HomeMy WebLinkAbout1052 ~DDENDUM N TWO (Continued) ALM.~1 D. DAVIS
(Buyer)
payment owing iipon the purchase money note(s). Upon payment
of each principal payment when due, Buyer shall be entitled to
releases of land in accordance with the release price herein
set out; proviaed, however, that Buyer may accumulate his
right to releases and need not obtain releases as principal
payments are made until such time as it is converiient for Buyer
to choose what contiguous land he wishes to have released.
d. Simultaneously with any release request, Buyer shall furnish
Seller with a survey of the property that he ~vishes to have
released, setting forth the legal description of said property
and which survey shall reflect the certification of the exact ~
number of acres embraced by such description and shall
upon receipt of payment and such survey, execute such partial
• release so requested within ten (10) days from receipt thereof. .
e. Seller agrees that Buyer- as of the date of "The Transfer of the
Deeds" of each of the staged purchases cantemp2ated hereby
upon payment of the sums required by the terms hereby to be
paid at the time of such transfer be entitled to releases of
.378 , 1.0 , and 2.5 , acres
of the property for Stage One, wo, and
1`hree respectively
from the Purchase Money Mortgage(s).
f. Any parcel released from the lien of the Purchase Money
- Mortgage(s) shall be provided with an easement for ingress and
egress from the public or private right-of-way, and similarly,
and easement for ingress and egress shall be provided to
Mortgagors by Mortgagees over released lands to unreleased
~ lands that may be Iandlocked.
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7. ° ~~~I'he Transfer of the 1~eeci for inai parcei Iiei'etti (AC~I:l'lUCU d~ ~~.°i«a~i,
One" shall take place on January 20, 1974, at the office of James Weber,
Esquire, West Palm Beach, Florida.
8. In the event that the Buyer shall default any deposits heretofore paid by
Buyer shall be retained by the Seller as liquidated damages, the parties -
- agreeing that actual damages would be impossible to ascertain and all
obligations existing hereunder shatl be terminated.
9. All covenants and representations shall survive the closing and tivhere
appropriate, be incorporated in the terms of the Purchase Money Mortgage.
10. It is expressly agreed and understood as a function of the execution of this
contract that the Buyer is ALMA D. DAVIS and that she is a Registered
Real Estate Broker and that she contemplates the participation of her son
DON T. DAVIS, also a Registered Real Estate Broker with her at a future
time in an equity (ownership) manar, and that any profit or benefit actual,
potential or otherwise is of no consequence to the Seller.
11. Notwithstanding anything herein or attached .hereto the contrary, this contract
shall be null, void and of no force and effect after noon November 27, 1973
unless Seller has fully executed and delivered a copy of this contract to the
Buyer.
12. It is understood and agreed to by all parties that the purchase money
mortgage(s) in the amount of ~150, 688. 00 from the Buyer to Seller shall
be subordinated to any mortgage acquired through refinancing or any
mortgage by Buyer acquired for the development of or the construction
on the subject property.
13. The following condition is precedent to closing and/or "The Transfer of the
Deed". As pertains to the purchase herein described as Stage One the Buyer
shall have a period of fifteen (15) days from the date of this agreement and
as pertains to the subsequent purchases herein described as Stage T~~o and
Three the Bu~yer shall have a period of time up to five (5) days prior to
"The Closing' or"The Trans~r of the Deed", whichever comes first as
contemplated herein in whi~~ to obtain to the Buyer's satisfaction an
analysis at his expense fin ng that the conditions and subsoil of the subject
property are favorable in terms of load bearing strength for the construction
of office buildings, apartments (continued)
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