Exhibit 10 (p)
AGREEMENT OF SALE
THIS AGREEMENT OF SALE is made as of June 1, 2005, between DNB FIRST, NATIONAL
ASSOCIATION (formerly known as Downingtown National Bank), with principal place of business at 4
Brandywine Avenue, Downingtown, PA 19335 (the “ Seller ”), and PAPERMILL BRANDYWINE
COMPANY, LLC, a Pennsylvania limited liability company with principal place of business at 521 West
Lancaster Avenue, Haverford, PA 19041 (the “ Buyer ”).
A. Seller is the sole and exclusive owner in fee simple of certain premises comprising approximately 0.9
acres of ground, with improvements, known as Tax Map Parcel Nos. 1108004900, 1108005000 and
1108005001, situate on Brandywine Avenue, in the Borough of Downingtown, Chester County, Commonwealth
of Pennsylvania (collectively, the “ Premises ”).
B. Buyer wishes to purchase and Seller wishes to sell the Premises on the terms and conditions
hereinafter set forth.
NOW, THEREFORE, the parties hereto, each intending to be legally bound hereby, do mutually
covenant and agree as follows:
1. Sale . Seller agrees to sell, and Buyer agrees to purchase, the Premises upon the terms and conditions
of this Agreement. Notwithstanding anything herein to the contrary, all machinery, equipment and fixtures used in
Seller’s business which are not an integral part of the Premises, now or hereafter located on the Premises, are
agreed by the parties not to constitute fixtures (whether or not physically appended to the Premises) and such
assets are not being sold to Buyer hereunder and do not constitute part of the Premises.
2. Purchase Price; Deposit; Financing .
(a) The Purchase Price of the Premises shall be One Million Seven Hundred Thousand Dollars
($1,700,000.00), payable in collected funds at “Settlement” (as hereinafter defined).
(b) Buyer is depositing with Seller this date, in collected funds, the sum of $170,000.00 (10% of
the Purchase Price) on account of part of the Purchase Price (the “Deposit”). Sell