Opinion ID: 1222280
Heading Depth: 1
Heading Rank: 1

Heading: memorandum agreement

Text: This agreement made at Missoula, Montana this 28th day of December, 1961, between: Joseph P. Wieber and Phyllis D. Wieber and Josephine M. Hogan, Lessors and Lloyd B. Bjerum and Velma M. Bjerum, Lessees. Witnesseth: That Lessors shall lease the Park Hotel described as shown on the attached Description and made a part hereof Together with the attached Inventory of Personal Property on terms as follows: Legal Description Attached Here 1. The Rental Shall be $600.00 per month beginning on the first day of January 1962 for a period of One Year. 2. At the end of one year, if Lessee shall perform all of the terms of the lease to be written, and maintained the property, then Lessors shall enter into a Contract of Sale with Lessees on terms as follows: Principal and Interest Payments on a total Price of $115,000.00 to be $700.00 for the first year, including Interest of 6% per annum, then $800.00 per month for the second year, then $900.00 per Month for the remainder of the contract. 3. All rentals paid for the first year shall be allowed as payment of Interest and principal on the purchase Price of $115,000.00 @ 6% if the contract of sale is entered into. 4. In addition to any of the above payments set forth, Lessees agree to deposit in a Bank account the sum of $500.00 or more each month, for the entire period, to pay the following items as they became due: All Real Estate Taxes and Assessments, Liquor and Beer Licenses and All Insurance premiums for Insurance as shall be required by Lessors or Sellers. 5. The Sum of One thousand Dollars is this day paid to Lessors as Earnest money which sum shall apply only to the Purchase of the property at such time as a Purchase Contract is entered into. 6. A standard form of lease shall be used with those added protective clauses as deemed advisable by Lessors. A contract form similar to the one executed with Eric Anderson, with only those adjustments as may conform to the terms here-in agreed to. Lloyd B. Bjerum Josephine M. Hogan Joseph P. Wieber From these basic facts the court made its finding of fact and conclusions of law, which will be set forth for discussion. They are: I. That on the 28th day of December, 1961, the defendants, Joseph P. Wieber and Josephine M. Hogan, were partners owning the Park Hotel in Missoula, Montana, under and by virtue of a Contract for Deed between themselves as co-partners, and one Peter M. Lambros. II. That prior to the 28th day of December, 1961, the defendants had entered into a contract for the sale of the Park Hotel to one Eric Anderson, and that on the 27th day of November, 1961, the defendants had caused to be served upon Eric C. Anderson a Notice of Forfeiture of the said sales contract for the reason that the said Eric C. Anderson was in default and had not complied with the terms and conditions thereof. III. That prior to the 27th day of November, 1961, and after the execution of the sales contract between the defendants and Eric C. Anderson the plaintiffs had entered into a contract for the purchase of the Park Hotel from Eric Anderson and had paid to the said Eric Anderson the sum of $24,000.00 upon the execution of the said contract. IV. That on the 28th day of December, 1961, the plaintiffs and the defendants entered into a Memorandum Agreement, plaintiffs' Exhibit 3 in the above-entitled cause and as consideration therefor the plaintiffs paid to the defendants the sum of $1,000.00 together with a release of any and all claims that the plaintiffs might have against the defendants as of the date of the execution of the Memorandum Agreement (Exhibit 3), said Release being plaintiffs' Exhibit 4 in the above-entitled cause, together with Quit Claim Deeds to the Park Hotel premises, being plaintiffs' Exhibit 5 in the above-entitled cause. V. That pursuant to the Memorandum Agreement, plaintiffs' Exhibit 3, defendants were to deliver to the plaintiffs a standard form of lease to the Park Hotel premises together with a contract for the purchase of the premises by the plaintiffs from the defendants, the Memorandum Agreement containing an option for the purchase of said premises at the end of one (1) year after the lease agreement was entered into. VI. That the defendants at no time tendered to plaintiffs a standard form of lease and/or a purchase contract as provided for in the Memorandum Agreement, plaintiffs' Exhibit 3. VII. That on the 1st day of March, 1962, the plaintiff was compelled to remove himself from the Park Hotel premises for the reason that the sellers under the contract of purchase between defendants and Lambros was in default by the purchasers, the defendants here. VIII. That the plaintiffs purchased from the City of Missoula a liquor license for the calendar year of 1962 at a cost to the plaintiffs of $500.00; that upon the execution of the Memorandum Agreement plaintiffs delivered to the defendants the sum of $1,000.00. IX. That on the 1st day of March, 1962, the plaintiff was the owner of a State of Montana liquor and beer license of the value of $25,000.00 and that defendant by virtue of his removal from the premises of the Park Hotel is no longer the owner thereof. X. That prior to the 28th day of December, 1961, the plaintiffs had improved the Park Hotel premises by the establishment of a cafe therein and obligated themselves in connection therewith to the sum of $6,100.00, and that on the 28th day of December, 1961, said cafe was in operation on the said premises. That in the latter part of January of 1962 the plaintiffs paid to the defendants the further sum of $200.00. XI. That the defendants, are not capable of complying with the terms of the Memorandum Agreement in that they are no longer the owners of the Park Hotel premises, the subject of the Memorandum Agreement and the purchase option.