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HomeMy WebLinkAbout2574 ~ hauling, Which further amounts shall be deemed additional advances under the terms hereof, for which the individuals and the grove corporations will be jointly and severally liable. Such additional amounts shall be deemed additional obliga- tions against which Tropicana may apply any amounts due from it for fruit. 7. For the 1971-1972 participation season, but not beyond, Tropicana guarantees that the "FINAL PRICE" as defined in the participation agreement will not be less than FIFTY-FIVE (55G) CENTS per Lb. Solid. If, upon settlement at the settlement date provided for in the participation agreements, the advances by Tropicana pursuant hereto, including the advances for picking and hauling, sha11 exceed the settleanent am~unt for which Tropicana would have been liable under the participation agreements, the grove corporations and the individual parties hereto shall be jointly and severally liable to Tropicana for such overage and shall, upon Tropicana's request immediately make payment to Tropicana of such overage. This shall be a joint and several obligation and for purposes hereof, the individuals acknowledge that they have received such advances personally to be put at the disposal of the corporations formed by them and the corporations acknowledge that they have received the benefit thereof. t ~ 8. It is agreed that, although the grapefruit in the groves in ques- ~ tion belongs to and is the property of TYopicana and Tropicana has the right ~ ~ thereto, the other parties hereto will, at Tropicana's request, use their best ~ ~ efforts to sell grapefruit at the best possible price and will immediately remit ~ all receipts therefrom to Tropicana, which receipts will be applied in reduction ~ rt of the advances made by Tropicana pursuant hereto. ~ _ ~ ~ 9. The parties understand and agree that the vithin agreement and the a ~ ~ participation agreements will be recorded and will constitute liens upon the ~ groves in question and upon the crop therefrom. Nothing herein shall be deemed ~ E ~ to contradict that portion of the participation agreements which provides that # ~ ~ r; the grove owner may not cancel or terminate the participation agreement while ~ r~ amounts are due and owing to 1Yopicana. Each of the grove corporations acknowl- -K edges that it will be receiving benefits from advances to the other of the grove `-4 corporations, since they are acting in an interlocking manner and have been i ::L ~ constituted as two corporations for their own convenience. Therefore, neither { . corporation may cancel while any part of the total advance of ONE MILLION TWO ~ ~ _ HUNDRED FIFTY THOUSAND ($1,250,000) DOLLARS plus the am~unt of advances for , - j ~T ~ ~ 0 a - 3 - gO~K ~9~ E;!!'~~5~ , ` _