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HomeMy WebLinkAbout1152 / . ~ . ~ 1 . ~ 18642~3 AGREEMENT FOR DEED THIS AGREEMENT, Made and entered into this 1?thlay of ,1969, by and between WILLIAM VARGO an~c -CAROLYN T. VARG , is w fi e, hereafter referred to as Vendors, and GENE MORGAN and VELMA FRANCES MORGAN, his wife, whose address is 1501 North 44th St. Fort Pierce~ Flori da , hereafter re:ferred to as Purchasers. W I T N E S S E T H: That in consideration of the mutual promises and covenants contained in this Agreement and other valuable considerations passing between the parties to it, the Vendors agree to sell and the Purchasers aqree to buy the following-described property situate, lying and being in St. Lucie County, Florida: Lots 13 and 16 of Block 7, as found in Deed Book 156, Paqe 325 of the unrecorded Plat, REYSTONE HEIGHTS SUB- DIVISION of the SE~, of the NE~t of Section 6-35-40, and a part of the SW~ of the NE~ of Section 6-35-40, ~ St. Lucie County, Florida. The total purchase price of the property shall be the sum of $5,750.00, payable at the times and in the manner following: $250.00 paid on or before the signing of this contract, re- ceipt of which is acknowledged by Vendors; The balance of $5,500.00 to bear interest at the rate of 6~ per cent per annum, and to be payable ai the rate of $55.Q0 per month, beginning_3~Q ist ,I969, and on the samd day af each and every calendar month therea ter until the sum is paid in full. Each of the payments shall be credited first to interest and the balance to princi- pal, and prepayment shall be permitted at any time and from time to time without penalty. It is understood and agreed between the parties that when the principal sum has been paid in full, the Vendors shall deliver to the Purchasers a title insurance commitment or abstract, showing the title to the property above-described to be qood and marketable. The Purchasers shall be permitted to go into possession of the property covered by this Agreement on the date of its execution, and shall assume all liability for insurance, taxes and maintenance from and atter that date. The Purchasers agree to maintain the exterior and interior of all buildings in good condition, and to maintain fire and extended coverage insurance on the buildings in an amount of not less than the balance du~ Vendors under this Agreement, or the maximum insurable value of the property, whichever is less. ~ The time of payment shall be of the essence and in the event of any default in payment of any part of the purchase money as and when it becomes due or in the performance of any other obligations assumed by the Purchasers in this Agreement, and in the event that the ~ default shall continue for a period of fifteen (15) days, then the ~ Vendors may consider the whole of the balance due under this Agreement as immediately due and payable and collectibte, or the Vendors may rescind this Agreement, retaininq'the cash consideration paid for it as liquidated damages, and ~his Agreement then shall become null and void. In the event that it is necessary for the Vendors to enforce this Agreement by foreclosure proceedings or otherwise, all costs of those proceedings, including a reasonable attorney's fee, shall be paid by the Purchasers. That at such time as the Purchasers shall pay unto the Sellers an amount equal to 50$ of the purchase price herein called for, then the Seller shall give unto the Purchasers a Warranty Deed, taking back a Purchase Money First Mortgage of $2,750.00, which represents the remaining one-half of the purchase price herein called for. Said first mortgage to bear interest at the rate of 6$. The required documentary stamps shall be placed on the Deed by the Vendors, and the intangibles tax shall be paid by the Vendors. The required documen- tary stamps on the note shall be paid by the purchasers. The Vendors shall pay to record their mortgage, and the purchaser shall pay to re- ~ cord their deed. The abstract shall be brought up to date at the # soaK181 ~1151 : _ - - - - - - _ j . - - . _ ~ ~ . . - . ~ . - ~ ~ . ' . ~i, . _ . . . ~ - _ _ _ . " . Lya;