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<br /> &f6 <br /> 1. PROPERTY CONVEYED BY SELLERS. - <br /> Sellers shall sell, transfer, and convey to City all of Sellers' interest and capital stock <br /> in the Utility. The transfer of capital stock shall effectually and effectively convey one <br /> hundred percent (100%) ownership and control of all of the Utility's as~ets listed on <br /> the attached Exhibit "C," which is attached to and incorporated into this agreement <br /> for all purposes, to the City. <br /> 2. CONSIDERATION PAID BY CITY. <br /> a. At closing, City shall pay the majority stockholder, Ruth Ann Hoch, a total of <br /> <- . <br /> Eight Hundred One Thousand One Hundred Twenty-Five and No/100 Dollars <br /> ($801,125.00) or Eight Thousand Five Hundred and No/100 Dollars ($8,500 00) <br /> per share for all her outstanding shares of Utility's capital stock. City shall <br /> . <br /> likewise pay at closing the minority shareholders, in accordance with their stock <br /> ownership interests listed on Exhibit "A," a total of One Hundred Ninety-four <br /> Thousand Four Hundred Thirty-seven and 50/100 Dollars ($194,437.50) or Four <br /> Thousand Two Hundred Fifty Dollars ($4,250.00) per share for all their <br />i <br />i outstanding interest and shares of Utility's capital stock. Payment shall be made <br />I <br />I <br /> in full at closing by City check. <br /> b. Twenty five percent (25%) of the purchase price shall be deposited by the City <br /> in a municipal account bearing interest in excess of five percent (5%),Per annum <br /> within five working days of the effective date of this Agreement. The effective <br /> date of this Agreement shall be the date upon which the Majority Shareholder, <br /> both individually and as attorney in fact for all minority shareholders, executes <br /> .. <br /> -3 - <br />