EXHIBIT 10.3
AGREEMENT BETWEEN HEALTH & NUTRITION
SYSTEMS INTERNATIONAL, INC.
AND
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
THIS AGREEMENT is entered into by and between ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ of ▇▇▇▇
▇.▇. ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (hereinafter ▇▇▇▇▇▇▇▇▇), and HEALTH &
NUTRITION SYSTEMS INTERNATIONAL, INC., ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇ ▇▇▇▇
▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇ (hereinafter HNS and/or Company) (both referred to as
parties) on this 12th day of January, 2001, and in consideration of the mutual
promises made herein, the parties hereby agree as follows:
1. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ shall pledge a C.D. (C.D.) in the amount of
100,000.00 currently held at SunTrust Bank, Northlake Branch, North Palm Beach
County, Florida in the name of ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ for a loan to be obtained by HNS
in the principal amount of $100,000.00, said loan to be obtained on terms
mutually agreeable to ▇▇▇▇▇▇▇▇▇ and HNS.
2. HNS agrees that it shall abide by all terms and conditions of said
loan and shall not cause any default to occur pursuant to this agreement or
pursuant to any loan agreement with SunTrust, which shall in any way, adversely
affect the C.D. held by ▇▇▇▇▇▇▇▇▇.
3. ▇▇▇▇▇▇▇▇▇, shall at any time be permitted to withdraw the collateral
upon thirty (30) days' written notice to HNS and, if necessary, to SunTrust, at
which time the loan will be paid in full by HNS.
4. HNS specifically agrees that, if ▇▇▇▇▇▇▇▇▇ desires to withdraw the
collateral, that it shall repay immediately all sums due and owing to SunTrust.
5. HNS, upon receipt of the loan proceeds, shall pay to ▇▇▇▇▇▇▇▇▇, as
compensation for providing the collateral for this loan the sum of $5,000.00.
6. In the event of any default pursuant to this Agreement, and if it is
necessary for any party to seek to enforce this Agreement, the prevailing party
shall be entitled to attorney's fees and costs, all deemed to be expenses.
7. It is further agreed by and between the parties that any action
sought to enforce this Agreement, shall be brought in Palm Beach County,
Florida.
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
HEALTH & NUTRITION SYSTEMS
INTERNATIONAL, INC., a Florida corporation
By: /s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
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Name: ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
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Title: President
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