HomeMy WebLinkAbout1053 ADDENDUM # TWO (Continued) ALMA D. DAVIS
(Buyer) ~
and residences and further that no excessive rock or muck are
present which, in the Buyer's opinion, will create hardships or
burdens. If, in the Buyer's opinion, the conditions as indicated
by the analysis will create financial hardships and burdens, then
the Buyer may within such period as described above notify Seller
of his intent to terminate this contract and all parties will be
released herefrom and all deposits refunded. Buyer warrants that
he sh~ll provide Seller in writing with such test reports within five
(5) days of the time Buyer receives said reports.
14. It is agreed and understood by both the Buyer and the Seller that
the subject property is to be .purchased in three stages as follows:
a. STAGE ONE; that Westerly 1. 89 approximate acres of that
portion of the subject property as described as parcel "B"
of schedule "A" attached hereto and a part hereof.
b. STAGE TWO; that contiguous approximate 5 a~re parcel to
the East and South of the "Stage One parcel", as described
above, that is described as parcel "C" of schedule "A'~ ,
attached hereto and a part hereof. (,v~°~`r-
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c. STAGE THREE; that contiguous approximate 3~acre parcel
which constitutes the remaining acres left in parcel "A"
schedule "A", after deducting Stage One and Stage Two
parcels, and the outpieces as delineated on schedule "A"
attached hereto and a part hereof.
15. Additionally, it is further agreed and understood by both the Buyer
and the Seller that the following special terms and conditions shall
t~rPVail :
.
a. That the acres encompassed as "Stage One", above, shall be
secured by the Buyer with the payment af cash and taldng back
j by the Seller of a Purchase Money Mortgage constituting by
E these acts the first "Transfer of the Deed," as defined herein,
~ and as further provided for in Addendum # Two, Paragraph
~ # 18 , this ~ontract.
i b. That the acres encompassed as "Stage Two", above, shall
( be secured by the Buyer with the ~ayment of cash and the
i execution of a"Contract for Deed' constituting by these acts
~ _ the first "closing" as defined herein, and/or further provided
for in Addendum # Two, Paragraph # 18 , this contract.
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~ c. That the acres encompassed as "Stage Three", above, shall be
~ secured by the Buyer with the payment of cash and the taking
~ back by the Seller of a Purchase Money Mortga~e constituting
~ by these acts the second "Transfer of the Deed' , as defined
herein, and/or further provided for in Addendum # Two,
~ Paragraph # 18 , this contract.
d. That the acres encompassed as "Stage Two", above, shall be
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~ further secured by the Buyer at a time subse uent to the time
~ of the "second transfer of the Deed , as described in
~ above, with the conversion of the above described "Contract
~ for Deed" to a Purchase Money Mortgage to be taken back by
~ the Seller at the time of said conversion constituting by this
act the third "Transfer of the Deed" as defined herein, and
as further provided for in Addendum # Two, Paragraph # 18 ,
~ this contract.
~ e. (1) That the time and the place of the first "Transfer of the Deed",
(the purchase of 5tage One parcel) shall be as specifically
~ specified in Addendum # Two, Paragraph #7, this contract.
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