- 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 toPage: 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