HomeMy WebLinkAbout2587 ~uring euch perioa, eecond paraes enau conaaue in the aame cype
_busineee aa is ~w e~deting in the corporate aame and neithe~c of them
ehall engage in a eimilar type bueinese- individually. ~n other wo~de,
_ untll euch ttme ae the notes due the flrat parties have been p~id in full,
seoond partieB ahall continue to dev~ote their full efforts, in the car bus~
iness through the corporation, ~o the end that the corporation shall
prosper and hold all the accounts receivable and inverntory and other
. asaets and not be de~pleted or run down. During such period, and ~o
long as no default ar breach exists, seoond parties. may collect the
. accounts receivable for their _ own use but such accounts receivable
may not be ;sold, assigned, mortgaged, pledged or otherwise eacum-
bered or disposed of. During such period, second partiea will save .
. and hold harmless . the flrst parties from any claims or demanda made
against the corporation by anyone. ~
- 3. Second parties agree - to pay to firat parties-, as con- _
sideraiion, the sum of ~10, 000. 00. Such consideration shall be rep-
resented by two promissory notes, one being in the principal sum o~
~2, 500. 00 payable an or before 2 years from date and one being in the
. principal aum of $7, 500. 00 payable $250. 00 per mouth for 11 mantha wi
the f~ll unpaid balance due 1 year from its =date. ,The firet monthly
paymern under said ~7, 500. 00 note shall be due one month from dare.
Both ~aid notes shall bear interest from date at 8~ per annum, and
all payments made ahall be credited $rst to accrued interest and then ~
to- principal. Said note,s shall be secured by a mortgage or Secur-ity
Agreement from second parties to first parties encumbering.
- (a) All accounts receivable of the corporation, ~ both naw
existing or to come into being throughout the li#e af the mortgage.
• (b) All~ inventory of vehicles af the corporation, bc~th now
exiating or to come inL~ being throughout the life of the mortgage.
- ~(c) All the stiock, good will, peraonal property and assets
of any descriptfon owned by the corporation.
~oYC~ a~'",~ (d) The home of the seco~d parties at 1038 Tortugas, _
~nouc~r nt ur .
,u Port Pierce, Florfda. ~
.cRr ~oes. nA+aa? ~ ~
- 3" 800K~~J Mi~~~i~
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