HomeMy WebLinkAbout2282 2. The Purchaser, in consideration o£ the sale,
transfer, assignment and delivery to him of said property, the
receipt of which is hereby acknowledged, hereby agrees to pay
or cause to be paid to the Seller for and during the full term
of his natural life the sum of One Thousand Four Hundred Dollars
($1,400.00) per month. Payment shall be made on the fifteenth
day of each and every month, with the first payment due and pay-
able on the fifteenth day of August, 1975~and on the fifteenth
day of each and every month thereafter for the natural life of
the Seller, with the last payment being made on the fifteenth day
of the month after which the death of the Seller shall occur; it
being distinctly understood that such payments are to be only for
and during the natural life of the Seller without regard to
whether the aggregate amount paid be less or more than the fair
market value of the said real property.
3. Any annuity payment not made by the Purchaser here-
under when due shall accumulate interest at the rate of six percent
(o$) per annum until paid and such unpaid installment or install-
ments shall constitute a debt of the Purchaser immediately due
and payable above and in addition to his obligation to make pay-
ments solely for the life of the Seller.
4. The Seller hereby covenants that out of the monthly
C
payment described above he shall allot Two Hundred Dollars ($200.00)
thereof to the ayment due on that certain mortgage dated January
p
12, 1971 from the Seller to Lillian B. Reed which is recorded in
Official Record Book 189 at page 2035 of the public records of St.
Lucie County, Florida so long as there is remaining unpaid any
principal on the note secured by the described mortgage.
5. The parties hereto agree that the present fair market
value of the real property hereinafter described on the attached
3
~s exhibit and hereby transferred is One Hundred Forty-six Thousand
LAW OFFICES BOOK ~U4 PACf
WILLES, BITTAN & WILLES ~ V
P. O. BOX 30>a
4,
FORT PIERCE, FLORIDA 93LSf0
I
_ 1