HomeMy WebLinkAbout1054 ADDENDUM # TWO (Continued) ALMA D. DAVIS
(Buyer)
(2) That the time and the place of the first "Closing" (the ~urchase
of Stage Two parcel) shall be at the place of the first ' Transfer
of the Deed", as described above, and at a time up to 24 months
from the date of the first "Transfer of the Deed" as described
above, the exact time being at the option of the Buyer except
that said Buyer shall notify the Seller(s) at least 30 days prior
to his selected time of the first "closing".
(3) That the time and the place of the second "Transfer of the Deed"
(the purchase of Stage Three parcel) shall be at the place of the
first "Transfer of the Deed", as described above, and at a time
up to 36 months from the date of the first "closing", as described
above, the exact time being at the option of the Buyer except
that said Buyer shall notify the Seller(s) at least 30 days prior
to his selected time of the first "closing".
(4) That the time and the place of the acts as provided for in Para-
graph "d", above, shall be at the place of the first "Transfer
of the Deed", as described above, and at a time ~vithin 30 days
of the completion of.the second "Transfer of the Deed", as
described above, the exact time being at the option of the Buyer
except that said Buyer shall notify the Seller(s) at least 30 days
prior to his selected time of this last "Transfer of the Deed".
16. It is furthur provided that if Buyer does not "Transfer the Deeds"
to Stage Three because of default of Buyer such default shall also
constitute a default in the contract for Deed delivered at the First
Closing.
;
E 17. That the Buyer shall have the'~2ight of Possession" to that portion
~ of the subject property under the "Contract for Deed" (parcel "C")
~ as described above, during the term of said "Contract for Deed".
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? 18. It is understood and agreed by both the Buyer and Seller (notwithstand-
~ ing Paragraph #10, above) that it is the intent of the Buyer to purchase
~ the subject property for her personal use and that as a function of this
~ fact there shall not be a Real Estate Brokerage fee paid by the Seller.
This is a net offer.
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~ 19. Sta e One • Parcel B
~
Transfer of Deed (Corner 1.89 Acres)
$ 000. UO Cash at Closing
~ 28, 000. 00 Purchase Money 1Vlortgage by Sellers at 7%,
~ ~ payable interest only first year, and then
~ . amortizcd in five (5) equal annual payments
~ plus interest.
~ $ 35, 000. Total Purchase Price of the Westerly corner
= 1. 89 acres of Parcel B
;s
_ Figured on a basis of $18, 518. 518 per acre.
Sta~e Two - Parcel C(5. O1 Acres)
~ Contract for Deed (Up to 24 months after closing of 1. 89 acre corner)
~
~ 13, 527. ~0 Cash at Closing
_ 54, 1~8.0~ Balance of contract for deed by Sellers payable
~ interest only at with the first principal payment
Y~ being due one year from the date of the tranfer of
the deed of property herein known as Stage 3.
Principal payments shall be amortized in 10 equal
:a ;,~t!r.~~~ F~~~~~~ annual payments, plus interest @ 7%. F, fC'r
$ 67, 635. 00 Total Purchase Price of Parcel C
, ~ ~s
' Figured on a basis of $13, 500. 00 per acre.
a -