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EXHIBIT 10.16
Agreement Between The Registrant And Xxxxx Xxxxxx
Dated October 23, 1992 Relating To The Premises Lease
October 23, 1992
Xxxxx Xxxxxx
000 00xx Xxxxxx
Xxxx Xxxx, Xxxxxxx 00000
Re: Lease Agreement dated February 13, 1987 between Xxxxx
Xxxxxx and Thermwood Corporation relating to the premises
located in Xxxxxxx County, Indiana (the "Premises Lease")
Dear Xx. Xxxxxx:
Thermwood Corporation (the "Company") is currently in default (the "Default") of
the above captioned Premises Lease in that is obligated to make monthly payments
in the amount of $19,353.53 and has failed to make such payments since November
1991. Accordingly, as of the date hereof, the Company owes back rent in the
aggregate amount of $212,888.83 (the "Arrearage").
In order to induce the Company to enter into an agreement to effect a public
financing (the "Public Financing") and in consideration for the other actions to
be taken by the Company as set forth below, you agree to waive the Default in
accordance with the following terms and conditions:
1. You herewith waive the Default and modify the Premises Lease so that the
Arrearage will be due and payable as set forth in paragraph 2 below and no
monthly rental payments thereunder will be due until January 1, 1993. Rental
payments which would have been due under the Premises Lease for the months of
November and December 1992 shall be added to the Arrearage and paid as set forth
below.
2. The Company agrees that upon the earlier of the closing of the Public
Financing or August 1, 1993, it will pay to you one half of the Arrearage. The
Company will pay the balance of the Arrearage, commencing on August 1, 1993 or
the first day of the month after the closing of the Public Financing, as the
case may be, at the rate of one monthly rental payment per month.
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Letter to Xxxxx Xxxxxx
dated October 23, 1992
Please acknowledge your acceptance of this Agreement by signing a copy hereof in
the appropriate space below and returning it to the Company.
Very truly yours,
THERMWOOD CORPORATION
by /s/ Xxxxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxxx, President
Acknowledged and Accepted
/s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx
