AGREEMENT
AND NOW, come the parties to this Agreement, Xxxxxx X. Xxxxxx, Xxxxx X.
Xxxx, individually, and Classic Restaurant's International, Inc., by its
President/CEO, Xxxxx X. Xxxx, and hereby agrees and stipulates as follows:
1. Xxxxxx X. Xxxxxx will loan to Classic Restaurant's International,
Inc., the sum of $10,000.00, receipt of which is hereby acknowledged.
2. The loan will earn an interest at the rate of ten percent (10%)
until paid.
3. Classic Restaurant's International, Inc., is in the process of doing
a regulation as offering anticipated on or about June 15, 1996. Upon receiving
the funds from this offering, the balance of the loan, together with all
outstanding interest, shall be due and owing to Xxxxxx X.Xxxxxx.
4. Unless otherwise repaid or unless the balance, together with
interest and other charges, is due and owing, the balance of this loan, together
with any outstanding interest and other charges will be due no later than July
15,, 1996.
5. As further for this loan, Xxxxx X. Xxxx and Classic Restaurant's
International, Inc., will issue to Xxxxxx X. Xxxxxx three thousand (3,000) Class
A Common Shares of Section 144 stock. Certificates for these shares shall be
issued on or before June 15, 1996.
6. Any failure on the part of Xxxxx X. Xxxx or Classic Restaurant's
International, Inc., to comply with the terms of this Agreement shall constitute
a default.
7. In the event of a default, Xxxxx X. Xxxx and Classic Restaurant's
International, Inc., appoint any attorney to appear on their behalf and on
behalf of each of them before any Court of record in the jurisdiction to confess
judgment against them in an amount equal to the balance of the obligations
contained herein, together with all costs and reasonable attorneys fees, but in
no case attorneys fees less than fifteen percent (15%) of the outstanding
balance. Xxxxx X. Xxxx and Classic Restaurant's International, Inc., further
waive any exemptions, errors, or stays of execution relating to any confession
of judgment contained herein. Further, Xxxxxx X. Xxxxxx may exercise this clause
any number of times necessary to satisfy the obligations contained herein.
IN WITNESS WHEREOF, and intending to be legally bound hereby, the
parties have hereunto set their hands and seals this 19th day of April, 1996.
--------------------------------- ---------------------------------
WITNESS XXXXXX X. XXXXXX
/s/Xxxxxxxx Xxxxxx /s/Xxxxx X. Xxxx
--------------------------------- ---------------------------------
WITNESS XXXXX X. XXXX, Individually
/s/Xxxxxxxx Xxxxxx /s/Xxxxx X. Xxxx Pres./CEO
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WITNESS CLASSIC RESTAURANT'S
INTERNATIONAL, INC., BY
XXXXX X. XXXX, PRESIDENT/CEO
BORROWER'S AFFIDAVIT
STATE OF FLORIDA :
: SS: ###-##-####
COUNTY OF :
AND, NOW, comes Xxxxx X. Xxxx, individually and as President/CEO of
Classic Restaurant's International, Inc., and deposes and says as follows:
1. Xxxxx X. Xxxx is an adult individual who is President/CEO of Classic
Restaurant's International, Inc.
2. Deponent, Xxxxx X. Xxxx, hereby acknowledges receipt of $10,000.00
in loan from Xxxxxx X. Xxxxxx.
3. The purpose of this loan is to provide short term funding for
Classic Restaurant's International, Inc.
4. Classic Restaurant's International, Inc., is in the process of doing
a regulation as of offering on or about June 15, 1996, and upon receiving funds
from the offering, Classic Restaurant's International, Inc., will pay back to
Xxxxxx X. Xxxxxx, the sum of $10,000.00, together with accrued interest at the
rate of ten percent (10%).
5. To the best of Deponent's knowledge or information and belief,
neither Deponent nor Classic Restaurant's International, Inc., are insolvent,
about to become insolvent, financially embarrassed, or about to become
financially embarrassed. Further, Deponent knows of no claim, either actual or
contingent that may be made against either him or Classic Restaurant's
International, Inc., (other than ordinary and usual debts incurred in the
running
of Classic Restaurant's International, Inc.) that would impair the ability of
either Deponent or Classic Restaurant's International, Inc., to repay the loan
and to otherwise fulfill the commitments of the loan obligation.
IN WITNESS WHEREOF, Deponent, Xxxxx X. Xxxx, has set his hand and seal.
April 19, 1996 /s/ Xxxxx X. Xxxx L.S.
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Date XXXXX X. XXXX
Sworn to and subscribed
before me this 22 day
of April, 1996.
/s/Xxxx Xxxxx Claibone
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Notary Public
My Commission Expires:
10/26/99
