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shall cammence on six (6) months from
the date of clos~r,g, and said note shall
provide for a privilege of prepayment
without penalty and a thirty (30} day
grace period.
4. EXERCISE. This opti~n shall be exercised by
the attorney for Optionee Ro ert M. Lloyd, Esquir~,
delivering the afores~id/~~~~~a~~ the attorney for
Optionors, Philip G. Nourse, Esquire, on or before the
expira~ion date.
5. FAILURE TO EXER~TSE OPTION. If the Optionee
does not exercise this option as herein provided, the sum
of Orie Thousand Dollars ($1,000.00) paid by the Optionee
shall be retained by the Opt~onors, free ~f all claims of
the Optionee, and neither par~y shall have any further
rights or claims agai.nst the other.
6. POSSESSION. Optionors hereby grant possession
of the property sub~ect to this option to OptiQnee; pro- . -
vided, however, Optionee shall no~ disturb the use and
enjoyment of the-present tenants of the dwelling situate
upon subject property, and further provided, however, that
said present tenants shall be allowed to retain possession
of said dwelling without any obligation to pay rent therefore
for a period of ninety (90) days from the date of closing.
votwithstanding the foregoing, Optionee shall not be granted
use and possession o.f the dock appurtenant to subject prop-
erty until the Zst day of Februa~-y,~1973.
7.- ASSIGNMENT. This option and all rights hereunder
shall be freely assignable by Optionee, and any and all acts
performable by him hereun~er, inclu3ing but not limited to
. the execution and delivery of the purchase money mortgaqe
and secured promissory note as provided herein,may be
performed by any assignee.
8. ABSTR~CT. Optionors shall provide Optionee
with an up-to-date abstract of title prepared by an
abstractor licensed to do business in St. Lucie County,
Florida, within fifteen {15) days from the date hereof.
9. CONVEYANCE. Upon receipt of the purchase
price as nereinbefor'e pr¢vided, Qptionors will execute
and deliver to Optionee a good and sufficient warranty
deed, containing all the usual common law covenants of
title, conveying subject property to Optionee in fee simple,
proviaed, however, that in the event any mineral rights are
reserved to the State of Florida, said conveyance will be
~ubject to such mineral rights.
10. PRO-RATIONS. Taxes shall be pro-rated based
upon ta:ces for 1972. The premium on any hazard insurance
policy in force covering any improvements on the property
will be pro-rated between the parties or the policy may be ~
cancelled, as Optionee may elect. All pro-rating will be •
as of the date the balance af the purchase price is gaid.
li. COSTS AND CHARGES. CostS and charges incident
to this transaction will be paid as foilows:
Option for sale - Optionee
Deed - Ootionor
Note and nortgage - Optionee
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