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AGREEMENT made and entered into thislZ ~~day of February, 1972 by
and among TROPICANA PRODUCTS, INC., a Corporation organized and existing under
and by virtue of the I.aws of the State of Florida and having its principal
place of business in Bradenton, Florida, NORTH CANAL GROVES, IIVC., a Florida
Corporation having its principal place of business in Vero Beach, Florida,
TENMILE CREEK GROVE, INC,, a Florida Corporation having its principal place of
business in Vero Beach, Florida, BERNARD A EGAN of Vero Beach, Florida, D. D.
OLIVER, JR., of Ft. Lauderdale, Florida, CHARLES M. CAI~BELL of Okeechobee,
Florida and HARVEY A CARNES of Okeechobee, Florida.
WITNESSETH•
WNEREAS the individuals hereinbefore named have formed two grove
corporations referred to above for the purpose of acquiring the citrus groves
listed on Schedule A annexed hereto and
WHEREAS they are and intend to be the principals of such corporations
and
WHEREAS it is the desire of the grove corporations and of the individ-
i uals that the grove corporations enter into, with Tropicana, "Participation
' Agreeneents" of the nature of such agreements usually entered into by Tropicana
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~ for the purchase by Tropicana of citrus fruit emanating from the groves being
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R purchased and
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4 WHEREAS it is the intention that the groves listed on Schedule B~~.
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~ shall be owned by NORTH CAN4L GROVES, INC. and be the subject matter of one
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~ participation agreement as annexed hereto and the groves listed on Schedule C
~ ~!r be owned by TENMILE CREEK GROVE, INC, and be the subject matter of a
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~ separate participation agreement as annexed hereto and
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i WHEREAS it is the desire of the grove corporations and of the
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~ individuals that Tropicana advance to the individuals and to the corporations
: the sum of ONE MILLION TWO HUNDRED FIFTY THOUSAND ($1,250,000) DOLLARS, against
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- which Tropicana's purchases under the participation agreements may be applied
- and for which advance the fndividuals and the grove corporations are to be
jointly and severally liable.
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- ~ dOQK~~ N''; ~~7~
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