AGREEMENT dated this 1st day of November 1995, by and between Xxxxxxxx
Convertibles, Inc., Xxxxxxxx Purchasing Corp., LP III, XX XX, LP V, and LP VI
(the "Public Company"), and South Florida Holding Corp., ("SFHC"), Xxxxxxxx
Xxxxxx Ridge, Inc., GSB Bensonhurst Inc., Great South Bay Branford Inc.,
Xxxxxxxx Clarkstown Inc., Annapolis-Xxxxxxxx, GSB Park Slope Inc., Rudzin 149th
St. Furniture Inc., Rudzin Elmhurst Furniture Inc., Jeffifer Short Hills LIC.
Inc., (collectively, the "Licensees") and Xxxx Enterprises, Inc., "Xxxx".
a) WHEREAS, as of August 26, 1995, the Public Company owed Xxxx
$11,459,677.00 pursuant to various agreements among them, (which amount does not
include $393,823.00 owed by SFHC to Xxxx for warehousing services);
b) WHEREAS, as of August 26, 1995, Xxxx owed the Public Company
$9,267,962.00 pursuant to various agreements between them;
c) WHEREAS, as of August 26, 1995, the Licensees owed the Public Company
$2,117,616.00 for purchases made by the Public Company for the Licensees, of
which the sum of $1,865,813.00 was past due (the "Past Due Amount"); and
d) WHEREAS, the parties have decided to reduce the amounts owed by the
Public Company to Xxxx by the Past Due Amount and the amounts owed by Xxxx to
the Public Company.
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IT IS HEREBY AGREED by and between the parties hereto as follows:
1. Xxxx hereby agrees to assume immediately the Licensees' obligations
to pay to the Public Company the Past Due Amount.
2. Nothing in this agreement shall be construed as an agreement by Xxxx
to assume any obligation of the Licensees to the Public Company above and beyond
the Past Due Amount.
3. The amounts the Public Company owed Xxxx as of August 26, 1995
($11,459,677.00), shall be reduced by the amount owed by Xxxx to the Public
Company as of August 26, 1995 ($9,267,692.00), and the Past Due Amount, leaving
a balance due from the Public Company to Xxxx as of August 26, 1995, of
$325,902.00;
4. This agreement is without prejudice to the rights of the Public
Company, the Licensees, and Xxxx to contest all sums owing among each other,
except for the sums set forth in Paragraph 1 and Whereas clause (c).
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5. This agreement shall be construed in accordance with the laws of the
State of New York.
XXXXXXXX CONVERTIBLES, INC., XXXX ENTERPRISES, INC.
XXXXXXXX PURCHASING CORP.,
/s/ Xxxxxx Xxxxxxxxxx /s/ Xxxx Xxxx
---------------------------- ---------------------------
By: Xxxxxx Xxxxxxxxxx, Pres. By: Xxxx Xxxx
XX XX LP III
/s/ Xxxxxx Xxxxxxxxxx /s/ Xxxxxx Xxxxxxxxxx
----------------------------- -----------------------------
BY: XXXXXX XXXXXXXXXX BY: XXXXXX XXXXXXXXXX
LP V LP VI
/s/ Xxxxxx Xxxxxxxxxx /s/ Xxxxxx Xxxxxxxxxx
------------------------------ ------------------------------
BY: XXXXXX XXXXXXXXXX BY: XXXXXX XXXXXXXXXX
SOUTH FLORIDA HOLDING CORP.
/s/ Xxxx Xxxxx
-------------------------------
BY: XXXX XXXXX, PRES.
XXXXXXXX XXXXXX RIDGE INC. GSB BENSONHURST INC.
/s/ Xxxx Xxxxx /s/ Xxxxxx Xxxxxx
-------------------------------- -----------------------------
BY: XXXX XXXXX, PRES. BY: XXXXXX XXXXXX, PRES.
GREAT SOUTH BAY BRANFORD INC. XXXXXXXX CLARKSTOWN INC.
/s/ Xxxxxx Xxxxxx /s/ Xxxxxx Xxxxxx
---------------------------------- ------------------------------
BY: XXXXXX XXXXXX, PRES. BY: XXXXXX XXXXXX, PRES.
ANNAPOLIS-XXXXXXXX GSB PARK SLOPE INC.
/s/ Xxxx Xxxxx /s/ Xxxxxx Xxxxxx
----------------------------------- -----------------------------
BY: XXXX XXXXX, PRES. BY: XXXXXX XXXXXX, PRES.
RUDZIN 149TH ST. FURNITURE INC. RUDZIN ELMHURST FURNITURE INC.
------------------------------------ ------------------------------
BY: XXXXXXX XXXXXX, PRES. BY: XXXXXXX XXXXXX, PRES.
XXXXXXXX XXXXX HILLS LIC. INC.
/s/ Xxxx Xxxxx
------------------------------------
BY: XXXX XXXXX, PRES.
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5. This agreement shall be construed in accordance with the laws of the
State of New York.
XXXXXXXX CONVERTIBLES, INC., XXXX ENTERPRISES, INC.
XXXXXXXX PURCHASING CORP.,
---------------------------- ---------------------------
By: Xxxxxx Xxxxxxxxxx, Pres. By: Xxxx Xxxx
XX XX LP III
----------------------------- -----------------------------
BY: XXXXXX XXXXXXXXXX BY: XXXXXX XXXXXXXXXX
LP V LP VI
------------------------------ ------------------------------
BY: XXXXXX XXXXXXXXXX BY: XXXXXX XXXXXXXXXX
SOUTH FLORIDA HOLDING CORP.
-------------------------------
BY: XXXX XXXXX, PRES.
XXXXXXXX XXXXXX RIDGE INC. GSB BENSONHURST INC.
-------------------------------- -----------------------------
BY: XXXX XXXXX, PRES. BY: XXXXXX XXXXXX, PRES.
GREAT SOUTH BAY BRANFORD INC. XXXXXXXX CLARKSTOWN INC.
---------------------------------- ------------------------------
BY: XXXXXX XXXXXX, PRES. BY: XXXXXX XXXXXX, PRES.
ANNAPOLIS-XXXXXXXX GSB PARK SLOPE INC.
----------------------------------- -----------------------------
BY: XXXX XXXXX, PRES. BY: XXXXXX XXXXXX, PRES.
RUDZIN 149TH ST. FURNITURE INC. RUDZIN ELMHURST FURNITURE INC.
/s/ Xxxxxxx Xxxxxx /s/ Xxxxxxx Xxxxxx
------------------------------------ ------------------------------
BY: XXXXXXX XXXXXX, PRES. BY: XXXXXXX XXXXXX, PRES.
XXXXXXXX XXXXX HILLS LIC. INC.
------------------------------------
BY: XXXX XXXXX, PRES.
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