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The aurora asset sale agreement provided, in part:
Donald Johnston, agrees to not compete with Purchaser
in the new car automobile business with regard to
Mitsubishi Company franchise from a location within
King County, Washington, for a period of five (5)
years, * * * As consideration for the noncompetition
and consulting agreement, Purchaser agrees to pay
Donald W. Johnston Two Hundred Ninety Thousand Dollars
($290,000.00), payable on closing.
On January 5, 1995, Matthew B. West, Inc., paid Don
Johnston, Inc., $396,181. This amount included the $290,000
allocated to the noncompetition agreement with Mr. Johnston. Mr.
Johnston executed a bill of sale in his individual capacity,19
indicating that “in exchange for $290,000.00, Donald Johnston
agrees not to compete with Buyer as specified in the Agreement
for Sale of Assets.” Mr. Johnston signed a letter dated January
5, 1995, stating that the Buy Sell Agreement had been completed.
19He also signed the bill of sale in his capacity as
president.
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