HomeMy WebLinkAbout1437 enjoyment of tha premisse herein described.
8. No substantial chaage or alt~ration will be made by tha
lessee of the premiaes w•ithout firet submitting plans to the lessor
and obtaf ning written approvnl and ths leasee does have the right
to place a larqe sign on the property deacrfbec] herein identifying :
,
said property as the lessee shall deaire.
OPTION TO PURCHIIS~
At any ti~e during the term of this lease, the lessee may
execute an option to purchase the above described property on the
b llowing terms and conditions:
1. The total purchase price will be FIFTY-FIVE THOUSAND and
00/100ths ($55,000.00) DOLL~?RS and all.payments made under this
lease agreement up to the time this option is exercised shall be
applied to said purchase price.
2. The lessee shall secure a firat mortgage on the above
described property, the proceeds of which will be payable to the
lessor or its designated assignee. This mortgage will be for the
maximwr. amount which can be secured as a loan on the above described
property at the time that the option is exescised and this sum shall
I'~ be agplied to the balance due on the purchase price. If at the time
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the option is exercised and the above loan is secured, there are
still sums due to the lessor on said purchase price, the lessor will
take ~ack a second mortgage for the unpaid balance with interest at
at-.the rate of six per cent (6$) per annum, said second mortgage to
run for the same period as the first mortgage ~?i31 run and there will
be no payments dne on the second r.:ortgage for a period of one year
f rom the date of closinq and payr.?ents thereatter shall be made in
~ ~s 1j ~ c/a o% F,~e r~7f' ; S
equel mo thly installmen~ s. ~~~jp~ au f~'~~/~ '
~ S r~ e j~ ~ ~o ~Pi ~A/. ~ W
3. Leasee ahall have the right to prepa~ a~y and all surus ~1,~
~ due under said mortgagea Without penalty.
4. At the time said option to purcH~se is'exercised, said
lessor shall furnish a qood and sufficient warranty deed so as to
convey to the lessee a merchanteble gee simple title free anc~ clear
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~oQ~ 213 ~~~E 14~5