Common use of Payment of Purchase Price to Disabled Minority Shareholders Clause in Contracts

Payment of Purchase Price to Disabled Minority Shareholders. Upon the determination that a Minority Shareholder is physically or mentally disabled, as defined in Section 2.1 herein, the Purchasers shall pay to the Disabled Minority Shareholder an amount equal to twenty-five percent (25%) of the purchase price, in cash, as a down payment within thirty (30) days from the expiration of one calendar year from the date of the disabling occurrence. The balance of the purchase price shall be paid in sixty (60) equal monthly installments of principal and interest beginning on the first day of the calendar month immediately following the disbursement of the down payment. Said payments shall be evidenced by a promissory note on the terms specified in Section 2.8 herein and shall be secured by a pledge of the stock.