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to Seller by Purchaser o! the swa of Z6S,000.00 plus aay ~
interest then due on the remainiag balAace of the purchwse ~
price !or each parcel so releaeed. Provided, however, tbat
upon election of the Purch Aeer to acquire the ~irst 100 ~oot
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parcel, tbey muet therealter acquire a eioilar pArcel each ~
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succeesive year thereafter by payment o! the aum of ~65,000.00
of tbe principal remaining unps~id, plus ~ccrued interest
thereon thea due. Upon payment of the lull principal eum
of ~285,000.00 as ~oresaid, plus all intereat due thereon, ~
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all remaining laads shall be conveyed to Purchaser. The ~
intent of this provision is aleo to provide prepayment .
privileges without penalty. Without ia any way moditying the
foregoing obligation of the purchaser to make the anaual pay- `
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ments of ~65,000.00 after the ~irst release is obtained, it
is understood and agreed that any principal payments made
in tbe sum of $57,000.00 as required commencing ten years •
from closing may be applied to tbe releaee price~ and
furtber, aiter the tirst release parcel is obtained the obli- ~
gation to thereafter make annual payments of $65,000.00 a
year on principal shall supersede and replace the obligation
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; to pay ~57,000.00 per year principal commencing ten yeara
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! after closing.
~ (3) Seller warranta that at the time of initial
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~ closing and payment of the Forty Thousand ($40,000.00)
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~ Dollars, that the property shall be zoned B-3 and R-4, i.e.,
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~ the North 300 feet is B-3 and the south 200 feet is R-4. . ~
~ (4) At closing 3eller agrees to furnisb Purchaser
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~ w itb an eaecuted agreement from llindmill Village By tbe Sea,
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~ Inc. as set forth on attacpe~l~xbibit A, providing !or sewer
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~ service. On or before~.~M/..~ monthe following closing 3eller ~
~ agrees that, at its expenee, it will construct a sewer main
~ connecting 111ndm~11 Yillage By tbe 3ea, Inc. and Villa del
~ 301, whicb sewer msin will run i~aoedisttely ad~acent to the
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~ property hereia being sold and which line will be adequate
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~ -3- ~60~ 1Aif ~ ,
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