HomeMy WebLinkAbout2138 OPTION TO PUR~IASB - Page 2.
option to purchase, First Partiea ghall have a complete
Abstract of Title to said property delivered to B.-A. Bittan,
Jr., Attorney for Second Party, for examination. ~ithin
thirty (30) days after receipt of a complete Abstract of
Title, should said title be found marketable, Second Party
~ shall tender to First Parties, in exchange for a Warranty
Deed executed by First Parties, thirty percent (3096) of the
contract price alonq with a note and mortgage for the bal-
ance payable in five (5), successive. equal, annual instal~-
ments plus six percent (6%) interest, payable annually.
The contract.price shall be arrived at by a written
appraisal performed by a member of the Appraiser's Institute,
which appraisal shall be paid for by Second Party and which
appraisal shall be the value of the above property as of the
date of delivery of the abstract to Second Party's attorney
for examination.
Second Party shall also have the option to pay the
contract price in cash, should it so desire.
Should any mortgaqes exist aqainst the property at
the time of the exercise of the option to purchase created
hereby, First Parties agree to credit Second Party with the
amount of sa~d mortqaqe to the end that the mortqaqe given
by Second Party to FfrBt Parties will be a second mortgaqe
and will be reduced by the amount of the existinq firat
mortgaqe.
This Aqreement shall bind and benefit the partiea
hereto, thefr reapective heirs, executors, administrators,
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