HomeMy WebLinkAbout2964 5. 'The party of the second part agrees for itself, its euc-
cessors, legal repreaentativee and assigns o~ pay annually unou Hrst party
on November 1 st of each year, beginning November 1, 1970, a sum of
money as consideration calculated by multiplying the total acreage both
owned by second party and on which it has the aforesaid right of first
refusal to purchase (511 acrea) timea the then annual amount per acre
assessed by first party against ths then owners of land within the boun-
daries of first party for annual maintenance tax and bond installment
levy. The first such annual payment by second party shall be prorated
as of October 16, 1970. Such annual payment shall not decrease ahould
second party, or its grantees, successors or assi.gns, fail to become the
owner of said lands upon which it holds said right - of first refusal to
purchase. On the other hand, should second party or its grantees, suc-
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cessors or assigns ultimately become the owner ~of any part of the said
lands upon which it holds said right of first refusal to purchase then no
increased payment hereunder shall be required, the annual payment at
all times remaining 511 times the then annual amount per acre assessed
by first party as aforesaid. The paymerns under this Agreement shall be
~ in lieu of the said 7 2 cents per acre ~ormerly paid unter terms of said
Agreement recorded in Deed Book 118, Page 522 referred to above as to
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~ said 188 acres now owned by second party, and said prior Agreement, as
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i it applies to said 188 acres, shall terminate as of the date of this Agree
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ment. At such time as second party or its grantees, successors or
assigns acquires title to any of said lands upon which it holds said right
of first refusal to purchase, then said prior Agreement recorded in Ueed
Book 1I8, Page 522 shall terminate as to any such additionally acquired -
lands and as to said 7 2 cerns per acre tax therein provided for. Should
~ any annual sum due first party from second party hereunder be not paid
~ b April lst of the next succeeding year after said sum becomes due, as
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~ hereinabove provided, first party shall be entitled to interest on said ati
~ at the rate of 18~ per annum for the first year, ten (1~) per annum for
the aecond year and eight (8~) per annum thereafter until paid, and said
ROYCE R LEWIS
ATTORNEr AT LA~
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