Robert L. Whitmire - Page 9

                                        - 9 -                                          
          of $35,690 that were due from January 1, 1983, through December              
          1, 1989) matched F.S. Venture’s monthly payment obligations owed             
          to F/S Computer under F.S. Venture's promissory note to F/S                  
          Computer.                                                                    
               In connection with Petunia’s purchase of the computer                   
          equipment from F.S. Venture, F.S. Venture assigned its rights                
          against F/S Computer under the Commitment Agreement to Petunia.              
               Further, on June 30, 1980, MHLC, F/S Computer, F.S. Venture,            
          and Petunia entered into a separate side agreement (Side                     
          Agreement) that expressly provided that Petunia and the partners             
          of Petunia had no liability whatsoever with regard to MHLC’s                 
          $1,868,657 recourse loan that was made to Alanthus and that was              
          assumed by F/S Computer.  The Side Agreement expressly provided              
          as follows:                                                                  

               * * * [MHLC] agrees that * * * [Petunia] has no                         
               personal liability whatsoever for payment of the                        
               amounts due under * * * [the loan from MHLC to                          
               Alanthus] or [for] satisfaction of * * * [Alanthus']                    
               obligations thereunder. * * *                                           
                                                                                      
          Leaseback Transaction to F/S Computer                                        
               Simultaneous with the above three sale transactions and with            
          the other agreements that were entered into on June 30, 1980,                
          Petunia leased the computer equipment back to F/S Computer for a             
          term of 9� years beginning on June 30, 1980, and ending on                   
          December 31, 1989.  Under the leaseback transaction, F/S                     
          Computer’s monthly rent payments of $9,938 that were payable to              




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011