- 7 - specified in paragraphs (1) * * * until the total amount of $300,000 is paid. In computing payment from year to year, the amount remaining due at the end of each year will be adjusted according to the inflation rate so that it will reflect the dollar value in the year 1977. * * * * * * * * * * 3. This agreement shall remain in force until all of said U.S. and foreign patents expire or until the payments have been made in full, whichever occurs first. 4. * * * Quarterly, within thirty days after the first days of January, April, July, and October of each year during the continuance of this agreement, Cascade Designs, Inc. shall render writting [sic] reports to James M. Lea, stating in each report the quantities and net selling prices of all air mattresses sold by Cascade Designs, Inc. during the preceding three calendar months. Each such report shall be accompanied by remittance in full covering the payments shown thereby to be due James M. Lea. * * * * * * * 6. If Cascade Designs, Inc. fails to pay James M. Lea the moneys payable under the terms of this agreement, or fails to keep or perform any other obligation of the agreement, then James M. Lea may, at his option terminate this agreement by giving sixty days written notice, specifying the default complained of; provided, however, that if Cascade Designs, Inc. shall, within such sixty days, cure the default complained of, then the notice shall cease to be operative and this agreement shall continue on [sic] full force and effect as though such default had not occurred; and provided further, that if Cascade Designs shall within such sixty days notify James M. Lea in writing that it disputes the asserted default, the matter shall be submitted to arbitration as hereinafter provided. The patent and patent applications covered by the 1979 sales agreement, except the 690 patent, were officially assigned by LeaPage: 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