Catalogue description Agreement for sale

Whereby, firstly, Frederick Rouse (of 583, Foleshill Rd., Coventry, concrete-manufacturer) will convey to William Arthur Clifford (of 1, Percy St., Coventry, toolmaker) the business carried on as the"Coventry Concrete Co." at the first-scheduled hereditaments with the stock but not the book-debts or the cash-in-hand at the vendor's bank; secondly, of the £225 consideration, £100 will be paid at signing and the rest by 13th. May, 1931, the goodwill and workshop and the stock being valued at £75 and £150 respectively; thirdly, 5% p.a. interest will be payable on the £125 if it shall be undelivered between 13th. May and 1st. July, 1931, but the agreement will be rescindable from the latter date although Clifford will be entitled to the profits and losses of that period; fourthly, Clifford will be deemed tenant from 1st. Apr., 1931, Rouse paying liabilities up to that date (particularly on a certain machine and hire-purchase agreement): fifthly, at payment of the £125, Rouse will execute a five-year lease (dated from 1st. July, 1931, for £52 p.a. payable monthly) which will contain specified covenants and options subject to provisions contained in the previous and present clauses, with arbitration by the President of the Warws.-Law Society's nominee; sixthly, the third schedule's provisions will be binding; seventhly, each party will pay his own charges; and eighthly, the transaction will not form part of one exceeding £500.

First Schedule: a piece of land (forming part of a larger parcel owned by the vendor) near Chapel Lane, Longford, Coventry, covering 50 yd. x 50 yd. and approached from that street by a 7 ft.-wide right of way, with liberty for the purchaser to use it provided he shall pay his proportion of the upkeep.

Second Schedule: (a) the land described in 353/39/1's third clause, conveyed by a 17th. Aug., 1915 deed wherein Joseph Ward and Albert Edward Anstey are of the first, Arthur and Alfred Lole of the second, and Cox of the third, part (bounded north-west by the Coventry Canal, north-east by Chapel Lane, south-east by the rest of a larger parcel whose south-western constituent was (b): (b) the land described in 353/39/1's first clause conveyed by the [15th. July,] 1918 conveyance from James Maycock et al to Cox.

Third Schedule (for inclusion in a prospective lease): (a) the vendor will circularise his customers about the change of business, (b) Clifford will try to collect book-debts for Rouse, (c) moneys received by Clifford from Rouse's debtors will be deemed to have been received by the purchaser on behalf of the vendor with priority over any fresh debts, and (d) Clifford will open new books of account (the old ones remaining open for Rouse's inspection until all the book-debts shall have been cleared).