Document:

<Page>

                             P & F INDUSTRIES, INC.

                                  EXHIBIT 4.10

                                 AMENDMENT NO. 7
                                       TO
                                CREDIT AGREEMENT

      THIS AMENDMENT NO. 7 TO CREDIT AGREEMENT, is entered into as of August 1,
2002 (the "Amendment"), by and among P&F INDUSTRIES, INC., a Delaware
corporation ("P&F"), FLORIDA PNEUMATIC MANUFACTURING CORPORATION, a Florida
corporation ("Florida Pneumatic"), EMBASSY INDUSTRIES, INC., a New York
corporation ("Embassy"), GREEN MANUFACTURING, INC., a Delaware corporation
("Green"), COUNTRYWIDE HARDWARE, INC., a Delaware corporation ("Countrywide"),
and NATIONWIDE INDUSTRIES, INC., a Florida corporation ("Nationwide") (P&F,
Florida Pneumatic, Embassy, Green, Countrywide and Nationwide, the
"Co-Borrowers"), and CITIBANK, N.A. (successor-in-interest to European American
Bank), a New York banking corporation (the "Bank").

                                   BACKGROUND

      P&F, Florida Pneumatic, Embassy and Green (the "Original Co-Borrowers")
and the Bank are parties to a Credit Agreement, dated as of July 23, 1998 (as
same has been and may be further amended, restated, supplemented or modified,
the "Credit Agreement"), pursuant to which the Bank provides the Original
Co-Borrowers with certain financial accommodations.

      The Original Co-Borrowers have requested that the Bank (i) include
Countrywide and Nationwide as Co-Borrowers under the existing credit facility
and (ii) amend certain provisions of the Credit Agreement, and the Bank is
willing to do so on the terms and conditions hereinafter set forth. Capitalized
terms used herein and not defined herein shall have the meanings given to them
in the Credit Agreement.

      Accordingly, in consideration of the premises and of the mutual covenants
and agreements hereinafter set forth, the parties hereto agree as follows:

                                   ARTICLE I.
                         AMENDMENTS TO CREDIT AGREEMENT.

      Section 1.1 The first paragraph of the Credit Agreement is hereby amended
in its entirety to provide as follows:
<Page>

      "CREDIT AGREEMENT dated as of July 23, 1998, by and among P&F INDUSTRIES,
      INC., a Delaware corporation ("P&F"), FLORIDA PNEUMATIC MANUFACTURING
      CORPORATION, a Florida corporation ("Florida Pneumatic"), EMBASSY
      INDUSTRIES, INC., a New York corporation ("Embassy"), GREEN MANUFACTURING,
      INC., a Delaware corporation, ("Green"), COUNTRYWIDE HARDWARE, INC., a
      Delaware corporation ("Countrywide"), and NATIONWIDE INDUSTRIES, INC., a
      Florida corporation ("Nationwide"; and collectively with P&F, Florida
      Pneumatic, Embassy, Green, and Countrywide, the "Co-Borrowers") and
      CITIBANK, N.A. (successor-in-interest to European American Bank), a New
      York banking corporation (the "Bank").

      Section 1.2. The following definitions in Section 1.01 of the Credit
Agreement are hereby amended and restated in their entirety to provide as
follows:

            "Pledge Agreement" shall mean, collectively, the Pledge Agreement,
            substantially in the form attached hereto as Exhibit I, executed and
            delivered on the Closing Date by P&F and each pledge agreement
            hereafter executed and delivered by any Co-Borrower to the Bank, as
            each of the same may hereafter be amended, restated, supplemented or
            otherwise modified from time to time.

            "Revolving Credit Termination Date" shall mean the earlier of (i)
            July 26, 2003 or (ii) the date on which the Revolving Credit
            Commitment shall have been terminated hereunder.

            "Term Loan Commitment Maturity Date" shall mean July 26, 2003.

      Section 1.3. Schedule I to the Credit Agreement is hereby amended in its
entirety and replaced with Schedule I attached to this Amendment.

      Section 1.4. Exhibits A, B and C to the Credit Agreement are hereby
amended in their entirety and replaced with Exhibits A, B and C, respectively,
attached to this Amendment.

                                   ARTICLE II.
                          CONDITIONS OF EFFECTIVENESS.

      Section 2.1. This Amendment shall become effective, upon receipt by the
Bank of each of the following, in form and substance satisfactory to the Bank
and its counsel:

      (a) this Amendment, duly executed by each Co-Borrower;

      (b) an amended and restated Revolving Credit Note, substantially in the
form of Exhibit A attached hereto, duly executed by each Co-Borrower in favor of
the Bank;
<Page>

      (c) an amended and restated Term Note, substantially in the form of
Exhibit C attached hereto, duly executed by each Co-Borrower in favor of the
Bank;

      (d) an Amendment to Pledge Agreement, substantially in the form of Exhibit
1 attached hereto, duly executed by Countrywide;

      (e) an Amendment to Security Agreements, substantially in the form of
Exhibit 2 attached hereto, duly executed by each Co-Borrower;

      (f) a certificate of the Secretary or Assistant Secretary of each
Co-Borrower, substantially in the form of Exhibit 3 attached hereto; and

      (g) such other documents, instruments, agreements, approvals, opinions and
evidence as the Bank may reasonably require.

                                   ARTICLE III.
           REPRESENTATIONS AND WARRANTIES; EFFECT ON CREDIT AGREEMENT.

      Section 3.1. Each Co-Borrower hereby represents and warrants as follows:

            a. This Amendment and the Credit Agreement, as amended hereby,
constitute legal, valid and binding obligations of the Co-Borrowers and are
enforceable against the Co-Borrowers in accordance with their respective terms.

            b. Upon the effectiveness of this Amendment, the Co-Borrowers hereby
reaffirm all covenants, representations and warranties made in the Credit
Agreement to the extent that the same are not amended hereby and each
Co-Borrower agrees that all such covenants, representations and warranties shall
be deemed to have been remade as of the date hereof.

            c. No Default or Event of Default has occurred and is continuing or
would exist after giving effect to this Amendment.

            d. No Co-Borrower has any defense, counterclaim or offset with
respect to the Credit Agreement.

      Section 3.2. EFFECT ON CREDIT AGREEMENT.

            a. Upon the effectiveness of this Amendment, each reference in the
Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or words
of like import shall mean and be a reference to the Credit Agreement as amended
hereby.

            b. Except as specifically amended herein, the Credit Agreement, and
all other documents, instruments and agreements

                                       2
<Page>

executed and/or delivered in connection therewith, shall remain in full force
and effect, and are hereby ratified and confirmed.

            c. Except as expressly provided herein, the execution, delivery and
effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of the Bank, nor constitute a waiver of any provision of the
Credit Agreement, or any other documents, instruments or agreements executed
and/or delivered under or in connection therewith.

                                   ARTICLE IV.
                                 MISCELLANEOUS.

      Section 4.1. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

      Section 4.2. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

      Section 4.3. This Amendment may be executed in one or more counterparts,
each of which shall constitute an original, and all of which, taken together,
shall be deemed to constitute one and the same agreement.

                          [next page is signature page]

                                       3
<Page>

      IN WITNESS WHEREOF, the Co-Borrowers and the Bank have caused this
Amendment to be duly executed by their duly authorized officers as of the day
and year first above written.

P&F INDUSTRIES, INC.                      FLORIDA PNEUMATIC
                                          MANUFACTURING CORPORATION

By:                                       By:
     ---------------------------               ---------------------------
Name: Joseph A. Molino. Jr.               Name: Joseph A. Molino. Jr.
Title: Vice President                     Title: Vice President

EMBASSY INDUSTRIES, INC.                  GREEN MANUFACTURING, INC.

By:                                       By:
     ---------------------------               ---------------------------
Name: Joseph A. Molino. Jr.               Name: Joseph A. Molino. Jr.
Title: Vice President                     Title: Vice President

NATIONWIDE INDUSTRIES, INC.               COUNTRYWIDE HARDWARE, INC.

By:                                       By:
     ---------------------------               ---------------------------
Name: Joseph A. Molino. Jr.               Name: Joseph A. Molino. Jr.
Title: Vice President                     Title: Vice President

CITIBANK, N.A.

By:
     ---------------------------
Name:
Title:

ACKNOWLEDGED AND ACCEPTED:

STATE BANK OF LONG ISLAND

By:
     ---------------------------
Name:
Title:

                                       4
<Page>

                                   Schedule 1
                           Subsidiaries and Affiliates

A.    P&F Industries, Inc.

      1.    Name: Florida Pneumatic Manufacturing Corporation
            Jurisdiction of Incorporation: Florida
            Shareholders: P&F Industries, Inc. (100%)
            Number of Outstanding Shares: 1,000

      2.    Name: Embassy Industries, Inc.
            Jurisdiction of Incorporation: New York
            Shareholders: P&F Industries, Inc. (100%)
            Number of Outstanding Shares: 1,000

      3.    Name: Green Manufacturing, Inc.
            Jurisdiction of Incorporation: Delaware
            Shareholders: P&F Industries, Inc. (100%)
            Number of Outstanding Shares: 1,000

      4.    Name: Countrywide Hardware, Inc.
            Jurisdiction of Incorporation: Delaware
            Shareholders: P&F Industries, Inc. (100%)
            Number of Outstanding Shares: 100

B.    Florida Pneumatic Manufacturing Corporation

            - none-

C.    Embassy Industries, Inc.

            - none-

D.    Green Manufacturing, Inc.

            - none-

E.    Countrywide Hardware, Inc.

      1.    Name: Nationwide Industries, Inc.
            Jurisdiction of Incorporation: Florida
            Shareholders: Countrywide Hardware, Inc.(100%)
            Number of Outstanding Shares: 100

F.    Nationwide Industries, Inc.

            - none-

                                       5
<Page>

                                    EXHIBIT A

                   AMENDED AND RESTATED REVOLVING CREDIT NOTE

$12,000,000.00
     August 1, 2002

            FOR VALUE RECEIVED, P&F INDUSTRIES, INC., a Delaware corporation
("P&F"), FLORIDA PNEUMATIC MANUFACTURING CORPORATION, a Florida corporation
("Florida Pneumatic"), EMBASSY INDUSTRIES, INC., a New York corporation
("Embassy"), GREEN MANUFACTURING, INC., a Delaware corporation ("Green"),
COUNTRYWIDE HARDWARE, INC., a Delaware corporation ("Countrywide"), and
NATIONWIDE INDUSTRIES, INC., a Florida corporation ("Nationwide") (P&F, Florida
Pneumatic, Embassy, Green, Countrywide and Nationwide, collectively, the
"Co-Borrowers"), promise to pay to the order of CITIBANK, N.A.
(successor-in-interest to European American Bank) (the "Bank"), on or before the
Revolving Credit Termination Date, the principal amount of TWELVE MILLION AND
00/100 ($12,000,000) DOLLARS or, if less, the unpaid principal amount of all
Revolving Credit Loans made by the Bank to the Co-Borrowers under the Credit
Agreement referred to below.

            The Co-Borrowers promise to pay interest on the unpaid principal
amount hereof from the date hereof until paid in full at the rates and at the
times which shall be determined, and to make principal repayments on this Note
at the times which shall be determined, in accordance with the provisions of the
Credit Agreement referred to below.

            This Note is the "Revolving Credit Note" referred to in the Credit
Agreement dated as of July 23, 1998 among the Co-Borrowers and the Bank (as same
has been and may be further amended, restated, supplemented or modified, the
"Credit Agreement"), and is issued pursuant to and entitled to the benefits of
the Credit Agreement to which reference is hereby made for a more complete
statement of the terms and conditions under which the Revolving Credit Loans
evidenced hereby were made and are to be repaid. Capitalized terms used herein
without definition shall have the meanings set forth in the Credit Agreement.

            The Bank shall record the date, Type and amount of each Revolving
Credit Loan and the date and amount of each payment or prepayment of principal
of each Revolving Credit Loan on the grid schedule annexed to this Note;
PROVIDED, HOWEVER, that the failure of the Bank to set forth such Revolving
Credit Loans, payments and other information on the attached grid schedule shall
not in any manner affect the obligation of the Co-Borrowers
<Page>

to repay the Revolving Credit Loans made by the Bank in accordance with the
terms of this Note.

            This Note is subject to prepayment as provided in Section 3.03.

            Upon the occurrence of an Event of Default the unpaid balance of the
principal amount of this Note together with all accrued but unpaid interest
thereon, may become, or may be declared to be, due and payable in the manner,
upon the conditions and with the effect provided in the Credit Agreement.

            All payments of principal and interest in respect of this Note shall
be made in lawful money of the United States of America in same day funds at the
office of the Bank located at the Bank's Payment Office or at such other place
as shall be designated in writing for such purpose in accordance with the terms
of the Credit Agreement.

            No reference herein to the Credit Agreement and no provision of this
Note or the Credit Agreement shall alter or impair the obligation of the
Co-Borrowers, which is absolute and unconditional, to pay the principal of and
interest on this Note at the place, at the respective times, and in the currency
herein prescribed.

            This Note amends and restates in its entirety and given in
substitution for, but not in satisfaction of, that certain Revolving Credit
Note, dated July 28, 1999, issued by P&F, Florida Pneumatic, Embassy and Green
in favor of the Bank, in the original principal sum of $17,000,000, and is
entitled to the benefits of the Credit Agreement and the Loan Documents and is
subject to all of the agreements, terms and conditions therein contained.

            Each Co-Borrower and each endorser of this Note waive diligence,
presentment, protest, demand, and notice of any kind in connection with this
Note.

            THIS NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.

                          [next page is signature page]

                                       2
<Page>

            IN WITNESS WHEREOF, each Co-Borrower has caused this Note to be
executed and delivered by its duly authorized officer, as of the day and year
and at a place first above written.

P&F INDUSTRIES, INC.                      FLORIDA PNEUMATIC
                                          MANUFACTURING CORPORATION

By:                                       By:
     ---------------------------               ---------------------------
Name: Joseph A. Molino. Jr.               Name: Joseph A. Molino. Jr.
Title: Vice President                     Title: Vice President

EMBASSY INDUSTRIES, INC.                  GREEN MANUFACTURING, INC.

By:                                       By:
     ---------------------------               ---------------------------
Name: Joseph A. Molino. Jr.               Name: Joseph A. Molino. Jr.
Title: Vice President                     Title: Vice President

NATIONWIDE INDUSTRIES, INC.               COUNTRYWIDE HARDWARE, INC.

By:                                       By:
     ---------------------------               ---------------------------
Name: Joseph A. Molino. Jr.               Name: Joseph A. Molino. Jr.
Title: Vice President                     Title: Vice President

                                       3
<Page>

                                SCHEDULE OF LOANS

<Table>
<Caption>
                                            Amount of
Date    Type                 Principal      Principal
of      of       Interest    Amount of      Maturity    Paid or
Loan    Loan     Rate        Loan           of Loan     Unpaid
----    ----     ----        ----           -------     ------
<S>     <C>      <C>         <C>            <C>         <C>

</Table>

                                       4
<Page>

                                    EXHIBIT B

                           FORM OF EQUIPMENT LOAN NOTE

$_______________                                                _______ __, 200_

      FOR VALUE RECEIVED, FOR VALUE RECEIVED, P&F INDUSTRIES, INC., a Delaware
corporation ("P&F"), FLORIDA PNEUMATIC MANUFACTURING CORPORATION, a Florida
corporation ("Florida Pneumatic"), EMBASSY INDUSTRIES, INC., a New York
corporation ("Embassy"), GREEN MANUFACTURING, INC., a Delaware corporation
("Green"), COUNTRYWIDE HARDWARE, INC., a Delaware corporation ("Countrywide"),
and NATIONWIDE INDUSTRIES, INC., a Florida corporation ("Nationwide") (P&F,
Florida Pneumatic, Embassy, Green, Countrywide and Nationwide, collectively, the
"Co-Borrowers"), promise to pay to the order of CITIBANK, N.A.
(successor-in-interest to European American Bank) (the "Bank") on or before
_________ __, ____,(1) (the "Maturity Date"), the principal amount of
______($____) in __ consecutive [monthly] [quarterly](2) installments of
$___________ on the first day of [each month of each year commencing _______ __,
_____] [___________ and on the first day of each _____________, ___________,
___________, and _____________ thereafter] and a final installment on the
Maturity Date in an amount equal to the remaining principal amount outstanding
on the Maturity Date.

      The Co-Borrowers also promises to pay interest on the unpaid principal
amount hereof from the date hereof until paid in full at the rates and at the
times which shall be determined in accordance with the provisions of the Credit
Agreement referred to below.

      This Note is an "Equipment Loan Note" issued pursuant to and entitled to
the benefits of the Credit Agreement dated as of July __, 1998, among the Bank
and the Co-Borrowers (as the same may be amended, modified or supplemented from
time to time, the "Credit Agreement"), to which reference is hereby made for a
more complete statement of the terms and conditions under which the Loans
evidenced hereby was made and is to be repaid. Capitalized terms used herein
without definition shall have the meanings set forth in the Credit Agreement.

----------
      (1) This date to be selected by the Co-Borrowers, but shall not, in any
event, be beyond the fifth anniversary of the date of borrowing (Section 2.03).
      (2) as determined by the Bank (Section 2.03)
<Page>

            The Bank shall record the date, Type and amount of each payment or
prepayment of principal of the Loans on the grid schedule annexed to this Note;
PROVIDED, HOWEVER, that the failure of the Bank to set forth the Loans, payments
and other information on the attached grid schedule shall not in any manner
affect the obligation of the Co-Borrowers to repay the Loans made by the Bank in
accordance with the terms of this Note.

            This Note is subject to prepayment as provided in Section 3.03 of
the Agreement.

            Upon the occurrence of an Event of Default the unpaid balance of the
principal amount of this Note, together with all accrued but unpaid interest
thereon, may become, or may be declared to be, due and payable in the manner,
upon the conditions and with the effect provided in the Credit Agreement.

            All payments of principal and interest in respect of this Note shall
be made in lawful money of the United States of America in same day funds at the
office of the Bank located at the Bank's Payment Office or at such other place
as shall be designated in writing for such purpose in accordance with the terms
of the Credit Agreement.

            No reference herein to the Credit Agreement and no provision of this
Note or the Credit Agreement shall alter or impair the obligation of the
Co-Borrowers, which is absolute and unconditional, to pay the principal of and
interest on this Note at the place, at the respective times, and in the currency
herein prescribed.

            Each Co-Borrower and each endorser of this Note waive diligence,
presentment, demand, protest and notice of any kind in connection with this
Note.

            THIS NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.

                          [next page is signature page]

                                       2
<Page>

            IN WITNESS WHEREOF, each Co-Borrower has caused this Note to be
executed and delivered by its duly authorized officer, as of the day and year
and at a place first above written.

P&F INDUSTRIES, INC.                      FLORIDA PNEUMATIC
                                          MANUFACTURING CORPORATION

By:                                       By:
     ---------------------------               ---------------------------
Name: Joseph A. Molino. Jr.               Name: Joseph A. Molino. Jr.
Title: Vice President                     Title: Vice President

EMBASSY INDUSTRIES, INC.                  GREEN MANUFACTURING, INC.

By:                                       By:
     ---------------------------               ---------------------------
Name: Joseph A. Molino. Jr.               Name: Joseph A. Molino. Jr.
Title: Vice President                     Title: Vice President

NATIONWIDE INDUSTRIES, INC.               COUNTRYWIDE HARDWARE, INC.

By:                                       By:
     ---------------------------               ---------------------------
Name: Joseph A. Molino. Jr.               Name: Joseph A. Molino. Jr.
Title: Vice President                     Title: Vice President

                                       3
<Page>

                                SCHEDULE OF LOANS

<Table>
<Caption>
                                            Amount of
Date    Type                 Principal      Principal
of      of       Interest    Amount of      Maturity    Paid or
Loan    Loan     Rate        Loan           of Loan     Unpaid
----    ----     ----        ----           -------     ------
<S>     <C>      <C>         <C>            <C>         <C>

</Table>

                                       4
<Page>

                                    EXHIBIT C

                                FORM OF TERM NOTE

$_____________                                                     July __, 2002

            FOR VALUE RECEIVED, P&F INDUSTRIES, INC., a Delaware corporation
("P&F"), FLORIDA PNEUMATIC MANUFACTURING CORPORATION, a Florida corporation
("Florida Pneumatic"), EMBASSY INDUSTRIES, INC., a New York corporation
("Embassy"), GREEN MANUFACTURING, INC., a Delaware corporation ("Green"),
COUNTRYWIDE HARDWARE, INC., a Delaware corporation ("Countrywide"), and
NATIONWIDE INDUSTRIES, INC., a Florida corporation ("Nationwide") (P&F, Florida
Pneumatic, Embassy, Green, Countrywide and Nationwide, collectively, the
"Co-Borrowers"), promise to pay to the order of CITIBANK, N.A.
(successor-in-interest to European American Bank) (the "Bank") on or before
_________ __, ____(3) (the "Maturity Date"), the principal amount of
_______________________________________________ ($__________) DOLLARS in
___________ (__) consecutive quarterly installments of $__________ each,
commencing ____ _, 200_ and continuing on the first day of each _______,
________, ________ and _______ thereafter of each year, with a final
installment, on the Term Loan Maturity Date, in an amount equal to the remaining
principal amount outstanding on the Term Loan Maturity Date.

            The Co-Borrowers also promise to pay interest on the unpaid
principal amount hereof from the date hereof until paid in full at the rates and
at the times which shall be determined in accordance with the provisions of the
Credit Agreement referred to below.

            This Note is a "Term Note" issued pursuant to and entitled to the
benefits of the Credit Agreement dated as of July 23, 1998, among the Bank and
the Co-Borrowers (as same has been and may be further amended, restated,
supplemented or modified, the "Credit Agreement"), to which reference is hereby
made for a more complete statement of the terms and conditions under which the
Loans evidenced hereby was made and is to be repaid. Capitalized terms used
herein without definition shall have the meanings set forth in the Credit
Agreement.

----------
      (3) This date to be selected by the Co-Borrowers, but shall not, in any
event, be beyond the seventh anniversary of the date of borrowing (Section 2.05)
<Page>

            The Bank shall record the date, Type and amount of each payment or
prepayment of principal of the Loans on the grid schedule annexed to this Note;
PROVIDED, HOWEVER, that the failure of the Bank to set forth the Loans, payments
and other information on the attached grid schedule shall not in any manner
affect the obligation of the Co-Borrowers to repay the Loans made by the Bank in
accordance with the terms of this Note.

            This Note is subject to prepayment as provided in Section 3.03 of
the Agreement.

            Upon the occurrence of an Event of Default the unpaid balance of the
principal amount of this Note, together with all accrued but unpaid interest
thereon, may become, or may be declared to be, due and payable in the manner,
upon the conditions and with the effect provided in the Credit Agreement.

            All payments of principal and interest in respect of this Note shall
be made in lawful money of the United States of America in same day funds at the
office of the Bank located at the Bank's Payment Office or at such other place
as shall be designated in writing for such purpose in accordance with the terms
of the Credit Agreement.

            No reference herein to the Credit Agreement and no provision of this
Note or the Credit Agreement shall alter or impair the obligation of the
Co-Borrowers, which is absolute and unconditional, to pay the principal of and
interest on this Note at the place, at the respective times, and in the currency
herein prescribed.

            Each Co-Borrower and each endorser of this Note waive diligence,
presentment, demand, protest and notice of any kind in connection with this
Note.

            THIS NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.

                          [next page is signature page]

                                       2
<Page>

            IN WITNESS WHEREOF, each Co-Borrower has caused this Note to be
executed and delivered by its duly authorized officer, as of the day and year
and at the place first above written.

P&F INDUSTRIES, INC.                      FLORIDA PNEUMATIC
                                          MANUFACTURING CORPORATION

By:                                       By:
     ---------------------------               ---------------------------
Name: Joseph A. Molino. Jr.               Name: Joseph A. Molino. Jr.
Title: Vice President                     Title: Vice President

EMBASSY INDUSTRIES, INC.                  GREEN MANUFACTURING, INC.

By:                                       By:
     ---------------------------               ---------------------------
Name: Joseph A. Molino. Jr.               Name: Joseph A. Molino. Jr.
Title: Vice President                     Title: Vice President

NATIONWIDE INDUSTRIES, INC.               COUNTRYWIDE HARDWARE, INC.

By:                                       By:
     ---------------------------               ---------------------------
Name: Joseph A. Molino. Jr.               Name: Joseph A. Molino. Jr.
Title: Vice President                     Title: Vice President

                                       3
<Page>

<Table>
<Caption>
                                            Amount of
Date    Type                 Principal      Principal
of      of       Interest    Amount of      Maturity    Paid or
Loan    Loan     Rate        Loan           of Loan     Unpaid
----    ----     ----        ----           -------     ------
<S>     <C>      <C>         <C>            <C>         <C>

</Table>

                                       4
<Page>

                                    EXHIBIT 1

                                  AMENDMENT TO
                                PLEDGE AGREEMENT

                                                                  August 1, 2002

CITIBANK, N.A., as Administrative Agent
730 Veterans Memorial Highway
Hauppauge, New York 11788

Gentlemen:

      Reference is hereby made to that certain (a) Pledge Agreement, dated as of
May 2, 2002, by and between Countrywide Hardware, Inc. (the "Pledgor") and
Citibank, N.A. (successor-in-interest to European American Bank) (the "Pledgee")
(as same has been and may be further amended, restated, supplemented, or
modified, from time to time, the "Pledge Agreement") and (b) the Credit
Agreement, dated as of July 23, 1998 (as same has been and may be further
amended, restated, supplemented or modified, the "Credit Agreement"), by and
among the Bank, the Pledgor, P&F Industries, Inc., Florida Pneumatic
Manufacturing Corporation, Embassy Industries, Inc., Green Manufacturing, Inc.
and Nationwide Industries, Inc. (collectively, the "Co-Borrowers"). Capitalized
terms not otherwise defined herein shall have the meanings given to them in the
Credit Agreement.

      In connection with the foregoing and as a condition precedent to the
effectiveness of Amendment No. 7 to Credit Agreement, dated as of the date
hereof (the "Amendment") by and among the Bank and the Co-Borrowers, the Pledgor
hereby:

      1. acknowledges and agrees that the Recitals in the Pledge Agreement are
hereby amended in their entirety to read as follows:

            "A. P&F Industries, Inc., Florida Pneumatic Manufacturing
            Corporation, Embassy Industries, Inc., Green Manufacturing, Inc.,
            Countrywide Hardware, Inc., and Nationwide Industries, Inc. (each, a
            "Co-Borrower" and collectively, the "Co-Borrowers") and the Pledgee
            are parties to a Credit Agreement, dated as of July 23, 1998, (as
            same has been and may be further amended, modified or supplemented
            from time to time, the "Credit Agreement") pursuant to which, the
            Co-Borrowers have and will continue to receive loans and other
            financial

                                       1
<Page>

            accommodations from the Pledgee and will incur Obligations (as
            defined in the Credit Agreement).

            B. The Pledgor is the beneficial owner of that percentage of the
            issued and outstanding capital stock of each respective corporation
            listed on Schedule A annexed hereto (collectively, the "Pledged
            Companies") as indicated on such Schedule A.

            C. In order to induce the Pledgee to continue to extend credit to
            the Co-Borrowers on and after the date hereof as provided in the
            Credit Agreement, the Pledgor wishes to grant to the Pledgee
            security and assurance in order to secure the payment and
            performance of all Obligations, and to that effect to pledge to the
            Pledgee all of the issued and outstanding capital stock of the
            Pledged Companies that is owned by the Pledgor, represented by the
            stock certificates listed opposite the name of such Pledgor on such
            Schedule A (collectively, the "Pledged Shares").

            Accordingly, the parties hereto agree as follows:"

      2. acknowledges and agrees that all references in the Pledge Agreement to
the term "Guaranty Obligations" shall be deemed amended and replaced with the
term "Obligations";

      3. acknowledges and confirms that (i) except as specifically amended
herein, all terms and provisions contained in the Pledge Agreement are, and
shall remain, in full force and effect in accordance with their respective terms
and (ii) the liens heretofore granted, pledged and/or assigned to the Pledgee in
the Pledged Collateral (as defined in the Pledge Agreement) shall not be
impaired, limited or affected in any manner whatsoever;

      4. reaffirms and ratifies all the representations and covenants contained
in the Pledge Agreement; and

      5. represents, warrants and confirms the non-existence of any offsets,
defenses, or counterclaims to their respective obligations under the Pledge
Agreement.

      Except as expressly provided herein, the execution, delivery and
effectiveness of this agreement shall not operate as a waiver of any right,
power or remedy of the Pledgee, nor constitute a waiver of any provision of the
Pledge Agreement, the Credit Agreement, or any other Loan Document.

                                       2
<Page>

      If you are in agreement with the foregoing, kindly executed this agreement
in the space provided for below.

                                       3
<Page>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and delivered as of the date first above written.

                                    COUNTRYWIDE HARDWARE, INC.

                                    By:_____________________________
                                       Name: Joseph A. Molino, Jr.
                                       Title: Vice President

ACKNOWLEDGED AND AGREED

CITIBANK, N.A.

By: _______________________
Name:
Title:

                                       4
<Page>

                                    EXHIBIT 2

                        AMENDMENT TO SECURITY AGREEMENTS

                                                     August 1, 2002

CITIBANK, N.A.
730 Veterans Memorial Highway
Hauppauge, New York 11788

Gentlemen:

      Reference is hereby made to (a) those certain General Security Agreements,
each dated as of May 3, 2002, by and between Citibank, N.A.
(successor-in-interest to European American Bank) (the "Bank") and each of
Countrywide Hardware, Inc. ("Countrywide") and Nationwide Industries, Inc.
("Nationwide"), (b) those certain General Security Agreements, each dated as of
July 23, 1998, by and between the Bank and each of P&F Industries, Inc. ("P&F"),
Florida Pneumatic Manufacturing Corporation ("Florida Pneumatic") and Embassy
Industries, Inc. ("Embassy"), (c) that certain General Security Agreement, dated
as of September 16, 1998, by and between the Bank and Green Manufacturing, Inc.
("Green"; with Countrywide, Nationwide, P&F, Florida Pneumatic and Embassy,
collectively, the "Co-Borrowers"), and (d) the Credit Agreement, dated as of
July 23, 1998 (as same has been and may be further amended, restated,
supplemented or modified, the "Credit Agreement") by and the Bank and the
Co-Borrowers. Capitalized terms not otherwise defined herein shall have the
meanings given to them in the Credit Agreement.

      In connection with the foregoing and as a condition precedent to the
effectiveness of the Amendment No. 7 to Credit Agreement, dated as of the date
hereof (the "Amendment") by and among the Bank and the Co-Borrowers, each
Co-Borrower hereby:

      1. acknowledges and agrees that paragraph 1(b) of each Security Agreement
is hereby amended and restated in its entirety to provide as follows:

            (b)   SECURITY FOR OBLIGATIONS. This Security Agreement secures the
                  payment of all now existing or hereafter arising obligations
                  of Debtor to Secured Party, whether primary or secondary,
                  direct or indirect, absolute or contingent, joint or several,
                  secured or unsecured, due or not, liquidated or unliquidated,
                  arising by operation of law or otherwise under the Credit
                  Agreement, dated as of July 23, 1998, by and among P&F
                  Industries, Inc., Florida Pneumatic Manufacturing

                                       1
<Page>

                  Corporation, Embassy Industries, Inc., Green Manufacturing,
                  Inc. ("Green"), Countrywide Hardware, Inc. and Nationwide
                  Industries, Hardware, Inc. and the Secured Party, (b) the
                  Foreign Exchange Line (as defined in said Credit Agreement)
                  and (c) the Letter of Credit, Reimbursement and Loan
                  Agreement, dated as of September 16, 1998, by and between
                  Green and the Secured Party, in each case as same may have
                  been and may be further modified, supplemented, restated or
                  amended from time to time (each an "Operative Document")
                  whether for principal, interest, fees, expenses or otherwise,
                  together with all costs of collection or enforcement,
                  including, without limitation, reasonable attorneys' fees
                  incurred in any collection efforts or in any action or
                  proceeding (all such obligations being the "Obligations")."

      2. acknowledges and confirms that (i) except as specifically amended
herein, all terms and provisions contained in their respective Security
Agreement are, and shall remain, in full force and effect in accordance with
their respective terms and (ii) the liens heretofore granted, pledged and/or
assigned to the Bank in the Collateral (as defined in the Security Agreements),
shall not be impaired, limited or affected in any manner whatsoever;

      3. reaffirms and ratifies all the representations and covenants contained
in their respective Security Agreement; and

      4. represents, warrants and confirms the non-existence of any offsets,
defenses, or counterclaims to their respective obligations under the Security
Agreements.

      Except as expressly provided herein, the execution, delivery and
effectiveness of this letter shall not operate as a waiver of any right, power
or remedy of the Bank, nor constitute a waiver of any provision of the Credit
Agreement, any Security Agreement or any Loan Documents.

      If you are in agreement with the foregoing, kindly execute this agreement
in the space provided for below.

                          [next page is signature page]

                                       2
<Page>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and delivered as of the date first above written.

                                    COUNTRYWIDE HARDWARE, INC.
                                    NATIONWIDE INDUSTRIES, INC.
                                    P&F INDUSTRIES, INC.
                                    FLORIDA PNEUMATIC MANUFACTURING CORPORATION
                                    EMBASSY INDUSTRIES, INC.
                                    GREEN MANUFACTURING, INC.

                                    By:_____________________________
                                       Name: Joseph A. Molino, Jr.
                                       Title: The Vice President of each of the
                                              foregoing corporations

ACKNOWLEDGED AND AGREED

CITIBANK, N.A.

By: _______________________
Name:
Title:

                                       3
<Page>

                                    EXHIBIT 3

                        ASSISTANT SECRETARY'S CERTIFICATE

      I, Richard A. Horowitz, the duly elected and acting Assistant Secretary of
Green Manufacturing, Inc., a Delaware corporation (the "Company"), do hereby
certify as follows:

      1. Attached hereto as Exhibit A is a true, correct and complete copy of
the resolutions of the Company authorizing the transactions contemplated by
Amendment No. 7 to Credit Agreement among P&F Industries, Inc., Florida
Pneumatic Manufacturing Corporation, Embassy Industries, Inc., Green
Manufacturing, Inc., Countrywide Hardware, Inc., and Nationwide Hardware, Inc.
(collectively, the "Co-Borrowers") and Citibank, N.A. (successor-in-interest to
European American Bank) (the "Bank"). Such resolutions have not been amended,
modified, revoked or rescinded as of the date hereof, are in full force and
effect and are the only resolutions adopted by the Board of Directors of the
Company with respect to the subject matter thereof.

      2. Neither the certificate of incorporation nor the By-laws of the Company
have been amended since July 23, 1998.

      3. The undersigned officers of the Company are duly elected and qualified
officers of the Company and hold the respective positions set opposite their
names and the signatures set forth opposite their names are their genuine
signatures:

NAME                          TITLE             SIGNATURE

Joseph A. Molino, Jr.         Vice President    _____________________________

      IN WITNESS WHEREOF, I have signed this Certificate as of the ___ day of
July, 2002.

                                    ---------------------------
                                    Richard A. Horowitz

      THE UNDERSIGNED hereby confirms that Richard A. Horowitz has been duly
elected, was duly qualified and on the date hereof is the Assistant Secretary of
the Company and that the signature above is his genuine signature.

                                    ---------------------------
                                    Name: Joseph A. Molino, Jr.
                                    Title: Vice President

                                       4
<Page>

EXHIBIT A

      RESOLVED, that (i) the Company shall enter into an amendment (the
"Amendment") to the Credit Agreement (the "Credit Agreement), dated as of July
23, 1998, among P&F Industries, Inc., Florida Pneumatic Manufacturing
Corporation, Embassy Industries, Inc., Green Manufacturing, Inc., Countrywide
Hardware, Inc., and Nationwide Hardware, Inc. (collectively, the "Co-Borrowers")
and Citibank, N.A. (successor-in-interest to European American Bank) (the
"Bank"), substantially on the terms presented at the meeting, and (ii) any
officer or officers of the Company are hereby authorized to execute and deliver,
in the name and on behalf of the Corporation, the Amendment substantially upon
such terms, with such changes as the executing officer may approve, his
execution thereof to be conclusive evidence of such approval;

      RESOLVED, that any officer or officers of the Corporation are hereby
authorized and directed to execute and deliver any replacement notes, including
the Amended and Restated Revolving Credit Note and the Amended and Restated Term
Note, certificates, instruments or documents and take any further actions, in
the name and on behalf of the corporation, as may be required or contemplated
under the Amendment or the Credit Agreement, or as such officer may otherwise
deem desirable in order to carry out the intent of the foregoing resolution.

                                       5
<Page>

                        ASSISTANT SECRETARY'S CERTIFICATE

      I, Robert Weiden, the duly elected and acting Assistant Secretary of P&F
Industries, Inc., a Delaware corporation (the "Company"), do hereby certify as
follows:

      1. Attached hereto as Exhibit A is a true, correct and complete copy of
the resolutions of the Company authorizing the transactions contemplated by
Amendment No. 7 to Credit Agreement among P&F Industries, Inc., Florida
Pneumatic Manufacturing Corporation, Embassy Industries, Inc., Green
Manufacturing, Inc., Countrywide Hardware, Inc., and Nationwide Hardware, Inc.
(collectively, the "Co-Borrowers") and Citibank, N.A. (successor-in-interest to
European American Bank) (the "Bank"). Such resolutions have not been amended,
modified, revoked or rescinded as of the date hereof, are in full force and
effect and are the only resolutions adopted by the Board of Directors of the
Company with respect to the subject matter thereof.

      2. Neither the certificate of incorporation nor the By-laws of the Company
have been amended since July 23, 1998.

      3. The undersigned officer of the Company are duly elected and qualified
officers of the Company and hold the respective positions set opposite their
names and the signatures set forth opposite their names are their genuine
signatures:

NAME                          TITLE             SIGNATURE

Joseph A. Molino, Jr.         Vice President    _____________________________

      IN WITNESS WHEREOF, I have signed this Certificate as of the ___ day of
July, 2002.

                                    ---------------------------
                                    Robert Weiden

      THE UNDERSIGNED hereby confirms that Robert Weiden has been duly elected,
was duly qualified and on the date hereof is the Assistant Secretary of the
Company and that the signature above is his genuine signature.

                                    ---------------------------
                                    Name: Joseph A. Molino, Jr.
                                    Title: Vice President

                                       6
<Page>

EXHIBIT A

      RESOLVED, that (i) the Company shall enter into an amendment (the
"Amendment") to the Credit Agreement (the "Credit Agreement), dated as of July
23, 1998, among P&F Industries, Inc., Florida Pneumatic Manufacturing
Corporation, Embassy Industries, Inc., Green Manufacturing, Inc., Countrywide
Hardware, Inc., and Nationwide Hardware, Inc. (collectively, the "Co-Borrowers")
and Citibank, N.A. (successor-in-interest to European American Bank) (the
"Bank"), substantially on the terms presented at the meeting, and (ii) any
officer or officers of the Company are hereby authorized to execute and deliver,
in the name and on behalf of the Corporation, the Amendment substantially upon
such terms, with such changes as the executing officer may approve, his
execution thereof to be conclusive evidence of such approval;

      RESOLVED, that any officer or officers of the Corporation are hereby
authorized and directed to execute and deliver any replacement notes, including
the Amended and Restated Revolving Credit Note and the Amended and Restated Term
Note, certificates, instruments or documents and take any further actions, in
the name and on behalf of the corporation, as may be required or contemplated
under the Amendment or the Credit Agreement, or as such officer may otherwise
deem desirable in order to carry out the intent of the foregoing resolution.

                                       7
<Page>

                             SECRETARY'S CERTIFICATE

      I, Raymond J. Keegan, the duly elected and acting Secretary of Florida
Pneumatic Manufacturing Corporation, a Florida corporation (the "Company"), do
hereby certify as follows:

      1. Attached hereto as Exhibit A is a true, correct and complete copy of
the resolutions of the Company authorizing the transactions contemplated by
Amendment No. 7 to Credit Agreement among P&F Industries, Inc., Florida
Pneumatic Manufacturing Corporation, Embassy Industries, Inc., Green
Manufacturing, Inc., Countrywide Hardware, Inc., and Nationwide Hardware, Inc.
(collectively, the "Co-Borrowers") and Citibank, N.A. (successor-in-interest to
European American Bank) (the "Bank"). Such resolutions have not been amended,
modified, revoked or rescinded as of the date hereof, are in full force and
effect and are the only resolutions adopted by the Board of Directors of the
Company with respect to the subject matter thereof.

      2. Neither the certificate of incorporation nor the By-laws of the Company
have been amended since July 23, 1998.

      3. The undersigned officers of the Company are duly elected and qualified
officers of the Company and hold the respective positions set opposite their
names and the signatures set forth opposite their names are their genuine
signatures:

NAME                          TITLE             SIGNATURE

Joseph A. Molino, Jr.         Vice President    _____________________________

      IN WITNESS WHEREOF, I have signed this Certificate as of the 28th day of
July, 1999.

                                    ---------------------------
                                    Raymond J. Keegan

      THE UNDERSIGNED hereby confirms that Raymond J. Keegan has been duly
elected, was duly qualified and on the date hereof is the Secretary of the
Company and that the signature above is his genuine signature.

                                    ---------------------------
                                    Name: Joseph A. Molino, Jr.
                                    Title: Vice President

                                       8
<Page>

EXHIBIT A

      RESOLVED, that (i) the Company shall enter into an amendment (the
"Amendment") to the Credit Agreement (the "Credit Agreement), dated as of July
23, 1998, among P&F Industries, Inc., Florida Pneumatic Manufacturing
Corporation, Embassy Industries, Inc., Green Manufacturing, Inc., Countrywide
Hardware, Inc., and Nationwide Hardware, Inc. (collectively, the "Co-Borrowers")
and Citibank, N.A. (successor-in-interest to European American Bank) (the
"Bank"), substantially on the terms presented at the meeting, and (ii) any
officer or officers of the Company are hereby authorized to execute and deliver,
in the name and on behalf of the Corporation, the Amendment substantially upon
such terms, with such changes as the executing officer may approve, his
execution thereof to be conclusive evidence of such approval;

      RESOLVED, that any officer or officers of the Corporation are hereby
authorized and directed to execute and deliver any replacement notes, including
the Amended and Restated Revolving Credit Note and the Amended and Restated Term
Note, certificates, instruments or documents and take any further actions, in
the name and on behalf of the corporation, as may be required or contemplated
under the Amendment or the Credit Agreement, or as such officer may otherwise
deem desirable in order to carry out the intent of the foregoing resolution.

                                        9
<Page>

                             SECRETARY'S CERTIFICATE

      I, Steven Hasel, the duly elected and acting Secretary of Embassy
Industries, Inc., a New York corporation (the "Company"), do hereby certify as
follows:

      1. Attached hereto as Exhibit A is a true, correct and complete copy of
the resolutions of the Company authorizing the transactions contemplated by
Amendment No. 7 to Credit Agreement among P&F Industries, Inc., Florida
Pneumatic Manufacturing Corporation, Embassy Industries, Inc., Green
Manufacturing, Inc., Countrywide Hardware, Inc., and Nationwide Hardware, Inc.
(collectively, the "Co-Borrowers") and Citibank, N.A. (successor-in-interest to
European American Bank) (the "Bank"). Such resolutions have not been amended,
modified, revoked or rescinded as of the date hereof, are in full force and
effect and are the only resolutions adopted by the Board of Directors of the
Company with respect to the subject matter thereof.

      2. Neither the certificate of incorporation nor the By-laws of the Company
have been amended since July 23, 1998.

      3. The undersigned officers of the Company are duly elected and qualified
officers of the Company and hold the respective positions set opposite their
names and the signatures set forth opposite their names are their genuine
signatures:

NAME                          TITLE             SIGNATURE

Joseph A. Molino, Jr.         Vice President    _____________________________

      IN WITNESS WHEREOF, I have signed this Certificate as of the ____ day of
July, 2002.

                                    ---------------------------
                                    Steven Hasel

      THE UNDERSIGNED hereby confirms that Steven Hasel has been duly elected,
was duly qualified and on the date hereof is the Secretary of the Company and
that the signature above is his genuine signature.

                                    ---------------------------
                                    Name: Joseph A. Molino, Jr.
                                    Title: Vice President

                                       10
<Page>

EXHIBIT A

      RESOLVED, that (i) the Company shall enter into an amendment (the
"Amendment") to the Credit Agreement (the "Credit Agreement), dated as of July
23, 1998, among P&F Industries, Inc., Florida Pneumatic Manufacturing
Corporation, Embassy Industries, Inc., Green Manufacturing, Inc., Countrywide
Hardware, Inc., and Nationwide Hardware, Inc. (collectively, the "Co-Borrowers")
and Citibank, N.A. (successor-in-interest to European American Bank) (the
"Bank"), substantially on the terms presented at the meeting, and (ii) any
officer or officers of the Company are hereby authorized to execute and deliver,
in the name and on behalf of the Corporation, the Amendment substantially upon
such terms, with such changes as the executing officer may approve, his
execution thereof to be conclusive evidence of such approval;

      RESOLVED, that any officer or officers of the Corporation are hereby
authorized and directed to execute and deliver any replacement notes, including
the Amended and Restated Revolving Credit Note and the Amended and Restated Term
Note, certificates, instruments or documents and take any further actions, in
the name and on behalf of the corporation, as may be required or contemplated
under the Amendment or the Credit Agreement, or as such officer may otherwise
deem desirable in order to carry out the intent of the foregoing resolution.

                                       11
<Page>

                             SECRETARY'S CERTIFICATE

      I, Richard A. Horowitz, the duly elected and acting Secretary of
Countrywide Hardware, Inc., a Delaware corporation (the "Company"), do hereby
certify as follows:

      1. Attached hereto as Exhibit A is a true, correct and complete copy of
the resolutions of the Company authorizing the transactions contemplated by
Amendment No. 7 to Credit Agreement among P&F Industries, Inc., Florida
Pneumatic Manufacturing Corporation, Embassy Industries, Inc., Green
Manufacturing, Inc., Countrywide Hardware, Inc., and Nationwide Hardware, Inc.
(collectively, the "Co-Borrowers") and Citibank, N.A. (successor-in-interest to
European American Bank) (the "Bank"). Such resolutions have not been amended,
modified, revoked or rescinded as of the date hereof, are in full force and
effect and are the only resolutions adopted by the Board of Directors of the
Company with respect to the subject matter thereof.

      2. Neither the certificate of incorporation nor the By-laws of the Company
have been amended since May 3, 2002.

      3. The undersigned officers of the Company are duly elected and qualified
officers of the Company and hold the respective positions set opposite their
names and the signatures set forth opposite their names are their genuine
signatures:

NAME                          TITLE             SIGNATURE

Joseph A. Molino, Jr.         Vice President    _____________________________

      IN WITNESS WHEREOF, I have signed this Certificate as of the ___ day of
July, 2002.

                                    ---------------------------
                                    Richard A. Horowitz

      THE UNDERSIGNED hereby confirms that Richard A. Horowitz has been duly
elected, was duly qualified and on the date hereof is the Secretary of the
Company and that the signature above is his genuine signature.

                                    ---------------------------
                                    Name: Joseph A. Molino, Jr.
                                    Title: Vice President

                                       12

<Page>

EXHIBIT A

      RESOLVED, that (i) the Company shall enter into an amendment (the
"Amendment") to the Credit Agreement (the "Credit Agreement), dated as of July
23, 1998, among P&F Industries, Inc., Florida Pneumatic Manufacturing
Corporation, Embassy Industries, Inc., Green Manufacturing, Inc., Countrywide
Hardware, Inc., and Nationwide Hardware, Inc. (collectively, the "Co-Borrowers")
and Citibank, N.A. (successor-in-interest to European American Bank) (the
"Bank"), substantially on the terms presented at the meeting, and (ii) any
officer or officers of the Company are hereby authorized to execute and deliver,
in the name and on behalf of the Corporation, the Amendment substantially upon
such terms, with such changes as the executing officer may approve, his
execution thereof to be conclusive evidence of such approval;

      RESOLVED, that the Company borrow money and obtain credit and other
financial accommodations for or on behalf of the Company at any time, and from
time to time, from the Bank pursuant to the Credit Agreement;

      RESOLVED, that any officer or officers of the Corporation are hereby
authorized and directed to execute and deliver any replacement notes, including
the Amended and Restated Revolving Credit Note and the Amended and Restated Term
Note, certificates, instruments or documents and take any further actions, in
the name and on behalf of the corporation, as may be required or contemplated
under the Amendment or the Credit Agreement, or as such officer may otherwise
deem desirable in order to carry out the intent of the foregoing resolution.

                                       13
<Page>

                             SECRETARY'S CERTIFICATE

      I, Richard A. Horowitz, the duly elected and acting Secretary of
Nationwide Industries, Inc., a Florida corporation (the "Company"), do hereby
certify as follows:

      1. Attached hereto as Exhibit A is a true, correct and complete copy of
the resolutions of the Company authorizing the transactions contemplated by
Amendment No. 7 to Credit Agreement among P&F Industries, Inc., Florida
Pneumatic Manufacturing Corporation, Embassy Industries, Inc., Green
Manufacturing, Inc., Countrywide Hardware, Inc., and Nationwide Hardware, Inc.
(collectively, the "Co-Borrowers") and Citibank, N.A. (successor-in-interest to
European American Bank) (the "Bank"). Such resolutions have not been amended,
modified, revoked or rescinded as of the date hereof, are in full force and
effect and are the only resolutions adopted by the Board of Directors of the
Company with respect to the subject matter thereof.

      2. Neither the certificate of incorporation nor the By-laws of the Company
have been amended since May 3, 2002.

      3. The undersigned officers of the Company are duly elected and qualified
officers of the Company and hold the respective positions set opposite their
names and the signatures set forth opposite their names are their genuine
signatures:

NAME                          TITLE             SIGNATURE

Joseph A. Molino, Jr.         Vice President    _____________________________

      IN WITNESS WHEREOF, I have signed this Certificate as of the ___ day of
July, 2002.

                                    ---------------------------
                                    Richard A. Horowitz

      THE UNDERSIGNED hereby confirms that Richard A. Horowitz has been duly
elected, was duly qualified and on the date hereof is the Secretary of the
Company and that the signature above is his genuine signature.

                                    ---------------------------
                                    Name: Joseph A. Molino, Jr.
                                    Title: Vice President

                                       14
<Page>

EXHIBIT A

      RESOLVED, that (i) the Company shall enter into an amendment (the
"Amendment") to the Credit Agreement (the "Credit Agreement), dated as of July
23, 1998, among P&F Industries, Inc., Florida Pneumatic Manufacturing
Corporation, Embassy Industries, Inc., Green Manufacturing, Inc., Countrywide
Hardware, Inc., and Nationwide Hardware, Inc. (collectively, the "Co-Borrowers")
and Citibank, N.A. (successor-in-interest to European American Bank) (the
"Bank"), substantially on the terms presented at the meeting, and (ii) any
officer or officers of the Company are hereby authorized to execute and deliver,
in the name and on behalf of the Corporation, the Amendment substantially upon
such terms, with such changes as the executing officer may approve, his
execution thereof to be conclusive evidence of such approval;

      RESOLVED, that the Company borrow money and obtain credit and other
financial accommodations for or on behalf of the Company at any time, and from
time to time, from the Bank pursuant to the Credit Agreement;

      RESOLVED, that any officer or officers of the Corporation are hereby
authorized and directed to execute and deliver any replacement notes, including
the Amended and Restated Revolving Credit Note and the Amended and Restated Term
Note, certificates, instruments or documents and take any further actions, in
the name and on behalf of the corporation, as may be required or contemplated
under the Amendment or the Credit Agreement, or as such officer may otherwise
deem desirable in order to carry out the intent of the foregoing resolution.<Page>

                             P & F INDUSTRIES, INC.

                                  EXHIBIT 10.5

                         CONTRACT FOR SALE AND PURCHASE

      THIS AGREEMENT is made as of the 1st day of May, 2002, between W. I.
Commercial Properties, Inc., a Florida corporation (the "Seller"), and
Countrywide Hardware, Inc., a Delaware corporation (the "Purchaser").

1. PROPERTY DESCRIPTION. Seller agrees to sell and Purchaser agrees to purchase
the fee simple title to that certain property located in Hillsborough County,
Florida, for the price and under the terms and conditions provided in this
Agreement, described as:

              See Exhibit A attached hereto and made a part hereof

      The purchase includes the land, building, landscaping, parking areas, and
other improvements which comprise the facility located at 10333 Windhorst Road,
Tampa, Florida 33637 containing not less than FIFTY-SIX THOUSAND TWO HUNDRED
FIFTY (56,250) SQUARE FEET of rentable space and THREE AND EIGHT-TENTHS (3.8)
ACRES, MORE OR LESS of land (collectively the "Property").

      Together with the following (i) all fixtures and personal property used or
useful in the operation, repair and maintenance of the Property, and situated on
the Property and owned by Seller; (ii) all leasehold interests of Seller in
connection with or affecting the Property; (iii) any signs identifying the
improvements on the Property; and (iv) all of the Seller's interest in any
contracts for services to the Property to be assumed by Purchaser.

2. TERMS. A. Acceptance. This Agreement must be accepted by Seller no later than
MAY 1, 2002 AT 5:00 P.M. after presentation to Seller by Purchaser or it shall
be of no force or effect.

      B. Deposit. Purchaser has deposited in escrow with Gibbons, Cohn, et al,
as escrow agent ("Escrow Agent"), a check in the amount of ONE THOUSAND AND
NO/100 DOLLARS ($1,000.00), the proceeds of which check are a deposit on account
of the purchase price, pursuant to the terms and conditions hereof

3. PURCHASE PRICE. The purchase price for the property shall be TWO MILLION FIVE
HUNDRED THOUSAND AND NO/100 DOLLARS (US$2,500,000.00).

4. TERMS OF PAYMENT. An amount at closing representing the purchase price of the
Property as determined pursuant to paragraph 3 above and subject to credits and
prorations hereafter defined.

      A. ONE THOUSAND AND NO/100 DOLLARS ($1,000.00) in escrow upon execution of
this Agreement, being the earnest money deposit referred to in paragraph 2.

      B. In addition to Seller's representations and warranties contained
elsewhere in this Agreement, Seller represents and warrants to Purchaser the
following:

5. WARRANTIES OF SELLER.

      A. Except those leases executed by Nationwide Industries, Inc. and
Purification Technologies, Inc.., which have or will be delivered to Purchaser,
there are no other leases or agreements for possession of the Property or any
portion thereof. Seller shall not, prior to Closing, enter any new leases or
extensions or modifications of existing leases without the prior written consent
of Purchaser, which consent shall not be unreasonably withheld.
<Page>

      B. There is no existing litigation or impending litigation before a court
or administrative agency relating to or affecting the Property, except those
that will be discharged at closing, and Seller knows of no facts which would
give rise to same.

      C. To the best of Seller's knowledge, as of the date of this Agreement
there are no pending or threatened condemnation or eminent domain proceedings
which would affect the Property.

      D. All public utilities, including, without being limited to, sewer,
water, electric, gas and telephone, required for the operation of the Property
are available to service the Property. All installation and connection charges
for said public utilities have been paid for in full.

      E. To the best of Seller's knowledge, no assessments for public
improvements have been made against the Property which remain unpaid, including,
without limitation, those for construction of water and sewer lines and mains,
streets, sidewalks and curbs. In the event work for public improvements,
including, but not limited to, streets, curbing, sidewalks, sewer, water,
electrical and gas lines was begun prior to the date of this Agreement, Seller
shall be responsible for the total assessments and charges that will be made
against the Property for the further work when completed, whether such
assessments and charges are billed to Seller or Purchaser and whether they are
imposed before or after closing. Seller knows of no public improvements which
have been ordered to be made and/or have not heretofore been completed, assessed
and paid for.

      F. To the best of Seller's knowledge there are no special agreements with
any utility company, governmental agency or body or with any entity furnishing
any utility services to the Property, the cost of which is not included in the
utility charges represented in this Agreement by Seller.

      G. The Seller is not a party to, bound or affected by or subject to any
indenture, mortgage, lease, agreement, instrument, charter or by-law provision,
statute, regulation, order, judgment, decree or law which would be violated,
contravened, breached by, or under which any default would occur as a result of
the execution and delivery of this Agreement or the consummation of any of the
transactions contemplated hereby except those that will be discharged at
closing.

      H. This Agreement constitutes a valid and binding obligation of the Seller
enforceable against Seller in accordance with its terms.

      I. No person other than the Purchaser has any agreement or option or any
right capable of becoming an agreement or option for the purchase from the
Seller the Property.

      J. To the best of Seller's knowledge, seller has complied with all of the
provisions of the Americans with Disabilities Act as it applies to the Property
nor has Seller received any notice of any violation thereof.

      K. Seller is in sole and absolute possession of the subject Property
except for those tenants under validly executed leases in favor of Nationwide
Industries, Inc. and Purification Technologies, Inc.

6. FURTHER CONDITIONS PRECEDENT. Purchaser's obligation to close the transaction
provided for in this Agreement shall also be subject to the following conditions
precedent:

      A. AS-IS Purchase. Purchaser has independently inspected the Property and
Leases affecting the Property and accepts same in their current "AS-IS"
condition. Purchaser further acknowledges that Purchaser's acceptance of the
Property and Leases "AS-IS" is a material inducement for Seller entering into
this Contract and the basis, in part, for the purchase price hereunder.

      Purchaser shall have the right, within ten (10) days of the execution of
this Agreement, to have an inspection of the subject Property by a building
contractor, architect or engineer, for the purpose of

                                       2
<Page>

determining the condition of the Unit as well as the right to review the
executed leases and the books and records of the Seller for the last two years,
solely relating to the Property (hereinafter "Inspection Period"). In the event
the results of the inspections described herein are unsatisfactory to Purchaser,
in Purchaser's sole and absolute discretion, Purchaser may give written notice
of termination thereof to Seller within five (5) days of the expiration of the
Inspection Period, in which event this Agreement shall be terminated, the
deposit, with all accrued interest, shall be refunded to Purchaser and both
parties shall be relieved of all further obligations hereunder.

      B. There shall be no contracts for labor or services to the Property
except that such contracts as may be canceled by the Property owner at will.
Seller shall exhibit to Purchaser true copies of all such existing contracts
within FIVE (5) days after execution of this Agreement. If requested by
Purchaser, Seller shall give timely notice so that any such contract will be
canceled as of closing.

      C. To the best of Seller's knowledge, Seller is in compliance with the
Hillsborough County Comprehensive Plan concerning concurrency and density in
conformance with the contemplated use by Purchaser.

      D. All of the representations and warranties by Seller contained in this
Agreement shall be true as of the date hereof and as of the date of closing and
the conditions precedent to closing shall have been met as a condition of
Purchaser's obligation to close. In the event that any of said conditions are
not fulfilled as of the date of closing or any of Seller's warranties or
representations herein are inaccurate or incomplete, then upon request of
Purchaser the date for closing shall be extended for SIXTY (60) days or until
TEN (10) days after the condition, warranty, or representation has been met,
whichever is sooner. In the event that any of said conditions, warranties, or
representations are not fulfilled by the end of said extension, then at
Purchaser's option this Agreement may be terminated, the deposit shall be
returned to Purchaser, and Purchaser shall be relieved of all further
obligations hereunder; provided, however, that Purchaser shall have the right,
but not the obligation, to waive any contingency provided in this Agreement.

7. TITLE EVIDENCE. Within TWO (2) days after the Effective Date hereof, Seller's
title agent shall, at Seller's expense deliver to Purchaser a title insurance
commitment with legible copies of all exceptions for the subject Property
certified to the most recently available date, showing Seller to be vested with
good, marketable and insurable fee simple title. Seller's title shall be free
and clear of all liens except the liens of the existing Mortgages to be
satisfied at closing, and except those conditions or restrictions that do not
prohibit or interfere with the uses presently being made by Seller and its
tenants or contemplated by Purchaser as above stated for the Property, taxes for
the year 2002 and matters shown on the plat of Fishers Farm, as recorded in Plat
Book 26, Page 1, of the Public Records of Hillsborough County, Florida .
Purchaser shall have THREE (3) days to examine title after receipt of said
complete title insurance commitment.

8. CURING TITLE. In the event that the title shall be found by Purchaser not to
be good, marketable and insurable, Seller shall have a reasonable time after
notification by Purchaser of the defects within which to make the said title
good, marketable and insurable, and shall use reasonable diligence in doing so.
At the election of Purchaser, the closing date shall be extended for THIRTY (30)
days or until TEN (10) days after the title is cured, whichever is sooner. If
said title shall not be made good, marketable and insurable by the extended
closing date, then the deposit at Purchaser's direction and option shall be
refunded to Purchaser, and Purchaser shall be relieved of all further
obligations under this Agreement, or Purchaser may proceed to close with a
reduction in the purchase price based upon the actual cost to cure such title
defect or defects.

9. CLOSING. Provided that Seller's title shall be good, marketable and insurable
as of the date for closing and all other conditions precedent, warranties and
representations have been satisfied or found to be true and correct, or are
expressly waived by Purchaser, this transaction shall close MAY 10, 2002.
Closing may be extended an additional two (2) weeks to accommodate Purchaser's
lender. The closing shall take place by mail and wire transfer. Closing of this
transaction shall extinguish and waive any vendor's' liens. Conveyance shall be
by general warranty deed. Seller shall convey the personal property by bill of
sale containing warranties and

                                       3
<Page>

shall assign by appropriate assignment its leasehold interest in any personal
property leases affecting the Property. The general warranty deed, bill of sale,
closing statement, necessary assignments, Seller's resolutions, FIRPTA
Affidavit, Gap Affidavit and a No-Lien affidavit shall be prepared by
Purchaser's attorneys and shall be executed and delivered by Seller at closing.

10. INTENTIONALLY OMITTED

11. PRORATIONS. Real estate and personal Property taxes, rents, insurance, and
other expenses or revenues of the Property shall be prorated at closing. Seller
shall pay for certified governmental improvement liens and for all pending
governmental improvement liens, as of the date of closing.

12. CLOSING COSTS. Seller shall pay Florida documentary stamps required on the
transfer to Purchaser and the cost of preparing and recording any corrective
title instruments. Purchaser shall pay all other costs, including but not
limited to, all costs associated with Purchaser's financing.

13. BROKERAGE. Each party represents that no real estate broker or finder is
entitled to any commission as a result of this transaction by reason of any
action on the part of Seller. Without limiting the effect of the foregoing
sentence, each party agrees to indemnify, defend and save and hold harmless the
other against any and all liability to any real estate broker claiming to be the
procuring cause of this transaction, or of any lease presently or previously
affecting the Property.

14. SURVEY. Seller has furnished Purchaser with a copy of whatever survey Seller
has of the Property. Purchaser shall have the right to have such survey
recertified to a current date, or Purchaser may at its expense obtain a new
survey. The survey must show the Property to be free of encroachments of any of
its improvements onto adjoining Property and of any neighboring improvements
onto the Property. Survey matters shall be treated in the same manner as title
defects hereunder.

15. RISK OF LOSS. All risk of loss as to the Property shall be on Seller prior
to closing. The Property shall be conveyed to Purchaser in the same condition as
on the date of this Agreement, ordinary wear and tear expected. Seller shall not
remove any fixtures or personal property being conveyed to Purchaser pursuant to
this Agreement between now and closing. In the event that the Property or any
portion thereof is taken by eminent domain prior to closing, Purchaser shall
have the option of either canceling this Agreement and receiving a refund of the
deposit, in which case both parties shall be relieved of all further obligations
hereunder, or else Purchaser may proceed with closing in which case Purchaser
shall be entitled to all condemnation awards and settlements. In the event that
the Property is damaged or destroyed by fire or other casualty prior to closing,
Seller shall repair and restore the Property to the same condition as before the
fire or casualty and closing shall be deferred for up to SIXTY (60) days to
permit such repair and restoration. If Seller does not so repair and restore,
then Purchaser shall have the option of canceling this Agreement and receiving a
refund of the deposit, in which event the parties shall be relieved of all
further obligations hereunder, or else Purchaser may proceed with closing in
which case Purchaser shall be entitled to all insurance proceeds (subject to the
rights of the holders of the existing Mortgages) and to a credit equal to the
insurance deductibles.

16. INDEMNITY. Seller shall indemnify, defend and save and hold harmless
Purchaser from any and all liability, including without limitation costs and
reasonable attorney's fees (including appellate costs and fees), relating to the
following (i) to the state of Florida for sales tax due on any rentals or sales
prior to the closing of the transaction, under all applicable Florida statutes;
(ii) for any contracts for services to the Property with respect to all services
performed before closing; (iii) for any required utility and security deposits
of Seller, except those for which Purchaser is credited at closing; (iv) for any
claims by tenants for defaults of Seller or Seller's predecessor in interest as
landlord occurring before closing; and (v) for any real estate broker's
commissions accruing up to and including the date of closing.

                                       4
<Page>

The provisions of this Paragraph 16 and all other representations, warranties,
covenants and indemnities of Seller set forth in this Agreement are intended to
and shall survive the closing.

17. DEFAULT. If all conditions precedent to closing have been fulfilled, title
is of the quality herein required, and Seller has fully performed Seller's
obligations hereunder, and Purchaser neglects or refused to complete the
purchase to close as herein provided, then the deposit shall be delivered to
Seller by Escrow Agent and retained by Seller as agreed and liquidated damages
on account of Purchaser's breach of this Agreement. In such event, both parties
shall be relieved of all further obligations to each other hereunder. The
parties agree that in the event of Purchaser's default, the damages that would
be sustained by Seller would be speculative and not ascertainable, and that the
provision for liquidated damages by retention of the deposit by Seller shall be
Seller's sole and exclusive remedy in the event of Purchaser's default. In the
event of Seller's default, Purchaser shall be entitled to specific performance
and all other remedies available at law, in equity or otherwise as to losses,
liabilities, costs and damages suffered by Purchaser. All remedies of Purchaser
in the event of default by Seller under this Agreement shall be cumulative and
no one right or remedy shall be exclusive of any other right or remedy.

18. ENTIRE AGREEMENT. This Agreement embodies the entire agreement and
understanding of the parties and may not be changed, altered or modified except
by an instrument in writing signed by the party against whom the enforcement of
any such change, alteration or modification is sought.

19. BINDING EFFECT. This Agreement shall be binding upon and shall inure to the
benefit of the respective successors, heirs, personal representatives and
permitted assigns of the parties.

20. TIME OF ESSENCE. Time is declared to be of the essence of this Agreement in
all particulars.

21. NOTICES. Any notice required or permitted under the terms of this Agreement
shall be addressed to the parties as follows, and may be given by personal
delivery or by United States certified mail, first-class postage prepaid, return
receipt requested, as follows:

To Seller:        10333 Windhorst Road, Tampa, Florida 33637; Attn: Mark Weldon

With a copy to:   P.O. Box 2177, Tampa, Florida 33601; Attn: Rod Neuman, Esquire

If to Purchaser:  300 Smith Street, Farmingdale, New York 11735; Attn: Joseph
                  Molino

With a copy to:   4420 Beacon Circle, West Palm Beach, Florida 33407; Attn:
                  Michael J Posner, Esquire

22. ASSIGNABILITY. Purchaser may assign this Agreement to a new entity formed
for the purpose of purchasing the Property but Purchaser shall not be released
from any and all liability hereunder.

23. ESCROW AGENT. A. Any funds deposited with Escrow Agent shall be accepted,
subject to clearance. Escrow Agent may act in reliance upon any writing or
instrument or signature which it, in good faith, believes to be genuine, may
assume the validity and accuracy of any statements or assertions contained in
such writing or instrument, and may assume that any person purporting to give
any writing, notice, advice or instruction in connection with the provisions
hereof has been duly authorized to do so. Escrow Agent shall not be liable in
any manner for the sufficiency or correctness as to form, manner of execution,
or validity of any written instructions delivered to it, nor as to the identity,
authority or rights of any person executing the same. The duties of Escrow Agent
shall be limited to the safekeeping of the deposit in accordance with this
Agreement. Escrow Agent's delivering the deposit in accordance with the
provisions hereof, the escrow shall terminate as regards the deposit, and Escrow
Agent shall thereafter be relieved of all liability in connection with this
Agreement.

                                       5
<Page>

      B. Escrow Agent may consult with counsel of its choice and shall have full
and complete authorization and protection for any action taken or suffered by it
hereunder in good faith and in accordance with the opinion of such counsel.
Escrow Agent shall otherwise not be liable for any mistakes of fact or error of
judgment, or for any acts or omissions of any kind unless caused by its willful
misconduct or gross negligence. The parties hereto agree to indemnify, defend,
and save and hold harmless Escrow Agent from any claims, demands, causes of
action, liabilities, damages, judgments, including the cost of defending any
action against it, together with any reasonable fees (including costs and
attorney's fees in any appellate proceeding) incurred therewith in connection
with Escrow Agent's undertakings pursuant to the terms and conditions of this
Agreement, unless such act or omission is a result of the willful misconduct or
gross negligence of Escrow Agent.

      C. In the event of disagreement about the interpretation of this
Agreement, or about the rights and obligations or the propriety of any action
contemplated by Escrow Agent hereunder, Escrow Agent may, at its sole
discretion, file an action in interpleader to resolve the said disagreements.
Escrow Agent shall be indemnified, defended and saved and held harmless by the
parties hereto for all costs (including reasonable attorney's fees and costs at
all judicial levels) in connection with such interpleader action or actions.

      D. Escrow Agent may resign at any time upon the giving of FIFTEEN (15)
days written notice to the parties hereto. If a successor Escrow Agent is not
appointed within FIFTEEN (15) days after notice of resignation, Escrow Agent may
petition any court of competent jurisdiction to name a successor Escrow Agent
and Escrow Agent herein shall be fully relieved of all liability under this
Agreement to any and all parties upon transfer of the deposit to the successor
Escrow Agent either designated by the parties or appointed by the court.

      E. Each indemnity in favor of Escrow Agent under this Agreement shall
survive termination of this Agreement.

24. SEVERABILITY. Any provision, representation or warranty of this Agreement
which is prohibited or unenforceable in any jurisdiction, be ineffective to the
extent of such prohibition, or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. To the extent permitted by applicable law, the parties
hereto waive any provision of law which prohibits or renders unenforceable any
provision hereof.

25. GOVERNING LAW. This Agreement shall be construed and enforced in accordance
with the laws of the State of Florida and venue hereafter shall be in
Hillsborough County, Florida.

26. ATTORNEY'S FEES AND COSTS. In the event that a party hereto shall retain or
engage any attorney or attorneys to collect, enforce or protect its interest
with respect to this Agreement, or any instrument or document delivered pursuant
to this Agreement, the non-prevailing party in any court action shall pay all of
the reasonable costs and expenses of such collection, enforcement or protection,
including without limitation all reasonable attorneys' fees and court costs, at
trial, bankruptcy court and all appellate levels.

27. NON-WAIVER. No waiver of any provision of this Agreement shall be effective
unless such waiver is in writing and signed by a duly authorized representative
of the party so acting, and the same shall then be effective only for the period
and on the conditions and for the specific instances and purposes specified in
such writing. No notice to or demand on Seller in any case shall entitle Seller
to any other and further notice or demand in similar or other circumstances.

28. RADON GAS. Pursuant to ss.404.056 Florida Statutes, the following Notice is
hereby given in connection with the Property being sold pursuant to this
Agreement: RADON IS A

                                       6
<Page>

NATURALLY OCCURRING RADIOACTIVE GAS THAT, WHEN IT HAS ACCUMULATED IN A BUILDING
IN SUFFICIENT QUANTITIES, MAY PRESENT HEALTH RISKS TO PERSONS WHO ARE EXPOSED TO
IT OVER TIME. LEVELS OF RADON THAT EXCEED FEDERAL AND STATE GUIDELINES HAVE BEEN
FOUND IN BUILDINGS IN FLORIDA. ADDITIONAL INFORMATION REGARDING RADON AND RADON
TESTING MAY BE OBTAINED FROM YOUR COUNTY PUBLIC HEALTH UNIT.

29. HAZARDOUS WASTE. Seller has not caused the Property to be used to generate,
manufacture, refine, transport, treat, store, handle, dispose, transfer, produce
or process Hazardous Substances, or other dangerous or toxic substances, or
solid waste, except in compliance with all applicable federal, state, and local
laws or regulations, and has not caused and has no knowledge of the Release of
any Hazardous Substances on or off-site which would affect Seller's Property.

30. FACSIMILE. A facsimile copy of this Agreement, and any signatures hereon
shall be considered for all purposes as originals.

31. COOPERATION. Each Party hereto hereby agrees that upon the written request
of any other Party hereto, it will do all such acts and execute all such further
documents, conveyances, deeds, assignments, transfers and the like, and will
cause the doing of all such acts and will cause the execution of all such
further documents as are within its power to cause the doing or execution of, as
any other party hereby may from time to time reasonably request be done and/or
executed as may be required to consummate the transactions contemplated hereby
or as may be necessary or desirable to effect the purpose of this Agreement or
any document, agreement or instrument delivered pursuant hereto and to carry out
their provisions or to better or more properly or fully evidence or give effect
to the transactions contemplated hereby, whether before or after the Closing.

32. ACCESS. Purchaser and Purchaser's agents shall have reasonable access to the
Property for the purpose of conducting such tests or measurements of the
Property required by Purchaser. Purchaser hereby agrees to indemnify and hold
Seller harmless for any loss or damage to persons or property resulting from
such tests or measurements.

33. ENERGY EFFICIENCY RATING DISCLOSURE. Pursuant to Section 553.996, Florida
Statutes, the following Notice is hereby given in connection with the Property
being sold pursuant to this Contract: The Purchaser is entitled to have the
building's Energy-Efficiency Rating determined prior to closing. The
Energy-Efficiency Rating may qualify the Purchaser for an energy-efficient
mortgage from lending institutions.

      The parties, by executing this Notice, hereby acknowledge receipt herein
and understand its contents. The parties agrees that Purchaser shall bear all
costs of any rating requested hereunder.

34. LEASES. Seller shall, not less than TWO (2) days from the Effective Date
hereof, furnish to Purchaser a copy of each written lease and estoppel
certificate from each tenant specifying the nature and duration of the tenant's
occupancy, rental rates, advanced rent and security deposits paid by each
tenant. The estoppel certificates shall also confirm the absence of any
defaults. If Seller cannot obtain a certificate from each tenant, Seller shall
furnish and certify this information to Purchaser within that time period by
affidavit, and Purchaser may thereafter contact each tenant to confirm such
information. Seller shall deliver and assign all original

                                       7
<Page>

leases to Purchaser at closing. Purchaser's attorneys shall prepare the
assignments of leases and furnish a form for the tenant estoppel certificates to
Seller.

35. BUSINESS PURCHASE. This Contract and Purchaser's obligations thereunder are
contingent upon Purchaser successfully completing the acquisition of Nationwide
Industries, Inc., a tenant in the Property (the "Business Acquisition"). In the
event that the closing under the Business Acquisition is delayed, the closing
date hereunder shall be delayed until the closing under the Business
Acquisition. In the event that the Business Acquisition does not close, for
whatever reason, then in such event, either party may terminate this Contract,
and Purcghaser shall receive the return of all deposits pledged hereunder and
thereafter this Contract shall be null and void and of no further force or
effect.

      Conversely if the Business Acquisition occurs prior to closing hereunder
then in such event Purchaser shall have the right to lease the Property from
Seller at a daily rate equal to the rent paid by the existing tenants located
therein. Upon closing hereunder any and all advanced rent paid hereunder and
received by Seller shall be reprorated and credited to Purchaser at closing.
Notwithstanding the foregoing, if the closing hereunder is completed on or
before May 10, 2002, Purchaser shall not owe Seller any rent hereunder whether
paid by the tenants or not and all advance rent received by Seller for May or
thereafter shall be credited to Purchaser at closing.

      IN WITNESS WHEREOF, this Agreement is executed as of the day and date
first above written.

Signed and delivered in the presence of:

W. I. Commercial Properties, Inc.

By:
   -------------------------------------
   Mark Weldon, President

Countrywide Hardware, Inc.

By:
   -------------------------------------
   Joseph A. Molino, Jr., Vice-President

                                       8

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