Lease Agreement Extension Between Davis Brothers Venture and Speizman Industries, Inc. for Chicago Property

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Summary

Davis Brothers Venture and Speizman Industries, Inc. agree that Speizman may continue leasing the Chicago building until the property is sold. Once a sale contract is signed, Speizman will have 90 days after closing to vacate, unless the new owner is an investor, in which case a new lease may be negotiated. The rent is set at $9.00 per square foot, totaling $5,157 per month. Davis Brothers covers taxes and insurance, while Speizman handles maintenance. If the property is not sold within six months, the arrangement will be reviewed.

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EX-10.44 8 dex1044.txt AGREEMENT BETWEEN THE COMPANY AND DAVIS BROS. Exhibit 10.44 Davis Brothers Venture 4130 East Brookhaven Dr. N.E. Atlanta, GA 30319 August 24, 2001 MR. BOB SPEIZMAN SPEIZMAN INDUSTRIES, INC. 701 Griffith Road Charlotte, NC 28217 Re: Chicago Lease Dear Bob, Confirming our conversation earlier this week, the building in Chicago will continue to be available to you until such time as we find a buyer. We will notify you immediately when a contract is signed, and you would have an additional ninety (90) days following the close of the sale. In the even that the buyer is an investor rather than a business operator, you would of course have the opportunity of negotiating with the new owner for an extended lease. The actual square footage is 6,876. We will adjust the rent to $9.00 per square foot which would make a monthly lease payment of $5,157.00. Davis Brothers Venture will continue to be responsible for the taxes and insurance, and you as tenant will continue to cover the maintenance of the property. It's my understanding that there are no problems with the building at this time. Should the property not sell within six (6) months, we will revisit this arrangement. If this is acceptable please sign and date as indicated below. Sincerely, /s/ C. Alex Davis C. Alex Davis Davis Brothers Venture ACCEPTED BY: /s/ Robert S. Speizman Robert Speizman Dated 8/28/01 Speizman Industries