HomeMy WebLinkAbout1703 i
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shall be paid 'oy a purc~k?se r:,orey note and secor.d
r~.ort~age to t:ze Seller at tir:.e of closing. bearir:~
ir.terest on t~.e balance rer~?a~nir.g from time to tirr,e "
unpa~d a~ ~he . rate of four per cent (4`~) per annum,
~nterest payable ser~,i-annualiy, tre first ihterest ,
pay^~lent payable s~x (6) ~r,on~hs from date of closing; ~
and wit:~ princip~l payable ir. eleven (11) equal con=
secutive ar.r:ual ir,s:.allr.:ents, ~Y:e first install~r.ent
oi p»incipal to be payanle two (2) years after date
o~ c~osi:.g. Said :~ote. and r.?ort~age s'r:all contair.
;,'r.e priv~lege of prepayir~~ the vir:ole or ar.y part o~ ~
tr.e unpaid bala::ce of the ~ndebtedness at sny tir^.e
witnou~ penal ~y , provided tr:at nct r.^.ore t:~.an twer.ty-
n~:.e per cent (29~) of t'r.e purcr,ase price is paid
~n tze calendar year oi sale. Said note and mort-
~a~e shall cor,tain a t:zirty (30) day grace period
~r; the eveat of cefault. Sa~d not and mortga~e s'r.all
pr~v~de tr~at liab~l~ty for paymer.t tnereof sr,all be
lir^.ited to the mort~aged property and tr.at tY:e Nio: t-
gagor s.~ll r.ot o~herwise be individ~aally or person-
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i ally liab? e for t:.e payr=ent thereoi and that no de-
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~ ficiency dec: ee sh.all 'oe entered against the Mort-
~ gagor ir~ case of a foreclosure of said mort~age ar~d
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~ any jUdgr;.ent on t~.e r.a;.e shall be restricteri in its
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iier. opera~ior. ar.n effect to •the property described E
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ir. tne mortgage se cur~r.~ said note . Said mortga~e • ~
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s::ai~ provide that ~ ~ s::all be subordinate anci in-
ie: ior to such r.ew mor:.~age ( not m.ore than one ) as
~ra~ be placeci o:: sa~c ~r~Fer~y by the Buyer r.ot ex-
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ceed~ng Lhe a:~•~:.r.~ ~
~ ' e ~,ort a ee i
A:~u ~O;~LkRS (5~,2~J,~G~.^v~~ , and g g r
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~ e p~rc:^.ase r..o ;ey :~:ort~age rerei:: provided for w~~.~ ~
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" exec~:te s~ch :::~.s:.: ~.:.:.e~;,s as .:~ay ce reouired by sa~d
4. rew ::,or;,~a~ee ~o ass~re suc: subordi:lation. ~he
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