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Chattel Mortgage Agreement

 

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Title:

Chattel Mortgage Agreement

Entities:

Bionova Holding Corp.

Date:

2002

Size:

Preview shows 3KB of 14KB total

Price:

$32

ID:

#1609993

 

 

► Real Estate ► Mortgages ► Chattel Mortgage Agreements

 

 

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CHATTEL MORTGAGE AGREEMENT executed on November 1st of 2001 by:

(1) RICARDO BON ECHAVARRIA, on his own right and representing misters
CARLOS BON ECHAVARRIA, OSCAR BON ECHAVARRIA, and LUIS GUILLERMO
ECHAVARRIA DE LA VEGA (hereinafter jointly known as the "Guarantors"),
and;

(2) AGROBIONOVA, S.A. DE C.V., represented in this act by misters Fidel
Hoyos Pescador and Gerardo Gabriel Montemayor Garza (hereinafter known
as "AGROBIONOVA" or the "TRUSTEE").

B A C K G R O U N D

I.- On November 1st of 2001, AGROBIONOVA executed a stock purchase agreement
with the Guarantors (hereinafter and as a shortcut "Purchase Agreement").
Through this Purchase Agreement, the Guarantors purchased from AGROBIONOVA
2,500,500 (Two Million Five Hundred Thousand Five Hundred) registered stocks
(the "Shares"), representative of the subscribed and paid capital stock of
Interfruver, S.A. de C.V. ("Interfruver"). A copy of the Purchase Agreement
is annexed to this Agreement as Exhibit "A".

II.- As a consequence of the execution of the Purchase Agreement, there is a
pending debt that has to paid by the Guarantors. In order to register their
obligation to pay to AGROBIONOVA the unpaid debt derived from the purchase of
the Shares, the Guarantors signed two promissory notes (the "Promissory
Notes") in favor of AGROBIONOVA. Such Promissory Notes include part of the
unpaid debt of the purchase of the Shares. A copy of the Promissory Notes is
annexed to this Agreement as Exhibits "B" and "C".

Hereinafter, the Purchase Agreement, the Promissory Notes, and any other
document executed according to such instruments shall be known as the
"Purchase Documents".

S T A T E M E N T S

I.- The Guarantors state that:

(a) Up to the date of execution of this Agreement they are the only
legitimate owners, among other things, of the Shares.

(b) The Shares (i) are totally subscribed and paid, (ii) are free from
any encumbrance and/or legal limitations regarding property ownership
rights, (iii) are represented by the final certificates of title
numbers 005, 006, 007, 012, 014, and 015, and (iv) represent, at
least, 50.01% (fifty point cero one percent) of the total, subscribed,
and paid capital stock of Interfruver.

(c) In order to induce AGROBIONOVA to sell the Shares on an installment
plan, they have agreed to constitute a pledge on the Shares in order

 

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