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HomeMy WebLinkAbout0426 i ~;s~63'7 AGREEMENT Th1s Agreement dated this ~o da~y of ~ 1979• by and between Helene A. Schweiger and Ethel M. Rose. WNEREAS the Parties hereto have contracted to purchase a condominium ~ $ unit located at Burgandy D, Apartment ~163, Kings Point Condominium, Del Ray Beach, Florida for a purchase price of ~24,490.00, plus closing costs; and ~ WHEREAS the Parties-desire to agree in advance as to the obllgations of each Party w~th respect to title, pa~yment, upkeep and rights of acqulsition of the other Party's lnterest in said condominium. ~ NOW THEREFORE consideration of the foregoing, ~10.00 and other good and valuable considerations receipt of which is hereby acknowledged and the Parties agree as follows: 1. The Parties shall acquire and hold tltle to the.af~resaid condominfum unit, each as to an undivided one-half interest as tennants in comnon. 2. Each Party shall pay one-half of the purchase price and closing costs to acquire said unit. ~ 3. Each Party shall pay when due one-half of all mortgage installments, insurance, taxes, repairs, maintenance fees, recreation fees and all other costs associated with the maintenance, upkeep and ownership of this unit, including any assessments~by any government agency, taxing agency or condominium association. 4. In the event that either Party for any reason cannot pay her equal ~I ; share of such expenses, then at the time such expense payment is due, the Party i ` not paying same, shalt make and deliver a promissory note to the other Party ~ ; hereto for such amount and the Party receiving such note shall pay such expense ~ The note shall bear interest at the rate of ~ per an~nn ~ item in full. and shall be due and payable in full three months from the date of such note. 5. In the event such note is not paid in full on or before the due date, ~ then the Party holding such note shall be vjrtue of this Agreement and the promissory ~ ~ ~ note evidencing the aforesaid i:?debtedness, have the right to acquire from the ~ ~ other Party hereto all of her right, title and interest in and to the afaresaid ~ ~ condominium unit at a price equal to one-half of the original gross cost of such un9t, less the amount of indebtedness owing on the aforesaid promissory note. ~ ' Upon notifying the other Party hereto of her option to purchase that Party's ~ N ; - ~ ~ ~ ~ ~ : U P ~ g~~!! Vl1 ~af ~ 4~ _ F- ~ ~ r ~ i~i i~~ ~w.. .3.4r° i.N+,e43-+"F ~sa«'`' . . . . Y 3