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<br />Equipment (Schedule 1.1.A) <br />Customer List, Trade Name, Goodwill, and <br />Lake Contracts (Schedule 1.1.F) <br />Covenant not to Compete <br />Residential Improvements and land used <br />for residential purposes which is a <br />portion of the Property <br />Business use portion of the Property and <br />Improvements, and Water Rights <br />TOTAL <br /> <br />$50,000.00 <br /> <br />5,000.00 <br />10,000.00 <br /> <br />225,000.00 <br /> <br />435.000.00 <br />$725,000.00 <br /> <br />1.5 The Inventory includes all trout on the Property and in lakes subject to <br />the Lake Contracts as of the date of Closing. The price to be paid by Buyer to Seller for the <br />Inventory is in addition to the Purchase Price stated in Section 3 of the Contract. The <br />purchase price for the Inventory ("Inventory Purchase Price") will be established by the <br />parties immediately before Closing, the value of the inventory to be based upon Seller's cost <br />for feed on hand and $1.30 per pound for fish inventory,* The Inventory Purchase Price will <br />be evidenced by Buyer's promissory note ("Inventory Note") in the fonn attached as Schedule <br />1.5. The unpaid principal balance of the Inventory Note will not accrue interest, unless a <br />default occurs, in which event the Inventory Note shall accrue interest at the rate of 12% per <br />annum, compounded annually, until paid. The Inventory Note will be due and payable in full <br />September I, 1997. <br /> <br />2. Closin~. <br /> <br />2.1 At Closing, the following shall occur: <br /> <br />A. Seller shall sign and deliver to Buyer a bill of sale of the <br />Equipment substantially in the fonn of Schedule 2.1 A, plus titles to those vehicles <br />showing unencumbered title in Seller's name, which Seller will complete to evidence <br />conveyance of those vehicles to Buyer. <br /> <br />B. Seller shall sign and deliver to Buyer a Covenant Not to Compete <br />in the fonn attached as Schedule 2.1 B. <br /> <br />C. Buyer will pay the Purchase Price stated in Section 3 of <br />the Contract to Seller and sign and deliver to Seller the Note described in <br />subsection 1.5 B. <br /> <br />D. Each party shall pay its customary costs associated with <br />this transaction, including without limitation attorneys fees. <br /> <br />2 <br />*for fish over 10 inches in length, plus 40% of the retail value of fish under <br />10 inches in length, except fish in lakes subject to the Lake Contracts for <br />which Seller shall receive $.70 per pound (with Buyer assumi~g liabilities <br />of Lake Contracts). <br />