EXHIBIT 10.4
AGREEMENT OF SALE
This Agreement is entered into this 7th day of July, 1997 by and
between VERDE, INC. ("Verde") and TATONKA ENERGY, INC. ("Tatonka").
WHEREAS, Tatonka currently holds a Note Receivable in the amount of
$37,448.25 from Food Franchises, Inc., and
WHEREAS, Verde is willing to purchase said note for the sum total of
$25,635.96 by paying the liabilities of Tatonka listed below,
BOTH PARTIES AGREE TO THE FOLLOWING:
1. Tatonka hereby assigns to Verde any and all rights derived
from the March 12, 1997 Food Franchises, Inc. purchase of
restaurant equipment from Tatonka. Payment for that purchase
and any recourse resulting from non-payment is hereby assigned
to Verde.
2. Verde agrees to pay the sum total of $25,635.96 as follows:
1. On July 15, 1997, Verde shall deposit $9,743.50 into
the Tatonka bank account. These funds shall be
specifically for the purpose of paying the following
outstanding bills:
Xxxxx Xxxxxxxx (auditing fees) $3,600.00
Securities Transfer $ 161.00
Montreal Trust $ 600.00
Xxxx Xxxxx (legal fees) $4,027.50
Payroll Taxes $1,355.00
TOTAL $9,743.50
2. Verde hereby assumes the following liabilities and
hereby assures prompt payment directly to the
parties:
Xxxxxxx Xxxxxxxxxx (legal fees) $5,218.75
Xxxxxx XxXxxx (C.P.A.) $ 425.00
IGT (mgmt fees for Feb., March,
May, June and July) $9,000.00
Xxxxxxx X. Xxxxx $ 48.71
Verde, Inc. (Rent) $1,200.00
---------
TOTAL $15,892.46
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Both parties agree to all terms and evidence such by signing below.
/s/ Xxxxxxx X. Xxxxx, Xx. 7/7/97 /s/ Xxxxxxx X. Xxxxx, Xx. 7/7/97
-------------------------- ------ ------------------------- ------
VERDE, INC. Date TATONKA ENERGY, INC. Date
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