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~ cal lc~d f.c~r 1?~rc:i n;;;i~ill Lcr ~~1,~~~E~le ~tis foll.ows:
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~ (a) ~J.'i'iF`~1'Y-NIN~: PL•'R CE'~T (29~) of the purchase
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price sh<<11 b~ pa~d in cash ak tim~ oi closinc,~, of t~hich
the above dep~sit shall bc a part. 1111 prorations ~nd ~
f
~ expenses oi sale shall affect the cash reguired at time
of clo~ing. - •
(b) The remaining balance of the purchase price
~ shall,be in the form of a non-liability promissory note. ~
or notes secured by a purchase money mortgage, v~hich..shall .
be a first and prior lien upon all of the property to be-~
sold and purchas~d hereunder,bearing interest at the rate '
of 8~ per lnnum, payable in four equal annual install- . t
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ments of prin~ipal, plus accrued interest on the unpaid '
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principal_ balance, with t~iz fir~t annual principal and ~
interest payr.iznt being due and payable one (1)~ year vfter
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date of closi~Yg. Said note(s) and mortyage shall be prepay-
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able, in whol~ or in part, at any-time aftcr January 1, t
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1977, without p~~nalty and, further, shall provicle that !
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the maY.ers thercof sh~ll not be h~ld personally liable
for i:he indebtedness evicleneec: thereby, it being under-
stood ancl ayreed that thc~ ~ayee-riortgagee (Sell~r) shall
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~ loak solely to the lancl encumbered l~y the purchase rnon~y ~
mortyage for its security of saicl indebtedness. ~
€ The purchase money mortqaye shall further ~
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4 providc for the relc~~sc~ of l~~nd from the la.~n thereof
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; on the fo].lo4:iny basis: " ~
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! ~ (1) I'rom ~incl atter Janu~iry 1, 1~77, mortyagee
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- shall rc~lc~~ise proE~~rt~? from the licn of the piirchase
money T~iur tc~ :r,e uPc~n ~~~zymc~nt of ~e ~um equal to One
~lund re~cl 'i :rc~;~ ty ~~c r Cc•~ti t(17_ 0'~ ) o f thc mor tgacJc
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' 1,<<l:,r~c~~ .:t_ th~ t..i.,~~:~ c~f such r.c~lc~s,;c divi.d~cl by the '
nur;~h~~r c,, ~~ci-c~_; t t~~.r~~ ~nc~c:;L~~rc~cl hy :;a id tnor~gacJe -
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! fe~r e•.:c?i ~~_-r~• t:e~ h~• rc]e-:e~;C~ei. '
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