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�. „� � � f 77-007422 I AGREEMENT FOR SALE OF BUSINESS THIS AGREEMENT entered into this _Lday of �f' � `--1 , 1976 between BURTON PETERSEN and HELENET. PETERSEN, each in his and her own right and as the spouse of each other, VENDORS, and DAVE A. RAILE, JR. and ELAINE M. RAILE, husband and wife, VENDEES. WEHREAS, Vendors are ttze owners of the restaurant business known as Pete' s Grill located on A part of Lot Five (5) , Block Eighty-One (81) in the Original Town, now City of Grand Island, Izall County, Nebras}ca, commonly 3cnown as 109 North Walnut Street; and WHEREAS, Vendors desire to sell said restaurant business to Vendees and Vendees desire to purchase said business. IT IS, THEREFORE, AGREED as follows: I. Vendors hereby agree to sell the above described restaurant business to Vendees and Vendees agree to purchase the same £rom Vendors and to pay Vendors for the same the sum of 2\aenty-Seven Thousand Five Hundred � no/100 ------(527.500.00)------Dollars with interest at 8% per annum computed upon the unpaid principal balance and computed from April 1, 1976 pursuant to the follow- ing schedule: A. $ 7,500.00 upon execution of this agreement, B. $20,000.00 balance payable over a ter.-year period with a balloor. pay::;ent at t.e er.d of the seventh year. Principal and interest payrier.ts shall i�e made in equal montYily installmer.ts beginning Muy 1, 1976 and on the first day of each n,or.tYi chereafter pursuant to the amortization schedule, marked Exhibit "A", attactzed hereto and ircorporated herein by reference. Such payments shall be paid to tl-ie Ver.dors at such place as t:.e Vendors designate. II. Time is of the essence of this agreement and if any payment '"k� ; ( of principal or interest is not paid within 30 days from the time � said payment is due and payable, the Vendors may, at their option, ° js�k:..,� - � .. �