JOINT VENTURE AGREEMENT
HP11A Project -- This is a joint venture entered into by the six members
whose names are appended hereto.
To build sailplanes and trailers for the transport of said planes.
All work in connection with the building and preparation of the sailplanes
in question is to be done in the second floor of the Hickory Hills
Animal Hospital, Route 12, Lake Zurich, Illinois, excepting such work
as is done by the individual members at their own selected location
or that which is done more effectively elsewhere.
All of the members of the HP11A Project whose names are apended hereto
hereby agree and consent by their signature hereto, to absolve and
release JOHN H WAWIRKA , the owner of said premises described under
the prevision termed "Location", from any liability as a
result of any injuries which may be incurred by said members during
the building or preparation of said sailplanes and trailers. All of
the members further agree to absolve and release all other members
of the HP11A Project from any liability resulting from any accidents
involving the sailplanes and/or trailers made by the HP-11 Project
A. JOHN H WAWIRKA hereby agrees to furnish the premises, described
in the provision termed "Location", for the use of the members
of the HP11A Project as a work space. In addition, the said JOHN H
WAWIRKA hereby agree to furnish adequate heat and electricity for
the use of the said premises in the manner hereinbefore described.
B. All of the members of the HP11A Project hereby agree to
pay for insulation to be installed in said premises at the direction
of JOHN H WAWIRKA. Said payments shall be assessed equally among said
A. The HP11A Project group shall establish a commercial checking
account at the State Bank of Zurich, Illinois and the signers on sail
account shall be A. Edwin Mahle and John H Wawirka.
B. The minimum balance in said checking account shall be, at
all times, no less then ONE THOUSAND ($1,000) DOLLARS and the members
of the Project are subject to demand for moneys to be used for the
maintenance of said balance as well as for the conduct of the Project's
general business affairs.
C. Since the value, including costs and time expended, of each
sailplane and trailer cannot be determined until the Project is completed,
at such time as value is determined, the members shall be required
to contribute equally to the project, either in money and/or time,
as the relative weight of each is assessed.
- OWNERSHIP OF PLANES:
At such time as may be determined as expedient or at such time as
the Project may be completed, and all of the sailplanes and trailers
are completed, ownership shall be determined by drawing of lots and
all members will then execute a bill of sale, or other instrument
evidencing title, to each individual member of each sailplane and
trailer individually acquired.
A. All equipment which is donated to the HP11A Project by members
and/or friends of the Project, shall, at the termination of the Project,
be returned in as seasonable good and working condition as possible.
B. All equipment which is purchased by the HP11A Project Group
shall, at the termination of the Project, be offered for sale to the
members of the group at its' fair and reasonable market value at said
time of sale. In the event any equipment which is thus purchased by
the HP-11A Project Group is not sold to a member, then it shall be
sold on the open market and the proceeds from either form of sale
shall be deposited in the HP11A account at the State Bank of Lake
- LIQUIDATION: At the termination of the HP11A Project by virtue
of completion of the sailplanes and trailers, or at such time as a
majority of the members decide that the Project should be terminated
for any other reason, the moneys on hand shall be distributed as follows:
A. The debts of the HP11A Project Group shall first be paid.
B. The members shall be assessed and/or credited, as each members
account shall occassion, for the liquidation of the groups business
C. Any and all excess in funds, after the member's accounts
are equalized and the debts are paid, shall be distributed equally
to the members.
- ALTERATION OF JOINT VENTURE AGREEMENT: Any and all alterations
or changes to be made in this agreement are to be made upon agreement
and consent of a majority of the HP11A Project members. Said proposed
alterations or changes are to be presented, no less than ten(10) days
before they are to be considered by the Project group, to each and
every member in writing.
Dated this 12th day of October, 1964
Gilbert E Fuller, A Edwin Mahle, Victor Huerlin, Burton Meyer, Robert
Hupe John H Wawirka