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; . a > IC oe FREDERICK P. PRO. (However, this does not relieve FREDERICK P. PRO of any personal ifability under the terms of the agreement.) In the event of default by PRO, JAMES FOLEY, the Guarantee, shall at once give notice 1 writing to the Guarantor of such default. . PRO agrees to pay FOLEY commencing October 1, 1977, for the first three months, the total amount of the monthly installment to be $4800. For the fourth month, $5800; fifth month, $6800: and thereafter PRO agrees to pay 45 consecutive monthly installments each in the asount of $8,000. The balance of the total sum of $400,000 shall be _— paid at the beginning of the 46th month. . In addition to other terms in the Payment Price —— and Terms, there is the fact that a downpayment of $7500 was paid on August 17, 1977, which reimbursed JAMES FOLEY for ‘ies previously loaned IPC. The sum of $2,100 was pa. October 11, 1977, and the execution of this agreement serves as receipt for that §2,700 representing the balance ‘of the adjusted first month's payment of $4,800. OT a Contained in the terms is the fact that PRO confirms his intention to reverse these corporations‘ negative cash flow and his intention to operate and manage these corporations in a businesslike and viable manner and does not anticipate any fling of petitions under the Bankruptcy Act. van, F The contract contains the signatures of FRED P. PRO, JAMES FOLEY, and is notarized October 28, 1977, by ANTOINETTE SANDRA LIPEL, Notary Public, State of New York, mumber 31-4650453. co The file also contains a Comphint filed in United States District Court, Bankruptcy Section, Miami, ; Florida, on June 1, 1976, identifying FREDERICK P. PRO, . Se _ Bankrupt, DOUGLASS E. WENDEL, Trustee, plaintiff’, against Bes PRO as defendant under bankruptcy number 75-1005-BK-WN-B wet in the Southern District of Florida. This was held before . 200 Le