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COLLATEP.=.~ i~OTF
$159,500.00 .Warrcrt,.l~tichigan ~
~ August 22, 1974 ,
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For value received, the endersi=-~zd SALAH GOlIDA promises to pay to
the order of JEROME F. TEGELER the su= of One Hundred Fifty-I~ine Thousand,
Fire Hundred ($1_59,500.00) D~~Iars ir_ _?x (6) eq~al ~anuat instattm~ats
of Tcaenty Thousand ($20,000.00) Dollars each, payable on Juiy 31 of each
year commencing on July 31, 1975 and eading on July 31, 1980, and ~a final
installment of Thirty-Nine Thousaad, Fire Hundred ($39,500.00) Dollars on
riarch 1, 198L, together ~vith interest •`rozn the date hereof at the rate of
sever_ (770) percent per annum on the u~~aid principal balance, which in-
terest shall'be paid on the principal ~ayr,ient dates above provided.
This note is executed and delivered in part payment of the purchase
price for the. purchase by the undersic,ed of certain shares of the cort~non ~ ~
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stock of LAKE SHER~,l00D GROVES, INC. ("CO:IPAI~Y"), a corporation, pursuant
to a certain Agreement of Sale dated ~t/w`~- , 1974.
By reason of such purchase the unders:~~ed now owns a11.oF the issued and -
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ou~standing shares of the ca~on stoc~ of the CO:~IPA.~IY. As a condition of
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€ ' this note, and in considera~ion of th~ undersi~ned beina eutitled to uay
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~ a portion-of the purchase price (for ~1e stock being purchased) by this
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no~e instead of~paying the entire purciase price in cash, the undersigned,
for himself, his heirs, executors, a~~inistrators, successors and assigns
~ agrees that until this note be paid i: full:
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~ 1. The undersigned will csuse the CO~~iPANY to: ,
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1.1 ~Conduct its busi-~ss in good faith and in the
~ ordinary course, and :~intain the citrus groves owned
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; bl• the CO:dPA!vY in a~~•~d and husband-like ~~anner in ~
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~ ~OOK ~ PACE 172~
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