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ADDENDUM TO STANDARD DEPOSIT ItECEIPT DATED JULY 11, 1978
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This Addendum dated the llth day of July 19?8~ ls attached to and
made part of that certain Standard Depoaft Receipt dated the llth day ~
of Julyi 19?8. ' .
Wherever the terma and oonditions of thie Addendun~ confliat with
or contradict the terme of the Standard Depoait Receipt to which thie ~
Addendum ie attached. the terma of this Addendwa ehall prevail. ~
Within aeven (7) days from the date of execution of thia contract r
by all rties, the urchaser shall depoait an additional ONE THOUSAND i
AND N0~0 DOLLARS (~1~000) with the above mentioned escrow agent to
be held pursuant to the terms of this contraat. i
At closing, the urchaser shall pay the sum of TEN THOUSAND ONE
HUNDRED FIFTY AND NO/100 DOI,I.ARS ($10.150.00) the above two (2) deposita
totalling TWO THOUSAND AND NO/100 DOLLARS ($2~000) shall be a part.
Purchaser shall take title to herein-described property sub3ect to
an existing first (lat) mortgage having the approximate amount of
principal at closing of leas than $4.000.00~ at ?.5~ percent intereat ~
payable monthly in the amount of $148.38 principal and interest. for
approximately 34 months. . ~
Seller shall take back a second Purchase Money Note and Mortgage i
in the approximate amount of TWENTY THOUSAND EIGHT HUNDRED FIFTY AND f
NO/100 DOLLARS ($20~850.00) at eight percent (8~G) interest with thirty ~
t30) day default. The Purchase Money Note and Mortgage shall be =
payable as follows: • _
- 1. Two (2) equal annual payments of interest in the amount ~
of ONE THOUSAND SIX HUNDRED-SIXTY EIGH2 AND NO/100 ~
DOLLARS ($1,668.00) each commencing one (1) year from ~
. * date of closing. ~
2. Six (6) equal annual payments of principal and interest
Said payments shall each be in the amount of FOUR
THOUSAND FIVE HUNDRED TEN AND .2?/100 DOLLARS ($4,510.2?)
commencing three (3) years from closing. _
Promissory.Note and Mortgage shall be in a form acceptable to
purchasers attorney. The Promissory Note and Mortgage shall provide ~
that the maker thereof shall incur no.personal liability as a result :
j of execution thereof, and that upon a default in the Purchase Money ~
~ Note and Mortgage, the holder will not seek or be entitled to any
~ personal money judgement or deficiency decree against the purchaser
~ and the holder will look solely to the land encumbered by the payment
' of the indebtedness. Pre-payments, in full or part, shall be allowed
~ at anytime after the calander year of closing. without penalty.Any
~ prepayment shall be applied in anticipation of the next ensuing j
~ payments due on the note which this purchase money mortgage secures. ~
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~ The mortgagee shall fully cooperate and consent to and join in the :
execution of any plat or plats of the property encumbered by said t
~ mortgage for the purpose of dedicating such streets and/or easements ~
~ as may be required by any governmental authorities having jurisdiction
~ of the platting of said property and shall fully cooperate with
mortgagor for any.other purpose relating to the development of all or
~ part of the encumbered property provided that it shall be at purchaser's
expense. #
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~ Purchaser shall have the right to obtain a survey of the subject #
fi property, at purc~aser•s expense, prior to closing, prepared by a :
° recognized land surveyor doing business in St. Lucie County, Florida. ;
' If said survey reveals more than or lesa than 10.00 net acres of land,
~ the purchase price shall be adjusted on the basis of TNREE THOUSAND-
= FIVE HUNDRED AND NO/100 DOI,I,ARS ($~.500.00) per net acre. Also, the
` dovm payment shall bc adjusted to equal twenty-nine percent (2996) of
~ the ad3usted purchase price and the Purchase Money Mortgage and Real .
~ Estate Brokerage Commission shall be adjusted prorata.
~ *All payments in Purchase Money Mortgage are based upon a
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principal amount of $20,850.00. If Purchase Money Mortgage
; is more than or less tan said ~20~850, due to the fact the
~ principal amount of the exestin~ first (lst) Mortgage is
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