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I. Inasmuch as Knox has substantially exceeded
original projections of the time in which a marketable
product was to be delivered to the Partnership, and,
while acknowledging that he made no warranties, other
than to perform in good faith, as to the fruits of his
efforts, he acknowledges his imput [sic] into the
projections which comprised a pertinent part of the
offering materials.
II. The Partnership acknowledges dramatic changes
in political, economic and engineering environments
which have all impacted the progress of the research
contemplated by the Research Agreements, and, certifies
that Knox has thus far performed his duties in good
faith. (Substantial progress having been made toward
all research goals).
III. Knox hereby makes the following concessions:
(a) To forgive all interest due on all
Partnership Notes assigned to him as payment for
the Research Agreements; (except those that have
been sold, optioned, or borrowed against)
acknowledging that interest was charged in the
first place in light of anticipated high, “1970's”
inflation rates, which have not materialized.
(b) To push back the due dates of said Notes
until either December 1, 1994, (approximately one
year after the conclusion of the original research
agreement), or, one year after a completed product
is delivered to the Partnership, whichever occurs
first. Payments on the Notes are to be made over
the same number of annual installments as stated
therein, and the amount of each installment shall
be the remaining balance on the Note, less
interest, divided by the number of payments
stated.
Knox determined the amounts of compensation that he was to
receive for his services under the Research Agreement.
No companies were organized or contacted to market any
potential products created under the Research Agreement, and the
partnership did not enter into any contracts with third parties
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Last modified: May 25, 2011