Exhibit 10.67
October 31, 2001
Xxxxxx Xxxxxx
0000 Xxxxxxx Xxxx, Xxxxx 000
Xxxxxxxx, XX 00000
Dear Xxxxxx,
With respect to the loan you, Xxxxxx Xxxxxx, a Texas resident, agreed to make to
Vertical Computer Systems, Inc. ("VCSY") in the amount of $200,000 (the "Loan")
on the terms set forth in the Promissory Notes and the Stock Pledge Agreement,
you will immediately pay $100,000 directly to VCSY (the "First Installment") and
deposit another $100,000 or cause to be deposited or credited concurrently with
the transfer of the property (the "Second Installment") by November 7, 2001 to
the account of Paradigm Sales, Inc. ("Paradigm") to be set aside for the
purchase of certain assets of Adhesive Software by VCSY from Paradigm Sales, as
set forth in the Asset Purchase Agreement, between VCSY and Paradigm, dated
October 31, 2001. In the event that Paradigm is unable to make an effective
transfer of the assets pursuant to the Asset Purchase Agreement, then the Second
Installment of $100,000 shall not be transferred to us and only the first
Promissory Note in the amount of $100,000 shall be valid and the second
Promissory Note shall be cancelled.
If the foregoing meets with your approval, please sign in the space provided
below. Thank you.
Sincerely,
/s/ Xxxxxxx Xxxx
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Xxxxxxx Xxxx, President
Vertical Computer Systems, Inc.
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Xxxxxx Xxxxxx
