HomeMy WebLinkAbout0317 . ~
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. COLL1!TE?~:E, tOTE ~
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$159,500.0~ .Warren, Michig~n
. August 22, 197k ~
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For value recei~•ed, the undersi~ned SALAI{ GOLD4 promises to pay to
thz order of MATTHEW F. MUIR ; the su= o£ One Hundred Fifty--l~ine Thousand,
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Fi~e :?i:zdr~d ($159,SOa.00) Bolla~~ ir_ six (5) cqual ~nn~at itesLatl~t~nts ~
of Tc;~nty Thousand ($20,000.00) Dall?~s each, pay?able on July 31 0£ each -
year co~,encing on July 31, 197S and eading on July 31, 1980, and 'a final
install~ent of Thirty-Ninz Thousazd, Fi~e Hundred ($39,500.00) Dollars on
i~farch 1, 1981, together with interest €ro~ the date hereof at the rat~ of ~
sever_ (77,) percent per annuca on the uzpaid principal balance, which in- -
terest shall be paa.d on the principal payiaent dates above provid~d. - ~
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This note is executed and deliv~red in part payment of the purchase ~ '
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price for the purchase by the Lnders~$red of certain shares of the ca~non- ~
stock of LAKE SHER[,100D GROVES, I~C. ("CO:~IPAI~Y"), a corporation, pursuant
to a certain Agreement of Sale dated ~i/~^A- , 1974.
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: Ey reason of such purchase th~ undersi~r_ed noi~ oc,ns all. of the issued and
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~ outstan3iag shares o£ the cam.~on stoc~ of the. CO~tPA~~IY. 1~s a condition of
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~ ' this note, and in considera~ion of t~:~ undersi~ned beinQ entitled to naY '
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~ a portion of the purchase price (for ~he stock being purchased) by this
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k no~e instead of~paying the entire purchase~price in cash, the undersigned,
~ for himseli, his heirs, executors, a~~inistrators, successors and assi ns '
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~ agrees that until this note be paid i~ full: -
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§ 1. The un~ersigned ~rill cause the CO~~SPAAtY to: t
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- 1.1 ~Conduct its bus~:~~ss in good faith and in the
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J ordinary course, ar_d ::aintain the citrus groves o~anzd -
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b~• the CO~1P~~;Y in a goo~ and husban~-like ~aanner in
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~ sooK 236 PAGE 31? ~
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