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.
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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
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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
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