Document:

<PAGE>   1
                            STRATOSPHERE CORPORATION
                           2000 South Las Vegas Blvd.
                            Las Vegas, Nevada 89104

                                                                  March 20, 2000

Mr. Richard Brown
c/o James Bright
Bristol Associates, Inc.
5757 W. Century Blvd., Suite 628
Los Angeles, CA 90045

Dear Mr. Brown,

     This letter (the "Agreement") sets forth the terms upon which you will be
employed by Stratosphere Corporation (the "Company").

          Richard Brown ("Employee") and the Company agree as follows:

1.   EMPLOYMENT

     Upon the terms and conditions hereinafter set forth, the Company hereby
agrees to employ Employee and Employee hereby accepts employment with the
Company. During the Term of Employment (as hereinafter defined), Employee shall
be employed in the position of Executive Vice President of Marketing. Employee
shall report to and be under the supervision of the President, the Chief
Executive Officer and the Board of Directors. During the Term of Employment
Employee shall devote all of his professional attention to the business and
affairs of the Company, shall use his best efforts to advance the best interests
of the Company and shall comply with the reasonable policies of the Company,
including, without limitation, such policies with respect to conflict of
interest, confidentiality and business ethics from time to time in effect.

     During the Term of Employment, the Employee shall not, without the prior
written consent of the Company, render services, whether or not compensated, to
any other person of entity as an employee, Independent contractor or otherwise,
PROVIDED, HOWEVER, that nothing contained herein shall restrict the Employee
from rendering services to charitable organizations,

                                  Page 1 of 8
<PAGE>   2
managing his personal investments or being involved in the business of racing
thoroughbred horses as a hobby (provided that Employee devotes all of his
professional attention to the business and affairs of the Company) subject to
the terms and conditions set forth herein and in such manner as shall not
interfere with the performance by the Employee of his duties hereunder.

2.   TERM

     The employment period shall commence on April 1, 2000 ("Commencement Date")
and shall continue throughout the term (the "Term of Employment") ending on
March 31, 2002 ("Expiration Date" or "expiration") or such later date as the
parties may agree upon in writing unless earlier terminated pursuant to the
provisions of this Agreement.

     The parties agree that during the period between December 31, 2001 and the
Expiration Date they will negotiate with each other to attempt to agree upon a
new employment arrangement that will commence immediately after the Expiration
Date. In the event, for any reason, the parties fail to agree on such new
employment arrangement, Employee will continue to be employed by the Company
after the Expiration Date at the Base Salary current as of the Expiration Date
and without any bonus plan (unless such plan is negotiated and agreed to in
writing) until Employee either resigns or is terminated by the Company.

3.   COMPENSATION

     For all services to be performed by Employee under this Agreement, during
the Term of Employment the Employee shall be compensated in the following
manner:

     a.   BASE COMPENSATION.  The Company will pay Employee a salary (the "Base
          Salary") initially at an annual rate of $190,000. Such amount shall be
          subject to adjustment in accordance with the schedule set forth in
          Attachment 1 to this letter. The Base Salary shall be payable in
          accordance with the normal payroll practice of the Company (but no
          less frequently than bi-weekly). Following the completion of the
          calculations contemplated in Attachment 1 based upon the Company's
          financial statements for the applicable period the Base Salary shall
          be adjusted as contemplated in Attachment 1 and a payment shall be
          made to Employee equal to the amount of additional Base Salary, if
          any, retroactive to the first anniversary of the Commencement Date.

     b.   BONUS COMPENSATION

          During the Term of Employment, Employee shall be entitled to receive
          an annual bonus (the "Annual Bonus"), if any, in accordance with the
          schedule set forth in Attachment 1 to this letter (the "Plan") to be
          payable promptly after the annual financial statements (which include
          financial data for the first fiscal quarter of the Company's following
          fiscal year) are prepared, provided Employee meets the

                                  Page 2 of 8

<PAGE>   3
          financial benchmarks set forth in the Plan. However, Employee shall be
          entitled to the first Annual Bonus of at least $20,000, provided
          Employee continues to be employed by the Company at the time such
          bonus becomes payable.

     c.   PLAN CALCULATIONS

          As used in the Plan, EBITDA shall be calculated based on the financial
          statements as prepared by the Company for the first Year (as defined
          below). The term "EBITDA Base Rate" for purposes of the Plan means
          $14,000,000 (which number shall be "Target" hereunder unless it is
          changed in accordance with Section 3(d) below) increased by 10% of the
          cost of capital expenditures for the first Year in excess of
          $2,000,000. For example, if capital expenditures are $77 million the
          EBITDA Base Rate would be raised by $7.5 million ($77 million less $2
          million times 10%) to $21.5 million ($14 million plus $7.5 million).
          As used in this Agreement, the term "Year" shall mean each one year
          period commencing on the first day of the second fiscal quarter of the
          Company's fiscal year and ending on the last day of the first fiscal
          quarter of the Company's next succeeding fiscal year. The first Year
          will begin on March 28, 2000.

          As used in the Plan, the term "Percentage Excess of EBITDA over EBITDA
          Base Rate" shall mean an amount, expressed as a percentage, determined
          by dividing the amount by which EBITDA exceeds the EBITDA Base Rate by
          the EBITDA Base Rate.

     d.   TARGET ADJUSTMENT

          At the end of the first Year, the parties agree to review the Plan and
          to seek to adopt a new Target mutually agreeable to the parties hereto
          which shall than become the Target for the second Year. In the event
          the parties are not able to agree on the new Target within ten
          business days after the financial statements for the first Year are
          prepared, the Target for the second Year shall equal the greater of
          (i) the actual EBITDA for the first Year and (ii) 14,000,000.

     e.   TAXES.  All amounts paid by the Company to Employee under or pursuant
          to this Agreement, including, without limitation, Base Salary and
          Annual Bonuses, or any other compensation or benefits, whether in cash
          or in kind, shall be subject to normal withholding and deductions
          imposed by any one or more of local, state and federal governments.

4.   TERMINATION

     This Agreement shall terminate, and the Term of Employment shall end, on
the first to occur of (each a "Termination Event"):

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<PAGE>   4
     a.   the Expiration Date;

     b.   the death of Employee or the total or partial disability that renders
          Employee unable to perform in his position with the Company for a
          period of at least 90 consecutive days;

     c.   the discharge of Employee by the Company with or without Cause (as
          defined below); or

     d.   the voluntary resignation of Employee (and without limiting the effect
          of such resignation, Employee agrees to provide the Company with not
          less than 21 days prior written notice of his resignation).

     As used herein "Cause" is defined as Employee's: (i) personal misconduct,
(ii) substance abuse, (iii) negligence or failure to perform work duties or
other obligations to the Company, (iv) conviction of a crime, (v) commission of
a fraudulent act; (vi) federal or state criminal indictment for securities law
violation, (vii) commission of an act of moral turpitude or dishonesty,
(viii) failure to comply with any of the terms of this Agreement; (ix) willful
disclosure, not required by any law or court order, of any trade secrets or
confidential corporate information of the Company to persons not authorized to
know same; or (x) any other event which could cause the gaming authorities,
having jurisdiction over the Company or its affiliates, to seek any redress or
remedy against Employee, the Company or its affiliates as a result of Employee's
acts or failure to act.

5.   EFFECT OF TERMINATION

     a.   In the event that Employee's employment is terminated prior to the
          Expiration Date (i) for any of the reasons set forth in Section 4(b)
          above (i.e., death or disability) or (ii) for any of the reasons set
          forth in Section 4(d) above (i.e., voluntary resignation) or (iii) due
          to the discharge of Employee by the Company with Cause; then, in lieu
          of any other payments of any kind (including, without limitation, any
          severance payments), Employee shall be entitled to receive, within
          thirty (30) days following the date on which the Termination Event in
          question occurred (the "Termination Date") any amounts of Base Salary
          and previously earned bonus due and unpaid to Employee from the
          Company as of the Termination Date in question.

     b.   In the event that Employee's employment is terminated prior to the
          Expiration Date (i) due to the discharge of Employee by the Company
          without Cause or (ii) in the event that Employee ceases to be employed
          by the Company within thirty (30) days after Change in Control (as
          defined below) except such cessation of employment that is (A) due to
          the discharge of Employee by the Company with Cause or (B) for any of
          the reasons set forth in Section 4(b) above (i.e., death or

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<PAGE>   5
          disability) or in Section 4(d) above (i.e., voluntary resignation);
          then, in lieu of any other payments of any kind (including, with our
          limitation, any severance payments), Employee shall be entitled to
          receive, within thirty (30) days following the applicable Termination
          Date or in the case of Change in Control, cessation of employment
          date:

          i.   any amounts of Base Salary and previously earned bonus due and
               unpaid to Employee from the Company as of the Termination Date in
               question or in the case of Change in Control, cessation of
               employment date; and

          ii.  a lump-sum payment in the amount equal to then current Base
               Salary.

          As used herein "Change in Control" means the acquisition of ownership,
          directly or indirectly, beneficially or of record, by any person,
          entity or group (within the meaning of the Securities Exchange Act of
          1934 and the rules of the Securities and Exchange Commission
          thereunder as in effect on the date hereof), other than Carl C. Icahn
          or any person or entity controlled by Mr. Icahn, of shares
          representing more than 50% of the aggregate ordinary voting power
          represented by the issued and outstanding capital stock of the
          Company.

6.   NON-DISCLOSURE

     During the term of this Agreement and at all times thereafter, Employee
shall hold in a fiduciary capacity for the benefit of the Company and its
affiliates all secret or confidential information, knowledge or data, including
without limitation trade secrets, investments, contemplated investments,
business opportunities, valuation models and methodologies, relating to the
business of the Company or its affiliates, and their respective businesses, (i)
obtained by Employee during Employee's employment by the Company and (ii) not
otherwise in the public domain. Employee shall not, without prior written
consent of the Company, except to the extent compelled pursuant to the order of
a court or other body having jurisdiction over such matter or based upon the
advice of counsel, communicate or divulge any such information, knowledge or
data to anyone other than the Company and those designated by the Company;
provided, however, that Employee will assist the Company, at the Company's
expense, in obtaining a protective order, other appropriate remedy or other
reliable assurance that confidential treatment will be accorded such information
disclosed pursuant to the terms of this Agreement.

     All processes, technologies, investments, contemplated investments,
business opportunities, valuation models and methodologies, and inventions
(collectively, "Inventions"), including without limitation new contributions,
improvements, ideas, business plans, discoveries, trademarks and trade names,
conceived, developed, invented, made or found by Employee, alone or with others,
during the Term of Employment, whether or not patentable and whether or not on
the Company's time or with the use of the Company's facilities or materials,
shall be the property of the Company and shall be promptly and fully disclosed
by Employee to the Company.

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<PAGE>   6
Employee shall perform all necessary acts (including, without limitation,
executing and delivering any confirmatory assignments, documents, or instruments
requested by the Company) to vest title to any such Invention in the Company and
to enable the Company, at its expense, to secure and maintain domestic and/or
foreign patents or any other rights for such Inventions.

     Employee is scheduled to receive potential bonuses under this Agreement
which will benefit Employee based upon the performance of the Company's
business. Employee represents to the Company that the enforcement of the
restrictions contained in this section would not be unduly burdensome to
Employee. Employee agrees that the remedy at law for any breach by Employee of
the provisions of this section may be inadequate and that the Company shall be
entitled to injunctive relief, without posting any bond. This section
constitutes an independent and separable covenant that shall be enforceable
notwithstanding any right or remedy that the Company may have under any other
provision of this Agreement or otherwise.

7.   BENEFITS

     During the Term of Employment, Employee shall be entitled (i) to receive
certain healthcare and other employee benefits comparable to those received by
other employees at a similar pay level and or position with the Company; and
(ii) 15 business days paid vacation per calendar year, at the rate of 1.25 days
per each calendar month.

8.   MOVING EXPENSES: MORTGAGE REIMBURSEMENT

     The Company shall reimburse Employee for reasonable, documented moving and
storage expenses up to $7,500, in the aggregate, in connection with Employee's
relocation from Laughlin, Nevada to Las Vegas or its suburbs, Nevada. In
addition, the Company shall reimburse Employee up to $1,555 per month with
respect to mortgage expenses incurred by Employee during a period of six months
following Commencement Date in connection with his residence located at 2148
River City Drive, Laughlin, Nevada 89029.

9.   MISCELLANEOUS

     a.   This Agreement constitutes the entire agreement between the parties
          with respect to the subject matter hereof and supersedes all previous
          written, and all previous or contemporaneous oral negotiations,
          understandings, arrangements, and agreements.

     b.   This Agreement and all of the provisions hereof shall inure to the
          benefit of and be binding upon the legal representatives, heirs,
          distributees, successors (whether by merger, operation of law or
          otherwise) and assigns of the parties hereto; provided, however, that
          Employee may not delegate any of Employee's duties hereunder, and may
          not assign any of Employee's rights hereunder, without the prior
          written consent of the Company.

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<PAGE>   7
     c.   This Agreement will be interpreted and the rights of the parties
          determined in accordance with the laws of the United States applicable
          thereto and the internal laws of the State of Nevada.

     d.   Employee covenants and represents that he is not a party to any
          contract, commitment or agreement, nor is he subject to, or bound
          by, any order, judgement, decree, law, statute, ordinance, rule,
          regulation or other restriction of any kind or character, which would
          prevent or restrict him from entering into and performing his
          obligations under this Agreement.

     e.   This Agreement and all of its provisions, other than provisions of
          Section 5 and Section 6 hereunder, shall terminate upon Employee
          ceasing to be Employee of the Company for any reason.

                                           STRATOSPHERE CORP.

                                                 /s/ THOMAS A. LETTERO
                                           --------------------------------
                                           Thomas A. Lettero

                                                 /s/ RICHARD BROWN
                                           --------------------------------
                                           Richard Brown

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<PAGE>   8
ATTACHMENT 1

                 SEVEN STEP ANNUAL BONUS AND COMPENSATION PLAN
<TABLE>
<CAPTION>
                                                ANNUAL BONUS      INCREASE IN
        PERCENTAGE EXCESS OF EBITDA              (% OF BASE       ANNUAL BASE
           OVER EBITDA BASE RATE                   SALARY)          SALARY
        ---------------------------             ------------      -----------
<S>     <C>                                     <C>               <C>
1       0%                                      $20,000                3%
                                                (applicable only
                                                to the first
                                                Year); and
                                                0% (for the
                                                second Year)

2       up to but not including 5%                  20%                4%

3       5% or more up to but not including          30%                7%
        10% or more

4       10% or more up to but not including         50%                9%
        15% or more

5       15% or more up to but not including         60%               10%
        20% or more

6       20% or more up to but not including         80%               11%
        25% or more

7       25% or more                                100%               12%

</TABLE>
EXAMPLE:

Assumptions:   1.   EBITDA for the first Year is 25 million as determined on
                    May 1; and

               2.   The EBITDA Base Rate is 14 million.

Calculations: The Annual Bonus will equal $190,000 (since the Percentage Excess
of EBITDA over EBITDA Base Rate exceeds 25%). The Base Salary increase will
equal $22,800 per annum for the second Year. Assuming the increase in the Base
Salary begins to accrue on April 1, a retroactive payment of $1,900 will be paid
for the period of April 1 through May 1.

                                  Page 8 of 8<PAGE>   1
                                                                   Exhibit 10.70

               AGREEMENT FOR THE PURCHASE AND SALE OF REAL ESTATE

      This Agreement is made and entered into as of the 28th day of September,
2000 by and between GLOBE CORPORATION, or its assigns, a corporation organized
and existing under the laws of the State of Connecticut, with an office at 2
Alcap Ridge, Cromwell, Connecticut 06416 (hereinafter referred to as "BUYER");
and APEX MACHINE TOOL COMPANY, INC. (formerly known as Apex Acquisition
Corporation), a corporation organized and existing under the laws of the State
of Connecticut, having its principal place of business at 21 Spring Lane,
Farmington, Connecticut 06032 (hereinafter referred to as "SELLER").

            In consideration of the mutual representations, benefits and
covenants contained herein, the parties hereto agree as follows:

Section 1.  THE PROPERTY.

      a.    When used herein, the term "PROPERTY" SHALL MEAN a certain piece or
            parcel of land located at 17 Spring Lane in the Town of Farmington,
            County of Hartford and State of Connecticut, consisting of a
            building approximately seven thousand five hundred (7,500) square
            feet located on 2.41 acres of industrial zoned land, more or less,
            identified as "2.41 Acres Total" on a map entitled "Map of
            FARMINGTON INDUSTRIAL PARK & LAND of WEST HARTFORD VILLAGE, INC. Et.
            Al. Farmington & Plainville Connecticut Scale 1"=200' - September,
            1962 Certified Substantially Correct Edward F. Reuber W. F.
            Grunewald Jr. Surveyors Office of Merton Hodge & Assoc. - Eng'rs &
            Surveyors", which map is on file in the Office of the Farmington
            Town Clerk (hereinafter referred to as the "SURVEY"), a copy of
            which is attached hereto as Exhibit 1(a)(i) together with all
            improvements located thereon and rights, privileges and
            appurtenances thereto belonging, and including any right, title and
            interest of the owner thereof in and to adjacent streets, alleys or
            rights-of-way, and more particularly described on Exhibit 1(a)(ii)
            attached hereto.

      b.    Subject to the terms and conditions of this Agreement, Seller shall
            sell the Property to Buyer and Buyer shall buy the Property from
            Seller.

Section 2.  BUYER'S INTENDED USE.

            Buyer intends to use the Property as a machine shop and for
            manufacturing and related uses (hereinafter referred to as the
            "PROJECT").

Section 3.  TERMS OF SALE.

            a.    The purchase price (hereinafter referred to as the "Purchase
                  Price") to be paid by Buyer to Seller for the Property shall
                  be FOUR HUNDRED EIGHTY-ONE THOUSAND TWO AND NO/100
                  ($481,002.00) DOLLARS.

            b.    The Purchase Price shall be paid by Buyer to Seller as
                  follows:

                  i.    The sum of Five Thousand and No/100 ($5,000.00) Dollars
                        shall be paid by certified or bank check or wire
                        transfer of federal funds to the Escrow Account
                        described below, upon the signing of this Agreement, the
                        receipt of which is hereby acknowledged; and an
                        additional sum of Forty-Three Thousand One Hundred and
                        20/100 ($43,100.20) Dollars shall be paid by certified
                        or bank check or wire transfer of federal funds to the
                        Escrow Account described below, within ten (10) days of
                        the Effective Date of this Agreement (hereinafter
                        collectively referred to as the "DEPOSIT");

                  ii.   The balance of the Purchase Price, including the
                        Deposit, all interest accrued thereon, and customary
                        adjustments and prorations, shall be paid at the Closing
                        by a certified or bank check or wire transfer of federal
                        funds to an account designated by Seller.

                  iii.  The Deposit shall be held in a federally insured
                        interest-bearing escrow account or account in a bank
                        satisfactory to Buyer and Seller (hereinafter referred
                        to as the "ESCROW ACCOUNT") in favor of the Buyer,
                        except as expressly provided for
<PAGE>   2
                        herein, with Sentry Commercial Real Estate Services,
                        Inc., acting as escrow agent (hereinafter referred to as
                        the "ESCROW AGENT"), pursuant to the terms of this
                        Agreement.

Section 4.  CLOSING: CLOSING DOCUMENTS; CLOSING ADJUSTMENTS AND COSTS.

            a.    The closing (hereinafter referred to as the "CLOSING") shall
                  be held on a date to be selected by Buyer and approved by
                  Seller (hereinafter referred to as the "CLOSING DATE"), which
                  date SHALL NOT BE later than thirty (30) days after the date
                  on which Buyer has satisfied or expressly waived in writing
                  all the conditions provided for in Section 8 hereof, but in no
                  event later than the first anniversary of the date of this
                  Agreement.

            b.    The Closing shall be held at 10:00 A.M. on the Closing Date at
                  the offices of Buyer's counsel or at such office as may be
                  designated by Buyer's lender, or at such location as agreed
                  between the parties.

            c.    Seller shall pay for (1) preparation of the deed and recording
                  of any releases or documents necessary to clear title,
                  including, without limitation, maps; and (2) the transfer or
                  conveyance taxes on the deed. The Buyer shall pay for (1) the
                  recording costs for the deed, any mortgage or deed of trust
                  which Buyer may place on the Property; and (2) the premiums on
                  any title insurance policies issued for the benefit of the
                  Buyer and its lender. Seller and Buyer shall each be
                  responsible for the payment of their own attorneys' fees.

            d.    At the Closing Seller shall convey to Buyer (or Buyer's
                  nominee) an unencumbered, indefeasible fee simple title to the
                  Property by recordable full covenant Warranty Deed, free and
                  clear of all liens and encumbrances, except easements,
                  restrictions and other matters disclosed on Exhibit 4(d)
                  (hereinafter referred to as the "PERMITTED ENCUMBRANCES"). The
                  parties shall execute and/or deliver such other instruments,
                  quitclaims, and agreements as may be reasonably required in
                  order to effect the conveyance contemplated hereby and to
                  insure that the Property shall, upon completion of the
                  conveyance, constitute one single continuous parcel with no
                  intervening parcels.

            e.    All real estate ad valorem taxes on the Property, due and
                  payable in the year of Closing, and other customary
                  adjustments, shall be prorated between Seller and the Buyer as
                  of the Closing Date, in accordance with the custom and
                  practice of the Hartford County Bar. Real estate ad valorem
                  taxes shall be prorated based upon the amount of said taxes
                  for the year in which the Closing occurs., if said amount is
                  known at the time of Closing. If said amount is not known,
                  then such taxes shall be prorated on the basis of the taxes
                  assessed for the preceding year after making a fair and
                  reasonable allocation of such assessment between the Property
                  and other property covered by such assessment. Should the
                  actual assessment for the year in which the Closing occurs be
                  more or less than the amount used as a basis for such
                  proration, Seller or Buyer, promptly upon receipt by either of
                  them of the notice or bill for such taxes, will make the
                  proper adjustment so that such proration will be accurate,
                  based upon the actual amount of such taxes, and payment shall
                  be made promptly to Seller or Buyer, whichever shall be
                  entitled to such payment, by the other for the purpose of
                  making such adjustment. Notwithstanding, the foregoing, Buyer,
                  at its sole discretion, shall have the right, in the name of
                  Buyer or Seller, but at the expense of Buyer, to contest and
                  appeal any such tax or assessment, and any adjustment in
                  proration shall be based upon the amount of such taxes finally
                  determined upon such contest or appeal and shall be paid
                  promptly upon the determination of such amount, if Buyer shall
                  elect to make such contest or appeal. If the Property is not
                  taxed as a separate parcel but is taxed as part of the Greater
                  Parcel, then real estate ad valorem taxes also shall be
                  prorated based upon the proportion of the number of acres
                  comprising the Property to the number of acres comprising the
                  Greater Parcel.

            f.    At the Closing, Seller shall deliver to Buyer an affidavit of
                  title sufficient to allow Buyer's title insurance company to
                  insure against any and all mechanics' and materialmen's liens
                  and rights of all parties other than Buyer to possession of
                  all or any part of the Property and to delete the survey
                  exception and such other matters as are customarily included
                  in such an affidavit.

                                       2
<PAGE>   3
            g.    At the Closing, Seller shall deliver to Buyer a "non-foreign"
                  certificate as required by Section 1445 of the Internal
                  Revenue Code (hereinafter referred to as the "CODE"). If,
                  however, Seller fails to deliver such certificate, Seller
                  shall be deemed to be a foreign person within the remaining of
                  Section 1445 of the Code, and Seller, shall hereby be deemed
                  to have instructed and authorized the Buyer to withhold from
                  the Purchase Price otherwise payable hereunder an amount equal
                  to ten percent (10%) of the Purchase Price, for payment
                  pursuant to Section 1445. If the proceeds available to Seller
                  at the Closing are insufficient for such purpose, Seller shall
                  deliver to Buyer current funds equal to the difference between
                  ten percent (10%) of the Purchase Price and such proceeds at
                  the Closing.

            h.    At the Closing, Buyer shall (i) authorize the Escrow Agent to
                  disburse the Deposit and any interest thereon in payment of a
                  portion of the Purchase Price, (ii) tender payment of the
                  balance of the Purchase Price prescribed in Section 3(b) and
                  (iii) provide Seller with a certificate of Buyer's secretary
                  certifying as to corporate resolutions authorizing Buyer's
                  execution and delivery of, and performance under, this
                  Agreement and the documents described herein.

            i.    At the Closing, the parties shall deliver such other usual and
                  customary certificates, good standing certificates and other
                  documents as the other may reasonably request in connection
                  with the transaction contemplated hereby (i.e., seller's
                  counsel's opinion, seller's resolution).

Section 5.  POSSESSION: TESTS AND STUDIES.

            Exclusive possession of the Property shall be delivered to Buyer at
            the Closing. Seller hereby confirms that, prior to the parties
            execution of this Agreement, Seller agreed that Buyer or its
            employees and agents, including any environmental engineers engaged
            by Buyer or Buyer's lender, shall have the right, at any time after
            the Effective Date of this Agreement, to enter the Property, and
            such property owned by Seller adjoining the Property as is
            reasonably required by Buyer, for the purpose of inspecting the
            Property, making surveys, taking borings of the soil, installing
            monitoring wells, and conducting such other studies and tests in
            order to determine the suitability of the Property for Buyer's
            intended use. If, for any reason, Buyer elects not to purchase the
            Property, or if this Agreement is terminated for any reason pursuant
            to the terms hereof, then Buyer shall repair the Property to
            substantially the condition in which it existed on the date hereof,
            ordinary wear and tear excepted. Buyer shall indemnify and hold
            Seller, its successors and assigns harmless from all damages,
            claims, losses, liabilities and all expenses, including reasonable
            attorney fees, accounting, consulting, engineering and other
            expenses which may be imposed upon or incurred by any of them by any
            other party or parties, arising out of or in connection with Buyer's
            activities on the Property as described in this Section, except with
            respect to those matters covered by Seller's indemnification set
            forth in Section 11(d) below.

Section 6.  REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER.

            Seller represents and warrants to, and covenants with, Buyer that:

            a.    Seller is a duly organized and validly existing corporation
                  organized and existing under the laws of the State of
                  Connecticut.

            b.    Seller has the corporate power to execute and deliver, and to
                  perform its obligations under, this Agreement. This Agreement
                  constitutes the legal, valid and binding obligation of Seller,
                  enforceable in accordance with its terms.

            c.    The execution and delivery of this Agreement, and the
                  consummation of the transactions contemplated herein, will not
                  result in any breach of the terms or conditions of, or cause
                  any default under, Seller's Certificate of Incorporation or
                  Bylaws, or agreement or any instrument or obligation to which
                  Seller is now or may become a party, or any injunction or
                  decree of any court in any litigation to which Seller is a
                  party, or violates any law applicable to Seller.

                                       3
<PAGE>   4
            d.    Seller has marketable fee simple title to the Property, and
                  will have on the Closing Date marketable, fee simple title to
                  the Property, subject only to the Permitted Encumbrances.
                  Seller has, and on the Closing Date will have, full right and
                  power to convey the Property as provided in this Agreement.

            e.    At the Closing, Seller represents that there will be no leases
                  affecting the Property or any persons occupying the Property,
                  or any right to occupy.

            f.    There are no actions, suits or proceedings, including, without
                  limitation, any eminent domain or similar condemnation
                  proceeding, or any other legal proceedings pending or,
                  threatened before or by any judicial body or any governmental
                  agency or authority, against or affecting Seller or any
                  portion of the Property, except as described in Exhibit 6(f).

            g.    There are no outstanding options to purchase or contracts of
                  sale with respect to the Property, or any part thereof.

            h.    The Property has not, during Seller's ownership of the
                  Property, or, to the best of Seller's knowledge, prior
                  thereto, been used as a land fill or a dump for garbage,
                  refuse, hazardous or toxic waste or petroleum products. To the
                  best of Seller's knowledge, the soil, surface water and
                  groundwater of or on the Property are free from solid wastes,
                  toxic or hazardous substances or contaminants. The Buyer
                  acknowledges that it has received a copy of the Phase I
                  environmental audit prepared for Edac Technologies Corporation
                  dated June 29, 1998, by ERM-Northeast, performed on the
                  Property two years ago at Seller's expense. To the best of
                  Seller's knowledge, there does not exist any adverse
                  environmental or ecological condition on the Property. To the
                  best of Seller's knowledge, neither the current nor any prior
                  owner, or any tenant, subtenant or other occupant occupying
                  the Property during Seller's or any prior owner's period of
                  ownership of all or any part of the Property has used any
                  hazardous materials on, from or affecting the Property in any
                  manner that violates federal, state or local laws, ordinances,
                  rules, regulations or policies governing the use, storage,
                  treatment, transportation, manufacture, refinement, handling,
                  production or disposal of hazardous materials. No hazardous
                  materials have, during Seller's ownership of the Property or,
                  to the best of Seller's knowledge, prior thereto, been
                  disposed of on the Property. As of the Closing Date, the
                  Property will not be in violation of any law, ordinance, rule
                  or regulation applicable thereto. The Property is not an
                  "Establishment" pursuant to Transfer Act and the Property
                  meets all requirements of the proposed aquifer regulations.

            i.    There is no fact or condition existing on or with respect to
                  the Property which could result in or give rise to any action
                  or proceeding at law or in equity against the Property or the
                  owner thereof (including any beneficial owner), or which
                  violates any right, ordinance, order, regulation, or
                  requirements affecting any portion of the Property.

            j.    There are no sites of historical or archaeological importance
                  on the Property that in any way would impede, curtail, limit
                  or restrict the use of the Property for the Project.

            k.    Water, storm sewer and sanitary sewer facilities, electrical
                  and telephone services are available to the Property for
                  Buyer's intended use.

            l.    Ingress and egress to the Property exist over paved and
                  dedicated rights of way and has access to a public road.

            m.    All of the foregoing representations, warranties or covenants
                  of Seller are made for the sole benefit of Buyer and may be
                  waived by Buyer, in whole or in part, by written waiver
                  delivered to Seller. If, prior to Closing, Buyer becomes aware
                  that any representation or warranty contained herein has been
                  breached or was untrue when made, Buyer may, but shall have no
                  obligation to, terminate this Agreement and receive a full
                  refund of the Deposit, and any interest thereon, and/or to
                  exercise any other remedies it may have under this Agreement
                  and applicable law.

                                       4
<PAGE>   5
            n.    So long as this Agreement remains in force, Seller will not
                  lease, convey or encumber all or any portion of the Property,
                  or any interest therein, or enter into any agreement granting
                  to any person any right with respect to the Property, or any
                  portion thereof. Seller will take, or cause to be taken, all
                  action necessary to cause the foregoing representations to
                  remain true and correct in all respect from the date hereof to
                  the date of the Closing. Seller will refrain from taking any
                  action which could cause any such representation to become
                  incorrect or untrue at any time during such period.

Section 7.  REPRESENTATIONS, WARRANTIES AND COVENANTS OF BUYER.

            Buyer represents and warrants to, and covenants with, Seller that:

            a.    Buyer is a duly organized and validly existing corporation
                  organized and existing under the laws of the State of
                  Connecticut.

            b.    Buyer has the corporate power to execute and deliver, and to
                  perform its obligations under this Agreement. This Agreement
                  constitutes the legal, valid and binding obligation of Buyer,
                  enforceable in accordance with its terms.

            c.    The execution and delivery of this Agreement, and the
                  consummation of the transactions contemplated herein, will not
                  result in any breach of the terms or conditions of, or cause
                  any default under, Buyers' Certificate of Incorporation or
                  Bylaws, or agreement or any instrument or obligation to which
                  Buyer is now or may become a party, or any injunction or
                  decree of any court in any litigation to which Buyer is a
                  party, or violates any law applicable to Buyer.

            d.    So long as this Agreement remains in force, Buyer will take,
                  or cause to be taken, all action necessary to cause the
                  foregoing representations to remain true and correct in all
                  respect from the date hereof to the date of the Closing. Buyer
                  will refrain from taking any action which could cause any such
                  representation to become incorrect or untrue at any time
                  during such period.

Section 8.  CONDITIONS TO BUYER'S OBLIGATION.

            a.    Buyer's obligations under this Agreement are expressly made
                  subject to each and all of the following conditions, which
                  conditions are for the sole benefit of Buyer and may be waived
                  by Buyer, in whole or in part, by written waiver delivered to
                  Seller:

                        i.    Buyer's obtaining at its sole cost and expense, on
                              or before sixty (60) days of the Effective Date of
                              this Agreement, a written commitment for a
                              conventional mortgage loan from an institutional
                              lender, and said mortgage to be in the amount of
                              eighty (80%) percent of the Purchase Price. Buyer
                              agrees to apply promptly for such mortgage and to
                              seek to obtain it with due diligence. If the Buyer
                              is unable to obtain a written commitment on the
                              above terms, Buyer may elect to cancel this
                              Agreement by sending written notice to the Seller
                              no later than five (5) days after the sixty (60)
                              day period expires. Upon Seller's receipt of such
                              notice, the Deposit and all interest accrued
                              thereon shall be refunded to Buyer and this
                              Agreement shall thereupon become null and void and
                              the parties hereto shall have no further rights,
                              duties or obligations hereunder.

                        ii.   Buyer's obtaining at its sole cost and expense,
                              satisfactory inspections of all structural and
                              mechanical systems of the building on the
                              Property. Buyer shall obtain a written report of
                              said inspections and give copies of the inspection
                              reports to the Seller on or before forty-five (45)
                              days of the Effective Date of this Agreement. If
                              Buyer does not give Seller such copies of the
                              inspection reports, Seller shall have no
                              responsibility or obligation concerning any
                              condition to which this paragraph applies. At
                              Buyer's sole cost and expense, Buyer shall restore
                              the Property to substantially the same condition
                              it was in immediately before any inspections. The
                              Buyer may terminate this Agreement no later than
                              five (5) days after the completion date of the
                              inspection reports if the inspection results are
                              unsatisfactory to

                                       5
<PAGE>   6
                              the Buyer, unless Seller agrees to make necessary
                              repairs, etc. Upon Seller's receipt of such
                              notice, the Deposit and all interest accrued
                              thereon shall be refunded to Buyer and this
                              Agreement shall thereupon become null and void and
                              the parties hereto shall have no further rights,
                              duties or obligations hereunder.

                        iii.  On the Closing Date the Property and all portions
                              thereof shall be free from damage or destruction
                              by fire, earthquake, erosion, flooding or by other
                              force of nature or act of God after the date of
                              this Agreement.

                        iv.   Each and every representation and warranty made by
                              Seller herein shall be true and accurate on the
                              Closing Date and Seller shall execute an Affidavit
                              to that effect at the Closing.

                        v.    On the Closing Date, Seller shall convey title to
                              the Property free and clear of all encumbrances
                              and restrictions, except the Permitted
                              Encumbrances.

                        vi.   The current tenant of the Property must have
                              vacated the property prior to closing and have
                              terminated all rights to possession. There must be
                              no other parties with rights to possession of the
                              Property.

                        vii.  The conditions as to Title and Environmental
                              Matters set forth in Sections 9 and 11 shall be
                              satisfied.

            b.    If any of the conditions set forth in Section 8(a) have not
                  been satisfied within the time prescribed therein, Buyer shall
                  have, in addition to any other rights it may have, the option
                  to terminate this Agreement by sending written notice thereof
                  to Seller within five (5) days after the end of the time
                  prescribed therein (or on the Closing Date if sooner
                  occurring). Upon Seller's receipt of such notice, the Deposit
                  and all interest accrued thereon shall be refunded to Buyer
                  and this Agreement shall thereupon become null and void and
                  the parties hereto shall have no further rights, duties or
                  obligations hereunder.

Section 9.  TITLE

      Within thirty (30) days from the execution date hereof, Buyer will cause
      to be conducted a title examination of the Property which will be attached
      hereto as Exhibit 9 and those objections to title revealed by such search
      (hereinafter referred to as the "INITIAL TITLE OBJECTIONS") Seller shall
      have sixty (60) days from the Effective Date of this Agreement in which to
      cure the Initial Title Objections to Buyer's satisfaction. It is
      understood and agreed that Buyer may re-examine title to the Property up
      to and including the Closing Date and give Seller written notice of
      objections to any additional encumbrances which appear of record
      subsequent to the date of Buyer's original title search and Seller shall
      have until the Closing Date to cure any additional objections; provided,
      however, that if Buyer delivers notice of an objection to title at any
      time within twenty (20) days prior to the Closing Date, Seller may extend
      the Closing Date to a date which is no later than twenty (20) days after
      the date of such notice in order to cure such objection to title. If
      Seller fails or refuses to cure any title objection within the period
      prescribed in this paragraph, or to provide within such period evidence
      acceptable to Buyer, in its sole discretion, that will permit Buyer (and
      its lender) to obtain (without any additional cost to Buyer) at the
      Closing title insurance without exception therefore, then Buyer, at its
      option, may terminate this Agreement, upon which the Deposit, and any
      accrued interest thereon shall be immediately refunded to Buyer and this
      Agreement shall thereupon become null and void and neither Buyer nor
      Seller shall have any further rights, duties or obligations hereunder.
      Buyer shall have the right to waive any objections to or defect in
      Seller's title.

Section 10. RISK OF LOSS; CONDEMNATION.

      All risk of loss with respect to the Property shall remain with Seller
      until the Closing and delivery of deeds. If at any time prior to the
      Closing Date, the Property, or any portion thereof, is taken or
      appropriated by virtue of eminent domain or similar proceedings, or is
      condemned for any public or quasi-public use, Buyer may terminate this
      Agreement and the Deposit and any interest accrued thereon shall be
      immediately refunded to Buyer. If Buyer terminates this Agreement, Seller
      shall be entitled to receive all condemnation proceeds actually paid for
      that portion of the Property taken. If Buyer elects to maintain this
      Agreement in full force and effect, Buyer shall be entitled

                                       6
<PAGE>   7
      to receive at the Closing all condemnation proceeds actually paid for that
      portion of the Property taken or, if such proceeds have been paid to
      Seller, Buyer shall receive a credit against the Purchase Price equal to
      the amount of proceeds actually paid to Seller.

Section 11. ENVIRONMENTAL MATTERS.

            a.    The parties hereto acknowledge that prior to the date hereof,
                  Buyer has engaged ___________________________________________
                  (hereinafter referred to as the "ENGINEER") for the purpose of
                  conducting a full environmental audit, including a so-called
                  Phase I and Phase II audit, of the Property (hereinafter
                  referred to as the "AUDIT") and delivering an environmental
                  audit report (hereinafter referred to as the "REPORT") to
                  Buyer as soon as possible, but in no event later than sixty
                  (60) days after the Effective Date of this Agreement. The cost
                  of the Phase I audit shall be borne by Buyer. The cost of the
                  Phase II audit shall be borne by Buyer.

            b.    If the results of the Report are unsatisfactory to either
                  Buyer, or Buyer's lender, in their sole discretion, Buyer
                  shall have the option to terminate this Agreement within five
                  (5) days of its receipt of the Report, unless Seller agrees to
                  remedy same. Upon such notice, the Deposit and interest
                  thereon shall be returned to Buyer and this Agreement and the
                  obligations of the parties thereunder shall immediately
                  terminate.

            c.    Seller represents and warrants to Buyer that, with respect to
                  the Property, it has been, and is, in compliance with and has
                  no liability or obligation arising under applicable
                  Environmental Laws and that Seller has not received Notice
                  from any applicable governmental agency seeking any
                  information or alleging any violation of Environmental Laws

Section 12. DEFAULT; REMEDIES.

      a.    In the event this Agreement is not consummated because of the
            non-performance, default or breach on the part of Buyer, then the
            Deposit and all interest accrued thereon shall be paid to Seller as
            Seller's exclusive remedy, as liquidated damages for Buyer's own
            performance, default and breach, and thereafter this Agreement shall
            become null and void and neither Buyer nor Seller shall have any
            further rights, duties or obligations hereunder. Such amount is
            agreed upon by and among Buyer and Seller as liquidated damages due
            to the difficulty and inconvenience of measuring actual damages and
            the uncertainty thereof.

      b.    In the event this Agreement is not consummated because of the
            non-performance, default or breach on the part of Seller, then Buyer
            may either (i) enforce this Agreement and the sale and purchase
            provided for herein according to the terms hereof by all means
            available at law or in equity, including specific performance or
            (ii) terminate this Agreement, upon which termination Buyer shall be
            entitled to an immediate return of the Deposit and all interest
            accrued thereon.

Section 13. NOTICES.

      Any request, notice, approval or communication authorized or required by
      this Agreement shall be in writing and shall be (i) delivered personally,
      (ii) sent postage prepaid by certified mail, return receipt requested, or
      (iii) sent by a nationally recognized overnight carrier that guarantees
      next day delivery with provisions of a receipt and delivery charge
      prepaid, and such request, notice, approval or communication shall be
      deemed sufficient and given upon receipt or refusal to accept delivery as
      indicated in the receipt, and shall be addressed to the other party at the
      addresses set forth in the caption of this Agreement or such other
      addresses or parties as may be designated by any of Buyer or Seller by
      notice given from time to time in accordance with this Section.

Section 14. REAL ESTATE COMMISSION.

      Buyer and Seller each warrant and represent to the other that other than
      Sentry Commercial Real Estate Services, Inc., neither has engaged or dealt
      with any other real estate agent or broker in connection with the
      transactions contemplated by this Agreement. The Seller shall be solely
      responsible for and shall pay any real estate commissions which may be
      payable to Sentry Commercial Real Estate Services, Inc. as a result of the
      transactions contemplated hereby.

                                       7
<PAGE>   8
Section 15. BENEFIT: JOINT AND SEVERAL.

      This Agreement shall be binding upon and shall inure to the benefit of the
      parties, their respective successors and assigns.

Section 16. SURVIVAL OF COVENANTS.

      The terms, conditions, representations, warranties, covenants, and
      indemnifications contained in this Agreement shall survive the Closing and
      delivery of deeds.

Section 17. GOVERNING LAW

      This Agreement shall be governed by and construed in accordance with the
      laws of the State of Connecticut, without regard to the conflicts of laws
      provisions thereof.

Section 18. ENTIRE AGREEMENT.

      This Agreement contains the entire agreement between the parties, and
      supersedes all prior agreements, written or oral with respect to the
      matters to which it pertains, including without limitation Buyer's Offer
      to Seller dated June 28, 2000. This Agreement may be amended only by a
      written agreement signed by both Seller and Buyer.

Section 19. HEADING; DRAFTING; GENDER.

      The headings of paragraphs used herein are for convenience only and do not
      constitute matters to be construed in interpreting this Agreement. Words
      of any gender used in this Agreement shall be held and construed to
      include any other gender, and words in the singular number shall be held
      to include the plural and vice versa, unless the context requires
      otherwise.

Section 20. HOLIDAYS.

      If the final day of any time period or limitation set out in any provision
      of this Agreement falls on a Saturday, Sunday or legal holiday under the
      laws of the State of Connecticut, then in such event the time of such
      period shall be extended to the next day which is not a Saturday, Sunday
      or legal holiday.

Section 21. ATTORNEYS' FEES.

      In any action or proceeding to enforce the terms and conditions of this
      Agreement or to recover damages for its breach, or both, the prevailing
      party shall be entitled to a reasonable attorneys' fee (including
      attorneys' fees upon appeal) as established by the Court in such a
      proceeding together with all costs and expenses incurred by the prevailing
      party in such legal or equitable action.

Section 22. SEVERABILITY.

      Any provision of this Agreement which is prohibited or unenforceable in
      any jurisdiction shall, as to such jurisdiction, be ineffective to the
      extent of such prohibition or unenforceability only, without invalidating
      the remaining provisions hereof. Any such prohibition or unenforceability
      in any jurisdiction shall not invalidate or render unenforceable such
      provisions in any other such jurisdiction.

Section 23. OFFER; EFFECTIVE DATE.

      Buyer's delivery of an executed copy of this Agreement to Seller shall
      constitute Buyer's offer to purchase the Property in accordance with the
      terms of this Agreement. If Seller fails to accept Buyer's offer prior to
      5:00 p.m. on SEPTEMBER 29, 2000, as evidenced by Seller's execution and
      delivery to Buyer of two (2) copies hereof on or before such date and
      time, then Buyer's offer shall be deemed null and void. This Agreement
      shall become effective on the later of the dates shown below the
      signatures of Seller and Buyer (the "EFFECTIVE DATE").

                                       8
<PAGE>   9
      IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement on the
dates set forth below each signature.

BUYER:                                          SELLER:
GLOBE CORPORATION                         APEX MACHINE TOOL COMPANY, INC.

By: /s/W. Cziao                           By: /s/Ronald G. Popolizio
    ----------------------------              -------------------------------
Its  President                            Its  Secretary
Duly Authorized                           Duly Authorized

Date:  September 25, 2000                 Date:  September 28, 2000

STATE OF CONNECTICUT   ]
                       ]ss: New Britain   September 25, 2000
COUNTY OF              ]

      On this the 25th day of September, 2000, before me, Michael Boyczyk , the
undersigned officer, personally appeared Walter Cziao who acknowledged
himself/herself to be the President of GLOBE CORPORATION, a corporation, and
that he/she as such President , being authorized so to do, executed the
foregoing instrument for the purposes therein contained, by signing the name of
the corporation by himself/herself as President.

      IN WITNESS WHEREOF, I hereunto set my hand and official seal.

                                          /s/Michael Boyczyk
                                          ---------------------------------

STATE OF CONNECTICUT   ]
                       ]ss: Farmington    September 28    , 2000
COUNTY OF HARTFORD     ]

      On this the 28th day of September, 2000, before me, Carol S. Foley , the
undersigned officer, personally appeared Ronald Popolizio who acknowledged
himself to be the Secretary of APEX MACHINE TOOL COMPANY, INC., a corporation,
and that he as such Secretary , being authorized so to do, executed the
foregoing instrument for the purposes therein contained, by signing the name of
the corporation by himself as Secretary.

      IN WITNESS WHEREOF, I hereunto set my hand and official seal.

                                          /s/ Carol S. Foley
                                          ---------------------------------

                                       9

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