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COLL?1T F P.:~L IvOTE
$15,000.00 lJarren, :tichigan
August 22, 1974
For value received, the und~rsigned SALAH GODUA promises to pay ta-
t~e order of JE?t0~15 F. TEGELER the su-~ of Fifteen Thoiisand ($15,000.00)
Dollars in three (3) equal installmeats of Five Thousand ($5,000.0~) Dol-
lars each, payable on October 15, 1974, February 15, 1975, and April 15,
I9.75, respectively, c:ithoat'interes[ unless in default.
This note is executed and delivered in part payment of the purchase
price for the purchase by the und"ersigned of certain shares of t~ie common ~
stock of L.AKE StiERW00D GP.OVES, II~C. ("C~~IPANY"), a corporation, puzsuant
~ to a certain~Agreement of Sale dated ~~uA~p , I974.
By reason of such purchas~ the undersigned now owns all of the issued and
' - . outstanding shares of the co~non stock of the CO?~iPANY. As a condition o£
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, - this note, and in consideration of the undersigned being entitled to pay
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; a portion of the purchase price (for the stock being purchased) by this
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j not~e inst"ead of paying the entire purchase price in cash, the undersigned,
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~ for himself,•his heirs, executors, ad:~inistrators, succzssors and assigns
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~ - agrees that until this note be paid in full:
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~ 1. The undersigned will cause the CO~tPANY to:
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1.1 Conduct its business in good faith and in the ~
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~ ordinary course, and r,eaintain the citrus groves oeaned
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by- the CO~iPAI~Y in a good and husband-like ma~ner in
_ accordance ~aith the standard method of caretakin ~
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- generally recognized for use in the citrus groves
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located in the vicinity thereof.
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~ BOOK ~W PAGE J2~
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