on the first day of each month. The said Purchase Money Mortgage shall be prepared upon the usual forms of any regular title company doing business in the State of New Jersey.
Time is the essence of this contract. The chattel mortgage shall contain a clause providing for a 50% release after every $ 25,000 shall have been paid.
4. The Seller and the Buyer agree that the liquor license will be continued until such time as may be required to transfer and turn over the said liquor license to the Buyer, but without any cost or expense to the Seller.
5. The stock up to 50% herein purchased by the Buyer and endorsed in blank shall be deposited in escrow with ABE LIEBERMAN, ESQ., of 4000 Bergenline Ave., Union City, New Jersey, immediately upon the execution of this Agreement with instructions to the said
,ABE LIEBERMAN to deliver the sale of the said stock to the Buyer upon payment of the full amount due hereunder.
6. In the event of the Buyer failing to pay the amount due hereunder, or in the event that the Buyer shall default in making any one of the payments due hereunder, then the balance remaining unpaid shall immediately become due and payable, and in such event the shares of stock remaining in escrow shall be returned by the said ABE LIEBERMAN to the Seller.
7. The Buyer agrees to assume and perform all of the outstanding contracts and obligations consisting of first mortgage, taxes and insurance of MILMAR ESTATES, INC. and covenants and agrees to indemnify and hold the Seller and the stockholders of the said Corporation, its officers and directors harmless from and against said claims,
The Buyer agrees not to encumber the property of the Corporation with any mortgages, including chattel mortgages, conditional Bills of Sale, liens or encumbrances of any kind or nature, without the written consent of the Seller first obtained, except as provided in a chattel mortgage.
9. It is understood that no representations have been made by the Seller to the Buyer, as to the value of or the condition of the property of the Corporation, nor as to any other item or thing, except as set forth in this agreement.
10. The Buyer shall have the right to assign this agreement to a New Jersey corporation, without the consent of the Seller, provided, however, that William Miller and Al Bierman shall be the principal stockholders of the said corporation. In the event such new corporation is formed, MILMAR ESTATES, INC., shall not be dissolved but shall be continued in existence. The parties further agree that at last 50% of the shares of stock in the new corporation shall immediately be placed in escrow with ABE LIEBERMAN, ESQ., pending the fulfillment of each and every term of this agreement.
11. All of the terms and conditions contained in this agreement shall survive the transfer of title to the stock called for in this agreement.
12. In the event of condemnation of the property owned by MILMAR ESTATES, INC., all moneys due on the second mortgage will be paid over promptly to the Seller, and the Seller agrees to apply all such amounts received on account of this contract. In the event this contract is assigned, it is a condition of this agreement that the new corporation shall be bound by the terms of this clause.
IN WITNESS WHEREOF, the parties have hereunto set their corporate seals the day and year first above written.
Milmar Estates, Inc. By: Sam Marcus Pres Al Bierman By: William Miller Atty. William Miller.
Robt J Schwartz Secretary.