Alma record. (Alma, Mich.) 1878-1928, 1907-04-10
CLOSES TWO CONTRACTS
CONTINUED from first page

and about the said factory, including
compensation to its superintendent,
general manager and Office employees,
excluding however salaries to all Off
GERS. the sum of fifteen thousand ISIS
100000 dollars per year on an average
for period OF ten years, provided that
if said average is maintained for the
first FIVE years from the date OF the COM
mencement of the manufacture OF said
products therein, that said premises
shall be conveyed as hereinafter pro-
vided.
&C. That it will manufacture in the
said buildings on said premises hay
presses of the kinds and sizes heretofore
exhibited and displayed to the said first
party or some other kind of manufac-
tured products and continue the said
business at said place for a period of
ten years from the date that it COM
mences the manufacture OF said pro-
ducts in said buildings.
Cd That the said second party will
cause to be established in the city Of
Alma, Michigan, and upon the said pre-
misses a successful business enterprise
on or before the expiration of ten years
from the date hereof, to be determined
on the basis that il has made a net profit
on its capital stock issued and out
standing of eight lS) per centum per
annum during each OF the ninth and
tenth years from the date it SO COM
mences to manufacture said products on
said premises; such profit shall be deter
mined by taking fair valuation and
appraisement of its visable and tangible
assets only and allow for all deprecia-
tons arising from the conduct of said
business excluding however, the value
OF all property acquired under this
agreement.
(E) That it will during the period
covered by this contract pay or cause
to be paid all taxes which may be
levied or assessed against the said prem
Uses under cover OF law and deliver
I the receipts therefor to the said first
party. And further that it will cause to
be insured the buildings on said pre-
misses against loss or damage by fire in
the sum of FIVE thousand ($S.000.00) in
some reliable company or companies
in favor Of said first party and fully
pay or cause to be paid the premiums
therefor. and deliver such policies of in
surance to the said first party.
THIRD
And il is mutually agreed that in case
the said second party shall have fully,
fairly and in good faith performed and
discharged all Of the terms. conditions
and provisions OF this agreement on its
part TO be done and performed for a
period of FIVE years from the date ii so
commences to manufacture said products
upon the said premises, that is to say,
that is has constructed said building as
provided in the A clause of the fore
going paragraph or subdivision of this
instrument, that il has paid out for
labor rs provided in the "B" clause
aforesaid on an average for FIVE years
the sum of s15,000O0 per year, that il
has conducted said business continu-
ously for period of FIVE years as pro-
vided in the c" clause of said para
graph and that il has established a
successful business enterprise in the
said city and upon said premises for
the fourth and fifth years from said date
determined upon the basis and as pro-
vided in the I'd" clause OF said para
graph and that il has paid said taxes
and insured said buildings against loss
or damage by FIRE all as provided by the
"E" clause OF said paragraph that then
and in the happening Of such event and
upon the performance Of such condi-
tons on its part that the said first party
will forthwith thereafter cause the said
premises TO be conveyed in manner as
provided and agreed upon and as con
tanned in the 40 subdivision of the
second paragraph OF this instrument
FOURTH
And IL is mutually agreed that the
said second party shall during the life
OF this agreement keep full, correct and
accurate books OF account Of its bushes,
from which IL can be intelligently de
, termined whether the said second party
Z has established a successful bushes,
enterprise in said city and upon said
premises. and has paid out the amount