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the Eastman Building to Wysong Medical for the 1992 calendar
year. In pertinent part, the 1992 lease agreement provides:
Wysong Corporation party of the first part and Wysong
Medical Corporation party of the second part, [hereby
agree that] * * * The said party of the first part, in
consideration of the rents and covenants herein
specified hereby Let and Lease to the said party of the
second part the following described premises, situated
and being in the township of Larkin, County of Midland,
and State of Michigan, to-wit: 1880 N. Eastman Road,
Midland, Michigan * * * 500 square foot annual fee -
$92,087 for the term of one year from and after the 1st
day of January, 1992 * * *.
Wysong Corp. and Wysong Medical executed a second lease agreement
on December 31, 1992, for the 1993 calendar year. The 1993 lease
agreement contains identical terms except that it limits the
square footage leased by Wysong Medical to 250 square feet and
reduces Wysong Medical's rent to $46,000. Dr. Wysong signed the
1992 and 1993 lease agreements as both the lessor and the lessee.
On January 1, 1992, Wysong Medical sold all its assets to
Wysong Corp. for $89,293. Wysong Medical received Wysong Corp.'s
promissory note in the amount of $89,293 with interest at 8
percent per annum. Out of the $89,293 purchase price, $33,138
was allocated to equipment sold; the remainder to stock in trade
and all other unidentified assets. The price breakdown for the
equipment sold is as follows:
Equipment Sales Price
1986 Dodge Caravan $1,875
Mita copier 4,251
IBM computer system 17,506
Furniture & fixtures 9,506
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Last modified: May 25, 2011