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AGRBBHBNT OJ' SALK 01'
PARTNERSHIP INTBRBST
THIS AGRBBHBNT, made this
;J S7h day of
m~/c t,
.
,
1994, by and between BRADLBB C. BBARD, hereinafter "Seller", and
HERBBRT W. GILSDCRJ', JR., hereinafter "Purchaser".
WIT N B S S B T H I
THAT for good and valuable consideration and intending to be
legally bound hereby, the parties hereto agree as follows:
1. The parties to this Agreement are and have been Bradlee
C. Beard, Seller, and Herbert W. Gilsdorf, Jr., Purchaser, who are
and have been partners in the Gilsdorf/Beard Communications
partnership (hereinafter, "Partnership") under an oral Partnership
Agreement.
Purchaser agrees to purchase, and Seller agrees to
sell, all the Partnership interest and property held by Seller on
the terms and for the consideration set forth herein.
2. Seller, in consideration of the payment of Sixty Thousand
Dollars ($60,000.00), payable as hereinafter specified, and th~
0% II {l<rr"crs \.., f' Cl.s r;.f. Cl? ce,....l,L..- 31, } '7'l3 )10
assumption of ~ liabilities cpe._':'fl.,d 1.. EAl.ib':'t:. "A" l..,rat:e, al
of which are liabilities of the Partnership that are attributable
to Seller, transfers to Purchaser all of Seller's right, title and
interest in the Partnership.
3. The purchase price of sixty Thousand Dollars ($60,000.00)
with interest thereon at a rate of seven percent (7%) is payable in
thirty-six (36) monthly installments of One thousand Eight Hu~dred
Fifty-two and 63/100 Dollars ($1,852.63) due on the first day of
KbrVMd-:~6 ~ .
each month beqinninq bpril 1, 1~ No monthly payment shall be
due on May 1, 1994, or August 1, 1994. Any monthly installment
paid more than ten (10) daya after the date it is due ahall be
subjected to a late fee of Ten ($10.00) Dollars for each day it
remains unpaid beyond the due date.
4. The Seller's share (one-half) of the total liabilitiea of
the Partnership as reported on the Partnership's financial
statements for tax year ending December 31, 1993, shall, as of
December 31, 1993, become the aole obligation of Purchaser. For
federal income tax purposea, the sale price of the Seller's
partnership interest is the amount of such liabilities plus the
cash received ("Sales Price").
5. 'Purchaser shall be allocated, shall be responsible for,
and shall pay all income taxes on all profits and losses for the
period beginninq January 1, 1994.
6. The Seller agrees to execute any and all documents
necessary or appropriate to transfer the interests conveyed by this
Agreement. Specifically, Seller shall, simultaneously with the
execution of this Aqreement, enter into a Consultinq Agreement with
Purchaser to provide consultinq services for Purchaser over the
next three years.
7. By the execution and delivery of this Agreement,
Purchaaer expreasly aaaumea all obliqations of the Partnership and
the partners ~r~ecember 31, 1993 forward (illS Iilpodfiea iR
EuhibiL "A"),~ in respect to the percentaqes of interest purchased
pursuant to the terms of thia Agreement.
-2-
8. Seller agrees that aa a part of this sale, he conveya to
Purchaser all his right, title and interest in all logos,
trademarks, copyrights, contracts, equipment, leases and all other
species of property used by the Partnership, whether owned by the
Partnership or by Seller individually.
9. Seller agrees not to represent to any vendors or other
business entities that he is still a principal with the Partnership
other than providing consulting services for the Partnership as an
independent contractor.
10. The Parties agree that this Agreement shall be effective
as of December 31, 1993. Purchaser agrees to indemnify and hold
Seller harmless for any liabilities incurred by the Partnership
after the effective date.
11. If Seller haa taken any Partnership draws in excess of
One Thousand Dollars ($1,000.00) after December 31, 1993, or has
made any other charges to the Partnership account, any amounts so
charged or drawn by Seller shall be deducted from Seller's monthly
payments due and payable pursuant to paragraph 3 hereunder.
12. Purchaser agrees that if he forms a corporation to
conduct the publishing and advertising business, a corporate
officer will execute the necessary documentation binding the
corporation for payment of the purchase price provided herein.
13 . This Agreement shall be binding on and inure to the
benefit of the parties hereto and their respective heirs,
executors, administrators, assigns, and legal representatives.
-3-
Agreement of Sale of Partnership Interest - March 25, 1994
Bradlee C. Beard to Herbert W. Gilsdorf, Jr.
Todays Date
March 8, 1997
All payments through Februery 1996 paid current
Principal Balance $21,411.02
Interest from 3/1/1998 $1,527.51
Date due Late Fees per contract
3/1/1996 $3,720.00
4/1/1996 $3,410.00
5/1/1996 $3,110.00
6/1/1996 $2,800.00
7/1/1996 $2,500.00
8/1/1996 $2,190.00
9/1/1996 $1,880.00
10/1/1996 $1,580.00
11/1/1996 $1,270,00
12/1/1996 $970.00
1/1/1997 $660.00
2/1/1997 $350.00
Total $24,440.00 $24,440.00
Total Principal, Interest and Late Fees $47,378.53
Less payments made since March 1996 $3,250.00
Total Due as of March 8, 1997 $44,128.53
Exhibit "a"
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