Exhibit 10.7
ADDENDUM
To the Deposit Receipt & Purchase and Sale Agreement dated March 30,
2000, by and between BNS of Central Florida, Ltd., as Seller and
Universal Beverages, as Buyer. It is hereby agreed as follows:
1. Paragraph 4 of the subject contract is hereby amended as follows:
4. The Seller will pay for the state documentary stamps on
the deed of conveyance and the owner's title insurance
policy insuring the title of the subject property equal to
the purchase price. The Seller shall provide the Buyer
with any survey currently in Seller's possession to Buyer.
2. Paragraph 9 of the subject Agreement is hereby amended and modified as
follows:
9. Default by Buyer: if the said Buyer fails to perform the
covenants and requirements herein contained within the
time specified, Seller shall be entitled to retain as
liquidated damages the entire deposit, said deposit being
deemed non-refundable. The parties further agree that this
paragraph shall not be deemed a penalty and that is a
reasonable sum equaling the liquidated damages due Seller
in light of Seller's removal of the subject property for
sale during the term of this Agreement. As such,
paragraphs 15, 16 and 17 are hereby deleted in their
entirety.
3. Paragraph 13 of the subject Agreement is hereby amended as follows:
13. Buyer has been in continued possession of the subject
property and hereby agrees to purchase same in its "AS IS"
condition with no warranty whatsoever from Seller with
regard to the condition of the property. As such,
paragraphs 18 and 19 of the subject contract are hereby
deleted in their entirety.
4. Paragraph 21 of the subject contract is hereby amended as follows:
21. Seller's offer to sell subject property to Buyer under the
terms and conditions contained herein shall be open
through April 14, 2000. In the event Buyer has not
executed this contract and delivered to Seller's attorney
the deposit to be held in trust of the total amount of
$100,000.00 by April 14, 2000, this offer shall expire and
this contract shall be considered null and void. The
deposit shall be held in escrow under the "▇▇▇▇▇ ▇▇▇▇▇▇▇
Trust Account."
5. Paragraph 24 of the subject contract is hereby amended as follows:
24. Each party represents to the other that there is no real
estate agent or broker involved with this transaction.
6. The subject property is currently leased from Seller to Buyer under a
separate rental agreement reference thereto is hereby incorporated
herein by reference. In the event of default under said lease
agreement, including the failure to pay rent due by midnight of the
third day written notice is given by the Seller to Buyer to pay the
rental due, such default shall also constitute an immediate default
under this contract allowing Seller to retain the deposit as liquidated
damages and terminating this contract in its entirety.
Universal Beverages Holding Corporation
By: /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, CEO
BNS of Central Florida, Ltd.
By: /s/ BNS, Inc.
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BNS, Inc., General Partner