HomeMy WebLinkAbout1051 ADDENDUM # TWO - ALMA D. DAVIS
. (Buyer)
1. It is agreed and understood by the parties to this contract that for the
purpose of the definition of certain words and/or phrases as pertains
to this contract that said words and/or phrases shall be defined as
follows:
a. "The Transfer of the Deed", to be the time of the actual transfer
of deed(s) from the Seller to the Buyer contemplated herein.
b. "The Closing" to be the time of the execution of the Contract for
Deed as contemplated herein.
2. The legai description described in Addendum # On~, above, is approximate
and is subject to_an exact description as to be provided by the herein
described survey.
3. The Seller shall provide at his expense title insurance to cover the full
purchase price of the subject property. Said title insurance's com-
mitment to be secured thirty (30) days prior to, "The Closing" or "The
Transfer of the Deed", ~vhichever comes first for each of Stage One,
T~vo, and Three purchases.
Thirty (3a days prior to the first "Transfer of the Deed" the Seller
shall provide at his expense a complete and current (current at the time -
of thirty (30) days prior to said "Transfer of Deed") survey of the entire
parcel consisting of approximately 20. 83 acres broken down as well
to sho~v the boundaries and exact acres contained therein of each of -
those small parcels described herein as: Stage One, Two and Three
purchases containing 1. 89, 5, and 10 approximate acres respectively.
Acrea~e count to be net of all easements and/or ri~ht-of-wavs currently
in force. Variations in number of acres to be determined by afore-
mentioned survey to be adjusted at said closing, i. e. , price basis is _
to be $18, 518. 518, ~13, 500. 00, and ~6, 000. 00 per net acre for Stage One,
T~vo and Three, respectively.
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5. Seller(s) represent that they have good and marketable title free and
i clear of all liens and encumbrances, easements and right-of-ways,
C restrictions and reservations to the property, excepting matters
~ referred to in the legal description above. Further, Seller(s) shall
~ not encumber the property in any manner during the term of this
agreement.
6. It is understood and agreed that the subject land is the sole security
for the payment of the note and purchase money mortgage(s). That the
Buyer does not as a function of this contract or otherwise become
personally liable in anyway such that the Seller must "look to the
land" as security. The purchase money note(s) and/or mortgage(s)
may be prepaid at any time without penalty. So long as Buyer is not
in default under any of the terms or conditions of the purchase
~ money note or purchase money mortgage, or under any of the terms ~
or conditions of this contract, the Seller agrees to grant partial
~ releases of tracts of land encumbered by the purchase money mortgage(s)
~ upon the following terms and conditions:
a. All releases shall be in minimum tracts of 1/2 5) acres each.
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_ b. All releases may be commenced at any area on either the East,
West, South or North boundaxies, at Buyer's option, but after
Buyer has obtained an initial release, (including the initial
release contemplated at the time of tYie Transfer of the Deed)
all other releases shall be contiguous to the previous release
- obtained.
~ c. All payments made for releases shall be in an amount equal to;
$ 23,148.15 , ~ 16. 875. 00 , ~d ~ ? 500. 00
for Stage One, Two, and Three respectively, multip ie by the
number of acres, or fractions thereof, requested to be released
3y and shall be applied first to accrued and unpaid interest owing on
- the purchase money note(s), and next to the next ensuing principal
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