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RIDER ADDENDUM constituting a part of vontract
between SIGNATURE INVESTMENT CORPORATZON as
Seller and DANIEL ROORIGUEZ, as Buyer, of lands
in Okeechobee and St. Lucie CouAties, Florida. '
TERMS AND CONDITIONS OF SALE: - _
PURCHASE PRICE:
1. Purchaser to aec-ept title subject to a first mortgage with Federal Land Bank - _
in the approximate amrx~nt of S1,253,662.33. Seller will obtain Federal Land Bank's '
consent to the eoMeyance. P~u~chaser will buy from seller the minimum number of
Federal Land Bank shares that Purchaser would be required to buy if P:urhager
qualified to assume the loan, at the bid price effective at the end of the day on
date of closing, payable within one year after closing. Purchaser will also assume
the existing mor-tgac~s and notes with Cletus, Bailey and Fowler in the approximate
aarou~t of $641, 667. Seller represents there is no provision for d~aaiging the
interest rate of said mortgages in event of conveyance. If the principal balances
the existing mortgages are less than the amo~u~ts stated above, the differenve
- will be added to the purcfiase moray mwrtgage.
Seller to take back a urchase mone mort a e and note in the
P y 9 4
~'.I amount of S200;000.00 which mortgage shall bear interest at the rate-
of 83 per sent pe'r annum and shall be payable in yearly installments
~ of S20,000.00 towards principal, plus interest on the unpaid balance. -
Payments to begin one-year after closing. The balance of the purchase
price out of which the above deposit shall be a: part thereof shall be
paid in cash or cbshier'a check at time of closing.
3. The purchase money mortgage shall encumber-only Sections 6, 7, 18,
and the lands in Okeechobee County, It-shall require Seller as mort-
cjagee to release land from the mortgage as requested by mortgagor for
payments or prepayments of principal, subject to the following res-
trictions: (a) Releases shall be made only while mortgagor is not in
default in the payment of- principal or interest; (b) release price
shall be 1253 of original mortgage burden per acre; (c) minimum release
at any one time shall be 80 acres; (d) iand seleased--~hali be con-
tingous with land already frees of the purchase money mortgage; (e) the -
land in Okeechobee County will not be released until after Sections 6,
7 and 18 have been released. While any land remains encumbered, mort-
gagee shall have a right of w.~y over the released lands giving access
to the encumbered lands.
4. Fach prepayment shall be applied, at buyer's option, to the ins-
~ tallment or installments next thereafter due under the purchase-money
mortgage, or to the final installments then owed on the purchase-
money rartgage. Interest shall accrue at all times on the amount of
principal owed and unpaid. The note will provide that the land encum-
bered from time to time shall be the only security for the payment
thereof .
S. Seller shall convey all rights in the land, subject only to matters -
specified herein, excepting sciecifically oil, gas and mineral lease to
Shell- Oil Co. recorded in O.R. 195, P. 2401, St. Lucie County and O. R.
126, P. 364, Okeecho2~e County. Seller represents there has been no
exploration or development of subject land under said lease
5. If this transaction is not closed within six months-following the
date this Agreement is executed by the Seller, and Buyer, is free fzom
default, as determined by a Court,of Law, then Buyer is entitled to -
recover in full all money he has deposited or paid, whereupon all
~ parties and the escrow agent shall be released from alI further obli-
gation and liability arising out of this Agreement.
7. Del^ted.
a~317 P~~.757