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3. (a) The property is encumbered by a mortgage .
of approximately THREE HUNDF.EG THIRTY-EIGHT THOUSAND SIX HUNDRED
SEVENTY-FIVE DOLLARS ANO NO CENTS ($338,675.00), c~hich 'Mortgage
provides for payment of interest at the rate of ten (108) percent,
and which Mortgage secures a Note of the same tenor dated January
15, 1980, and provides for annual installments of principal '
and interest pursuant to the terms thereof, which the Purchaser
recognizes shall be an encumbrance which the property is to
be subject to at the time of the exercise of the option.
{b) Until the exercise of the option, the Seller
shall keep said Mortgage in good standing, and full force and
effect.
(c) The Purchaser recognizes that the provisions
of the Mortgage shall remain in full force and effect, as same
provides for the release of parcels of the property upon Aayment
of certain sums, as set forth in said Mortgage. ,
4. The Seller agrees to join in all and any instruments
necessary to effect the platting of said property by the Purchaser,
and the creating of the necessary easement and dedications, required
by the Purchaser or any Governmental Agency, and without any payment
therefor.
5. The Purchaser agrees to proceed with the obligations
and privileges for such platting under the terms hereof, with the
understanding that the property, when conveyed, shall be transferred
to such entity to hold title as 'the Purchaser may determine.
6. Notice of election to exercise his option or right
of first refusal shall be given by the Purchaser to the Seller as
hereinabove set forth and such notice of election shall be accc:^paried
by an earnest money deposit representing ten (108) percent of the
total purchase price of the property to be acquired pursuant to the
exercise of the right of first refusal. Title shall be closed and
deed delivered within thirty (30) days from the date of. the notice
of election to exercise said option. The monies for the deposit shall
be held by the Attorney for the Seller.
The Seller shall deliver to the Purchaser the abstract
of title to the property reflecting that the property is free and
clear of all liens and encumbrances, except the existing mortgage
above referred to, and those restrictions, limitations and reserva-
tions presently existing of record on the property, or as modified
by the terms of this agreement. The abstract shall be delivered
within ten (10) days from the notice of intention to exercise the
option, and within fifteen (l 5) days thereafter the Purchaser shall
have raised any objections to title as may be found from an
examination of the abstract; and the Seller shall have sixt}• (SO)
days to correct such deficiencies. This agreement shall be controlled
by the usual provisions of such undertakings as common in the St.
Lucie County area.
7. At time of closing, the Purchaser shall pay the purchase
price to the Seller as follows:
(a) Purchaser s::all receive cr.eait ~~eor. the ctosi.ng
statement for the balance then due on any existing mortgages upon
the subject property.
(b) The cash to he raid at closing shall be subject
to the proration of all taxes, mortgage interest and other matters
affecting the property to the date of closincr.
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