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~ VIII. APPORTIONMENT OF LOSS ~
(a) Apportionment or Share of Loss. Should a loss be
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~sustained as a result of the joint venture, the parties
~shall bear such loss in the same percentages as set forth
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~ (b) Computation of Loss. In computing any such loss, ~
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ias between the parties, deductions s~all be made from any
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;~assets remaining in.the same manner as computing pro£its in
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~~the paragraph above; that is, deductions shall be made
~!to pay expenses, and any remaining sums shall be allocated
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';on a pro rata percentage basis to contributions, as set ~
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~~forth above in computing profits. Should there be insufficient
::assets to pay expenses due and owing as a result of the
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'conduct of the joint venture, each party shall contribute to
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;,the payment of such expenses in.the percentage of losses
;attributed to him in this paragraph.
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IX. INSURANCE I :
(a) Insurance. Insurance for the joint venture shall t
';be.carried for the following items in the amount indicated:
Personal liability insurance, property damage, damage
~!by fire in the following amounts: $100,000 -$300,000.00, together
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~~with what addi.tional coverage is reasonably necessary, and '
; ~'Raytnond E. Sapp shall procure such insurance and pay the
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; ~±premiums therefor from joint venture assets.
~ , X. ASSIGNPiENTS AND TRANSFERS
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€ During the term of this agreement, any transfer or
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~ I~assignment of any party's interest in zhe joiut venture of
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~ ~ithe profits thereof sha11 be subject to the rights conferred
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~ !iherein. No transfer or assignment shall relieve any party
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3 I~of his duties or obligations hereunder except with the
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~ ~iexpress written consent of the other parties. All parties
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'!;agree that Jacob F. Vandert~taten may •assign his interest to either
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~ ~~Jon A. VanderMaten or Judy VanderMaten, or both. -
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, HICF~ARD P. BOGOSIAN ~f
~ ?TTORNE~I AT ~Arll ii
ts`9 TWENTY~FIRSTSTREET
~ vEROEEACH,ilOp10A t~i ~
~ ~ sooK 31Q QacE 549
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