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• . ' SCHIDULF I to DEPOSIT RECEIPT CONTRACT ~
betweea Ward Peek and Quentin Cooper as ~
purchasers and Concrete Modular Systems,
Inc. as Seller.
1. All mortqage and all liena~ ~heaclosinglofbeachlbuildingatiafied
and released prio to, or
2. Title shall be free and clear of all liens and encumbrances
except current taxes, zoning, and utility easements as shown
on title policy issued by Abatract aas Schedule r~ratiofi of 2
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Florida, copy of which is attached.. ~~i~,~ ~
3. The closinq of the purchase of each apartment build ing~shall be '
h , ..e~ as soon
~ thereafter as the certificate of occupancy as to each building
~ is issued,
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5. Purchaser shall have the right to inspect each bulding prior
to cloaing to see if construction is completed and all appliances
are in working order. ~
6. The buildings are to be sold unfurnished except for kitchen
~appliances: stove, refrigerator and venta hood, Sears disposal,
two cycle dishwasher, cabinets and carpeting.
7. The legal description as to each apartment is attached hereto
and made a part hereof as Schedule 3.
The total purchase price of buildings Number 1 and 2 shall be
'f $100, 000. 00 for each building and the balance ~of tiie Pu~oximately
4 price of $470,000.00 shall be payable in the su~ ot app
~ $156,600.00 for each of the remaining three buildin~s subject to
the schedule of construction disburseinents rec~uired by the purchasers'
mortgagee. -
9. As soon as a Certificate of Occupancy is issued on Building ~1,
the Seller shall convey both buildings ~lumber 1 and 2 to the
Purchasers and at the same time the balance of the purchase price
of $175,000.00 shall be disbursed by the purchaser's attorney in
accordance with the Schedule attached and marked Disbursement
5ciiedule. If the Purchasers assume and agree to pay the Sun Bank ,
o~ St. Lucie County mortgage on these two buildings; the balance i
or the purchase price will be reduced accordingly.
10. ihe parties agree that the earnest money deposit of $25,000.00 ,
shall be expended prior to closing by the Seller in connection with
the proiect and be secured by a second mortgage on buildings one
and two.
11. This Contract, in so far as it applies to Buildings 3, 4 and S,
shall be subject to and contin~g~on allnfive buildingssinbtaensum
a Purchase money first mortgaoe
of 80% of the total purchase orice of $670,000.00, araorit~_zed
over 25 years at 9:0 ~er annum in~erest, with a premiun or not over
two points and with a privilege of full prepa obtaintaa:~i~rt~ageWith
`C. out penalty. If the Purchasers are unable to
\ under the above terc~s from a lending institution of tneir ctioosing~
within fifteen days from this date, they shall be obligated to
accept the same terr~s from a lender designated eY Jelleres iall pay tlie
Sellers lender charges more than tcao points, th
the Rl~cess. In either case, the Purchasers shall use two diligence
to obtain their financing as soon as reasonably ;~ossible.
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Th;a ~nst~ument Wes PrepareA SY: . 0 R e~~e~
RICHARD v. ~S~~N• 80GK~~ PACE JJJ
1418 21 s4 Strs~t, V~ro 8~sch, Fla..
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