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Principal plus accrued interest on YSB term loan;
Payoff amount of vehicle loan;
Accounts Receivable;
An additional amount equal to the excess of Accounts
Payable over Accounts Receivable.
At the option of York State Bank and Trust Company,
seller will assign all rights to leases for Fixed
Assets (Office F and F), and execute a Bill of Sale for
Furniture and Fixtures.
Seller will assign all rights to Agency Contracts with
insurance carriers.
* * * * * * *
All future commission income of the seller will be the
property of the buyer with the exception of Life
Insurance Commission and/or Renewals, which shall
remain the property of the seller. * * *
Dick Robson agrees to enter into an Agreement for
Employment with York State Bank and Trust Company,
d/b/a Mid-Nebraska Insurors. Included in such
Agreement shall be a non-competition clause covering a
period of two years after termination of employment for
any reason, whether voluntary or otherwise. * * *
York State Bank and Trust Company agrees with the
Seller that for a period of three years an option will
be granted the Seller to repurchase the assets covered
under this agreement for a total equal to the
unrecovered investment in the original purchase price
plus a sum equal to 12% per annum for each year or part
thereof in which the York State Bank and Trust Company
has any unrecovered investment. * * *
From September 8, 1992, until petitioner repurchased the
insurance agency in 1994, York operated an insurance business
under the name “Mid-Nebraska Insurors”. When York acquired that
business, Mid-Nebraska owed liabilities of over $158,890, of
which it owed York $151,890 for loans and an overdraft in the
corporate bank account. Following York’s acquisition of Mid-
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Last modified: May 25, 2011