[HX89055], Agreement, North American Phonograph Co, Jesse H Lippincott, Thomas Alva Edison, December 31st, 1889


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[HX89055], Agreement, North American Phonograph Co, Jesse H Lippincott, Thomas Alva Edison, December 31st, 1889

Editor's Notes

Summary: This is an agreement between Jesse Lippincott of the North American Phonograph Company and Thomas A. Edison December 31 1889##First, Referring to a certain promissory note for $68575, dated October 31st 1889, and payable December 31st 1889, with interest, made by the said Lippincott and endorsed by the said Company, and delivered to the said Edison, who now holds the same, which said promissory note was a renewal note of a certain other promissory note for $65,000, with interest, dated December 1st, 1888 and payable October 31st 1889, made by, and between the same parties, it is agreed that the said first mentioned note shall be further extended to the first day of April 1890, and to that end that a renewal note, the receipt whereof by the said edison is hereby acknowledged, shall be and hereby is given to the said Edison, for $68,575, with interest thereon from the said 31st day of October, 1889, the said renewal note to be payable April 1st 1890, fixed, at No. 160 Broadway, New York City, the said note to be made by the said Lippincott and to be endorsed by the said Company.##Second: The said Lippincott having heretofore delivered to the said Edison 11,850 shares of stock in the Edison Phonograph Company, as security for the payment of the first of the aforesaid of the promissory notes for $68,575, with interest, the receipt of which shares of stock the said Edison hereby acknowledges, it is agreed that the said Edison shall hold and retain the said stock as security for the payment of the said last mentioned promissory note for $68,575, dated December 31st 1889, with full voting power thereon, and that in the event of default in the payment of the said note, the said Edison shall have the right to realize upon the said security by selling the same at either public or private sale as he may think best, and after deducting from the proceeds the amount of the said note, with interest, as herein provided for, shall account to the said Lippincott for any surplus, if any, remaining over.##In Witness Whereof, the said Lippincott and the said Edison have hereunto severally set their hands and seals, and the said Company has aused this instrument to be executed in its corporate name, and its corporate seal to be hereto affixed by its proper officers thereunto duly authorized, the said agreement being for convenience executed in three like parts. Done at the City of New York on the day and year first above named,##Witness to Mr. Lippincott C. Walcutt Jesse H. Lippincott [seal] The North American Phonograph company by Jesse H. Lippincott, Peesident [Seal] Attest Geo. H. Fitzwilson Secretary Witness to Mr. Edison A.O Tate Thomas A. Edison [seal]




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Thomas A. Edison Papers, School of Arts and Sciences, Rutgers University
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