Lease Termination Agreement between Delta Woodside Industries, Inc. and The Rainsford Development Corporation

Summary

Delta Woodside Industries, Inc. and The Rainsford Development Corporation have agreed to end their lease agreement. Delta Woodside will vacate the premises and pay a termination fee of $33,299.08 to Rainsford Development by June 30, 2000. Once the payment is made and the property is surrendered, the lease will be officially terminated, and neither party will have further obligations under it. This agreement is binding on both parties and their successors.

EX-10.16 9 0009.txt DELTA WOODSIDE INDUSTRIES, INC. 233 N. MAIN STREET GREENVILLE, SC 29601 June 14, 2000 BY FIRST CLASS MAIL - ---------------------- The Rainsford Development Corporation P. O. Box 388 Edgefield, SC 29824 Re: Termination of Lease Agreement (the "Lease") by and between Delta Woodside Industries, Inc., a South Carolina corporation ("Tenant") and The Rainsford Development Corporation, a South Carolina corporation ("Landlord") Dear The Rainsford Development Corporation This letter agreement shall serve to evidence Tenant's and Landlord's agreement regarding the termination of the above-referenced Lease. No later than June 30, 2000 (the "Termination Date"), Tenant agrees to peacefully vacate and surrender the Premises to Landlord. On or before the Termination Date, Tenant shall pay Landlord Thirty Three Thousand Two Hundred Ninety Nine and 08/100 Dollars ($33,299.08) (the "Termination Fee"). Upon payment of the Termination Fee and the 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/ E. Erwin Maddrey, II ---------------------------- E. Erwin Maddrey, II, President Agreed and Accepted by Landlord this 14th day of June, 2000 Rainsford Development Corporation, a South Carolina corporation By: /s/ Bettis C. Rainsford -------------------------- Name: Bettis C. Rainsford Title: President