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a) The contract of purchase with A. g. ~c K. F. ~
Haldle, It~c. pro~ides ~or the acquisition of the 1398 front
feet at a cost of S15U.OC per foot sub~ect to the existing
m~rtap~ea which ahall ^emain in hill Pores and stfsct as
Pallowa; (1) A first mortgags detsd Jar~uQry 11, 1955 held
by Herbert J. Kai~er in the amount of ~28,131•91 which vill
ba due January 11, 1965 with interest at 5~ per annum, p4T-
oble semi-annually oa J4nuary llth and July llth of each
~ear; (2) A aeaond mortga~e dat~d M~y 2, 1955 held by Jatea
MarLin Co., In~., a F2orida corporation, in ths amount of
~31,378.37 xhich will be due March 2, 196o xith interest ot
5~ per annwn, payable ~smi-annually on Septembsr 2nd ~nd
March 2nd of eQCh qear; (3) A thlyd purchass money mortgaae
dated Septaenber 15, 195? held by Helsn A. (iore in the amouat
of *83,376.T2 payable in tour aqual annu4l installmenta of
~20,81~.1$ each, with the first paymsnt cowinEr due on Ssp-
tember 15, 1959, with intereat at the rate of 5~ psr aanus
from 3eptMnber 15, 1957, Pt7~le annually xith the fir8t
pQyment of intsrest bein~ due on September 15, 1958. No
payments have been mo?ds on the aortgap~ea so that the unpaid
balana• o! principal at the pr~asnt tise is a total ofa
; ~148,887.00. Th~ t.otal coat o1' th~ prualaea acqulred ia
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~ ~209, 700.00. Th~ a~ouat of aash du• at the tia~s ot closi~ag ~
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~ ie ~59,1?@.12.
~ b) Ths aapital contributions pro~id~d tor here-
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inal'ter are calculaLed Lo covsr tha aforesQid closing needa
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ol ~59,178.12 a~nd to pro~ids a rsasrv• for ta~csa and alscel-
lan~ou~ expenae~.
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