Common use of The Consideration Clause in Contracts

The Consideration. 1.1 Subject to the conditions set forth herein, Sellers shall sell to Buyer and Buyer shall purchase an aggregate of 2,250,000 shares of common stock of VRI from Sellers. The purchase price for the shares to be paid by Buyer to Sellers is $62,500 (the "Consideration") for which $18,750 is herewith paid to Sellers, and is deemed non-refundable consideration for the Share Purchase Agreement. The balance of the purchase price of $43,750 shall be evidenced by a promissory note executed at closing by the Buyer and payable in two equal installments; one installment 60 days from date hereof and second installment 90 days from date hereof. The shares being purchased shall remain collateral, pledged to secure purchase price, to be released to Buyer upon payment of full purchase price.