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AGREEMENT FOR DEED
THIS AGREEMENT FOR DEED made and entered into this 3rd day
of May, A.D. 1973, by and between FORT PIERCE AUTO SALES, INC., a
Florida corporation, First Party, hereafter called Seller, and JAMES
E. HATFIELD and SUZANN HATFIELD, his wife, Second Parties, hereafter
called B~yers , P ~o ~ ~ so b- F7' - Q t c~c e. i q_
WITNESSETH: That in consideration of the sum of ONE DOLLAR
($1.00) and other valuable considerations and the mutual covenants
between the parties, the Seller does hereby covenant and agree to con-
vey and assure to the said Buyers, their heirs, executors, administrat-
ors and assigns in fee simple, clear of all encumbrances whatsoever,
by good and sufficient warranty deed and fully warrants title, the
following described land, lying and being in St. Lucie County, Florida,
to-wit: SEE ADDENDUM ATTACHED HERETO AND MADE A PART HEREOF.
That the said Buyers do hereby covenant and agree to pay to
the Seller the total sum of FIFTY THOUSAND DOLLARS ($50,000.00) upon
the following terms: The sum of ONE THOUSAND DOLLARS ($1,000.00) pre-
viously paid, the receipt whereof is hereby acknowledged by Seller;
the sum of FOURTEEN THOUSAND DOLLARS ($14,000.00) upon execution of
this Agreement by Seller, cash at closing, and Seller acknowledges
receipt of the same; the balance payable under this Agreement shall
bear interest at the rate of seven and one-half percent (7-1/2$) per ~
annum, and shall be payable in monthly instamments of $313.55, which j
sum includes principal and interest. Privilege of prepayment is granted
to Buyers in whole or in part without penalty. The first monthly pay-
ment shall begin on the ~ day of rn~¢~/ , 1973, and shall
be payable on each succee ing month herea er until paid in full. A
grace period of ten (10) days shall be granted to Buyers on all monthly p
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installments. - '
IT IS FURTHER AGREED by and between the parties as follows: ;
- A. That the parties hereto acknowledge that there is
an existing mortgage covering subject property with
a mortgage balance of THIRTY-FIVE THOUSAND DOLLARS
id~~ ~V ($35,000.00), held by.George P. Stanich, and executed
~Q~ ~n by Seller hereunder. That this mortgage calls for
d pj monthly payment of the sum of FIVE HUNDRED SEVENTY
~~f ~n FIVE DOLLARS ($575.00); that Seller shall, during
na the term of this Agreement, make the payment of the
aforesaid sum unto George P. Stanich, the holder. ;
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o B. That it is agreed by the holder that upon any de-
~--s o fault by Seller hereunder unto the holder, that
o the said George P. Stanich shall not accelerate
~n`~ or foreclose the aforesaid mortgage unless ten
(10) days written notice is served upon the Buyers ,
their successors or assigns. The intent of this
o provision is to permit Buyers to bring current the ;
~-a p payments due and owing the mortgage holder in the {
~~f o event of default under payments to George P. Stanich,
and in such event, the Buyers are granted the right
to make the aforesaid payments unto George P.
~{x` . Stanich and credit all such payments made against
o the balance due under this Agreement. That all
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~-v, ~ payments made unto George P. Stanich directly by
~f o the Buyers upon default shall abate the necessity
Q~ ~ti to make additional payments under this Agreement
,J'^.• between the Buy,ers and Seller. '
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~ _ itiSTRUAIENT PiIfVARf~ sr: C. It is further agreed by and between the parties that
,`~~,~p 5 ~^.,~~5. ~rn; the Buyers shall not be subject to any deficiency
~ ~ v. p, r~x 3~3~~ upon default, and Seller agreed to look solely and
~,~RT vsEac~, FLCR1aA 33ri9 exclusively to the land as security for payment
4c~•zs.o hereunder. ~
D. Upon any controversy arising between Buyers and
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R~E]YE~ S.. IN PAIIMEKT OF 71i~
DI~ ON A~S'C N(TAlIGIBLE PERSOKAL PROPERiX
. 1~p Q~TER 71-134. ACTS Of 1971. ~ C~ ~
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