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December 4th, 1935.

Dear Mr. Linzeler:

We write to you as the representative of the Committee of Creditors of Mauboussin - both of Paris and New York.

This is to confirm to you the agreement which was orally entered into between us this day.

We will permit you to hold an exhibition in our gallery of the stock of jewelry now belonging to the firm of Mauboussin, in liquidation.

This exhibition will be held from the 10th of December, 1935, to the 15th of January, 1936.

The exhibition and sale may be conducted by you of the jewelry, at such times during the day as you may determine.

The space to be used for the purpose of display and sale will consist of the front room on the second floor of 3 East 51st Street, New York City, and if you desire in addition thereto the back room on the same floor occasionally.

Nothing herein contained however, shall be deemed to prevent the continuation by this gallery of its normal business throughout the rest of the premises or the holding of independent exhibitions of works of art.
 
It is the essence of this understanding that this Company shall assume no liability of any kind or nature by reason of said display or sale.

In the event of loss, damage or claims of any kind including fire or theft, or as the result of negligence on the part of your or our servants, agents and employees, or of visitors to the gallery or exhibition, there shall be no claims permissible against us.