HomeMy WebLinkAbout0755 ~ t
,
~ ~ ' . .
' t
~ ;
>
entered into a Deposit Receipt Contract dated l~iay~l2, 1970, .
to aell to the Vaughne the real property deacribed in Exhibit
"A" attached hereto; and ~ ~
~RFA3, there ie a present unpaid principal balance
oxed upon seid promissory ndte in the amount of $83,000.00.,
the payment o! #41,000.00 of Mhich hae heretofore been asswned ,
~ by the Broomes, and the payment of ~~2,000.00 of Mhich hae
rem~ained the obligation of Ray; and - _ . _
. t
_ i
~ENS, all of the parties heretd nox de$ire to
amend said promissory note an~ said asaumption agreement upon
the terms and conditiona hereinafter set forth.
- N~T, THffitTFORE, ~1ITN&SSER'H:
Tt~at for and in coneideration of the sum of Ten
(~10.00)~Dollara and other good and.valuable considerations,
the receipt and~sufPiciency of ~hich is t~ereby acknotiledged by ~
each of the parties from the other, the gartiea hereto do -
hereby agree as folloxa: ~ ~ _ '
- . ;
l. That simultaneioualy xith the conveyance by ~
~ Ray and Broomes to the Vaughna o~ the real property deacribed ~
~ • ~
~ in Exhibit "A" attached hereto, the Vaughns shall assume
~5~,000.00 of the unpaid principal balance oxed on said prom-
iasory note, and agree to pay interest thereon at the rate of
~+-1/2~ per annum from July l, 1970, xhich principal and intereat
ah~ll be payable in monthly installments of $300.00 (regardless
oP the possible.ceconveyance hereinafter mentioned), commencing
August 1, 1970, applied first to interest on the tu~id balancee
k
of principal, and the remainder to principal until July 1,
. 1985, at xhi~h time the entire then remaining balance of the "
principal and intereat shall become due and payable. Said in-
debtedneas may be prepaid in part or in full at any time Mithout
penalty. -
_-2- ~:~i~.
. . . _
u~sa. s~NO~w wMO wT~s~. wrrowMtrs wT ~wiw. No~rwooo. ~t.ow~ ~ . .
:
.
. . . _
. ~.t..._ _ . _ ,.t ~a::
~ ~'E