Document:

Exhibit
10.39

 

RESTRICTED STOCK AGREEMENT

 

VERTIS
HOLDINGS, INC.

1999 EQUITY AWARD PLAN

 

GRANTEE: BARRY
C. KOHN

 

NO. OF
SHARES:  250,000

 

This Agreement (the “Agreement”),
approved by Thomas H. Lee Equity Fund IV, L.P. (the “Sponsor”),
evidences the award of 250,000 restricted shares (each, an “Award Share,” and collectively, the “Award Shares”) of the Common Stock
of Vertis Holdings, Inc., a Delaware corporation (the “Company”), granted to you, Barry C.
Kohn, effective as of   February 5,
2008 (the “Grant Date”), pursuant to the
Vertis Holdings, Inc. 1999 Equity Award Plan (the “Plan”)
and conditioned upon your agreement to the terms described below.  All of the provisions of the Plan are
expressly incorporated into this Agreement.

 

1.                                       Terminology. 
The Glossary at the end of this Agreement contains definitions of all
words that appear in this Agreement with an initial capital letter that are not
defined elsewhere in this Agreement.

 

2.                                       Vesting.  All of the
Award Shares are nonvested and forfeitable as of the Grant Date.  So long as your Service with the Company is
continuous from the Grant Date through the applicable date upon which vesting
occurs, the Award Shares will vest and become nonforfeitable immediately prior
to the first to occur of the following:

 

(a)                                  a Liquidity Event;

(b)                                 your death; or

(c)                                  the date upon which you suffer a
Disability.

 

Except as provided
above, unless otherwise determined by the Administrator, none of the Award
Shares will become vested and nonforfeitable after your Service with the
Company ceases.

 

3.                                       Termination of Employment or Service.

 

3.1                                 Unvested Award Shares. 
If your Service with the Company ceases for any reason other than your
death or Disability, all Award Shares that are not then vested and
nonforfeitable will be immediately forfeited to the Company upon such cessation
for no consideration.

 

3.2                                 Vested Award Shares. 
If your Service with the Company ceases for any reason, all Award Shares
that are then vested and nonforfeitable will not be affected by such cessation
but will remain subject to the provisions of this Agreement, including the
restrictions on transfer set forth under Section 4 of this Agreement.

 

4.                                       Restrictions on Transfer.

 

4.1                                 Except as otherwise provided under
Sections 4.3 or 7 of this Agreement or in accordance with your will or the laws
of descent and distribution upon your death, until an Award Share becomes
vested and nonforfeitable and a Liquidity Event has occurred, the Award
Share may not be assigned, transferred, pledged, 

 

 

hypothecated or disposed
of in any way (whether by operation of law or otherwise) and shall not be
subject to execution, attachment or similar process.

 

4.2                                 You hereby represent and warrant to the Company as follows:

 

(a)                                  You will hold the Award Shares for your own account for investment only
and not with a view to, or for resale in connection with, any “distribution” of
the Award Shares within the meaning of the Securities Act.

 

(b)                                 You understand that the Award Shares have not been registered under the
Securities Act by reason of a specific exemption and that the Award Shares must
be held indefinitely, unless they are subsequently registered under the
Securities Act or you obtain an opinion of counsel, in form and substance
satisfactory to the Company and its counsel, that such registration is not
required.  You further acknowledge and
understand that the Company is under no obligation to register the Award
Shares.

 

(c)                                  You understand that the Company may, in its discretion, impose
restrictions on the sale, pledge or other transfer of the Award Shares
(including the placement of appropriate legends on stock certificates) if, in
the judgment of the Company, such restrictions are necessary or desirable to
comply with the Securities Act, the securities laws of any State or any other
law.

 

(d)                                 You are aware that your investment in the Company is a speculative
investment that has limited liquidity and is subject to the risk of complete
loss.

 

4.3                                 The
provisions of Sections 4.1 and 4.2(b) shall not apply to the following
transfers; provided, however, that no transfer of Award Shares
pursuant to this Section 4.3 (other than a transfer to the Company) shall
be given effect on the books of the Company unless and until the Permitted
Transferee (as defined below) executes an agreement in writing with the parties
hereto pursuant to which he, she, or it agrees to be bound by all of the terms
and conditions of this Agreement to the same extent as the parties hereto; provided,
further, that no transfer will be permitted if the Company determines
that, in its sole discretion, such transfer is, or is reasonably likely to be,
in violation of applicable federal or state securities laws:

 

(a)                                  a transfer
of vested Award Shares made to an Affiliate of the Company or an Affiliate of
any subsidiary of the Company;

 

(b)                                 a transfer
of vested Award Shares upon your death to your executors, administrators,
testamentary trustees, legatees or beneficiaries;

 

(c)                                  a transfer
of vested Award Shares to a trust, the beneficiaries of which include only you
and your spouse, siblings, or direct lineal ancestors or descendants;

 

(d)                                 a transfer
of vested Award Shares made as a gift to your spouse or lineal descendants; or

 

(e)                                  a transfer
of vested Award Shares made pursuant to a court order in connection with a
divorce proceeding.

 

The transferee in each of the subclauses (a) through
(e) above is referred to herein as a “Permitted Transferee.”  Notwithstanding anything to the contrary in
this Agreement, no transfer made to the Company, any subsidiary of the Company,
or the Sponsor shall be subject to any restriction on transfer contained
herein, so long as any such transfer is made in accordance with all applicable
federal and state securities laws and does not violate any contractual
agreement in effect at the time of such transfer.

 

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4.4                                 The Company shall not be required to (a) transfer on its books any
Award Shares that have been sold or transferred in contravention of this
Agreement or (b) treat as the owner of Award Shares, or otherwise accord
voting, dividend or liquidation rights to, any transferee to whom Award Shares
have been transferred in contravention of this Agreement.

 

5.                                       Stock Certificates. 
You will be reflected as the owner of record of the Award Shares as of
the Grant Date on the Company’s books. 
The Company will hold the share certificates for safekeeping, or
otherwise retain the Award Shares in uncertificated book entry form, until the
Award Shares become vested and nonforfeitable and until they may be transferred
freely without restriction under this Agreement.  Until the Award Shares become vested and
nonforfeitable, any share certificates representing such shares will include a
legend in substantially the following form, in addition to any other legends
that may be required under federal or state securities laws.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 OR THE APPLICABLE SECURITIES ACT OF ANY STATE
BUT HAVE BEEN ISSUED IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION CONTAINED IN
SAID ACTS.  NO SALE, OFFER TO SELL OR
OTHER TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE
MADE UNLESS A REGISTRATION STATEMENT UNDER SAID ACTS IS IN EFFECT WITH RESPECT
TO THE SECURITIES, OR AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF SUCH
ACTS IS THEN APPLICABLE.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS ON TRANSFER AND THE OTHER TERMS AND CONDITIONS SET FORTH IN A
CERTAIN RESTRICTED STOCK AGREEMENT DATED FEBRUARY 5, 2008 AS AMENDED FROM TIME
TO TIME, BETWEEN THE COMPANY AND THE REGISTERED OWNER OF THIS CERTIFICATE (OR
HIS PREDECESSOR IN INTEREST), AND SUCH AGREEMENT IS AVAILABLE FOR INSPECTION
WITHOUT CHARGE AT THE OFFICE OF THE SECRETARY OF THE COMPANY.

 

All regular cash dividends and other distributions on the Award Shares
held by the Company will be paid directly to you, but any stock dividends will
be treated in the manner set forth in Section 9 of this Agreement.

 

6.                                       Market Stand-Off Agreement. 
You agree that following the effective date of a registration statement
of the Company filed under the Securities Act, to the extent requested by the
Company and an underwriter of Common Stock or other securities of the Company,
you will not offer, sell, contract to sell, pledge or otherwise dispose of,
directly or indirectly, any equity securities of the Company, or any securities
convertible into or exchangeable or exercisable for such securities, enter into
a transaction which would have the same effect, or enter into any swap, hedge
or other arrangement that transfers, in whole or in part, any of the economic
consequences of ownership of such securities, whether any such transaction is
to be settled by delivery of such securities or other securities, in cash or otherwise,
or publicly disclose the intention to make any such offer, sale, pledge or
disposition, or to enter into any such transaction, swap, hedge or other
arrangement, in each case during the seven days prior to and the one hundred
and eighty (180) days after the effectiveness of any underwritten offering of
the Company’s equity securities (or such longer or shorter period as may be
requested in writing by the managing underwriter and agreed to in writing by
the Company) (the “Market Stand-Off Period”),
except as part of such underwritten registration if otherwise permitted.  In addition, you agree to execute any further
letters, agreements and/or other documents requested by the Company or its
underwriters which are consistent with the terms of this Section 6.  The Company may impose stop-transfer
instructions with respect to securities subject to the foregoing restrictions
until the end of such Market Stand-Off Period.

 

7.                                       Tag-Along
and Drag-Along Rights.

 

7.1.                              Tag-Along
Rights.  (a)  If the
Sponsor proposes to transfer all or a portion of the shares of Common Stock
beneficially owned by it to a Third Party which would not be an Affiliate of
the Sponsor immediately upon consummation of such transfer, and the Sponsor
does not exercise its Drag-Along Rights in 

 

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accordance with Section 7.4 (a “Tag-Along Sale”), the Sponsor shall
cause you and your Permitted Transferees to have the option to exercise your
rights under this Section 7.1, provided, however, that you
and your Permitted Transferees, if any, shall have no rights under this Section 7.1
if the shares of Common Stock to be transferred in such transaction and any
shares of Common Stock which have been transferred to any Third Party within a
90-day period preceding the date of such transfer have, in the aggregate, a
Fair Market Value less than ten million dollars ($10,000,000) (a “Small Transfer”), and provided,
further, that when the cumulative Fair Market Value of all such Small
Transfers, the value to be calculated at the time of each such transfer,
exceeds fifty million dollars ($50,000,000), the restrictions provided for in
the first proviso of this Section 7.1(a) shall no longer be in
effect.  Moreover, you and your Permitted
Transferees, if any, shall have no rights under this Section 7.1 with
respect to any transfer by the Sponsor of any shares of Common Stock
beneficially owned by it to any limited partner of the Sponsor.

 

(b)                                 In the event
of a proposed Tag-Along Sale:

 

(i)                                     the Sponsor
shall provide you written notice of the terms and conditions of such proposed
Tag-Along Sale, as described in Section 7.1(c) (“Tag-Along
Notice”), at least 10 Business Days prior to the consummation of
such proposed Tag-Along Sale and offer you and your Permitted Transferees the
opportunity to participate in such Tag-Along Sale on the terms and conditions
set forth in this Section 7.1; and

 

(ii)                                  subject to Section 7.1(c),
you and your Permitted Transferees shall be entitled to sell up to a Pro Rata
Portion (as defined below) of your Award Shares (the “Tag
Shares”) at the same price and on the same terms as the shares
of Common Stock proposed to be sold by the Sponsor in such Tag-Along Sale in
accordance with the terms set forth in this Section 7.1.

 

The “Pro-Rata Portion” of your Tag Shares
shall mean an amount of such Tag Shares equal to the product of:

 

(A)                              (x) a
fraction, the numerator of which is the number of shares of Common Stock
proposed to be transferred by the Sponsor and its Affiliates in such Tag-Along
Sale and the denominator of which is the total number of shares of Common Stock
beneficially owned by the Sponsor and its Affiliates collectively, immediately
prior to transferring such shares of Common Stock; or, (y) for the first
transfer after the restrictions set forth in the first proviso of Section 7.1(a) are
no longer in effect, a fraction, the numerator of which is the number of shares
of Common Stock proposed to be transferred by the Sponsor and its Affiliates in
such Tag-Along Sale plus the cumulative number of shares of Common Stock
transferred by the Sponsor and its Affiliates in all Small Transfers, and the
denominator of which is the total number of shares of Common Stock beneficially
owned by the Sponsor and its Affiliates collectively, immediately prior to
transferring such shares of Common Stock plus the cumulative number of shares
of Common Stock transferred by the Sponsor and its Affiliates in all Small
Transfers; and

 

(B)                                the total
amount of Tag Shares beneficially owned by such Executive at the time of the
Tag-Along Sale.

 

(c)                                  The
Tag-Along Notice shall identify the proposed transferee, the number of shares
of Common Stock to be sold by the Sponsor in the Tag-Along Sale, the Pro Rata
Portion of your Tag Shares which you shall be entitled to transfer in such
Tag-Along Sale, the price at which the transfer of shares of Common Stock is
proposed to be made, and all other material terms and conditions of the
proposed Tag-Along Sale.  From the date
of the Tag-Along Notice, you and your Permitted Transferees shall have the
right (a “Tag-Along Right”),
exercisable by written notice (“Tag-Along Response Notice”)
given by you to the Sponsor within seven Business Days from the date of the
Tag-Along Notice (the “Tag-Along Response Notice
Period”), to request that the Sponsor includes in the proposed
transfer the number of Tag Shares held by you and your Permitted Transferees
(up to their Pro Rata Portion) as is specified in such Tag-Along Response
Notice at the same price and on the same terms and conditions 

 

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set forth in the Tag Along Notice; provided,
however, that if the aggregate number of shares of Common Stock proposed
to be sold by (i) the Sponsor, (ii) you and your Permitted
Transferees, (iii) Other Award Share Grantees and their permitted
transferees giving tag-along notices similar to the Tag-Along Notice during
such period prescribed in Other Award Share Grantees’ Agreements and (iv) any
other persons entitled to give (and giving on a timely basis) tag-along notices
similar to the Tag-Along Notice pursuant to agreements substantially similar to
this Agreement, including those certain Option Transfer Agreements, those
certain Amended and Restated Management Subscription Agreements, and those
certain Retained Share Agreements, each between the Company, the Sponsor and
you or Other Key People, as amended, (the persons identified in subclauses (i),
(ii), (iii) and (iv) of this subsection, collectively, the “Participants”), in such Tag-Along
Sale exceeds the number of shares of Common Stock which can be sold on the
terms and conditions set forth in the Tag-Along Notice, then only the Tag-Along
Portion of shares of Common Stock beneficially owned by you shall be sold
pursuant to the Tag-Along Sale.  “Tag-Along Portion” means, with
respect to you and your Permitted Transferees, the number of shares of Common
Stock beneficially owned by you and your Permitted Transferees on the date of
the Tag-Along Notice multiplied by a fraction, the numerator of which is the
maximum number of shares of Common Stock which can be sold in the Tag-Along
Sale and the denominator of which is the aggregate number of shares of Common
Stock beneficially owned by the Participants, collectively.

 

(d)                                 Delivery of
a Tag-Along Response Notice by you to the Sponsor pursuant to Section 7.1(c) shall
constitute an irrevocable election by you and your Permitted Transferees, if
any, to sell the number of Tag Shares beneficially owned by it or them as is
specified in such Tag-Along Response Notice in such Tag-Along Sale.  If, at the end of a 90-day period after such
delivery, the Tag-Along Sale has not been consummated on substantially the same
terms and conditions set forth in the Tag-Along Notice, all restrictions on
transfers of Tag Shares contained in this Agreement or otherwise applicable at
such time with respect to Tag Shares owned by you and your Permitted
Transferees shall again be in effect.

 

(e)                                  If at the
termination of the Tag-Along Response Notice Period you and your Permitted
Transferees, if any, shall not have exercised its or their Tag-Along Right by
providing the Sponsor with a Tag-Along Response Notice, such Executive and such
Executive’s Permitted Transferees shall be deemed to have waived its or their
Tag-Along Right with respect to transferring its or their Tag Shares pursuant
to such Tag-Along Sale.

 

(f)                                    The Sponsor
may sell, on behalf of you and your Permitted Transferees, if you and your
Permitted Transferees, if any, exercise your or their Tag-Along Right pursuant
to this Section 7.1, the shares of Common Stock entitled to be transferred
in the Tag-Along Sale on the terms and conditions set forth in the Tag-Along
Notice within 90 days of the date on which Tag-Along Rights shall have been
waived or exercised.

 

7.2.                              Limitation
of Rights Following Termination of Employment.  Notwithstanding any other provision of this
Agreement, upon the termination of your employment with the Company or any of
its subsidiaries for Cause, or if you terminate your employment with the
Company or any of its subsidiaries without Good Reason (as such term is defined
in your employment agreement with the Company, if any), you and your Permitted
Transferees shall have no rights under Section 7.1.  In the case of any other termination of your
employment you and your Permitted Transferees shall continue to have the rights
specified in Section 7.1.

 

7.3.                              Termination
of Tag-Along Rights. 
Notwithstanding anything to the contrary, the provisions of Section 7.1
shall not be applicable if the Common Stock is publicly traded on an Exchange
and there exists a Minimum Public Float.

 

7.4.                              Drag-Along
Rights.  (a)  If the
Sponsor and its Affiliates propose to transfer all or any portion of the shares
of Common Stock beneficially owned by them to a Third Party (a “Drag-Along Sale”), you and your
Permitted Transferees shall, at the Sponsor’s option and in the Sponsor’s sole
discretion, upon your receipt of written notice from the Sponsor, sell the
Drag-Along Portion of your Award Shares to such Third Party for the same consideration
and otherwise on the same terms and conditions on which the Sponsor and its
Affiliates sell their shares of Common Stock in such Drag-Along Sale (the “Drag-Along Rights”).

 

5

 

The “Drag-Along Portion” of your Award
Shares means, at any time, the number of Award Shares beneficially owned by you
and your Permitted Transferees, multiplied by a fraction, the numerator of
which is the number of shares of Common Stock proposed to be sold on behalf of
the Sponsor in such Drag-Along Sale and the denominator of which is the total
number of shares of Common Stock then beneficially owned by the Sponsor.

 

(b)                                 The Sponsor
shall provide written notice of such Drag-Along Sale to you (a “Drag-Along Notice”) not less than 20
days prior to the consummation of such proposed Drag-Along Sale which notice
shall state that the Sponsor proposes to effect a transfer of a certain number
of shares of Common Stock, the number of shares of Common Stock proposed to be
transferred, the purchase price, the proposed transferee, the number of Award
Shares which you are required to transfer in such Drag-Along Sale (based on the
methodology set forth in Section 7.4(a)), and all other material terms and
conditions of the Drag-Along Sale.  Subject
to Section 7.4(c), you shall be required to participate in the Drag-Along
Sale on the terms and conditions set forth in the Drag-Along Notice.  Not later than the tenth day following the
date of the Drag-Along Notice (the “Drag-Along Notice Period”),
you shall deliver to a representative of the Sponsor designated in the
Drag-Along Notice certificates representing all the Award Shares beneficially
owned and held by you, duly endorsed, together with all other documents
required to be executed in connection with such Drag-Along Sale, or, if such
delivery is not permitted by applicable law, an unconditional agreement to
deliver such Award Shares pursuant to this Section 7.4 at the closing for
such Drag-Along Sale against delivery to you of the consideration
therefor.  If you should fail to deliver
such certificates to the Sponsor in a Drag-Along Sale pursuant to this Section 7.4,
the Company shall cause the books and records of the Company to show that such
shares of Common Stock are bound by the provisions of this Section 7.4 and
that such shares of Common Stock shall be transferred to the purchaser of the
shares of the Common Stock immediately upon surrender for transfer by the
holder thereof.

 

(c)                                  The Sponsor shall have a period of 90 days from the
date of the Drag-Along Notice to consummate the Drag-Along Sale on the terms
and conditions set forth in such Drag-Along Sale Notice.  If the Drag-Along Sale shall not have been
consummated during such period, the Sponsor shall return to you all
certificates representing Award Shares that you delivered for transfer pursuant
hereto, together with any documents in the possession of the Sponsor executed
by you in connection with such proposed transfer, and the Drag-Along Notice
shall be deemed to be cancelled and this Agreement will remain in full force
and effect in accordance with its terms.

 

7.5.                              Other Responsibilities.  The delivery
of any notices to, and the obtaining of any consents from, any Permitted
Transferee with respect to any provision of this Agreement, including, but not
limited to, Sections 7.1 and 7.4, shall be your sole responsibility, unless
otherwise agreed to in writing between such Permitted Transferee and the
Sponsor.  Neither the Company nor the
Sponsor shall be liable to any Permitted Transferee for your failure to deliver
a notice to, or obtain a consent from, any Permitted Transferee with respect to
any provision of this Agreement, including, but not limited to, Sections 7.1
and 7.4.

 

7.6.                              Sales to Principal Beneficial Owners.  The Sponsor and
its Affiliates shall not transfer all or any portion of the shares of Common
Stock beneficially owned by them to a Principal Beneficial Owner, other than an
Affiliate of the Sponsor, unless such Principal Beneficial Owner agrees to be
bound by this Section 7 as if it were the Sponsor.  To the extent that the Sponsor and its
Affiliates transfer any shares of Common Stock to a Principal Beneficial Owner
other than an Affiliate of the Sponsor, you and your Permitted Transferees
agree that such Principal Beneficial Owner shall receive the benefits set forth
in Sections 7.4 and 7.5 hereof as if such Principal Beneficial Owner were the
Sponsor.

 

8.                                       Tax
Withholding and Tax Election.

 

8.1 Tax Withholding. The
Company shall have the right to deduct from any compensation or any other
payment of any kind (including upon approval of the Board of Directors of the
Company, withholding the delivery of shares of Commons Stock) due you the
amount of any federal, state, local or foreign taxes required by law to be
withheld which arise in connection with the Award Shares; provided, however,
that the value of the shares of Common Stock withheld may not exceed the
statutory minimum withholding amount required by law. In lieu of such
deduction, the Company may require you to make a cash payment to the Company
equal to the amount 

 

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required to be withheld. If you do not make such
payment when requested, the Company may refuse to issue any Common Stock
certificate under this Agreement until arrangements satisfactory to the
Administrator for such payment have been made.

 

8.2                                 Tax
Election.  You hereby
acknowledge that you have been advised by the Company to seek independent tax
advice from your own advisors regarding the availability and advisability of
making an election under Section 83(b) of the Code, and that any such
election, if made, must be made within 30 days of the Grant Date.  The Company shall be responsible for the
reasonable cost of obtaining a valuation of the fair market value of the Award
Shares as of the date of transfer.  You
expressly acknowledge that you are solely responsible for filing any such Section 83(b) election
with the appropriate governmental authorities, irrespective of the fact that
such election is also delivered to the Company. 
You may not rely on the Company or any of its officers, directors or
employees for tax or legal advice regarding this award.  You acknowledge that you have sought tax and
legal advice from your own advisors regarding this award or have voluntarily
and knowingly foregone such consultation. 
You must pay over to the Company by check the amount of any and all
applicable withholding taxes at the time that you make a Section 83(b) election.

 

9.                                       Adjustments
for Corporate Transactions and Other Events.

 

9.1                                 Stock
Dividend, Stock Split and Reverse Stock Split.  Upon a stock
dividend of, or stock split, reverse stock split, or similar event affecting,
the Common Stock, the number of Award Shares and the number of such Award
Shares that are nonvested and forfeitable shall, without further action of the
Administrator, be adjusted to reflect such event.  The Administrator may make adjustments, in
its discretion, to address the treatment of fractional shares with respect to
the Award Shares as a result of the stock dividend, stock split, reverse stock
split, or similar event.  Adjustments
under this Section 9 will be made by the Administrator, whose
determination as to what adjustments, if any, will be made and the extent
thereof will be final, binding and conclusive. 
No fractional Award Shares will result from any such adjustments.

 

9.2                                 Binding
Nature of Agreement.  The terms and conditions of this Agreement
shall apply with equal force to any additional and/or substitute securities
received by you in exchange for, or by virtue of your ownership of, the Award
Shares, whether as a result of any spin-off, stock split-up, stock dividend,
stock distribution, other reclassification of the Common Stock of the Company,
or similar event, except as otherwise determined by the Administrator.  If the Award Shares are converted into or
exchanged for, or stockholders of the Company receive by reason of any
distribution in total or partial liquidation or pursuant to any merger of the
Company or acquisition of its assets, securities of another entity, or other
property (including cash), then the rights of the Company under this Agreement
shall inure to the benefit of the Company’s successor, and this Agreement shall
apply to the securities or other property received upon such conversion,
exchange or distribution in the same manner and to the same extent as the Award
Shares.

 

10.                                 Non-Guarantee
of Employment or Service Relationship.  Nothing in the Plan or this Agreement shall
alter your at-will or other employment status or other service relationship
with the Company, nor be construed as a contract of employment or service
relationship between the Company and you, or as a contractual right of you to
continue in the employ of, or in a service relationship with, the Company for
any period of time, or as a limitation of the right of the Company to discharge
you at any time with or without cause or notice and whether or not such
discharge results in the forfeiture of any Award Shares or any other adverse
effect on your interests under the Plan.

 

11.                                 Rights
as Stockholder.  Except
as otherwise provided in this Agreement with respect to the nonvested and
forfeitable Award Shares, you are entitled to all rights of a stockholder of
the Company, including the right to vote the Award Shares and receive dividends
and/or other distributions declared on the Award Shares.

 

12.                                 The
Company’s Rights and Obligations.   Except as provided under Section 7.6 of
this Agreement, the existence of the Award Shares shall not affect in any way
the right or power of the Company or its stockholders to make or authorize any
or all adjustments, recapitalizations, reorganizations or other changes in the
Company’s capital structure or its business, or any merger or consolidation of
the Company, or any issue of bonds, debentures, 

 

7

 

preferred or other stocks with preference ahead of or
convertible into, or otherwise affecting the Common Stock or the rights
thereof, or the dissolution or liquidation of the Company, or any sale or
transfer of all or any part of the Company’s assets or business, or any other
corporate act or proceeding, whether of a similar character or otherwise.

 

13.                                 Notices.  All notices and other communications made or
given pursuant to this Agreement shall be in writing and shall be sufficiently
made or given if hand delivered or mailed by certified mail, addressed to you
at the address contained in the records of the Company, or addressed to the
Administrator, care of the Company for the attention of its Corporate Secretary
at its principal executive office or, if the receiving party consents in
advance, transmitted and received via telecopy or via such other electronic
transmission mechanism as may be available to the parties.

 

14.                                 Entire
Agreement.  This
Agreement contains the entire agreement between the parties with respect to the
Award Shares granted hereunder.  Any oral
or written agreements, representations, warranties, written inducements, or
other communications made prior to the execution of this Agreement with respect
to the Award Shares granted hereunder shall be void and ineffective for all
purposes.

 

15.                                 Amendment.  This Agreement may be amended from time to
time only be a written instrument duly executed by the Company, the Sponsor,
and you.

 

16.                                 Conformity
with Plan.  This
Agreement is intended to conform in all respects with, and is subject to all
applicable provisions of, the Plan. 
Inconsistencies between this Agreement and the Plan shall be resolved in
accordance with the terms of the Plan. 
In the event of any ambiguity in this Agreement or any matters as to
which this Agreement is silent, the Plan shall govern.  A copy of the Plan is  available
upon request.  Please contact the Company
by email at iwarren@vertisinc.com or at 250 W. Pratt Street, 18th
Floor, Baltimore, Maryland 21201, Attention: Isaac Warren, (telephone:
303.305.2023), to receive a copy of the Plan.

 

17.                                 Governing
Law. The validity, construction and effect of this
Agreement, and of any determinations or decisions made by the Administrator
relating to this Agreement, and the rights of any and all persons having or
claiming to have any interest under this Agreement, shall be determined
exclusively in accordance with the laws of the State of Delaware, without
regard to its provisions concerning the applicability of laws of other
jurisdictions.  Any suit with respect
hereto will be brought in the federal or state courts in the districts which
include New York, New York, and you hereby agree and submit to the personal
jurisdiction and venue thereof.

 

18.                                 Headings.  The headings in this Agreement are for
reference purposes only and shall not affect the meaning or interpretation of
this Agreement.

 

19.                                 Notices.  All notices and other communications provided
for herein shall be dated and in writing and shall be deemed to have been duly
given when delivered, if delivered personally or sent by registered or
certified mail, return receipt requested, postage prepaid and when received if
delivered otherwise, to the party to whom it is directed:

 

(a)                                  If to
the Company, to it at the following address:

 

250 W. Pratt
Street, 18th Floor

Baltimore, Maryland
21201

Attention:  General Counsel

Fax No.:  (410) 528-9287

 

with a copy to the Sponsor, at
the address set forth below:

 

(b)                                 If to
you, at the address set forth in the Company’s records;

 

8

 

(c)                                  If to
the Sponsor, to it at the following address:

 

Thomas H. Lee
Equity Fund IV, L.P.

c/o Thomas H. Lee
Company

75 State Street, Suite 2600

Boston, MA 02109

Attention: Anthony
J. DiNovi

Fax No.: (617)
227-3514

 

or at such other address as
the parties hereto shall have specified by notice in writing to the other
parties (provided, that such notice of change of address shall be deemed
to have been duly given only when actually received).

 

20.                                 Limitation
of Liability.  None
of the Affiliates of the Sponsor shall have any liability to you or any of your
Permitted Transferees or the Company or any of its subsidiaries under any
provision of this Agreement.  In the
event of an alleged breach of this Agreement by the Sponsor, the parties hereto
acknowledge and agree that the sole remedy which may be sought against the
Sponsor shall be specific performance, provided, however, that if
the remedy of specific performance is not available, you, your Permitted
Transferees, if any, and the Company will only seek to recover direct damages
for any breach of this Agreement.  You,
your Permitted Transferees, if any, and the Company agree to waive any other remedy
against the Sponsor to which they might be entitled at law, including, but not
limited to, compensatory damages, consequential damages, continuing damages,
future damages, incidental damages, punitive damages and nominal damages.  The Company shall indemnify, defend, save and
hold harmless Sponsor from and against any and all liabilities arising under,
pursuant to or in connection with this Agreement.

 

21.                                 Severability.  The invalidity, illegality or
unenforceability of one or more of the provisions of this Agreement in any
jurisdiction shall not affect the validity, legality or enforceability of the
remainder of this Agreement in such jurisdiction or the validity, legality or
enforceability of this Agreement, including any such provision, in any other jurisdiction,
it being intended that all rights and obligations of the parties hereunder
shall be enforceable to the fullest extent permitted by law.

 

22.                                 Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same instrument, and it shall not be necessary in making
proof of this Agreement to produce or account for more than one such
counterpart.

 

9

 

 

GLOSSARY

 

(a)   “Administrator”
means the Committee as determined under Section 2.7 of the Plan.

 

(b)   “Affiliate”
has the meaning given to such term in the Plan.

 

(c)   “Business Day”
means any day other than a Saturday, Sunday, or other day during which the Company’s
principal executive office is not open for business.

 

(d)   “Cause”
generally means your insubordination, dishonesty, incompetence, moral
turpitude, other misconduct of any kind or the refusal to perform your duties
or responsibilities for any reason other than illness or incapacity, in each
case as determined by the Board in good faith. 
However, if you have an employment agreement, consulting agreement,
change of control agreement or similar agreement in effect with the Company at
the time in question that defines “cause” (or words of like import), then “cause”
has the meaning ascribed to it under such agreement, as such agreement shall
provide at the time in question; provided that with respect to any agreement
that conditions “cause” on the occurrence of a change of control, such
definition of “cause” shall not apply until a change of control actually takes
place and then only with regard to a termination thereafter.

 

(e)   “Common Stock” means the common
stock, $.01 par value, of Vertis Holdings, Inc.

 

(f)    “Company” means Vertis Holdings, Inc.
and its Affiliates, except where the context otherwise requires.  For purposes of determining whether a
Liquidity Event has occurred, Company shall mean only Vertis Holdings, Inc.

 

(g)   “Disability”
means your inability to perform substantially your duties and responsibilities
to the Company by reason of a physical or mental disability or infirmity for a
continuous period of three months.  The
date of such disability shall be the earlier of (1) the last day of such
three-month period or (2) the day on which you submit, or cause to be
submitted, to the Board any medical evidence of such disability reasonably
satisfactory to the Board.

 

(h)   “Exchange”
means the principal stock exchange, including The Nasdaq Stock Market, on which
the Common Stock is listed or approved for listing, if any.

 

(i)    “Liquidity Event” means (1) a
public offering of the Common Stock registered pursuant to the Securities Act
where there is a Minimum Public Float immediately following such offering, (2) a
merger or other business combination or recapitalization whereby the Common
Stock is exchanged for cash and/or publicly traded equity or debt securities in
another entity or a combination of cash and other non-publicly traded equity or
debt securities where cash constitutes at least a majority of the consideration
to be received in such merger, business combination or recapitalization or (3) a
sale or other disposition of all or substantially all of the Company’s assets
to another entity, for cash and/or publicly traded equity or debt securities of
another entity or a combination of cash and other non-publicly traded equity or
debt securities where cash constitutes at least a majority of the proceeds of
such sale or disposition, in each case, other than to the Company, any
subsidiary of the Company, or any entity controlled by the ultimate control
persons of the Company.

 

(j)    “Minimum Public Float” means the
circumstances existing when (i) the consummation of one or more public
offerings registered pursuant to the Securities Act of shares of Common Stock
if, upon such consummation, the aggregate number of shares of Common Stock held
by the public, not including Affiliates of the Company, represents at least 20%
of the total number of outstanding shares of Common Stock at the time of such
public offering and (ii) the Common Stock is listed on an Exchange.

 

(k)   “Other Award Share Grantees” means
other persons receiving Award Shares pursuant to a restricted stock agreement
having terms substantially identical to those contained in this Agreement.

 

10

 

(l)    “Other Key People” means the
officers, members of management, key employees of the Company and its
Affiliates.

 

(m)  “Principal Beneficial Owner” means
any of the Sponsor, CLI/THLEF IV Vertis LLC, Evercore Capital Partners L.P.,
CLI Associates LLC, J.P. Morgan Partners (BHCA), L.P., Wachovia Capital
Partners, LLC (formerly First Union Capital Partners, LLC), and Cadogan
Capital, LLC and their respective Affiliates and successors.

 

(n)   “Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations promulgated
thereunder.

 

(o)   “Service”
means your employment or other service relationship with the Company and its
Affiliates.  Service will be considered
to have ceased with the Company if, after a sale, merger or other corporate
transaction, the trade, business or entity with which you are employed is no
longer an Affiliate of Vertis Holdings, Inc.

 

(p)   “Third Party” means any person or
entity excluding each of the following:  (a) the
Company and its employees, officers, directors and (b) the Principal
Beneficial Owners.

 

(q)   “You”; “Your”.  You means the recipient of the Award Shares
as reflected in the first paragraph of this Agreement.  Whenever the word “you” or “your” is used in
any provision of this Agreement under circumstances where the provision should
logically be construed, as determined by the Administrator, to apply to the
estate, personal representative, or beneficiary to whom the Award Shares may be
transferred by will or by the laws of descent and distribution, the words “you”
and “your” shall be deemed to include such person.

 

11

 

IN WITNESS WHEREOF, the
Company and the Sponsor have caused this Agreement to be executed by their duly
authorized officers.

 

	
   

  	
  VERTIS HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John V. Howard Jr.

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John V. Howard, Jr.

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  February 5, 2008

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THOMAS H. LEE EQUITY FUND
  IV, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anthony DiNovi

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Anthony DiNovi

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  February 5, 2008

  	
   

  

 

                The undersigned hereby acknowledges that he/she has
carefully read this Agreement and agrees to be bound by all of the provisions
set forth herein.

 

	
  WITNESS:

  	
  GRANTEE: Barry C. Kohn

  	
   

  
	
   

  	
   

  	
   

  
	
  [Witness]

  	
   

  	
  /s/ Barry Kohn

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  February 5, 2008

  	
   

  
						

 

Enclosure:  Vertis Holdings, Inc. 1999 Equity Award
Plan

 

12

 

STOCK POWER

 

                FOR
VALUE RECEIVED, the undersigned, Barry C. Kohn, hereby sells, assigns and
transfers unto Vertis Holdings, Inc., a Delaware corporation (the “Company”),
or its successor, 250,000 shares of common stock, par value $0.01 per share, of
the Company standing in my name on the books of the Company, represented by
Certificate No. ____________, which is attached hereto, and hereby
irrevocably constitutes and appoints
______________________________________________________ as my attorney-in-fact
to transfer the said stock on the books of the Company with full power of
substitution in the premises.

 

	
  WITNESS:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Dated:

  	
   

  	
   

  
					

 

 

IMPORTANT TAX INFORMATION

 

INSTRUCTIONS REGARDING SECTION 83(b) ELECTIONS

 

1.              An 83(b) Election is irrevocable.

 

2.              If you want to make an 83(b) Election, an 83(b) Election Form must
be filed with the Internal Revenue Service within 30 days of the date
the Restricted Stock is granted to you; no exceptions to this rule are
made.

 

3.              You must provide a copy of the 83(b) Election Form to the
Corporate Secretary or other designated officer of the Company.  This copy should be provided to the Company
at the same time that you file your 83(b) Election Form with the
Internal Revenue Service. In addition, you must pay over to the Company the
amount of the withholding taxes by check at the time or your 83(b) Election.

 

4.              In addition to making the filing under Item 2 above, you must attach a
copy of your 83(b) Election Form to your tax return for the taxable
year in which you received the Restricted Stock.

 

5.              If you make an 83(b) Election and later forfeit the Restricted
Stock, you will not be entitled to a refund of any tax you paid as a result of
having made the 83(b) Election.  You
may, however, recognize a capital loss upon forfeiture.

 

6.              You must consult your personal tax advisor before making an 83(b) Election.  The attached election forms are intended as
samples only, they must be tailored to your circumstances and may not be relied
upon without consultation with a personal tax advisor.

 

 

SECTION 83(b) ELECTION FORM

 

 

Election Pursuant to Section 83(b) of
the Internal Revenue Code

to Include Property in Gross Income in Year of
Transfer

 

The undersigned hereby makes
an election pursuant to Section 83(b) of the Internal Revenue Code
with respect to the property described below and supplies the following
information in accordance with the regulations promulgated thereunder:

 

1.             The name, address, and taxpayer identification number of
the undersigned are:

 

                ______________________________

                ______________________________

                ______________________________

 

                ___-__-____

 

2.             The property with respect to which the election is made
is _____________ shares of Common Stock, par value $.01 per share, of Vertis
Holdings, Inc., a Delaware corporation (the “Company”).

 

3.             The date on which the property was transferred was
________________, the date on which the taxpayer received the property pursuant
to a grant of restricted stock.

 

4.             The taxable year to which this election relates is
calendar year 2007.

 

5.             The property is subject to restrictions in that the
property is not transferable and is subject to a substantial risk of forfeiture
until the taxpayer vests in the property. 
The taxpayer will vest in _____ shares of Common Stock (the “Shares”)
immediately prior to the first to occur of (i) a “liquidity event,” (ii) the
taxpayer’s death, or (iii) the taxpayer suffering a “disability” (as each
is defined in the restricted stock agreement evidencing the Shares), provided
the taxpayer is in the employ of the Company when the event triggering vesting
occurs.

 

6.             The fair market value at the time of transfer
(determined without regard to any restrictions other than restrictions which by
their terms will never lapse) of the property with respect to which this
election is being made is $________ per share; with a cumulative fair market
value of $______________.  The taxpayer
did not pay any amount for the property transferred.

 

7.             A copy of this statement was furnished to the Company,
for whom taxpayer rendered the services underlying the transfer of such
property.

 

8.             This election is made to the same effect, and with the
same limitations, for purposes of any applicable state statute corresponding to
Section 83(b) of the Internal Revenue Code.

 

The undersigned understands
that the foregoing election may not be revoked except with the consent of the
Commissioner of Internal Revenue.

 

	
  Signed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
				

 

 

Letter for filing §83(b) Election
Form

 

___________, 20__

 

CERTIFIED MAIL

RETURN RECEIPT REQUESTED

 

Internal Revenue Service Center

______________________________

 

______________________________

 

______________________________

 

(the Service Center to which individual income tax
return is filed)

 

                                Re:          83(b) Election
of ________________________________

                                                Social
Security Number:   _________________________

 

Dear Sir/Madam:

 

Enclosed is an election under
section 83(b) of the Internal Revenue Code of 1986 with respect to certain
shares of stock of Vertis Holdings, Inc. that were transferred to me on
___________________, 20__.

 

Please file this election.

 

	
   

  	
  Sincerely,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

cc: Secretary of Vertis Holdings, Inc.Exhibit 10.40

 

RELOCATION REAL ESTATE PURCHASE AND SALE AGREEMENT

 

THIS
AGREEMENT is entered into this 26th day of December,  2007 between American International
Relocation Solutions, LLC (“BUYER”), a Pennsylvania limited liability company
having its principal office at Park West Two, 6th Floor, 2000 Cliff Mine Road,
Pittsburgh, PA 15275, and John V. Howard and Val M. Howard (“SELLER”), an
individual or individuals having a mailing address of 714 Avila Drive,
Davidsonville, MD 21035.

 

I. PREMISES

 

A.
SELLER is the owner of certain real estate located at 714 Avila Drive,
Davidsonville, MD 21035, having erected thereon a personal residence, as more
specifically described in paragraph 1 and Appendix A hereto.

 

B.
SELLER is an employee of Vertis Inc. (“EMPLOYER”), and EMPLOYER has entered
into an agreement for BUYER to provide certain services in connection with the
relocation of SELLER, including the purchase of SELLER’s residence as provided
herein.

 

C.
SELLER has agreed to sell the property to BUYER and BUYER has agreed to
purchase the property from SELLER upon the terms and conditions set forth
herein.

 

II. TERMS AND CONDITIONS

 

In
consideration of the mutual covenants and promises herein contained, the
parties, intending to be legally bound, agree, represent and warrant as
follows:

 

1.
Covenant to Sell. BUYER agrees to purchase and SELLER agrees to sell
good and marketable title (and such as will be insurable by any responsible
title insurance company at regular rates) to the real estate located at the
address indicated in paragraph I.A. above, as more fully described in Appendix
A (which may be modified to correct any non-material inaccuracies in the legal
description that are determined by an accurate survey), together with the
following (all of which hereinafter are referred to collectively as “the
property”):

 

1.1
SELLER’s personal residence and all buildings and other improvements situated
upon the real estate;

 

1.2
All of the rights and appurtenances pertaining to the real estate, including
any right, title and interest of SELLER in and to adjacent easements, streets,
roads, alleys and rights-of-way; and

 

1.3
All included terms referred to in paragraph 3 below.

 

 

 

2.
Purchase Price. BUYER will pay to SELLER for the property the total sum
of Eight Hundred Fifty One Thousand Five Hundred ($ 851500.00) Dollars
(“Purchase Price”). This Purchase Price is based on the relocation policy of
EMPLOYER. The Purchase Price shall be adjusted as provided in paragraph 5 below
and the adjusted amount shall be paid to SELLER at the time and in the manner
provided below.

 

3.
Fixtures and Personal Property Included or Excluded From Sale. The sale
shall include all personal property and fixtures permanently installed in the
property, and all such property which was considered to be part of the
property, including, but not limited to (strike if not applicable): plumbing,
heating and lighting fixtures (including chandeliers, ceiling fans and shades);
ranges, refrigerators and built-in microwave ovens; wall-to-wall carpeting; water
treatment systems; pool and spa equipment; air conditioning units; garage door
openers and transmitters; window treatments and rods; television antennas and
satellite dishes; awnings, storm doors and windows, and window screens;
shrubbery, plantings and unpotted trees; any remaining heating fuels stored in
built-in appliances; central vacuum systems and equipment; as well as the
following items specifically included:
___________N/A___________________________________________

 

The
following items are not included in the sale and shall be removed from the
Premises by the SELLER prior to delivering possession to the BUYER:
_____________________N/A_________________________________

 

4.
Possession. SELLER will vacate and deliver possession of the property to
BUYER provided that BUYER, its authorized agents, brokers, employees,
appraisers, surveyors, engineers, architects and other designated individuals
may enter upon the property at reasonable times and with notice to SELLER prior
to delivery of possession for purposes of inspecting the property and
conducting environmental or other testing and examinations, and for purposes of
showing the property to prospective purchasers. The date on which possession of
the property is delivered to BUYER, (or, if later, the date of this Agreement),
shall be the “Possession Date” for purposes of the Agreement. The Possession
Date shall be determined by mutual agreement of BUYER and SELLER.

 

4.1
Until the Possession Date, SELLER will be responsible for all maintenance,
repairs and replacements, mortgage payments (principal, interest and escrow),
taxes, insurance, utilities and all other costs associated with the ownership
and operation of the property.

 

4.2
On the Possession Date, SELLER will deliver possession of the property in the
same physical condition as existed on the date SELLER signed this contract,
that is broom clean, with all included items referred to in paragraph 3 above
in good working order, together with all keys, garage door openers, security
and entry codes and all other means of entering and securing the property.

 

4.3
SELLER will arrange for the transfer of all utilities into the name of BUYER or
its nominee and may cancel its insurance coverage on the property as of the
Possession Date.

 

 

 

4.4
SELLER will assign to BUYER all of its right, title and interest in and to any
leases and security deposits affecting the property if such leases are approved
and assumed by BUYER in writing and can be terminated by BUYER on not more than
thirty (30) days notice to the tenant. In the event of assignment and
assumption by BUYER, BUYER shall be responsible for all obligations under such
leases accruing and arising on or after the Possession Date or, if later; the
effective date of the written assignment. SELLER shall not enter into any new
leases, written extensions of existing leases, if any, or additional leases for
the property without the expressed written consent of BUYER.

 

4.5
BUYER will assume all benefits and burdens of ownership of the property from
and after the Possession Date until sale and transfer of title.

 

5.
Adjustments to Purchase Price. The amount to be paid by BUYER to SELLER
hereunder (“SELLER’s Equity”) shall be the Purchase Price provided for in
paragraph 2 above, subject to reductions and adjustments as of the Possession
Date, in the manner which is customary in the jurisdiction which the property
is located, as follows:

 

5.1.
Loans. The unpaid balance of principal and interest due on all loans
applicable to the property, including, but not limited to, all mortgages, home
equity loans, home improvement loans and equity “bridge” loans.

 

5.2.
Real Estate Taxes. All county, local and school, real estate, and any
other taxes applicable to the property, together with any special assessments
which have been levied or approved for levy.

 

5.3.
Liens and Fees. All monetary liens, judgments, unpaid dues or
assessments owing to any homeowners’ association or similar body, fees,
maintenance, capital improvement or similar charges applicable to the property.

 

5.4.
Pest Control Costs. The estimated cost of termite or pest control
treatment.

 

5.5.
Repairs.   Seller will complete
repairs as agreed upon with buyer

 

5.6
Fuel. Utility and fuel charges.

 

5.7.
Rent. Rent, rent deposits, security deposits or pre-paid rent under any
leases assigned to and assumed by BUYER.

 

5.8.
Other Proration Items.

 

If
any amount to be prorated is not ascertainable as of the Possession Date, the
adjustment thereof shall be based on the most recent ascertainable amount or
reasonable estimates thereof, and shall be subject to subsequent adjustment.
BUYER and SELLER each agree to promptly pay any amounts determined to be due as
a result of such subsequent adjustments including over-payments. The provisions
of this paragraph shall 

 

 

 

apply
regardless of the reason for the adjustment whether or not, the original
calculation contained errors caused by SELLER, BUYER or others.

 

6.
Payment of SELLER’s Equity Amount. The SELLER’s Equity shall be paid
within ten (10) business days after SELLER has complied with all
requirements of this Agreement, including the following:

 

6.1
BUYER has received from SELLER and dated a fully executed original, facsimile
transmission and/or scanned email copy of this Agreement.

 

6.2
BUYER has received a title report and commitment satisfactory to BUYER and its
attorneys.

 

6.3
BUYER has received all other documents and information which SELLER is required
to provide.

 

6.4
All of the conditions precedent set forth in paragraph 10 below have been
satisfied and upon satisfaction of all contingencies in this Agreement.

 

7.
Mortgages. BUYER agrees to purchase the property subject to any existing
mortgages disclosed on Appendix A and deducted in determining SELLER’s Equity (“Disclosed
Mortgages”). Upon sale of the property by BUYER to a third party buyer, BUYER
must either satisfy any Disclosed Mortgages on or prior to the closing date of
such sale or obtain the unconditional release of any and all liability of
SELLER and EMPLOYER with respect to such Disclosed Mortgages. BUYER may pay off
and satisfy the Disclosed Mortgage(s) on the property on or after the
Possession Date, or it may continue to maintain the Disclosed Mortgage(s) and
make all payments due until the Disclosed Mortgages are paid off and satisfied,
provided that if SELLER so requests in writing, BUYER, with EMPLOYER’s
agreement will pay off any Veterans Administration mortgage in order to enable
SELLER to retain its Veterans Administration mortgage eligibility, provided
that SELLER refunds any portion of BUYER’s offer attributable to the
assumability of the Veterans Administration mortgage. When BUYER pays off any
Disclosed Mortgage, SELLER shall be responsible for obtaining from the mortgage
lender any deposit or escrow fund held by the lender for real estate taxes, insurance
or other items, but if the BUYER continues to maintain the mortgage after the
Possession Date, SELLER will receive credit for any escrow funds, will assign
its right to receive such amounts to BUYER and will otherwise cooperate in
having any such amounts paid to BUYER when the Disclosed Mortgage is paid off
including, if necessary, SELLER’S authorization of the BUYER to endorse any
checks in your name for money properly due the BUYER.   In the event that the said loans are not
paid off prior to June 1, 2008, BUYER agrees to pay said loans at that
time.

 

8.
Warranties and Representations of SELLER. As an inducement to BUYER to
enter into this agreement, SELLER represents, warrants and guarantees to BUYER
that the statements contained in this paragraph are true, correct and complete:

 

 

 

8.1.
Authority. SELLER is an individual who holds lawful title to the
property, the property is not subject to any options to purchase, rights of
first refusal, written or oral agreements of sale or other commitments or
obligations of purchase and SELLER has the full power and authority to transfer
the property to BUYER. This agreement and the sale of the property hereunder
are not subject to the approval of any party (other than any lender of a
Disclosed Mortgage).

 

8.2.
Good and Marketable Title to Property. SELLER warrants that the warranty
deed to be issued by SELLER will vest good and marketable title to the
property, in fee simple, (and such as will be insurable by any responsible
title company at regular rates) free and clear of all liens, encumbrances,
bankruptcies, judgments, mortgages, security interests, title retention
agreements, restrictions, conditions, charges, equities and claims and any
other encumbrances affecting the property whether or not they are of record,
including common walls, fences, driveways and other common areas or facilities
shared with a neighbor, encroachments, easements and rights of way, except for
any Disclosed Mortgages.

 

8.3.
Outstanding Claims and Disputes. There have been no repairs, additions
or improvements made, ordered or contracted to be made to the premises, nor are
there any appliances or fixtures attached to said premises which have not been
paid for in full, and there are no outstanding or disputed claims for any such
work or items.

 

8.4.
Possession. No person or entity other than SELLER is in possession or
entitled to possession of the property other than pursuant to any leases
assumed by BUYER pursuant to subparagraph 4.4 above.

 

8.5.
No Restrictions on Use. There are no liabilities, causes of action,
unpaid taxes, zoning restrictions, encumbrances, or other claims or conditions,
either pending or threatened, which would affect BUYER or its ability to use
the property as a residence and for any related purposes, nor is the present
use of the property subject to the approval of any party.

 

8.6.
Purchase Money Obligations. There are no purchase money obligations
being created in this transfer.

 

8.7.
Accessibility of Utilities, Etc. All water, public sewage or septic
systems for sanitary sewage, storm sewers, electricity, gas service and any and
all public utilities are available on the property. The property is served by a
community sewage system, or if no community sewage system is available, all
necessary permits, approvals, etc. for the operation of the septic system or
other private sewage system on the property have been obtained. If there is a
well, the water supply to the property is both potable and ample under local
standards. There has been no work done, or notice received that work is to be
done, by any governmental body or authority or at its direction, in connection
with the installation of sewer lines or water lines, or for improvements such
as paving or repairing of streets, curbs or sidewalks or similar improvements.

 

 

 

8.8.
Condemnation. SELLER has received no written or official notice and has
no knowledge of any condemnation, eminent domain, abatement or any other legal
or equitable proceeding against the whole or any part of the property.

 

8.9.
Improvements. There are no known material defects in the physical
condition or structure of the property, all operational components and systems
are in good working order, and the property is not infested with termites or
other pests to the best of Seller’s knowledge. The basement, crawl space and
any similar lower level of the property is not subject to water penetration.
All improvements on the property conform to and comply with all applicable
codes, laws and ordinances. SELLER has received no notice from any governmental
agencies or authorities and has no knowledge of any violations concerning the
condition and/or use of the property which have not been corrected by SELLER.

 

8.10.
Zoning and Other Ordinances. The property is zoned “RESIDENTIAL” in
accordance with the applicable effective zoning ordinance which permits the use
of the property as a single-family residence and related activities. SELLER has
not received any notice and has no knowledge of any violations of any zoning,
housing, building, safety or fire ordinances or regulations and all zoning
permits or variances, building permits, setback agreements, and all other
similar documents required for the property and the improvements thereon have
been obtained.

 

8.11.
Certificate of Occupancy. A certificate permitting occupancy of the
property may be required by the municipality and/or governmental authority. If
a certificate is required, SELLER shall, at SELLER’s expense and within ten (10) days
of the execution of this agreement, order the certificate for delivery to BUYER
on the Possession Date.

 

8.12.
Litigation; Compliance with Law. There is no litigation, proceeding,
investigation or claim pending or threatened, including, but not limited to,
any bankruptcy or foreclosure proceedings, which would affect: (a) the
property; (b) SELLER’s title to the property; (c) the financial
condition of SELLER; or (d) SELLER’s ability to perform this agreement,
and SELLER has no reasonable grounds to know of any basis for any such
litigation, proceeding, investigation or claim.

 

8.13.
Marital Status. SELLER(s), if husband and wife, have never been divorced
from each other; are not separated from each other and no divorce proceedings
are pending. If the SELLER acquired title alone, he/she has not been married
since the date of acquiring title. If SELLER (or either or them) were
previously divorced, no support payments are due and owing under the terms of
any existing marital settlement agreement and the divorce proceedings filed of
No __NA____ in the ___NA__________________ and the decree dated
____NA______________ disposed of all marital property, equitable distribution,
alimony, child support and any other matters of a marital nature involving the
SELLER(s). Any details will be kept confidential and used only as necessary to
complete the sale of the property.

 

8.14.
No Default. SELLER is not in default under any mortgage, land contract,
deed or any other financing instrument encumbering the property, and from the
date hereof 

 

 

 

through
the Possession Date SELLER shall make all payments required to be made under
such obligations in the manner and at the times provided thereunder and shall
perform all of his other obligations thereunder as mortgagor, vendee or
otherwise as the case may be.

 

8.15.
Boundaries. The structures and improvements are within the boundaries of
the property, and there is no dispute with adjoining property owners as to the
location of boundary lot lines.

 

8.16.
Hazardous Substances. The property does not contain asbestos, lead
paint, radon gas or urea formaldehyde foam insulation, any mold , any allergen
nor any other hazardous or toxic materials or gas. If it is discovered that the
property does contain any such substances, SELLER will indemnify, defend and
hold harmless BUYER (and its officers, directors, members, employees and
affiliates) from any and all costs which any of them may incur and any and all
liabilities, obligations, debts, causes of action, lawsuits or other claims,
whether asserted directly against BUYER or as a successor to SELLER or any present
or prior owner in the chain of title to the property (including reasonable
attorney’s fees and expenses incurred in the defense thereof) arising out of or
resulting from the presence of such substances and the cost of removal or
remediation thereof.

 

8.17.
Flood Plain of Flood Zone. The property is not located within a
so-called “flood plain area” or flood zone, and surface storm waters drain from
the property in such manner as is permissible by government agencies having
jurisdiction.

 

8.18.
Insurability. The property is insurable at standard rates for normal
hazards of fire, extended coverage and liability.

 

8.19.
Disclosures. All material information regarding the property, including,
but not limited to, its physical condition and legal title, any known pest
infestation or presence of radon gas, lead-based paint or other hazardous
substances, has been disclosed by SELLER or its agents to BUYER in this
agreement or in an addendum attached hereto. SELLER will pay any costs, damages
or expenses incurred by BUYER as the result of any failure of SELLER or its
agents to disclose such material information, and BUYER reserves the right to
terminate this agreement without further liability to SELLER in the event of
any failure to fully disclose any material information regarding the property.

 

8.20
The warranties and representations of SELLER contained in this document shall
be correct and complete in all material respects on and as of the Possession
Date with the same force and effect as though such warranties and
representations were made on and as of the Possession Date, and SELLER shall
deliver to BUYER a certificate dated as of the Possession Date to that effect.
Any fact or information which modifies or contradicts any of these
representations and warranties must be in writing and attached to this
Agreement. If any such statement or disclosure is unacceptable to BUYER, BUYER
reserves the right to not countersign this Agreement and not pay the equity
until such matter is resolved to the BUYER’S satisfaction.

 

 

 

8.21.
Encumbrances. SELLER has not taken any action which would create an
additional encumbrance of any kind against the property.

 

8.22.
Mechanics’ Lien. All labors and materials supplied in connection with
any repairs, alterations, additions or other work affecting the property have
been paid in full and no mechanics’ or similar liens have been or can be filed
against SELLER or the property.

 

9.
Title to the Property.

 

9.1.
Conveyance of Title. Within ten (10) days of receipt of Deed
Document Package SELLER will execute and deliver to BUYER or its nominee a
Power of Attorney, a warranty deed or its equivalent conveying good, clear and
marketable title to the property to the BUYER or its nominee. The obligation to
execute and deliver the deed will be binding upon SELLER and SELLER’s
guardians, heirs, executors, personal representatives or assigns.

 

9.2.
Defects in Title. BUYER will notify SELLER if it discovers any liens,
encumbrances, encroachments or other defects in title which arise prior to the
Possession Date, would prevent BUYER from re-selling and conveying good and
marketable title to the property. SELLER will have thirty (30) days after
notice to remove any such defects to the satisfaction of BUYER, any potential
third party purchaser or lender, and their respective attorneys, provided that
if the title defect can be removed or resolved at an expense of Two Thousand
($2,000) Dollars or less, BUYER may, at its option, remove the title defects
and recover the cost of removal from SELLER. If such title defects cannot be
removed within  one hundred-twenty (120)
days, BUYER may terminate this agreement and SELLER will repay to BUYER any
SELLER’s Equity or other amounts received from BUYER hereunder and SELLER will
indemnify, defend and hold harmless BUYER (and its officers, directors,
members, employees and affiliates) from any and all costs which any of them may
incur and any and all liabilities, obligations, debts, causes of action,
lawsuits or other claims, whether asserted directly against BUYER (and its
officers, directors, members, employees and affiliates), including reasonable
attorney’s fees and expenses incurred in the defense thereof) arising out of or
resulting from this agreement or any agreement entered into by BUYER for the
resale of the property.  In the event
that the equity is repaid to the BUYER, Buyer will reconvey the property back
to the SELLER.

 

10.
Conditions Precedent to BUYER’s Obligations. The obligations of BUYER to
consummate this transaction are subject to the satisfactory fulfillment and
completion of the following conditions precedent prior to the closing date:

 

10.1.
Good Title to Property. On the Possession Date, SELLER will own and have
good and marketable title to the property, in fee simple, (and such as will be
insurable by any responsible title company at regular rates) free and clear of
all liens, encumbrances, bankruptcies, judgments, mortgages, security
interests, title retention agreements, restrictions, conditions, charges,
equities and claims, except for Disclosed Mortgages and those encumbrances,
rights of way, etc. that do not adversely affect the property. Any and 

 

 

all
defects in the title to the property shall have been cured by SELLER. The
description of the property set forth in Appendix A is consistent in all
respects with the survey and contains all of the property.

 

10.2.
Right to Sell. The property is not subject to any options to purchase,
rights of first refusal, written or oral agreements of sale, or other
commitments or obligations of purchase and SELLER has the full power and right
to execute, deliver and implement this agreement.

 

10.3.
Inspections and Reports. BUYER has had an opportunity to inspect the
property and is satisfied with the results and/or reports received from all
such inspections, surveys, tests and studies and any remediation or repair
required as a result of such inspections, surveys, tests and studies has been
completed to the satisfaction of BUYER.

 

10.4.
Warranties and Representations. The warranties and representations of
SELLER hereunder shall be true and correct in all material respects on and as
of the Possession Date and SELLER shall deliver to BUYER a signed certificate
confirming that fact.

 

10.5.
Compliance. SELLER shall have complied with all of its warranties and
representations and duly performed in all material respects all of the terms
and conditions set forth in this agreement, including the delivery of
documents, properties and other materials and instruments required or
contemplated by this agreement.

 

10.6.
Default. SELLER shall not be in default under any provisions of this
agreement or any related agreements.

 

10.7.
Satisfactory Actions. All actions to be taken by SELLER in connection
with the consummation of the transactions contemplated hereby and all
agreements, instruments and other documents necessary or appropriate to
consummate the transactions contemplated by this agreement and any related
agreements have or will be taken or delivered and such actions and documents
and all other related legal matters have been approved by counsel for BUYER.

 

10.8.
Insolvency. SELLER has not, on or prior to the Possession Date, become
insolvent or filed a voluntary petition in bankruptcy, or a voluntary petition
seeking reorganization, had an involuntary petition in bankruptcy filed against
it, made an assignment for the benefit of creditors or applied for the
appointment of a receiver or trustee of all or a substantial portion of its
assets.

 

10.9.
Material Change. There shall not be any facts or circumstances
discovered which substantially or adversely affect the property or BUYER’s
obligations under this agreement.

 

10.10
In the event that any of the foregoing conditions precedent are not satisfied,
BUYER shall have the option to either (1) waive the same by an appropriate
writing delivered to SELLER on or prior to the Possession Date and proceed to
consummate the

 

 

transaction
contemplated herein; or (2) declare this agreement null and void, in which
case the BUYER shall have no further rights or obligations hereunder and any
amounts paid by BUYER to SELLER shall be promptly repaid by SELLER to BUYER.

 

11.
Default. In the event of default by SELLER or BUYER, the following shall
determine their respective rights and obligations:

 

11.1.
By SELLER. BUYER, at BUYER’s sole option, may elect to:

 

11.1.1.
Waive any claim for loss of bargain, in which event SELLER agrees to reimburse
BUYER for all direct, out-of-pocket costs and expenses incurred by BUYER in
connection with the proposed transaction including, but not limited to, the
costs of any environmental investigations or remediation, title examination
fees and reasonable attorney’s fees and expenses, in which event this agreement
shall terminate and be of no further force and effect.

 

11.1.2.
In lieu thereof, BUYER may elect either or both of the following remedies: (a) an
action for specific performance; and/or (b) an action at law for damages,
including loss of bargain, all consequential damages and all direct
out-of-pocket costs and expenses incurred by BUYER, provided, however, that no
such election shall be final or exclusive until full satisfaction shall have
been received by BUYER.

 

11.2.
By BUYER. SELLER, at SELLER’s sole option, may elect to terminate the
agreement and refund to BUYER any SELLER’s Equity or other amounts previously
paid to SELLER by BUYER, in which event the agreement shall be of no further
force and effect.

 

12.
Residential Lead-Based Paint Hazard Reduction Act Notice Required For
Properties Built Before 1978.

_X_
NOT APPLICABLE

___ APPLICABLE — PROPERTY BUILT BEFORE 1978

 

12.1
SELLER represents that: (check 1 or 2) 

___ 1. SELLER has no knowledge concerning the presence of lead-based paint
and/or lead-based paint hazards in or about the property.

___ 2. SELLER has knowledge of the presence of lead-based paint and/or
lead-based paint hazards in or about the property. (Provide the basis for
determining that lead-based paint and/or hazards exist, the location(s), the
condition of the painted surfaces, and other available information concerning
SELLER’s knowledge of the presence of lead-based paint and/or lead based paint
hazards.)

	
   

  
	
   

  	
   

  
	
   

  
	
   

  	
   

  
	
   

  
	
   

  	
   

  

 

 

12.2.
Records/Reports (check 1 or 2) 

___1. SELLER has no reports or records pertaining to lead-based paint and/or
lead-based paint hazards in or about the property.

___2.
SELLER has provided BUYER with all available records and reports pertaining to
lead-based paint hazards in or about the property. (List documents)

	
   

  
	
   

  	
   

  
	
   

  
	
   

  	
   

  
	
   

  
	
   

  	
   

  

12.3
BUYER’s Acknowledgment 

___ 1. BUYER has received the pamphlet Protect Your Family From Lead in Your
Home and has read the Lead Warning Statement contained in this Agreement (See
Environmental Notices).

BUYER’s Initials ______________________ Date _____________________

___
2. BUYER has reviewed SELLER’s disclosure of known lead-based paint and/or
lead-based paint hazards, as identified in paragraph 12.1 and has received the
records and reports pertaining to lead-based paint and/or lead-based paint
hazards identified in paragraph 12.2. 

BUYER’s Initials ______________________ Date _____________________

 

13.
No Brokerage Commission. SELLER represents and warrants that any listing
agreement covering the property has an exclusion clause that provides that no
commission is payable to any broker as a result of the sale of the property by
SELLER to BUYER. SELLER shall indemnify, defend and hold harmless BUYER from
any claim for a brokerage commission.

 

14.
SELLER’s Acceptance. This agreement shall not be binding upon BUYER
unless BUYER shall have received (1) one original or copy hereof executed
and acknowledged by SELLER on or before the expiration date specified in BUYER’s
offer letter to SELLER and BUYER shall have executed and dated the originals.
If the agreement has been modified or is otherwise not acceptable to BUYER,
BUYER may terminate this agreement and shall have no further obligations to
SELLER hereunder.

 

15.
Survival of Warranties and Representations. The warranties,
representations, terms and conditions of this agreement shall not merge into
the deed and all of the warranties and representations contained herein shall
survive the closing of this transaction.

 

16.
Governing Law. This agreement and the transactions contemplated herein
shall be governed and construed in accordance with the laws of the state in
which the property is located.

 

17.
Rights of Successors and Assigns. This agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective heirs,
successors, assigns and legal 

 

 

representatives.
This agreement may not be assigned by either party without the prior written
consent of the other party.

 

18.
Tender and Notices. Formal tender of deed and purchase price are hereby
waived by the parties. All notices, tenders, demands or other communications
delivered or tendered under this agreement shall be in writing and shall be
sufficient if sent by registered or certified mail with return receipt
requested or by a recognized courier service to the parties at the addresses
shown in the first paragraph hereof. Such notice shall be sufficient, whether
accepted at the address referred to or not, if tendered at such address during
the normal business hours. The addresses may from time to time be changed by
either party giving written notice pursuant to the terms of this paragraph.

 

19.
Entire Agreement of Parties/Miscellaneous. This agreement cannot be
changed orally and constitutes the entire contract between the parties hereto.
Any prior written or oral agreements, letters or other documents shall be
considered to have been merged in this agreement and shall be of no further
force and effect. This agreement shall not be modified nor changed by any
expressed or implied promises, warranties, guaranties, representations or other
information unless expressly and specifically set forth in this agreement or an
addendum or amendment thereto properly executed by the parties. Failure of any
party to insist upon strict performance of this Agreement at any given time
will not act as a waiver of default. If there are two or more persons signing
this Agreement as SELLER, each signer designates and authorizes the other as
his/her agent to receive notices and payments and also give receipts for such
payments under this Agreement. This Agreement can not be assigned by the
SELLER. This is not a Third Party Agreement meaning the SELLER, BUYER and
EMPLOYER are the only parties having any enforceable rights in this Agreement.

 

20.
Paragraph Headings. The headings referring to the contents of paragraphs
of this agreement are inserted for convenience and are not to be considered as
part of this agreement nor a limitation on the scope of the particular
paragraphs to which they refer.

 

21.
FIRPTA Certification. SELLER, and each of them, hereby certify under penalties
of perjury that:

a. SELLER, and each of them, are not nonresident alien(s) for purposes of
U.S. income taxation. If any SELLER IS
a nonresident alien for purposes of U.S. income taxation, please initial the
following blank ________________.

b. SELLER’s taxpayer identification (social security) number(s) is (are)
###-##-#### and ###-##-####.

c. SELLER’s home address is 714 Avila Dr., Davidsonville, MD  21035.

 

SELLER
understands that this certification may be disclosed to the Internal Revenue
Service by the BUYER and that any false statement you have made here could be
punished by fine, imprisonment or both (Section 1445 of the Internal
Revenue Code provides that the buyer of U.S. real property interests must
withohold tax if the seller is a foreign person. SELLER, and each of them make
the foregoing certification to inform the buyer that no withholding is
required.)

 

 

22.
Facsimile Execution. This Agreement may be executed by the facsimile
transmission and/or scanned email copy, and/or exchange, of a document or
documents signed by the parties to be obligated, which shall be binding upon
the transmission thereof. The parties agree to promptly provide one another
with originals of any documents thus transmitted, as applicable.

 

III. EXECUTION

IN
WITNESS WHEREOF, the parties hereto, intending to be legally bound, have read
and duly executed this agreement the day and year first above written.

 

	
   

  	
   

  	
  SELLER

  
	
   

  	
  /s/ John V. Howard

  	
  John V. Howard

  
	
   

  	
  /s/ Val M. Howard

  	
  Val M. Howard

  
	
   

  	
   

  	
  BUYER

  
	
   

  	
   

  	
  AMERICAN INTERNATIONAL

  
	
   

  	
   

  	
  RELOCATION
  SOLUTIONS, LLC

  
	
   

  	
   

  	
  BY: 

  	
  [unreadable signature]

  
	
   

  	
   

  	
   

  	
  Duly authorized

  

 

LEAD NOTICES: (For Properties built before 1978)

 

Lead Warning Statement: Every purchaser of any
interest in residential real property on which a residential dwelling was built
prior to 1978 is notified that such property may present exposure to lead from
lead-based paint that may place young children at risk of developing lead
poisoning. Lead poisoning in young children may produce permanent neurological
damage, including learning disabilities, reduced intelligence quotient,
behavioral problems, and impaired memory. Lead poisoning also poses a
particular risk to pregnant women. The seller of any interest in residential
real property is required to provide the buyer with any information on
lead-based paint hazards from risk assessments or inspections in the seller’s
possession and notify the buyer of any known lead-based paint hazards. A risk
assessment or inspection for possible lead-based paint hazards is recommended
prior to purchase.

 

Lead Hazard Disclosure Requirements: In accordance
with the Residential Lead-Based Paint Hazard Reduction Act, any seller of
property built before 1978 must provide the buyer with an EPA-approved lead
hazards information pamphlet titled Protect Your Family From Lead in Your Home
and must disclose to the buyer and the seller’s agent the known presence of
lead-based paint and/or lead-based paint hazards in or on the property being
sold, including the basis used for determining that lead-based paint and/or
lead-based paint hazards exist, the location of lead-based paint and/or
lead-based paint hazards, and the condition of painted surfaces. Any seller of
a pre-1978 structure must also provide the buyer with any records or reports
available to the seller pertaining to lead-based paint and/or lead-based paint
hazards in or about the property being sold, the common areas, or other
residential dwellings in multi-family housing. The Act further requires that
before a buyer is obligated to purchase any housing constructed prior to 

 

 

1978,
the seller shall give the buyer 10 days (unless buyer and seller agree in
writing to another time period) to conduct a risk assessment or inspection for
the presence of lead-based paint and/or lead-based paint hazards. The
opportunity to conduct a risk assessment or inspection may be waived by the
buyer, in writing. Neither testing nor abatement is required of the seller.
Housing built in 1978 or later is not subject to the Act.

 

APPENDIX A

Description of Property

	
  Street
  Address: 

  	
  714
  Avila Drive

  
	
   

  	
  Davidsonville, MD 21035

  

 

 

Recording
Reference: ______________________________ Tax Parcel Numbers: _______________

 

Legal
Description:

See Schedule A

 

Liens,
Encumbrances, Mortgages, Security Interests, Title Retention Agreements
Restrictions, Conditions, Charges, Equities and Other Claims on Property:

 

Citimortgage
- #2001708320-3 — first lien with approximate balance as of 12/10/07 at
$455,457.78

 

Sandy Spring Bank — second lien with balance at zero.

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