Document NGqLB4EG0eaRDZ8aREEYGnnXw

555*1 Deoeaber lt 1953 Mr. Ralph I* Kohlaeier Rarker, Millikan ft Xohlmeier 650 South Spring Stroot Los Angeles IS, Oalifornin Soar Nr. Kohlaeiert We have exaalned tha doonaants anoloaad with 7oar lattar of loveabar 18 to Sarnia lath and approve than as draftad with tha axeaption of tha aaannptioa agraaaant. As to tha aaauaptlon agraaaant. tha alauaa on pagt two "and aot laoarrad in tha nanal or ordinary aonraa of bualnasa daring tha period froa Deoeaber 31, 195*. to and including Deoeaber 15. 1955* aaaaa to ns to go beyond tha aoatraat and ahoalft ba aliainatad. Va also faal that tha third paragraph an pags thraa should ba aliainatad sines this would haws tha offset of nullifying all of tha representations and warranties sada by Grissly and its stockholders.* Tha prallnlnary owner* s polioy findstha title to tha real aatata in Srissly Manufacturing Goapany subject to tha rights, if any, of tha Olnolnnatl and lortharn Railroad in and to any switch or spur trades or rights-of-way over tha ha rain dasorlbad praalsss.and to taxes for tha year 1953 whleh ars a llan in an anount aot yat determined. Sinoa our deed shows tha title to ba subJaot to tha identical natters, wa would prefer not to hare lt changed. While paragraph six of tha oontraot prowldas that tha title polioy nay be subject to the "usual objaotlons appearing in suoh reports of title" as wall as to current real estate taxes and easenents, re strictions and rights-of-way, if any of record, paragraph seven provides that the oonveyanoe shall ba euojeot only to "current real estate taxes and aasaaants, restrictions and rights-of-way. If any of reoord*. the deed as draftad has bean approved by tha title oo^any. Wa think it would ba wall for you to prepare a lattar covering tha reservation of tha nans Grissly Manufactur ing Goapany. We shall advise you later as to what va wish to do with reference to proteotlng tha nans in other states. MAR 001035 Hr. Ralph X. Kohlmeler 2- Deoenber 1, 1953 Va have now been furnished vlth a oopy af the Crlssly Manufacturing Company retirement lnooaa tract. Wa nota that Section TII provides that la tha event of merger er eonaolldatlon of tha company, tha euooessor corporation u; ha anbatltutad for tha company aa traitor, There aaeaa to ha no provision, however, for assignment in tha oaia of a aala of aaaata. Bastion YXXX. however, dooa provide that tha traat may ha aaandad or modified hy tha oompany without joinder by tha employees, or any of than, or af tha trustee (unlaaa lta dutlaa or liabilities are lnorsassd). It would ha aztraaal/ inconvenient after Maranont takas awar to hare tha trust continue with a California trustee and Maranont would wish to hare Tha First Rational Bank of Chloago act as successor trustee. We, therefore, suggest that tha trust ha aaended bgr providing that In tha event of a aala of all or substantially all of tha asaats to another corporation, tha rights of tha oonpany as trustor nay ha assigned to that oorporatlon upon lta assunlog tha obligations of tha trastor thereunder and that affective December 15. 1953 (end contin gent upon suoh assignment becoming affective), the trustee Is removed and The First Satlonal Bank ef Chicago appointed eueeeesor trustee In aooordanoe with tha provisions of Sec tion TX. ; Me assume that tha title to tha automobiles owned by Orlssly In California can be transferred only on the oertifloate of title itself, and that arrangements will be made to oover the transfer of these titles at the closing. Tory truly yours, fGHIXSCBEIX BERX80N LADTKAM LSVX13GM ft MCR8C LFIllas Air XML Louis ?. Mailer MAR 001036