IGI INC
EXHIBIT 10.105
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<TYPE>EX-10
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<FILENAME>igi10105.txt
<DESCRIPTION>EXHIBIT 10.105
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                                                             Exhibit 10.105

                      CONTRACT FOR SALE OF REAL ESTATE

      1.    PARTIES.  This contract is made this  22nd  day of October,
2003 by and between IGI, Inc. with its principal address being 105 Lincoln
Avenue, Buena, New Jersey, 08310 ["Seller"] and CPB, Inc. with its
principal address being 610A South White Horse Pike, Elm, New Jersey, or
its designated assignee ["Purchaser"].

      2.    AGREEMENT.  The Seller agrees to sell and the Purchaser agrees
to buy the property described herein according to the terms of this
contract.

      3.    DESCRIPTION.  The property which is the subject matter of this
contract is known as 201 South Harding Highway (also known as Block 205,
Lot 1 on the Tax Map of Buena Borough) (the "Property") and includes all of
the improvements thereon except for the groundwater monitoring wells
installed by Seller.

      4    PRICE AND PAYMENT.

      Purchase Price.    The price of the property described is $450,000.00
which shall be paid subject only to the adjustments and apportionments
provided in this contract as follows:

(a)   Upon execution of this Contract:                        45,000.00
      Held in an interest bearing trust account by
      Pearce-Jannerone Real Estate, Inc.
      as escrow agent until
      the time of settlement

(b)   At closing of title by cash, certified or bank        $405,000.00
      cashier's check, the sum of

      Total:                                                 450,000.00

      5.    PURCHASER'S ABILITY TO PURCHASE.  This Agreement is not
contingent upon Purchaser obtaining financing.

      6.    TITLE QUALITY.  Title shall be good marketable and insurable
free and clear of all liens, encumbrances and tenancies and subject only to
the items set forth in this agreement. The test of marketability shall be
that which will be insured at regular rates by any title company licensed
to do business in New Jersey.

Purchaser shall have fifteen (15) days to have a title examination made. In
the event the examination discloses any flaw upon the Seller's title to
which the Purchaser has not consented, Purchaser must advise the Seller
within said fifteen (15) day period. In the event the Purchaser does not so
notify the Seller, then Purchaser will be deemed to have accepted the title
condition and thereafter may not complain or object to any flaw. If the
Purchaser does make a timely objection in writing to the Seller, Seller
shall have seven (7) days to remove the flaw. If Seller does not, Purchaser
shall be entitled to cancel the contract and obtain a return of its deposit
and the interest earned on the deposit and nothing more.

      A lien on the premises which can be satisfied from the proceeds to be
paid to the Seller at closing is not such a flaw which will entitle the
Purchaser to cancel the contract.

      7.    CLOSING.

            7.1   Closing Date and Place.  The closing will take place on
      or before December 31, 2003 at a title company chosen by Purchaser
      located within a ten mile radius of the Property.   Time is of the
      essence.

            7.2   Seller's Closing Duties.  At the closing, Seller will
      deliver possession of the Property and the following:


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                  (a)   Affidavit of title including a disclaimer of all
            judgments of record not against the Seller;

                  (b)   bargain and sale deed with a covenant against tie
            grantor's acts;

            7.3   Purchaser's Closing Duties.  At the closing Purchaser
      will provide the Seller with cash or a certified or cashier's check
      for the balance of the purchase price.

            7.4   Closing Adjustments. Sewer charges, taxes, utilities and
      water charges shall be apportioned as of the day of closing.

      8.    REPRESENTATIONS OF SELLER.  Seller represents to Purchaser:

            8.1   Condemnation.  Seller has received no official notice of
      any condemnation proceedings and has no unofficial information that
      all or part of the premises might be taken by eminent domain.

            8.2   Ownership. Seller is the owner of the real property
      included in the sale and will continue to be so until the closing.

            8.3   Environmental Conditions and Disclosures. Seller has
      disclosed that there is or has been contamination on the Property
      involving one or more releases of contaminants and that groundwater
      contamination presently exists which is under and/or has emanated
      from the Property. Seller agrees to provide Purchaser within 3 days
      of the execution of this contract by both parties with access to the
      documents in its possession from its environmental consultant and the
      New Jersey Department of Environmental Protection concerning the
      environmental condition of the Property.

      9.    CONDEMNATION.  If any part of the Property is taken by eminent
domain while this contract is in force and prior to the closing, the
Purchaser shall be made a party to the proceedings.  If the Seller and
Purchaser cannot agree on the amount of the award to accept, the amount
will be determined by the court and paid to the Seller.

      10.   INSPECTION CONTINGENCY; PURCHASER'S ACCESS.  Purchaser shall
have a period of fifteen (15) days from the date that Seller advises Buyer
or its attorney that the environmental documents referred to in Paragraph
8.3 are ready for inspection or copying by Purchaser to conduct an
inspection of the property, including, if it wishes, environmental sampling
of the premises, all of which shall be at Purchaser's sole cost and
expense. Purchaser may cancel this contract within the inspection period if
it is dissatisfied with the results of any inspection report or study. In
such event, Purchaser shall be entitled to the return of all deposit
monies. Purchaser's access to the property shall be conditioned upon its
obligation to restore as close as possible the property to the condition to
which it was in prior to such inspection and sampling, and upon its further
obligation to have Seller named as an additional insured on a fully paid
general liability policy and, if sampling is conducted, an environmental
liability policy, each having minimum limits for personal injury an
property damage of one million dollars ($1,000,000.00).  Proof of such
coverage shall be supplied to Seller before such inspection or sampling
takes place.

      11.   CONDITION OF PREMISES. All properties covered in this contract
are sold "As Is".  Moreover, Purchaser acknowledges that in entering into
this contract, it relies upon its own inspections, examinations, testing
and governmental inquiries, and not upon any oral or written representation
or warranty of the Seller, its agents, servants or employees except as may
be provided herein.

            11.1  Purchaser will have had the opportunity to inspect the
      building located on the property and takes the improvements in a
      "where is, as is" condition, it being understood that there will be
      no adjustments of any kind prior to or at closing relative to the
      condition of the improvements.  Moreover, Seller shall have no
      obligation to repair or upgrade such improvements to conform to
      applicable building or fire codes or for any other purpose.

      12.   SELLER'S ACCESS FOLLOWING CLOSING. Seller shall continue to
have access to the Property to monitor and remediate the groundwater
emanating from the Property if such access is related to Seller' s
obligations under this contract, or its involvement in claims or litigation
involving its insurance carriers or other third parties, including, but not
limited to, the New Jersey Department of Environmental Protection
respecting the environmental condition of the property.  Such access shall
include, but not be limited to the


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right to conduct sampling on the property. Seller agrees to restore the
property as close as possible to its prior condition following such
inspection and sampling. Furthermore should any other party to a claim or
lawsuit in which the Purchaser may now or in the future be involved seek to
inspect and sample the property, Purchaser agrees to allow such inspection
and sampling upon the terms provided in this paragraph. These provisions
for access shall be placed in the deed given by Seller and shall run with
the land.

      13.   SELLER'S ENVIRONMENTAL OBLIGATIONS FOLLOWING CLOSING:  Seller
agrees at its expense following settlement to me to perform the tasks
necessary to obtain from the New Jersey Department of Environment a
Letter(s) of No Further Action or its substantial equivalent for the soft
and groundwater contamination on, under and/or emanating from the Property.
Seller's obligation in this regard shall extend only to such contamination
which existed as of the date of closing and in the event that discharges of
contaminants occur following closing and those discharges increase the cost
of the  remediation or monitoring, Purchaser shall be responsible for such
increased costs. The provisions of this Paragraph shall survive settlement.

      14.   RISK OF LOSS. The risk of loss shall be on the Seller until the
closing of title.

      15.   COMMISSION.  Seller agrees to pay a commission of 6 % of the
purchase price to Pearce-Jannerone Real Estate, Inc.  Said commission shall
be deemed earned, due and payable upon closing of title and receipt by
Seller of all monies due according to the contract. Each of the parties
represents to the other that they were not introduced to each other by any
other broker and that no other broker has a claim for a commission on this
sale. The parties agree to indemnify and hold each other harmless from all
losses for costs including attorney's fees and claims arising out of a
breach of this representation. This indemnification agreement shall survive
the closing.

      16.   ZONING.  Seller makes no representation concerning existing
zoning ordinances and Purchaser' s intended use of the property.

      17.   FLOOD AREA.  The federal and state governments have designated
certain areas as "flood areas." This means they are more likely to have
floods than other areas. If this property is in a "flood area" the
Purchaser may cancel this contract within 15 days of the signing of this
contract by both parties.

      18.   PROPERTY LINES.  The Seller states that all buildings,
driveways and other improvements on the property are within its boundary
lines.  Also, no improvements on adjoining properties extend across the
boundary lines of this property, This shall not apply to any driveways,
fences or hedgerow which may not coincide with title lines.

      19.   CANCELLATION OF CONTRACT.  If this contract is legally and
rightfully canceled, the Purchaser will obtain a return of the deposit and
the parties will be free of liability to each other.

      20.   RECORDING OF CONTRACT.  This contract shall not be recorded by
the Purchaser.  Recording by the Purchaser shall be deemed a material
breach for which Seller shall have the option to cancel the contract and
retain the deposit.

      21.   DEFAULT.

      (a)   By Seller.  If Seller defaults in its obligations under this
contract Purchaser may cancel the contract and obtain a return of its
deposit or may pursue specific performance provided that an action for same
is commenced within 90 days of breach.  Purchaser shall have no right to
sue for monetary damages.

      (b)   By Purchaser.  If Purchaser breaches any of its obligations
under this contract, Seller may, as its sole remedy, retain the deposit as
liquidated damages.

      (c)   Before pursuing any remedy for breach, the non-breaching party
shall give the other party written notice of said breach and a ten day
period to cure; provided that nothing herein shall serve to extend the
closing date set forth in paragraph 7.1 of this contract.

      (d)   If a party breaches its obligations under this contract and the
other party. Seeks redress the non breaching party shall be entitled to
recover its reasonable legal fees and other litigation expenses from the
breaching party as part of its damages if it prevails in said action.


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      22.   NOTICES.  Notices by the parties to each other shall be sent by
regular mail and/or fax to the addresses set forth on page one of this
contract.

Copies shall also be sent to the attorneys for the respective parties at
the following addresses:

            As to Seller:

            Mitchell Kizner
            Flaster/Greenberg
            1810 Chapel Avenue West, Third Floor
            Cherry Hill, New Jersey 08002-4609

            As to Purchaser:

            John Palladino
            Hankin, Sandman, Bradley and Palladino
            30 South New York Avenue
            Atlantic City, New Jersey, 08401

      23.   ASSIGNMENT.  If this contract is assigned by Purchaser, the
assignee shall be bound by all provisions of the contract.

      24.   ENTIRE AGREEMENT.  This contract comprises the total agreement
between the Seller and Purchaser.  Any other Agreement or representation
regarding the property described is void.

      25.   COUNTERPARTS.  This contract may be executed in counterparts.

      26.  ESCROW AGENT.  All deposit monies (the "Deposit") will be held
in escrow by Pearce-Jannerone Real Estate Inc., in accordance with the
following provisions of this Paragraph:

            (a)  The Escrow Agent acknowledges that it will hold the
      Deposit monies paid by Purchaser hereunder, as escrow agent, in
      conformity with all applicable laws and regulations and in an
      interest-bearing Trust Account of the Escrow Agent with a federally
      insured banking or savings institution. The parties and the Escrow
      Agent agree that the funds, including all interest thereon, so held
      by the Escrow Agent shall be applied as follows:

                  (i)   If settlement is held, all funds (including
            interest) so held shall be paid over in Seller, and the amount
            so paid shall be credited to the Purchase Price.

                  (ii)  If settlement is not held by reason of Purchaser's
            default, all such funds shall be paid over to Seller in
            accordance with the provisions of Paragraph 21 above.

                  (iii) If settlement is not held because of a default of
            Seller, all such funds shall be paid over to Purchaser in
            accordance with provisions of Paragraph 21 above.

            (b)   The Escrow Agent shall be obligated to disburse the
      proceeds of the escrow fund, at closing or upon any cancellation or
      termination of this Contract, only upon the written instructions of
      both parties, should the Escrow Agent in its discretion request such
      instruction; and in the absence of such instructions or in the event
      of any dispute the Escrow Agent shall be and is hereby authorized,
      but not obligated, to pay the entire amount of the escrow fund into
      court.

            (c)   Within three (3) days of receipt of the Deposit the
      Escrow Agent shall deposit the Deposit into the Trust Account
      referred to above, and the Deposit may be withdrawn by the Escrow
      Agent up to seven (7) days prior to the closing Date.


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      IN WITNESS WHEREOF, the parties have hereunto affixed their hands and
seals as of the date first appearing on Page 1 of this contract.

                                       IGI, INC., SELLER

WITNESS:

                                       BY:  /s/ Domenic D. Golato
-----------------------------------         -------------------------------


                                       CPB, INC., PURCHASER

WITNESS

                                       BY:  /s/ David H. Bird IV
-----------------------------------         -------------------------------
                                            David H. Bird IV, President


                                       PEARCE-JANNERONE REAL
                                       ESTATE, INC. (As to Paragraph 26
                                       only)

WITNESS

                                       BY:  /s/
-----------------------------------         -------------------------------


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