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COLL4TE?;L :OTE
$15,000.00 1Jarren, Michigan
_ August 22, 1974 .
For value recei~ed, the unders~one~ S4~.Afi GOUD4 promises to Nay to
the order of MATTHEW F. MUIR :the s~_-~ of Fifteen Thousand ($15,Q0~.00)
Dollars in three (3) eqval installme~.~s of Five Thousand ($5,000.0~) Dol--
lars each, payable on October 1S, 19;!~, February 15, 1975, and April 7.5,
1975, respectively, ~7ithoet'interest ~~nless in default.
This note is executed and delirered in part pa}mient of the purchas~
price for the purchase by the undersi~ned of certain shares of the corsmon •
_ stock of L.AICE SHER[JaOD GftOVES, IrC. ('lCO~IPlu~IY"), a corporation, pursuant -
' to a certain Agree~nent of Sale dated ~"fi~„_ D 1974.
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By reason of such. purchase the undersigr_ed not~ owns all of the issued andy ~
- outstanding shares of the co.r•~on sto:.': of the CO?~iPANY. As a condition of_ .
• this note, and in consideration of t~~ undersigned being entitled ta pay
a portion of the purchase price (for the stock being purchased) by this -
~ note inst'ead of paying the entire purchase price in cash, the undersigned, ~
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~ for himself, his heirs, executors, a~inistrators, successors and assi.gns -
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; . zgrees that until this note be paid ia full: ~
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~ 1. The undersigned will cause the CO~~IPANY to: . •
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~ 1.1 Conduct its busiaess in good faith and in the
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~ ordinary conrse, and :~aintain the citrus grove~ oc.~nzd
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; by- the CO~iP~Y in a b~od and husband-likc manner in
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` accordar.ce with the ~tandard method of caretaking
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~ gen~rally recoonize3 for u~e in the citrus groves '
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~ located in the vicir.:ty thereof. '
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~ BOOK ~.JV PAGf 312
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