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6) TITJ.E IHSURANCC: The Scllcr~: herci~i shall furnish and
providQ for the 8uyer a tikl~ insurance binder and Citle insurance •
policy issued through thQ Lawyers Title Insuranc~ Cor~~oratioi~ of
virginia in licu of an abstract aq called for undcr ~~ar~~~ra[~1~ "A"
(~vidence of title) o[ the stanclards of the real estate trans~-,ctions
oE said contract, said title insurance will be furnished within .
forty-five (45) days after the Courts' approval ancl zoning ancl plattinq
approvals have becn obtained as called for u~der paragraphs 1 and
2 of this Addendum.
7) CLOSING UATE: It is ayrced betwr_en tl~e principats ~hat
the date of c:losiny shall be within thirty (3t)) days, at th~ o~ti~n
of the Buy~r, after obtaininq Che ~iecessary a~~raval. as c~lle~l for
under paragraph I and 2 of this Addend«m arid Chat TIHF IS OE ';Ill:
ESSC~CL•'. Closi~g shall take place at the offices Law;?ers Title
InsuraRCe Corporation, Title Security Company of Fort ~ierce Division.
R) This contract must be accepted by the Sellers and notice
of said acceptance must be furnished to the [3uyer by P.+1.,
on , 1977, otherwise said contract
is null and void.
9) It is agreed between the principa?s hereto t:hat thc check
representing the deposit monel shall bc held and ret~iined in the
file of Medalie & Starr, attorneys, until said con~r~ct is accepted;~
and thereafter, said check will be immediatcly dcE~osited in the trust
account of said Medalie b Starr and held thereto I>>rsi~ant o the
terms of this contract. ~-n~~~ ~~~•t'~c~.: ~ h.~ C.c.,~.~~: !~~~i~~
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lU Seller aqrces to take back a Purchase t4oncy FirsF Moxtqaq
in the-_ iginal principal sum of $150,000.00 whict~ shall be paya e
in five equal annual payments with interest at the ratr. of cight
(8B) per cen_ per a~~~?~m on the unpaid balance. The f irst p r~enL-
sha12 be due~a~ payable one ycar from date of closing. ~e Promissory
Note and Mortg~ge shall ~ontain a thirty (30) day d~fa~ clause
with interest at th rate of nine (9~) Qer cent per. ~ num upon any
sums in default. The romissory Note may be prc~a' in part or in
full at any time withou . enalty.
The mortgag~sha .1 i~1~~rt ~r providc for ~artial relea~;es in
incremen s of not les~ t,~n te~ (10) acr upon- the payment by the
mortgagor~f $~G7 ~0 ~~r acre L- thc ort~agee upon any portions
of sai`~/ ~oper~y r~un{~ted to be re ~sed by thc mortgagor. All
pa men V~ of ~~,1in. al ~hall apply dw d partial relcases and all
pr~p~
(d~nts o~ p~~inc~al shall ply to•. e next annual installment
of pr "ltcip ~ be~mii~g due. ' .
~ The~~ilure di thc rtgaqor to rec~uest a_lease shall not
be cpnstr ed as a'r?ai r of said mortgagor's righ to do so at any
time subsequent to e required payment. .
The Sell~~ agrees that the timc of closir~g to furni i Auyer
a partial r~ ease of tl~e mortgaqe of that portion of the s iect
property at lies Nortl~ of divisional canal C-2a which is mo e
partic~ arly described as Lot 4 N of C-24 as indicated in Exhib
AA a ached hereto.
11) Seller shall have 120 days to cure any defects in title. ~
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Seller shall pay for the required docunentary stamps and sur '
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