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NOW, THEREFORE, in consideration of [he mutual covenants hereinafter
expressed it is agreed as follows:
1. The parties hereto do in all respects ratify, affirm and adopt as
part of the within agreement all of the statements contained in the foregoing
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whereas clauses.
2. The parties recognize the validity of and do hereby adopt the
participation agreements annexed hereto, noting that one of such participation
agreements is entered into between NORTH CANAL GROVES, INC, and TROPICANA
PRODUCTS, INC, and the other is entered into between TENMILE CREEK GROVE, INC.
and TROPICANA PRODUCTS, INC.
3. Tropicana will advance to the ind3viduals and to the two corporations
the sum of IXJE MILLIaN TWO HUNDRED FIFTY THWSAND ($1,250,000) DOLLARS and the
grove corporations and the individuals will cause half of said sum to be placed
at the disposal of NORTH CANAL GROVES, INC. and one-half at the disposal of
TENMILE CREEK GROVE, INC.
4. The grove corporations and the individual parties hereto recognize
~ that, for purposes hereof, they are being treated as one entity and that each
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i of them guarantees the performance of each other of them under the terms of said
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participation agreements. Each of them agrees that, such sums as may become due
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as a result of delivery of fruit under the participation agreements and each of
~ them may be deducted by Tropicana from the total obligation in the sum of ONE
~ MILLION TWO HUNDRED FIFTY THOIJSAND (51,250,000) DOLLARS.
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~ S. Anything in the within agreement to the contrary notwithstanding,
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~ it is agreed that, of the ONE MILLION TWO HUNDRED FIFTY THOUSAND ($1,250,000)
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~ DOLLARS being advanced, the sum of EIGHT HUNDRED FIFTY THOUSAND ($850,000) DOLIARS
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= wi12 bear interest at the rate of SIX AND FIVE-EIGHTHS (6-5/870) PERCENT per annum
upon the unpaid balance thereof. It is further agreed that as the amount of the
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= debt is decreased in accordance with the terms of this agreement, that portion
not bearing interest will be deemed to be the firs~ repaid.
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~s 6. Notwithstanding the foregoing, Tropicana will, as deliveries are
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~F inade, make further advances of reasonable amounts for the cost of picking and
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