Document Yrv4M51Xed4xMxZxDeVQQOKBD

/ cc- R* M. Bums ^ R. D, Garden Mr* JohnKrucek, President Asbestos-Spray Contractors Inc* 444 North laSaUe Street Chicago, Illinois 50610 June 10, IMS ? Please address reply tot 5750 West Roosevelt Road Chicago , Illinois 60650 Dear .Mr* KTucskt ' :. Per otn- discussion in the office ol ft, M, Bums, President of Smith & Kanzlsr Company, on Thursday, June 6, 1363, you confirmed, the fact . that Asbestos~Sprey Contractors Inc. was being liquidated and that certain of the fixed assets as well as the name Asbestos-Spray Con tractors Inc. were sold to Paul J. Krea Co, . _ # It was our understanding that you expect to complete the liquidation of til old company on or about the end of this calendar year, Accordfflgiy, yod stated that we could be assured of your personal unconditional guaranty that the present obligation of $22,US.2? to Smith & Kanzler Company would be paid in consideration of our accepting one-thixd (1/3) of the outstanding balance cm August 1, I960, one-third (1/3) of the out standing balance on September i, 1368, and one-third (1/3) of the out standing balance on October 1, 1968. It was further agreed that should you require additional products from Smith & Kanzler Company to complete your existing contracts that you would agree to terms of cash-in-advance of shipment plus a $500,00( payment to reduce your outstanding balance with Smith & Kanzler Company. If you agree that the above arrangements are correct as stated in our June 6, 1388 meeting, would you kindly inc the accompanying copy of this letter for oui Acknowledged S, W. Gustafson DANA-208