- 11 - the terms and provisions hereof, will result in the creation or imposition of any lien, charge or encum- brance upon any of the Stanford Shares, or conflict in any way with the provisions of, or constitute a default under, or require the consent of any other party to, any loan agreement, indenture, mortgage, deed of trust, agreement, or other instrument to which Stanford or the Company is a party or by which it may be bound. c. Neither the execution of this Agreement nor consummation of the sale of the Stanford Shares requires the approval or consent of any governmental authority having any jurisdiction over the Company’s business or of any party to any agreement with the Company or Stanford, other than such consents as have been previously obtained. On September 13, 1991, Mr. Whitehead signed a promissory note (promissory note), pursuant to which he agreed to pay Mr. Stanford the principal amount of $178,000, plus interest in accordance with that note, in exchange for Mr. Stanford’s 35,280 shares of Burien Nissan stock. The promissory note provided that no principal payments were to be made under the note until the so-called option closing date, which was the date on which Burien Nissan completed its purchase pursuant to the option set forth in the May 25, 1990 stock purchase agreement of the 61,200 remaining Johnston shares of Burien Nissan stock. The promissory note further provided: (1) On a date that was three years after the option closing date, interest on the unpaid principal balance of the note was to begin to accrue, and (2) on a date that was eight years after the option closing date, the entire principal balance under the note was due and payable in full. On a date not disclosed by the record, the sale on SeptemberPage: 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