| Description | "Remarks upon the draft of agreement with Glynn and transfer of Chippendall's lease."
Dear Sir
I have looked over the drafts you left me this morning with considerable attention and have made some marginal observations in them in pencil. The draft of the assignment of the lease does not require any very material alteration The points which suggest themselves for consideration are the following-Is the purchase money correct, is the inventory consistent-in line 2 of the 2 sheet there is a deficiency-and it is usual in assignments of leases for the assignee expressly to covenant to pay the rent & perform the covenants & conditions of the lease
In examining the draft of the agreemt. I perceive that according to its present tenour it is not binding upon either party for any definite term, but so long as J Glynn is employed by MRB as his factor he is to receive the rates of commission specified in the agreements-under this view of the subject & indeed under any it would be certainly desirable that J. Glynn should covenant that as long as he acts as factor & receives the remuneration that he will devote his attention & ability exclusively (whether this expression can be modified or not must be regulated by the views of the parties) to the interests of MRB in the sale of the merchandize entrusted to him and that he will not act for any one else in the same or any other trade. If MRB have an implicit confidence in the integrity & discretion of J Glynn he will not require an indemnity for the faithfull discharge of his duty otherwise it would be proper to call for such a security.
If this contract be binding upon each party for a fixed term then it will will right to give the reciprocal power of determination which was mentioned this morning. The words execution & administration are not mentioned throughout the draft, probably because it was considered as a temporary arrangt. between the particular individual parties.
From what I have said above it appears that the alteration of the draft is contingent upon certain preliminary arrangements when these are settled it will be necessary to go through the draft again
The lease should be seen with the indorsement on it previous to your paying the purchase money
Yrs. faithy
G Barker |