THIS AGREEMENT entered into this 4th day of June, 2004,
at West Frankfort, Illinois, by and between DANNY L. SHELTON,
hereinafter referred to as "Danny," and LINDA S. SHELTON, hereinafter
referred to as "Linda", Husband arid Wife, each in their own right;
Both parties acknowledge that their marriage is under severe
stress at this time and both parties desire to resolve all questions
of legal ownership in their marital residence, its contents
and approximately 18 acres with all buildings and appurtenances
located in unincorporated Franklin County, Illinois and having
a common address of 2954 New Lake Road, West Frankfort, Illinois.
Should either party file a petition for dissolution of marriage,
both parties desire that this agreement be incorporated in either
a marital, settlement agreement or the judicial order which severs
the bonds of matrimony if no marital settlement agreement is
NOW, THEREFORE, in consideration of the mutual covenants,
promises and agreements contained herein the parties agree as follows:
Danny agrees to pay to Linda the sum of ONE HUNDRED
TWENTY-SIX THOUSAND NINE HUNDRED EIGHT AND 19/100 ($126,908.19) DOLLARS on or
before June 7, 2004, which is $150,000. less an existing loan from Danny to Linda of
$19,000. and less one-half of the estimated 2003 due 2004 and
2004 due 2005 pro-rated real estate tax in the amount of $4,091.81.
Danny will be solely responsible for the debt on the marital residence,
he shall remove Linda from any obligation thereon, he shall indemnify and hold Linda
harmless for any obligation now or in the future on the marital residence, and he will
refinance or payoff the obligation within thirty (30) days of the date of this agreement to remove
Linda from the obligation or this agreement is void.
Linda agrees to sign a quitclaim deed to Danny for her undivided one-half (1/2) interest in
the marital residence and approximately 8 acres with all buildings and appurtenances described as follows:
See Exhibit A incorporated herein by reference.
Linda agrees to sign a Bill of Sale to Danny (see attached Exhibit B incorporated herein by reference)
for her entire interest in the contents of said marital residence including sauna, outside lawn furniture,
except certain items listed on attached Exhibits B & C, incorporated herein by reference. The horses and
guitars and miscellaneous small items are not part of this agreement.
From this day forward each party is solely responsible for any credit card debt the party incurs;
and each will hold the other harmless therefrom.
Danny and Linda agree that should either party at any time with no time limit file a petition for
dissolution of marriage in any court, the real estate and other property which is the subject of this
Agreement shall be treated by both parties as being non-marital property belonging solely, exclusively
and completely to Danny, and Linda will not assert any claim of ownership or interest of any nature or
degree at any time especially during the dissolution proceeding.
In further consideration for the monies paid in this agreement, the property exchanged and the mutual
covenants, promises and agreements herein, both Danny and Linda agree not to seek either maintenance,
support or alimony payments in relation to a separation or dissolution action which may be filed at
any time by either party.
This Agreement is contingent upon a title search being completed prior to recording said deed and the results
of such a search must not discover any defect or cloud on the title other than the existing mortgage and
accrued real estate taxes.
In the event that either party should find it necessary to retain an attorney for the enforcement of any
of the provisions hereunder
occasioned by the fault of the other party, the party not in default shall be entitled to recover from the
defaulting party reasonable attorney's fees, expenses and court costs incurred whether said attorney's fees
are incurred for the purpose of negotiation, trial, appellate or other legal services.
Danny waives any and all interest or claim he may have in any settlement monies paid Linda Shelton
from Three Angels Broadcasting Network, Inc.
BILL OF SALE
I, LINDA S. SHELTON, of West Frankfort, Franklin County, Illinois, in consideration of
TEN AND 00/100 ($10.00) DOLLARS, to me paid by DANNY L. SHELTON, of West
Frankfort, Franklin County, Illinois, the receipt whereof is hereby acknowledged, do hereby
sell, assign, transfer and set over to DANNY L. SHELTON, his executors, administrators,
and assigns, all my interest in the following, to-wit:
All outside lawn furniture, the sauna, the Bow-Flex exercise
machine and all household furniture, furnishings and appliances
and all contents of residence at 2954 New Lake Road, West Frankfort,
Illinois, except two (2) glass cases, furniture Linda brought
into the marriage before the marriage, two (2) treadmills and
all antiques and knick-knacks currently in the basement and closets.
IN WITNESS WHEREOF, Seller has signed and sealed this bill
of sale at West Frankfort, Illinois, on the 4 day of June, 2004.
Blue vibrating chair
White wicker shelf unit
Dad's bedroom set
Linda's doll house
Alyssa & Nathan's baby chairs
Three (3) glass curio cabinets
Antique family tables