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EXHIBIT 10.6
AGREEMENT FOR SALE OF BRANCH BANKING RIGHTS
This Agreement, entered into this 28th of September, 1993, between
MegaBank of Arapahoe, hereinafter referred to as "MB" and the First State Bank
of Xxxxxxxxx, hereinafter referred to as "FSB", is to set forth the terms and
conditions under which FSB shall be selling to MB its presently existing branch
banking rights.
Under the terms of C.R.S. 00-00-000, FSB has the right to open one
branch. The parties hereto have confirmed with the State Banking Commission
that said branch banking right may be transferred between the parties. FSB
hereby transfers said branch banking right to MB under the following terms and
conditions:
1. MB shall tender to FSB concurrently with the execution of this
agreement, the sum of Five Thousand Dollars ($5,000.00), which payment is
non-refundable, in any event.
2. During the time period ending January 14, 1994, MB may replace FSB's
branch banking right with those of another bank. If this is done, then the
$5,000.00 payment above shall be the only sum due and payable between the
parties. Should MB not find a replacement for FSB's branch banking rights on
or before January 14, 1994, MB agrees to pay the further sum to FSB of One
Hundred Thousand Dollars ($100,000.00). Said amount shall be payable in
monthly installments of $2,500.00 for a period of forty (40) months. Payments
shall be due on the 15th day of each month commencing January 15, 1994, without
any further notice or demand. Further, said payments are not subject to any
deduction or setoff of any amount for any reason whatsoever between the
parties.
MB hereby agrees to indemnify and defend FSB against any and all
damages, costs, attorney's fees, expenses, liabilities and penalties in which
FSB may incur or sustain as a result of entering into this agreement or in any
court action arising from this agreement.
This agreement is binding upon and inures to the benefit of the
parties, their successors, agents and assigns.
Venue in any action arising under this agreement shall be in Delta
County, Colorado.
MEGABANK OF ARAPAHOE
By: /s/ Xxxx Xxxxxx /s/ Xxxx X. Xxxx, V.P.
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Xxxx Xxxxxx, President Xxxx Xxxx, Cashier
FIRST STATE BANK OF XXXXXXXXX
By: /s/ Xxxx X. XxXxxxxxxxx /s/ Xxxxxx X. Xxxx
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Xxxx X. XxXxxxxxxxx, President Xxxxxx X. Xxxx, Cashier
