HomeMy WebLinkAbout1121 herein by reference; and . i
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(3) ~~IHEREAS, the party of the first part and the party of
the second part have agreed by their agreemerit of June ,
1975, that the party of the second part shall assume the obliga~
tion to the party of the third part which is secured by the line
on the liquor license; and _ .
(4) WHEREAS, said agreement further provides that after
the assumption, by the party of the second part, of various
other debts and obligations of the party of the first part, the
balance of the purchase price of said business shall be paid to
the party of the first part in cash at closing;
THEREFORE, for the reasons cited above, and in further ~
consideration of the mutual covenants contained herein~ the parties
hereto hereby agree as follows:
(1) The party of the second part shall assume the obligation
of the party of the first part to the party of the third part,
which is evidenced by the Security Agreement and Promissory Note
dated January 18; 1974, and which is secured by a first lien on
the State of Florida Alcoholic Beverage License No. 66-5, and shall
become primarily responsible for the payment thereof to.the party
' of the third part, unon the following terms and conditions:
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~ (a) The balance due thereon, in the principal amount
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i of S18,432.81, shall be repayable by the party of the second part
~ over a period of thirty (30) months, by monthly installments of
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~ $684.95 per month, the first installment of which shall be due
and payable on August 9, 1975, with subsequent installments due and
~ payable on the like day of subsequent months, until the said ~
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obligation shall be satisfied in full;
.(b) The said $1,855.28 accrued interest on said
obligation shall be paid to the narty of the third'part in cash,
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~ or equivalent, at closing;
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~ (c) Otherwise, the terms and conditions of said obli-
a
~ gation shall be the same as provided for in the original Security
~ A reement and Promissor Note between the art of the first art
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~ and the party of the third part.
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