HomeMy WebLinkAbout0515 ARTICLES OF AGR~EMENT - Page 2.
On or before one xear from the date of this Agree-
ment, the parties hereto agree that the First Federal
Mortgage now encumbering ths above-described proper-
ty wilt be increased to the maximum amount permitted
by First Federal Savinqs & Loan Association of Fort
Pierce, with FIRST PARTISS paying the cost of accom-
plishing said increase. In the event the First Federal
increase is not sufficient to provide enough funds
w.ith which to pay the then remaii~ing balance of prin--
cipal and inter~st to fully pay FIRST PARTIhS, FIRST
- PARTIES hereby agree to accept from SECOND PARTIES
and SECOND PARTIES hereby agree to give FIRST PARTIES
a Promissory Note and Second Martgage payable in
three successive,_equal, annual installments at the .
same rate of interest as pravided in the First Mort-
gage as increased, with said Second Mortgage Note
to be i;~ a sum equal to the purchase price mentioned
above, less all sums of principal paid against the
said purchase price and the then existing balance
of the First Federal Savings & Loan Association First
Mortgage ss increased. It being specifically under-
" stood and agreed that all monies paid by SECOND PARTIES
to FIP.~T PARTIES prior to the execution and delivery
of the Second Mortgage and Promissory Note shall first
be applied on the payment of interest and then on the
unpaid balance of the principal sum and that interest
shall be paid annually in addition to the annual
pri.ncipal payments called for in the Second Mortgage,
if one should be necessary. -
Pending the execution of a deed by FIRST~PAR~IES to SECOND
PARTIES, FIRST PARTIES shall make all payments on the First
_ Mortgage at First Federal Savings & Loan Associati~n and
should FIRST PARTIES become in default in said payments,
privilege is hereby given SECOND PARTIES to apply so much
of the monthly payments called for hereunder to keep said
First Mortgage current, as is necessary.
SECOND PARTIES hereby agree to pay all taxes, assess-
ments or impositions that may be legally levied or imposed
on said land subsequent to the year 1966, with FIRST PARTIES
agreeing to prorate the taxes for the year 1966 as of N~vem-
ber 15, 1966. SECOND PARTIES further agree to keep the '
buil.dings now or hereafter on said land, fully insured in
a se~m not less than $16,000.00, in a company or companies
acceptable to FIRST PARTIES, the policy or policies to be
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