XXXXX & XXXXX COMPANY
FINAL PAYMENT AGREEMENT
Dear Xxxx:
Xx. Xxxx Xxxxxxx of your "Customer Relations" department has authorized the
following form of payment to Xxxxx & Xxxxx for purposes of retiring the
outstanding commission debt.
Xx. Xxxxxxx has asked me to document in writing my understanding of the
agreement. He will then review the document and forward it on for your immediate
processing and signature. The agreement is as follows:
A) The original commission amount was $30.348.25 (original invoice attached).
a) Note: This total amount was due and payable on April 1, 1996.
B) Westmark has currently paid the following amount in cash and/or stock to
Xxxxx & Xxxxx.
Payment #1 $9,800.00 (cash) 6/26/96
(See attached commission invoice.)
Payment #2 $8,065.84 (stock sale) 10/31/96
(See attached stock statements and copy of check
issued.)
TOTAL PAID: $17,865.84
AMOUNT $12,482.41
Xx. Xxxxxxx has agreed that the remaining debt shall be retired by the issuance
of additional new stock. It is my understanding that the "new stock" issuance
program that Westmark is currently processing will be completed sometime in the
month of January, if not already completed. The stock will be issued in the form
of negotiable certificates, directly to Xxxxx & Xxxxx. The total amount received
by Xxxxx & Xxxxx shall equal $12,482.41, net of all sales
commissions and any other related sales charges that may result from the
liquidation of the certificates.
In the event the amount received by Xxxxx & Xxxxx is less than the outstanding
debt remaining, then Westmark Holdings, Inc., agrees to issue additional stock
amounts to retire the remaining debt. Likewise, if said amount received by Xxxxx
& Xxxxx Company exceeds the total amount owing, then Xxxxx & Xxxxx agrees to
immediately refund said overage to Westmark.
It is also understood that the intent of this agreement is to settle this entire
matter by cash receipt on or before February 28, 1997, through Westmark's
current registration statement.
This documents the agreement by and between Xxxxx & Xxxxx Company and Westmark
Holdings, Inc. as it relates to the payment of the remaining commission debt of
$12,482.41.
Your immediate processing of this agreement is greatly appreciated. Please sign
where indicated below and fax back an executed copy to my immediate attention.
Sincerely,
XXXXX & XXXXX COMPANY
COMMERCIAL REAL ESTATE SERVICES
/s/
Xxxxxxx X. Xxxxxx
Senior Vice President
MRD:sg
AGREED AND ACCEPTED:
WESTMARK HOLDINGS, INC.
BY:/s/
XXXX XXXXXXXXXX
ITS: President
Date: 1/17/97
