HomeMy WebLinkAbout0756 2. Vaughne st~ll have the right, privilege and
option of reconveying to Ray, hie heire, personal repreeenta-
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tivea or assigna, on or before December 31, 1970, good,
marketable and 3nsurable title to all of the real property
described ae Parcel I in Exhibit "A" attached hereto, aub~ect
only to the lien of said mortgage held by Marilynn, in con-
sideration~for a$26,500.00 reduction of the~~5~,000.00 portion
of said indebtedneas herein aesumed by the Vaugtuis, and an
increaBe from ~-1/2~ to 5~ per annum in the annual rtte of
intereat on the remaining portion of said ~54,000.00 indebtedness.
3. In consideration fbr Marilynn~a.releasing the
Broomes from pex~sonal liability ~or the repayment of the
~41,000.00 portion.af the principal assumed by the Broomes
pursuant to said Agreement dated April 16, 1969, the Broomes ~
hereby assume and agree to pay to Marilynn ~16,000.00 of the
remaining ~29,000.00 principal balance oxed to 1rlari]tiynn after
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said-aseumption by the Raughna, xith interest at the rate of
~-1/2~ per annut, Nhich intereat shall be payable monthly.
4. That Ray shall continue to oxe to l~tarilynn
$13,000.00 of the~29,000.00 balance oxed on-.-~aid $83,000.00
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~ indebtedness, after said aasumption by the Vaughne of ~5~,000.00 -
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and the assumption by the Broomea of said-~16,000.04. The re-
payment by Raq oP said ~13,~00.00 ie hereby guaranteed 31xty
per cent (60~) by Frank, ~renty per cent (2096) by I~euxahl and
~renty per cent (20~) by Butler.
~ . 5. ~C. If the Ytug~~s do not so reconyey- Parcel I
~ to Ray, then Narilynn hereby covenants and agreea, that ae be-
txeen~herself and the Yaughne, she Kill not seek to enforce
the lien of said mortgage ag,ainst the real property described
aa Parcel I in E~chibit "A" attached hereto, in eacese of the ~
unpaid balances of.said principal aum of $54,000.00, Mith interest
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