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AGREEMENT
THIS AGR~8M8NT entered into by and between RALPH L. SHARRETT and
JANET R. SHARRETT, his wife, hereinafter referred to as SHAR-
RSTT, and GKNSRAL DEVELOPMBNT CORPORATION, a Delaware corpora-
tion authorized to transact businese in the State of Florida, `
hereinafter =eferred to as GENERAL,
W I T N E S S E.T H, That: '
WH$RTAS, SHARRETT by contract dated May 14, 1970 did agree to ~
sell to GErIERAL that certain real property situated in St. Lucie
County, Florida, as hereinafter described; and
WI~EREAS, said contract contains a provision to the effect that
if G~NSRAL shall fail~to pay in full a certain purchase money~
mortqaqe dated June l, 1970 wherein W.D. SHARRETT and MARY E. "
SHARRETT, his wife, and RALPH L. SHARRETT and RUTH SHARR.ETT GLEN,
are the mortgaqees,_and GSN~RAL DEVEIAPNBNT CORPORATION, a De18=
ware corporation, is the mort aqor (said mortgage being recozded
in O.R. Book 1~ i~ at Paqe a68~ of the Public Records of St. :.ucie
County, Florida3• ~en and in such event SHARRETT shall have the
option to repurchase that certain real property hereinafter de-
scribed under those terms and conditions hereinafter set forth, ~
NOW, THERSFORE, for and in consideration of the premises as well
as the mutual covenants hereinafter set forth, SHARRETT and
GSNERAL aqree as follows:
If at any time during the term of the mortqaqe dated
June l, 19T0 and recorded in O.R. Book 184 at Page
2693 of the Public Records of St. I,ucie County, Flo=i-
da, GENERAL shall default in the payment of said mort- .
qage so th~t foreclosure is instituted and title to the
. property encumbered by said mortgage is reacquired, in
whole or in part, by the foreclosing holder of said
mortgage, SHARRETT shall have the option to purchase
from GEI3ERAL the followi.nq described property, to-wit:
i~ots 190, 191, 194, 195, 197, 198, 199, 200, that
.part of 202 lying in Section 9, Township 36 South,
Range 4U East,and Lots 203, 204, 205 and 207 West
of Drainage Canal #71, all of Lot 206, Lot 209 1/2,
WHITE CITY SUBDIVISION, according to the plat there-
of recorded in Plat Book 1, Page 23, Section 9,
Township 36 South, Ranqe 40 East,
The North 10 acres of the 5W 1/4 of the SW 1/4 of
Section 9, Townehip 36 South, Range 40 East, West '
of Drainage Canal ~71, ~ ~
;
under the following terms and conditions:
(a) SHARRETT shall pay t4 GENERAL the sum of all monies
paid by GENERAL to SHARRETT to purchase from SHARRETT the
property which is the subject of this aqreement, said sum ;
to include all cash paid at closing (including original ?
deposit), principal and interest paid on purchase money
mortqaqe in the original principal sum of $89,000.00, and
all real property taxes paid by GENERAL during the time
it held title to the-subject property, including the year
in which the reconveyance by GENERAL, if any, occurs.
_ {b) Docwnentary stamps required to be affixed to the
Warranty Deed to be deliverea by GENERAL to SHARRETT in
~ the event that such recor?veyance occurs, shall be paid
by GENERAL.
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