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Liquors together with all Alcoholic Beverage Licen~es presently
owned, possessed and utilized by Russakis Liquors and Seller
individually, together with all inventory, good will, fixtures,
furniture and appliances located upon said premises as of the
date of this agreement.
2. The sale price between the parties in and to t~e
- above described property sha.Zl be derived as follows:
-Buyer to pap Five Hundred Dollars ($500.00) upon
signing of this agreement, receipt herein acknowledged by
Seller; balance of deposit in the sum of Five Hundred Dollars
($500.00) will be paid unto Seller in escrow to be held by
St. Lucie County Bank, Escrow Agent, under the terms and con-
ditions of this agreement; upon prompt successful foreclosure
and acquisition of foreclosure title Seller shall notify Buyer
in writing, and upon such written notification, Buyer shall
establish a closing date within fifteen (15) day s or less from
date of receipt of said written notification subject to abstract
~ delivery herea~ter described.
Upon closing, Buyer to pay Nine Thousand Dollars
~$9,000.00) cash and assume existing first mortgage, covering
the herein described Real Estate, held by Citizen's Federal
Savings and Loan Association of Fort Pierce, Florida, in the
approximate principal balance of ~aenty Thousand Dollars ~
($20,000.00); Buyer will execute a~Purchase Money Se~ond Mort-
age unto Seller in the sum of ~aenty-Seven Thousand Dollars
~$27,U00.00} under the follo~?~ing mortgage terms. Buyer shall
have the option for the first three years under said second
mortgage to pay interest only at the rate of six and one-half
percent (6 1/2%), payable monthly, computed at the agreed
monthly sum of One Hundr2d Forty-Six Dollars and Fifty Ce~ts _
~ ($146.50), payments beginni.ng one month from date of said
; mortgage. Said mortgage at the end of said three year period
f shall be amortized on the basis of the then existing princi al
~ amount at six and one-half percent (6 1/2%) for fifteen (15~
' years computed in the sum of 1~ao Hundred T'hirty-Five Dollars
~ and ~aenty Cents ($235.20) per month, principal and interest.
I
Buyer shall have full right to prepayment in whole
or part without penalty.
The balance of the purchase price shall be payment
for stock on hand, in a merchantable condition, as of the date
of closing, and the parties agree t`b jointly inventory such
merchantable stock at the wholesale value. Wholesale value ,
shall be derived by establishing current posted prices on all
quantities located upon the premises on date of execution of
this contract, which sum shall be reduced by twenty-three per-
~ cer_t (23~),. intending that this wholesale formula shall be ap-
~ plied to all existing merchantable inventory as of date of
~ closing. Buyer shall pay for such inventory by execution of
unsecured promissory note payable to Seller, bearing interest
% at six and one-half percent (6 1/2~6) per annum, in monthly in-
~ stallments beginning one month from closing, payable over
~ fifteen (15) years.
Seller hereby agrees, upon closing date, to execute
~
~ Bill of Sale for all personalty, chatells, furniture, fixtures,
and appliances, including but not limited, to beer case (cabinet),
100i( ~OIJ PACE~OSrT
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