Opinion ID: 1427434
Heading Depth: 1
Heading Rank: 10

Heading: sale of livestock

Text: 1. Sellers herein agree to sell and buyers agree to buy certain livestock owned by the sellers identified as follows: Commencing on approximately September 15, 1983, the buyers will assist the sellers in the round-up, handling, and culling of all livestock presently owned by sellers, commonly known as all of that livestock involved in the Isaac N. Brooks ranching operation. Sellers will sell pursuant to said handling operations with the assistance of the buyers all of this year's calf and lamb crop, together with all culled livestock, and shall retain all sale proceeds therefrom. 2. All remaining livestock shall be purchased by the buyers for the then market value of the same, said market value being determined by the price that buyers receive from the sale of the livestock presently owned by the Circle L ranching operation owned by buyers. The purchase price for said livestock purchased from sellers by buyers shall be paid to the sellers over a 10-year period in 10 equal annual payments with the first of such annual payments being due to sellers on December 1, 1984. 3. It is understood that of the $50,000.00 initial deposit and payment made with this agreement, $10,000.00 of the same is hereby allocated as earnest money toward the purchase of said livestock. It is mutually and expressly understood and agreed that the indebtedness of the buyers to the sellers for the purchase of said livestock and the installment payments made pursuant thereto shall not bear interest.