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Exhibit 10.3
[Roadhouse Grill Logo}
Eat, drink and be yourself.
THIS FORBEARANCE AGREEMENT (the "Agreement") is made and entered into as of this
___ day of February, 2001, by and between ROADHOUSE GRILL, INC., a Florida
Corporation ("Roadhouse"), Xxxxxxx Advertising & Marketing, Inc., as its agent,
(Xxxxxxx) and Clear Channel Communications Inc., ("Broadcaster").
WHEREAS, Roadhouse is presently in debt to Broadcaster in the amount of
$701,989.50 for Roadhouse radio advertising, placed by Xxxxxxx, as agent for its
disclosed principal, Roadhouse; and
WHEREAS, Roadhouse wishes to agree to a schedule of payments to retire the
aforesaid debt to Broadcaster on the terms contained herein;
Now, therefore, the parties do hereby agree as follows:
1. The undersigned Broadcaster agrees not to bring any legal action
against Roadhouse or against its agent, Xxxxxxx, if Roadhouse makes payments to
Xxxxxxx for Broadcaster upon the following schedule:
A. Roadhouse will pay Xxxxxxx, who, in turn, will pay
Broadcaster, the sum of $50,000 within seven (7) days from the
full execution of this agreement.
B. Commencing April 1, 2001, Roadhouse shall pay Xxxxxxx, who
in turn, will pay Broadcaster, the sum of $20,000 each and
every week.
C. Commencing September 1, 2001, Roadhouse shall pay Xxxxxxx,
who in turn, will pay Broadcaster the sum of $40,000 each and
every week until the entire debt is paid in full.
ROADHOUSE GRILL, INC.
0000-X Xxxxxxx Xxxxx x Xxxxxxx Xxxxx, XX 00000
Phone (000)000-0000 o FAX (000)000-0000 o Web Site xxx.xxxxxxxxxxxxxx.xxx
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[Roadhouse Grill Logo}
Eat, drink and be yourself.
2. In the near future, Roadhouse intends to continue to advertise its
restaurants on Broadcasters radio facilities, and it is agreed by Roadhouse and
Broadcaster that these future radio schedules will be paid in full upon
placement of same.
3, In the event Roadhouse fails to make any payment as hereinabove
provided, the agreement of Broadcaster to forebear legal action against
Roadhouse shall become null and void, and Broadcaster will look solely to
Roadhouse for payment of any sums unpaid by Roadhouse and may pursue Roadhouse
with any and all remedies the law allows.
Agreed: This the 23rd day of February, 2001
Roadhouse Grill, Inc. Clear Channel Communications, Inc.
By: /s/ By:
-------------------------------- ------------------------------------
Officer
Xxxxxxx Advertising
By:
---------------------------------
CEO
ROADHOUSE GRILL, INC.
0000-X Xxxxxxx Xxxxx x Xxxxxxx Xxxxx, XX 00000
Phone (000)000-0000 o FAX (000)000-0000 o Web Site xxx.xxxxxxxxxxxxxx.xxx
