Document:

EXHIBIT 10.14

Memorandum of understanding and agreement between Shanghai P & E Import
and Export Co., Ltd. (SP&E) and Speizman Industries, Inc. (SPZN)

1.   Territory SP&E appoints SPZN its exclusive agent in

     A.   The United States and its territories and possessions
     B.   Canada
     C.   Mexico
     D.   Central America including
          1.  Panama                2.  Costarica              3.  Honduras
          4.  Guatemala             5.  El Salvador            6.  Belize
     E.   The Caribbean Basin

2.   Products, SP&E appoints SPZN to be its exclusive agent in the Territory
     listed in #1 above for the following products:

     A.   Ring Spinning Frames produced by Shanghai Erfangji Co., Ltd. (SEC),
          all models
     B.   POY Spinning Machines produced by SEC
     C.   Attachments for Lycra yarn produced by SEC.
     D.   CTM weaving machines
     E.   Other products sold by SP&E which SPZN feels can be sold in its
          Territory.

3.   Term: This agreement will stay in effect from March 01, 2000 until
     February 28, 2002. The agreement will automatically renew for one more
     year unless either party gives written notice that it wants to
     terminate the agreement at least 6 months before the expiration date of
     the contract.

4.   Not to compete: SPZN shall not represent on distribute any products
     which are in competition with these products. SP&E shall not directly
     or indirectly allow any other party to sell within territory during the
     term of the contract.

5.   Sales organization, Advertising and Exhibitions.

     SPZN will provide an adequate organization for sales and after-sales
     service with all necessary means and personnel in order to ensure the
     fulfillment of its obligations throughout the territory under this
     agreement. SPZN will be responsible for promotion and sale as well as
     advertising SP&E equipment within the territory. SPZN's cost of
     participation in such exhibition shall be divided between SP&E and SPZN
     as agreed each time.

6.   Assignment:   Neither SPZN nor SP&E may assign its rights or obligations
     under this agreement without the prior written consent of the other party.

7.   SP&E's responsibilities

     A.   SP&E will supply equipment that meets the technical and safety
          standards of the territory.
     B.   SP&E will have available English speaking people in your technical,
          commercial and parts department to communicate with SPZN.
     C.   SP&E will defend and hold SPZN harmless against claims of patent
          infringements by SP&E's equipment in the territory.
     D.   SP&E will fax spin plans and pamphlet quickly requested by SPZN.

<PAGE>
8.   Unfinished Business

     Orders transmitted by SPZN from customers in the territory before the
     expiring or termination of this agreement which result in a contract of
     sale not more than 6 months after such expiration, shall entitle SPZN
     to a commission of its full amount.

9.   Warrantees

     Failure of the products to perform as stated in SP&E's literature is
     solely SP&E's responsibility.

10.  Commissions and sales quotations.

     SPZN will quote all customers within the territory after receiving from
     SP&E its quotation. SP&E's quotation will include:

         A.   Cost of equipment to be supplied.
         B.   CIF port of entry.
         C.   Cost of erection and installation of products.
         D.   Cost of start up of products and initial training.
         E.   SPZN commission to be determined by SPZN.

11.  Erection, Installation and Start up.

     SP&E will be responsible for payment of all expenses related to
     erection, installation and start up of the products including
     transportation, salary and living expenses including hotel lodging and
     food.

12.  Payment and terms.

     SPZN will open an irrevocable letter of credit payable at sight against
     on board bill of lading. If SPZN opens L/C with terms of payment longer
     than "at sight against on board bill of lading", SPZN will pay bank
     charges for SP&E to discount the L/C.

13.  Entire Agreement.  This is the entire agreement between SP&E and SPZN.
     Any amendment to this agreement must be in writing and signed by both
     parties.

Accepted by:
<TABLE>
<CAPTION>
<S>                                                  <C>
Shanghai P & E Import and Export Co., Ltd.           Speizman Industries, Inc.

Its /s/ Shi Shao Mei                                 Its /s/ Robert S. Speizman, President
   -----------------------------                          --------------------------------
Date:  2-24-2000                                     Date: February 24, 2000
</TABLE>EXHIBIT 10.17
NORTH CAROLINA
                                                                LEASE AGREEMENT
MECKLENBURG COUNTY

         THIS LEASE AGREEMENT is executed effective as of December 1, 1999, by
and between THE SPEIZMAN LLC, a North Carolina limited liability company,
("Lessor") and SPEIZMAN INDUSTRIES, INC., a North Carolina Corporation
("Lessee").

         1. LEASE OF THE PREMISES. Upon the terms and conditions contained
herein, Lessor hereby leases to Lessee, and Lessee hereby leases and lets from
Lessor, the premises consisting of the land, building and improvements
associated therewith, on the land located at 701 Griffith Road, Charlotte, North
Carolina and more particularly described on Exhibit "A" attached hereto and
incorporated herein by reference (the "Premises"). Provided, however, that upon
Lessor's satisfaction of its lender's obligations for releasing the
approximately 2.0 acre tract shown on Exhibit "B" to the Deed of Trust in favor
of such Lender from the lien in favor of West Coast Life Insurance Company of
even date herewith (as evidenced in the Deed of Trust and Security Agreement
securing said lien and any amendments and/or restatements thereof), Lessee shall
be obligated to enter into an amendment of this Lease deleting all or any
portion of such property, as applicable, from this Lease, without modification
of rent or any other term of this Lease.

         2. TERM. The term of this Lease shall commence as of the date hereof
and shall end on September 30, 2012; provided, however, that if Lessee remains
in possession of the Premises after expiration of the term hereof, with Lessor's
acquiescence and without any express agreement of the parties, Lessee shall be a
tenant at will at the rental rate then in effect at the end of the term.
Provided, further, that if Lessee remains in possession of the Premises after
expiration of the terms hereof without Lessor's acquiescence, Lessee shall be a
tenant at sufferance and commencing on the date following the date of expiration
of the term, the monthly rental payable under paragraph 3 hereof shall be, for
each month or fraction thereof during which Lessee remains in possession of the
Premises, 200% of the monthly rental otherwise payable under paragraph 3 hereof.
Provided, finally, that in any event of holding over after the end of the term
of the Lease, there shall be no renewal or extension of the Lease by operation
of law or otherwise.

         3. RENT. Lessee shall pay to Lessor as rental for the Premises the sum
of Eighty-Eight Thousand Forty-One and 60/100's Dollars ($88,041.60) per month,
payable on or before the fifth (5th) day of each calendar month during the term
thereof. To the extent the first or last month of the term of this Lease is less
than a full calendar month, rental for such month shall be prorated on a daily
basis. Provided, however, that the monthly rental payable hereunder shall be
increased (but not decreased) each November 1 by any change in the Consumer
Price Index, Urban Wage Earners and Clerical Workers (CPI-W, 1982-84=100)
("Index") by multiplying the then in effective monthly rental by the value of
said Index for the month two months prior to the then present November 1 (or
nearest available month) and dividing the product by the value of said Index for
the month two months prior to the then previous November 1 (or nearest available
month). In the event that the Index ceases to be published, there shall be
substituted for the

<PAGE>

Index the measure published by the U.S Department of Labor which most nearly
approximates the Index.

         4. CONDITION OF THE PREMISES. Lessee acknowledges that it has inspected
the Premises and accepts same in their present condition and state of repair.
Lessee acknowledges that neither Lessor nor any of Lessor's officers or agents
have made any representation or warranty regarding the condition or state of
repair of the Premises or the suitability of the Premises for Lessee's intended
use.

         5. USE OF THE PREMISES. Lessee agrees to use the Premises solely for
light manufacturing, offices and a distribution facility, or such other uses as
may be permitted by I-2 zoning or such other future zoning as may affect the
Premises. Lessee shall not use the Premises in any manner that causes damage to
the Premises (exclusive of ordinary wear and tear) or which creates waste or a
nuisance. Lessee shall use the Premises in compliance, in all material respects,
with applicable laws and governmental regulations, ordinances, building and
zoning codes.

         6. ALTERATIONS. Without the prior written consent of Lessor and
Lessor's lender, if any, Lessee shall not make any material alterations to the
Premises, save and except minor nonstructural alterations which are not of a
permanent nature and which do not injure or damage the Premises or decrease the
value thereof. In the event that any alterations or improvements to the Premises
are required to comply with any applicable laws, regulations or ordinances
affecting the Premises, Lessee shall give to Lessor prompt notice of such
requirement and shall promptly proceed to make such improvements or alterations
as required.

         7. FIXTURES. Upon termination of this Lease, Lessee may remove any of
Lessee's trade fixtures from the Premises, excluding the basic building systems
such as air conditioning, heating, electricity, ventilation, lighting and
plumbing, and Lessee shall be responsible for repairing any damage to the
Premises caused by such removal.

         8. MAINTENANCE AND REPAIRS. Except as expressly provided otherwise in
this Lease, Lessor shall be responsible for maintaining the exterior walls, roof
(including roof leak repairs) and other structural components of the building
situated on the Premises, along with basic systems for electricity, air
conditioning, heat, water and plumbing, in a normal, reasonable and habitable
condition and state of repair, consistent in all respects with the condition and
state of repair existing at the commencement of this Lease, ordinary wear and
tear excepted, provided, however, that Lessor shall not be required to expend an
amount in excess of $33,099.00 per annum on its obligations under this
paragraph. Lessee shall pay normal operating expenses with respect to the
Premises, including costs for ordinary maintenance of the electrical, heat, air
conditioning, and water and plumbing systems which are necessary for the normal
and customary operation thereof, but Lessee shall not be responsible for any
repairs, replacements or overhauls of such systems. Lessee shall maintain the
exterior grounds of the Premises in a neat and orderly condition, and shall
furnish all light bulbs for use on or in respect of the Premises.

                                       2
<PAGE>

         9.       INSURANCE.
                  ---------

                  (a)      Casualty Insurance. During the term of this Lease,
                           Lessee shall maintain and keep in full force and
                           effect, at its cost, a standard comprehensive fire
                           and extended coverage policy of insurance with
                           respect to the Premises naming Lessor and Lessee as
                           insured as their interests appear, in such amounts as
                           Lessor's lender, if any, shall require. Lessee shall
                           have the responsibility to determine whether to
                           maintain casualty insurance with respect to Lessee's
                           personalty and business interruption insurance for
                           Lessee's own benefit.

                  (b)      Liability Insurance. During the term of this Lease,
                           Lessee shall maintain and keep in full force and
                           effect, at its cost, a standard commercial general
                           policy of liability insurance insuring both Lessor
                           and Lessee against liabilities customarily insured
                           against under such policies arising out of the use of
                           the Premises. Such insurance shall provide an
                           aggregate limit on coverage of not less than
                           $2,000,000 per occurrence, $4,000,000 aggregate
                           general limit per policy year, and $2,000,000
                           property damage or such amounts as are required by
                           any lender of Lessor.

                  (c)      Certificate of Insurance. Lessee shall furnish to
                           Lessor, upon request, (i) a certificate of insurance
                           showing such insurance to be in full force and
                           effect, and (ii) proof that the premiums necessary to
                           keep said insurance in full force and effect have
                           been timely paid.

                  (d)      Insurance Companies and Cancellation.  Insurance
                           required hereunder shall be maintained with sound and
                           reputable insurance companies reasonably satisfactory
                           to the parties or as required by any lender of
                           Lessor, and no such policy shall be cancelable or
                           subject to reduction of coverage except after thirty
                           (30) days prior written notice to the party not
                           responsible for the maintenance of such insurance and
                           Lessor's lender, provided that Lessee may satisfy its
                           obligations hereunder, in whole or in part, by means
                           of a so-called blanket policy or under a
                           self-insurance program should Lessee prove to Lessor
                           and Lessor's lender that its tangible net worth is
                           greater than $100,000,000.00.

                  (e)      Waiver of Subrogation.  Lessor and Lessee hereby
                           waive any and all rights of recovery against the
                           other, and against the officers, directors,
                           employees, agents and representatives of the other,
                           for loss or damage suffered by such waiving party
                           with respect to any events or circumstances relating
                           to the Premises to the extent such loss or damage is
                           covered by applicable insurance; provided, the
                           insurance company actually makes payment on the
                           policy. The insuring party shall, prior to obtaining
                           the policies of insurance required hereunder, give
                           notice to the insurance carrier that the foregoing
                           mutual waiver of subrogation is contained in this
                           Lease and shall request such insurance carrier to
                           issue a
                                       3
<PAGE>

                           customary endorsement to the policy to permit such
                           waiver of subrogation to the extent necessary in
                           order to prevent such waiver from invalidating any
                           such applicable insurance.

         10. TAXES. Lessor shall pay all ad valorem real property taxes and
special assessments applicable (and any penalties for late payment associated
therewith) to the Premises during the term of this Lease not later than the due
date shown on the bill therefor. Lessee shall be solely responsible for paying
any taxes or governmental assessments levied upon Lessee's personal or business
property.

         11.      UTILITIES.  Lessee shall be responsible for the payment of all
utility service charges utilized on or with respect to the Premises during the
term of this Lease, including, without limitation, electricity, gas, water,
sewage, trash pickup and telephone service.

         12.      INDEMNIFICATION.  Lessee agrees to indemnify and hold Lessor
harmless from and against claims, liabilities, damages, costs and expenses
(including reasonable attorneys fees) incurred by or asserted against Lessor as
a result of Lessee's use of the Premises during the term of this Lease.

         13. DAMAGE OR DESTRUCTION OF THE PREMISES. Subject to the terms of the
lien of any first lien mortgage, deed of trust or other first lien security
interest in the Premises, in the event the Premises are damaged or destroyed by
vandalism, fire, storm, wind or other casualty, the insurance proceeds from the
casualty insurance maintained pursuant to the terms hereof shall be utilized to
repair, as soon as practical, the damaged portion of the Premises so as to
restore the Premises to a condition substantially the same in all material
respects as the condition existing immediately before such casualty to the
extent of net insurance proceeds available to Lessor for repair. The rent
payable pursuant to this Lease for the period during which such damaged
condition continues shall be reasonably and equitably abated in proportion to
the degree to which Lessee's use of the Premises is impaired.

         14.      RIGHT OF ENTRY.  At all times during the term of this Lease,
Lessor and Lessor's officers, agents and representatives shall have the right to
enter into and upon the Premises for purposes of inspecting the same.

         15. CONDEMNATION. In the event all or any part of the Premises are
taken under power of eminent domain, the rental provided hereunder shall be
reduced in proportion to which the value of the property taken bears to the
whole value of the Premises immediately prior to such condemnation. After any
such taking, if the residue of the Premises is reasonably inadequate for
Lessee's intended use thereof as contemplated hereby, Lessee shall have the
option to terminate this Lease by giving written notice thereof to Lessor. All
damages awarded and condemnation proceeds received shall be payable to Lessor,
provided that Lessee may make a separate claim for its undepreciated leasehold
improvements, moving expenses or the like so long as such claim does not reduce
any potential claim of Lessor.

                                       4

<PAGE>

         16. FAILURE BY LESSEE TO PAY EXPENSES. In the event Lessee fails to pay
any cost or expense with respect to the Premises required to be paid by Lessee
hereunder, Lessor shall have the option, in its discretion, to pay such cost or
expense and recover the same from Lessee as additional rent which sum shall be
payable with interest thereon at the rate of eight percent (8%) per annum,
within ten (10) days after demand by Lessor.

         17. ASSIGNMENT OR SUBLETTING. Lessee shall not assign, transfer, or
mortgage this Lease, nor shall Lessee sublease all or any part of the Premises
without Lessor's prior written consent. In the event of any assignment, transfer
or subletting, Lessee shall remain primarily liable for all obligations under
the Lease (except as may be expressly agreed by the parties and consented to by
Lessor's lender).

         18.      ENVIRONMENTAL MATTERS.

                  (a)   Compliance.  During the term of this Lease, Lessee shall
                        comply with all applicable Environmental Laws (as
                        hereinafter defined) and shall not place or store,
                        handle or dispose of any Hazardous Substances (as
                        hereinafter defined) in, on or under the Premises except
                        as permitted by applicable law and appropriate
                        governmental authorities. If requested by Lessor, Lessee
                        shall furnish Lessor with copies of all environmental
                        permits, if any, required by governmental authorities
                        with competent jurisdiction with respect to the Premises
                        or Lessee's operations at the Premises. During the term
                        of this Lease, Lessee shall promptly notify Lessee in
                        the event of Lessee's discovery of, or Lessee's receipt
                        of notice concerning, any Hazardous Substances which are
                        located on or under or adjacent to, or are being or have
                        been released from, the Premises.

                  (b)   Indemnification.  Lessee hereby indemnifies Lessor and
                        holds Lessor harmless from and against all loss,
                        liability, damage, expense, claim, cost, fine or
                        penalty, including costs of investigation and
                        remediation, suffered or incurred by Lessor as a result
                        of (i) the violation by Lessee (or Lessee's subtenants
                        or assignees, or the agents, contractors, customers or
                        employees of same) during the term of the Lease of any
                        Environmental Law, (ii) any Hazardous Substances placed
                        or disposed of on or under the Premises or any adjacent
                        premises by Lessee, its agents, contractors, customers,
                        employees (or Lessee's subtenants or assignees, or the
                        agents, contractors, customers or employees of same)
                        during the term of this Lease, or (iii) any exacerbation
                        during the term of this Lease of any existing
                        environmental condition by Lessee, its agents,
                        contractors, customers, employees (or Lessee's
                        subtenants or assignees, or the agents, contractors,
                        customers or employees of same). The foregoing
                        indemnities shall survive and remain in effect following
                        the termination of this Lease. Lessor's remedies
                        hereunder against Lessee are not exclusive of common law
                        and statutory remedies otherwise available to Lessor,
                        and shall not be affected in any way if the liability or
                        claim for which indemnification is sought arises by
                        reason of strict liability. Lessor acknowledges that an

                                       5
<PAGE>

                        above-ground diesel storage tank exists and is operated
                        by Lessee on the Premises.

                  (c)      Definitions.

                           (i)      "Remediation," for purposes of this Lease,
                                     shall mean all direct and indirect costs
                                     (including costs by way of reimbursement of
                                     any regulatory agency) reasonably incurred
                                     in connection with or arising out of the
                                     investigation and remediation of any of the
                                     matters covered by the foregoing
                                     indemnities, including by way of
                                     illustration and without limitation,
                                     reasonable attorney's fees, investigation
                                     costs, penalties, fines and interest
                                     imposed by any regulatory authority,
                                     reasonable investigative fees and
                                     consulting fees, testing, costs of removal
                                     of contaminated materials, transportation
                                     of contaminated materials, and landfill or
                                     other off-site disposal costs, reasonable
                                     costs of replacement of contaminated
                                     materials removed, reasonable costs of
                                     restoring the Premises to substantially the
                                     condition existing as of the date hereof,
                                     reasonable costs of on-site treatment of
                                     contaminated soil and groundwater, and
                                     reasonable costs of digging wells and
                                     future monitoring.

                           (ii)      The term "Hazardous Substances" is defined
                                     for purposes of this Lease as that term is
                                     defined under the Comprehensive
                                     Environmental Response, Compensation and
                                     Liability Act of 1980, as amended (42
                                     U.S.C. Sections 9601 et seq.) ("CERCLA"),
                                     and any implementing regulations, and, in
                                     addition as including any petroleum, crude
                                     oil or any fractions thereof or any other
                                     substance or material classified as toxic,
                                     hazardous or extremely hazardous under any
                                     applicable federal, state or local law,
                                     ordinance or requirement or any
                                     governmental authority with competent
                                     jurisdiction.

                           (iii)    The term "Environmental Laws" is defined for
                                    purposes of this Lease as meaning CERCLA,
                                    the Resource Conservation and Recovery Act
                                    (42 U.S.C. Sections 6901 et seq.), and any
                                    other federal, state or local law, statute,
                                    ordinance, regulation or rule (A) concerning
                                    hazardous, toxic or dangerous wastes,
                                    substances or materials, or (B) pertaining
                                    to the protection of the environment.

         19.      EVENTS OF DEFAULT.  Any of the following shall be deemed an
event of default by Lessee under this Lease:

                  (a)      Failure by Lessee to timely pay any installment of
                           rent or any other monetary obligation under this
                           Lease as and when due and payable;

                                       6
<PAGE>

                  (b)      The breach by Lessee of any other term or provision
                           of this Lease, and the continuance thereof for a
                           period of ten (10) days after receipt by Lessee of
                           written notice thereof from Lessor, provided if such
                           breach is not reasonably capable of being cured
                           within such 10-day period, Lessee shall not be in
                           default hereunder to the extent it proceeds and
                           continues to proceed in good faith to cure such
                           breach as soon as reasonably practical;

                  (c)      Lessee (i) making a general assignment for the
                           benefit of creditors, (ii) generally not paying its
                           debts as they become due, (iii) admitting in writing
                           an inability to pay its debts as they become due,
                           (iv) filing a voluntary petition in bankruptcy, (v)
                           becoming insolvent, or (vi) filing a petition seeking
                           for itself any reorganization, arrangement,
                           composition, or readjustment of its debts or other
                           similar relief from its creditors generally; or

                  (d)      An order or decree being entered by a court of
                           competent jurisdiction (i) adjudging Lessee as
                           bankrupt or insolvent, (ii) appointing a trustee,
                           receiver, liquidator, custodian or other similar
                           official for Lessee, or (iii) ordering the winding up
                           or liquidation of Lessee's affairs.

         20.    REMEDIES.  Upon the occurrence of any event of default as
provided herein which is continuing, Lessor shall have the right to:

                  (a)      Terminate this Lease and enter into and upon the
                           Premises, retake possession thereof and expel Lessee
                           therefrom, and to recover from Lessee all costs and
                           expenses (including reasonable attorneys' fees)
                           incurred by Lessor in connection with retaking
                           possession of the Premises;

                  (b)      Recover from Lessee, upon demand, all rent or other
                           sums due or to become due to Lessor under the terms
                           of this Lease; provided, however, in the event Lessor
                           relets the Premises during the term hereof, Lessor
                           shall give credit to Lessee for the rent and other
                           sums actually collected by Lessor with respect to the
                           term of such Lease coinciding with the term of this
                           Lease, less any costs and expenses incurred by Lessor
                           in reletting the Premises; or

                  (c)      Without terminating this Lease, Lessor may exercise
                           its options under subparagraphs (a) and (b) above
                           simultaneously.

                  (d)      Exercise any other right or remedy available
                           hereunder or otherwise available at law or in equity.

                  Lessor may pursue any one or more of the foregoing remedies,
and pursuit of any of the foregoing remedies shall not prejudice the rights of
Lessor to pursue any other remedies.

                                       7

<PAGE>

         21. QUIET ENJOYMENT. Provided Lessee performs its obligations and
covenants contained herein, Lessor covenants that Lessee shall peaceably and
quietly have, hold and enjoy the Premises during the term hereof free from
interference from Lessor and all persons claiming by or through Lessor.

         22.      SUBORDINATION, ATTORNMENT AND NON-DISTURBANCE.

                  (a)      Lessee's rights shall be subject to any bona fide
                           mortgage, deed of trust or other security interest
                           which is now or may hereafter be placed upon the
                           Premises by Lessor. Lessee shall, if requested by
                           Lessor or Lessor's lender, execute a separate
                           agreement reflecting such subordination and, further,
                           shall be obligated to execute such documentation as
                           may facilitate Lessor's sale or refinancing of the
                           Premises, including but not limited to an estoppel
                           certificate substantially in the form attached hereto
                           as Exhibit "B" or a subordination, attornment and
                           non-disturbance agreement substantially in the form
                           attached hereto as Exhibit "C".

                  (b)      In the event of a sale, assignment or transfer by
                           Lessor of its interest in the Premises or in this
                           Lease (whether by sale, default, foreclosure or
                           otherwise) to a successor in interest who expressly
                           assumes the obligations of Lessor under this Lease,
                           Lessor shall thereupon be released and discharged
                           from its obligations and covenants under this Lease,
                           except those obligations that have accrued prior to
                           such sale, assignment or transfer. Lessor's
                           assignment of this Lease, or any or all of its rights
                           in this Lease, shall not affect Lessee's obligations
                           hereunder, and Lessee shall attorn and look to the
                           assignee as Lessor, provided Lessee has first
                           received written notice of such assignment. Provided,
                           further, however, that in the event that a lender of
                           Lessor, its successors or assigns shall become the
                           owner of the Premises through foreclosure or other
                           similar judicial process, then, in that event, the
                           lender, its successors or assigns shall have the
                           right to cancel this Lease upon ninety (90) days
                           written notice to Lessee.

                  (c)      Whether in connection with a sale or refinancing or
                           otherwise, Lessee shall be obligated to execute and
                           deliver to Lessor or its lender, an estoppel
                           certificate substantially in the form attached hereto
                           as Exhibit "B" or such other documentation as
                           reasonably may be requested by Lessor or its lender,
                           within fifteen (15) days of receipt of a written
                           request therefor.

         23.      LENDER'S NOTICE AND RIGHT TO CURE.  Lessee agrees to be bound
by and to act in accordance withn the provisions of paragraph 4 of Exhibit "C"
of the Lease, the same being incorporated herein as if fully set forth.

         24.      LESSOR'S DEFAULT.  In the event of a default by Lessor under
this Lease, Lessee agrees that, in all events, Lessor's liability shall be
limited to the actual equity interest of Lessor in the Premises for the
satisfaction of Lessee's remedies under this Lease.

                                       8

<PAGE>

         25.      MISCELLANEOUS.
                  -------------

                  (a)      Fees of Legal Counsel. In the event either party to
                           this agreement shall employ legal counsel to protect
                           its rights hereunder or to enforce any term or
                           provision hereof, the party prevailing in any such
                           action shall have the right to recover from the other
                           party all of its reasonable attorneys' fees and
                           expenses incurred in relation to such claims.

                  (b)      Further Assurances. The parties agree that from time
                           to time hereafter, upon request, each of them will
                           execute, acknowledge and deliver such other
                           instruments and documents and take such further
                           action as may be reasonably necessary to carry out
                           the intent of this agreement.

                  (c)      Modification. Except as otherwise provided herein, no
                           term or provision contained herein may be modified,
                           amended or waived except by written agreement or
                           consent signed by the party to be bound thereby.

                  (d)      Binding Effect and Benefit. This agreement shall
                           inure to the benefit of, and shall be binding upon,
                           the parties hereto, and their respective successors
                           and permitted assigns. Otherwise, this agreement
                           shall not create any rights for the benefit of any
                           third party.

                  (e)      Headings and Captions.  Subject headings and captions
                           are included for convenience purposes only and shall
                           not affect the interpretation of this agreement.

                  (f)      Notice. All notices, requests, demands and other
                           communications permitted or required hereunder shall
                           be in writing, and shall either be (i) delivered in
                           person, (ii) delivered by express mail or other
                           overnight delivery service providing receipt of
                           delivery, (iii) mailed by certified mail or
                           registered mail, postage prepaid, return receipt
                           requested, or (iv) sent by telex, telegraph or other
                           facsimile transmission as follows:

                           If to Lessee, addressed or delivered in person to:

                                    (mailing address)
                                    Speizman Industries, Inc.
                                    P. O. Box 242108
                                    Charlotte, NC 28242

                                    (delivery address)
                                    Speizman Industries, Inc.
                                    701 Griffith Road
                                    Charlotte, NC 28217

                                       9
<PAGE>

                           With copy to:

                                    Garth K. Dunklin
                                    Groves, Dunklin & Boggs, P.C.
                                    P. O. Box 32248
                                    Charlotte, NC   28232-2248

                           If to Lessor, addressed or delivered in person to:

                                    The Speizman LLC
                                    c/o Robert S. Speizman

                                    (mailing address)
                                    Speizman Industries, Inc.
                                    P. O. Box 242108
                                    Charlotte, NC 28242

                                    (delivery address)
                                    Speizman Industries, Inc.
                                    701 Griffith Road
                                    Charlotte, NC 28217

                           or to such other address as either party may
                           designate by notice. Any such notice or communication
                           shall be deemed to have been made when actually
                           received by the addressee, pursuant to (f)(i) above
                           or one (1) business day after initiation of delivery
                           pursuant to (f)(ii)-(iv) above.

                  (g)      Severability. If any portion of this agreement is
                           held invalid, illegal, or unenforceable, such
                           determination shall not impair the enforceability of
                           the remaining terms and provisions herein.

                  (h)      Waiver. No waiver of a breach or violation of any
                           term or provision of this agreement shall operate or
                           be construed as a waiver of any subsequent breach or
                           limit or restrict any right or remedy otherwise
                           available.

                  (i)      Rights and Remedies Cumulative.  The rights and
                           remedies expressed herein are cumulative and not
                           exclusive of any rights and remedies otherwise
                           available.

                  (j)      Gender and Pronouns. Throughout this agreement, the
                           masculine shall include the feminine and neuter and
                           the singular shall include the plural and vice versa
                           as the context requires.

                  (k)      Entire Agreement. This document constitutes the
                           entire agreement of the parties with respect to the
                           lease of the Premises and supersedes any and all

                                       10

<PAGE>

                           other prior agreements, oral or written, with respect
                           to the subject matter contained herein.

                  (l)      Governing Law.  This agreement shall be subject to
                           and governed by the laws of the State of North
                           Carolina.

                  (m)      Incorporation by Reference.  All exhibits and
                           documents referred to in this agreement shall be
                           deemed incorporated herein by any reference thereto
                           as if fully set out.

                  (n)      Counterparts. This agreement may be executed in two
                           or more counterparts each of which shall be deemed an
                           original, but all of which together shall constitute
                           one and the same instrument.

                  (o)      Authority. Each individual signing this agreement in
                           a representative capacity acknowledges and represents
                           that he/she is duly authorized to execute this
                           agreement in such capacity in the name of, and on
                           behalf of, the designated corporation or other
                           entity.

                  (p)      Joint Preparation. This agreement shall be deemed to
                           have been prepared jointly by the parties hereto, and
                           any uncertainty or ambiguity existing herein shall
                           not be interpreted against any party by reason of its
                           drafting of this agreement, but shall be interpreted
                           according to the application of the rules of
                           interpretation for arm's length agreements.

                  (q)      Memorandum of Lease. Upon request by either party, a
                           memorandum of this lease in customary form shall be
                           executed and delivered between Lessor and Lessee and
                           either party shall have the right to record such
                           memorandum of lease in the appropriate real estate
                           recording offices in the county where the Premises
                           are located. Provided, however, that the recordation
                           of said memorandum shall be subject to paragraph 22
                           hereof and Lessee does hereby agree to cooperate in
                           releasing any said memorandum in furtherance thereof.

         26. AMENDMENT AND RESTATEMENT. It is acknowledged that this Lease
Agreement is a consolidation, amendment and restatement of (1) That certain
Lease dated October 29, 1997 by and between Lessor and Lessee, as amended by
First Amendment to Lease Agreement dated July 22, 1998; and (2) That certain
Lease dated June 23, 1999 by and between Lessor and Lessee. It is the intention
of the parties that this document supplant and supersede the aforementioned and
stand as the only lease agreement between the parties with respect to the
Premises.

                                       11

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this agreement effective
as of the day and year aforesaid.
<TABLE>
<CAPTION>
<S>                                 <C>

                                     LESSOR:

                                                     THE SPEIZMAN LLC

                                                     /s/ Robert S. Speizman             [SEAL]
                                                     -----------------------------------
                                                     Robert S. Speizman, Manager

                                     LESSEE:

                                                     SPEIZMAN INDUSTRIES, INC.

                                                     /s/ Robert S. Speizman
                                                     ----------------------
                                                     By: Robert S. Speizman
                                                     Title: President

Attest:

/s James M. McCork.le, IIII
---------------------------
         Secretary

[Corporate Seal]

</TABLE>

                                       12

<PAGE>

STATE OF NORTH CAROLINA

COUNTY OF MECKLENBURG

         I, a Notary Public, do hereby certify that Robert S. Speizman
personally appeared before me this day and acknowledged that he is the manager
of The Speizman LLC, a North Carolina limited liability company, and further
acknowledged the due execution of this instrument on behalf of and as the
authorized act and deed of such limited liability company.

         Witness my hand and official stamp or seal, this the 8th day of
December, 1999.

                                           /s/ Dana Gail Russell
                                         -----------------------------
                                                    Notary Public

My commission expires:

June 25, 2001

STATE OF NORTH CAROLINA

COUNTY OF MECKLENBURG

         I, a Notary Public of the County and State aforesaid, certify that
Robert S. Speizman personally came before me this day and acknowledged that he
is the President of Speizman Industries, Inc. and that by authority duly given
and as the act of the corporation, the foregoing instrument was signed in its
name, sealed with its corporate seal and attested by its ________ Secretary.

         Witness my hand and official stamp or seal, this the 8th day of
December, 1999.

                                                   /s/ Dana Gail Russell
                                                   ------------------------
                                                       Notary Public

My commission expires:

June 25, 2001

                                       13
<PAGE>

                                   EXHIBIT "A"

Beginning at a set rebar at the intersection of the northerly margin of the
right-of-way of Griffith Road and the westerly margin of the right-of-way of Old
Pineville Road and running thence, along and with the northerly margin of the
right-of-way of Griffith Road, N. 76-52-27 W. 326.02 feet to a set rebar in the
northerly margin of the right-of-way of Griffith Road; thence continuing along
and with the northerly margin of the right-of-way of Griffith Road, with the arc
of a circular curve to the left having a radius of 280.00 feet (chord bearing S.
83-43-26 W.; chord distance 86.03 feet), a distance of 189.63 feet to a set
rebar in the northerly margin of the right-of-way of Griffith Road; thence
continuing along and with the northerly margin of the right-of-way of Griffith
Road, S. 64-19-20 W. 412.86 feet to an existing railroad spike at the
intersection of the northerly margin of the right-of-way of Griffith Road with a
northeasterly line of Tract 3 as hereinbelow described; thence along and with
northeasterly lines of Tracts 3 and 2 as hereinbelow described, N. 69-52-30 W.
582.24 feet (passing an existing iron pipe set at the common northerly rear
corner of Tract 3 and Tract 2 as herein described at 384.31 feet) to a set
rebar, a southeasterly common corner with the property of Principal Mutual Life
Insurance Company (now or formerly as described in Deed Book 7580, Page 83 of
the Mecklenburg County Registry); thence along and with an easterly line of
Principal Mutual Life Insurance Company (now or formerly, as hereinabove
referenced), N. 26-08-40 E. 500.06 feet to an existing iron pipe, a
northeasterly corner of Principal Mutual Life Insurance Company (now or
formerly, as hereinabove referenced); thence along and with a southeasterly line
of Shannon Properties, Inc. (now or formerly, as recorded in Deed Book 5409,
Page 332) N. 32-16-55 E. 137.95 feet to an existing concrete monument; thence
along and with southern lines of Shannon Properties, Inc. (now or formerly, as
hereinabove referenced) and Century Pension Income Fund XXIII (now or formerly
as recorded in Deed Book 5321, Page 452), S. 70-42-53 E. 604.35 feet (passing an
existing iron pipe at 171.23 feet) to a set rebar; thence with a westerly line
of Century Pension Income Fund XXIII (now or formerly, as hereinabove
referenced) S. 22-19-36 W. 82.98 feet to an existing iron pipe, a southwesterly
corner of Century Pension Income Fund XXIII (now or formerly, as hereinabove
referenced); thence along and with a southerly line of Century Pension Income
Fund XXIII (now or formerly, as hereinabove referenced) and Century Properties
Fund XX (now or formerly, as recorded in Book 5120, Page 509) S. 76-03-57 E.
543.98 feet (passing an existing iron pipe at 234.33 feet), to an existing iron
pipe in the southwesterly margin of the right-of-way of Southern Railroad Co.;
thence along and with the southwesterly margin of the right-of-way of Southern
Railroad Co., S. 23-39-50 E. 189.79 feet to a set rebar at the intersection of
the southwesterly margin of the right-of-way of Southern Railroad Co. and the
westerly margin of the right-of-way of Old Pineville Road; thence along and with
the westerly margin of the right-of-way of Old Pineville Road, S. 15-03-46 W.
62.09 feet (passing an existing iron pipe at 56.80 feet) to a set rebar, said
set rebar being the point and place of beginning, said tract containing 13.21
acres, all as shown on a survey for The Speizman LLC by N & C Land Surveyors
(Mark E. Funkhouser, NCRLS L-3602), dated October 1, 1997.

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