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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