HomeMy WebLinkAbout2586 6, 732. 50 and secoad pardes payiAg tha principal aum oi ;8, 232. 50.
Seoond partiee are paying ;750.00 more to~ward the principal eum due
thaYt firet parttea as one of the notes due said bank for ;1, 500. 00 per-
tained to the per~onal automabile owned by second parties. Said per-
sonal auhomobile owned by eecond parties i8 not an asset of the corpor-
ation and may be used or disposed of by them as they see fit. The
partlee ahall make their agreed payments to said St. Lucie Bank aim-
ultaneously and al~ accrued interest due on said prlncipal indebtedness
shall be paid by the corporation from its checldng account.
2. Each of the parties ~ her~o shall endorse their stock •
cert~cates in blank and execute resignations as to the offices held by
them in the corporation. ~ Such stock certificates, resignatlons, corporate
seal, corporate minute book and corporate stock book shall be held in
escroar by Royce R. Lewie, Attorney at Law in Fort Pierce, Florida
and ultimately dispo~ed of by him in the following manner: At such ~
t~me as the promissory notes due from second pard.es to #irst parties,
as hereinafrer specified, have been paid in full then all ~af said items
in escrow ahall be handed over to second parties. Should second par-
ties default under auch pmmissoxy notes or otherwise breach the terms
of this Agreement ar of the mortgage secur~ng such proniiasory notiea,
then all ~ said items in escrow ehall be handed over to #'irst parties.
During the intervening period, and so ~ long as no default egists under
said promissory notes and no breach exists under this Agreement or
. said mortgage, second parties ahall have the right _to conduct all of the
affaira of the corporation and to conduct itg usual bu~iness. During
such period first partiea shall not be considered a part of ~ the corpor-
ation and shall in no way be liable or accountable for any af the act-
ivities of the corporation. During such period, second parties shall _
operate safd corporation and all its affairs in a good and buaineselike
manner, maintaining complete and accurate records ae to invernory,
accouate receivable and banldng accounts. These records may be in- _
RoYC~ ~w~s spected by first parties or their agerne or legal counsel at any time.
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