Catalogue description Agreement

Whereby, firstly, C.E.D. Norton (of the same address as T. R. Norton in 353/19/43, widow) will sell to Celia Morna Doris Lawrence (of "Bellemere", Hampton-in-Arden, Warws., wife of Ian Hamish Lawrence) a wholesale and retail cycle-dealer's business at 15, Hales St. and 10, Bishop St., Coventry, with the stock-in-trade and money (subject to clause 11); secondly, the price for the business' goodwill will be £1,100, for the bank debts, the amount owing at completion minus 2½% and the stock-price (as valued by Walter Leonard Bird, 11, Bishop St.); thirdly, C.E.D. Norton acknowledges receipt of a £500 deposit; fourthly, the balance will be payable on 30th. Dec., 1938 at the vendor's solicitor's office; fifthly, C.E.D. Norton will produce the deeds so that C.M.D. Lawrence may prepare an assignment for lease of the Bishop St. premises and pay for covenants for a new Hales St. lease; sixthly, the vendor will remain in possession until the transaction shall have been completed; seventhly, if the purchase shall be incomplete on the agreed date, C.M.D. Lawrence will pay £5% p.a. interest; eighthly, if the purchaser fails to complete the deal by [31st. Jan., 1939] the agreement may be rescinded; ninthly, C.M.D. Lawrence will henceforth be allowed to assist in the business to gain experience; tenthly, on completion, the vendor may inform her customers of the ownership-charge by a circular letter of sale; eleventhly, doubtful book-debts will be excluded from the sale but recoverable by the vendor for her own benefit (Bird will arbitrate upon any debt's doubtfulness); twelfthly, C.E.D. Norton will be given access to the accounts for the proving of doubtful debts; thirteenthly, the vendor will not start a similar business within five miles of the present one without the purchaser's consent; and fourteenthly, the Law Society's General Conditions of Sale will apply.