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SALMON v. CLAGETT. 129
'3d. The said Salmon shall receive the goods when invoiced as
above at the gross amount of the same, together with all the mo-
neys received on account of debts, notes, or book account, and
place the same to the credit of said estate,
'4th. The said Salmon shall be responsible for the legal debts of
said Clagett , to the amount of $39,500, including his own claim
and borrowed money; and retain a mortgage which he now holds
to indemnify him for any deficiency which may exist, after collect-
ing the debts, and taking the goods at their invoiced price, if any
deficiency should then appear.
' 5th. One gentleman shall be appointed by each party, to ex-
amine every debt, and determine whether it shall be classed as
borrowed money or other legal debts, and should they disagree,
they shall have power to appoint an umpire whose decision shall
be binding.
' 6th. The said Salmon shall give his notes severally to the cre-
ditors, at nine months without interest, or fifteen months with
interest added after nine months, at his discretion, for such por-
tion as they shall decide to be legal debts; and his notes at ninety
days with interest for such portion as they shall class as borrowed
money.
' 7th. Should the effects of Thomas Clagett not realize the afore-
said sum of $39,500, the said Salmon shall not foreclose the mort-
gage he holds, until after the expiration of two years from this
date.
' 8th. After this agreement has been executed by the respective
parties to it, it is understood that all responsibilities to and from
Thomas Clagett, shall be annulled, so far as the persons we seve-
rally represent may be concerned. Also, to exonerate the family
of Thomas Clagett from the payment of such notes as may be
signed, or endorsed by them, and held by said Salmon, not inter-
fering with or invalidating their liability on the mortgage held by
said Salmon.
'It is expressly understood, that nothing contained in this agree-
ment shall, in any manner, affect the mortgage heretofore given
by Thomas Clagett and his family to indemnify said Salmon
against certain risks or losses; excepting so far as to delay fore-
closing the said mortgage for two years from the date hereof.'
This agreement was signed by ' Daniel Cobb, Henry Beadel, on
behalf of the creditors of Thomas Clagett,' and by 'P. Baltzell,
for Chars. Salmon,' and by 'Thomas Clagett.' By authority of
17 v.3
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