DELTA WOODSIDE INDUSTRIES, INC.
000 X. XXXX XXXXXX
XXXXXXXXXX, XX 00000
June 22, 2000
BY HAND DELIVERY
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000 Xxxxx Xxxx, Inc.
000 X. Xxxx Xxxxxx
Xxxxxxxxxx, XX 00000
Re: Termination of Lease Agreement dated September 1,
1998 (the "Lease") by and between Delta Woodside
Industries, Inc., a South Carolina corporation
("Tenant") and 000 Xxxxx Xxxx, Xxx., a South
Carolina corporation ("Landlord")
Dear 000 Xxxxx Xxxx, Xxx.:
This letter agreement shall serve to evidence Tenant's and Landlord's
agreement regarding the termination of the above-referenced Lease. Unless the
tenancy is continued as permitted herein, Tenant agrees to peacefully vacate and
surrender the Premises to Landlord no later than the end of business on June 30,
2000 (the "Termination Date"). On or before the Termination Date, Tenant shall
pay Landlord One Hundred Thirty Five Thousand Two Hundred Sixty Eight and No/100
Dollars ($135,268.00) (the "Termination Fee"). In the event Tenant requires
space within the currently leased premises after the Termination Date, Landlord
agrees to lease the same to Tenant on a month-to-month basis at a Minimum Rent
(as that term is defined in the Lease) of Fourteen Dollars ($14.00) per square
foot per year (plus certain other expenses as required under the Lease) and
otherwise according to the terms and conditions of the Lease. Upon the latter
of payment of the Termination Fee or vacation and surrender of the Premises as
described above, the Lease shall automatically be terminated and of no further
force and effect.
This termination letter agreement shall be binding on and inure to the
benefit of both Tenant and Landlord and their respective successors and assigns.
All terms capitalized herein which are not defined shall have the meanings
ascribed to them in the Lease.
If Landlord is in agreement with the foregoing, please arrange for an
authorized representative of Landlord to sign below where indicated.
Sincerely,
Delta Woodside Industries, Inc.,
a South Carolina corporation
By: /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx, Controller
Agreed and Accepted by Landlord
this 22 day of June, 2000
233 North Main, Inc.,
a South Carolina corporation
By: /s/ Xxxx X. Xxxxx
--------------------
Name: Xxxx X. Xxxxx
Title: President
