HomeMy WebLinkAbout1945 The Lessee shall have the option to purchase the leased
property said option to be exercised no earlier than March 20,
1981, with the closing on the property to be between April 1st
and April 15, 1981, as mutually agreed upon.
The purchase price shall be One Hundred Seventy Thousand
($170,000.00) Dollars. The option shall be exercised unless
the Lessee shall give notice to the Lessor in writing at least
fifteen (15) days prior to March 20, 1981, that the Lessee is
not exercising the option. The Lessor shal furnish to the Lessee
after March 20,1981, an abstract as prescribed on a contract for
sale and purchase, a copy of which is attached hereto and incor-
porated by reference herein. The Lessee and Lessor shall, after
March 20 and before April 1, 1981, execute a formal contract of
sale which shall provide that the sale shall be One Hundred
Seventy Thousand ($170,000.00) Dollars, with credit being given for
the Fifteen Thousand ($15,000.00) Dollars paid hereunder for the
option. The Seller shall take back a purchase money mortgage in•the
amount of One Hundred Fifteen Thousand ($115,000.00) Dollars
amortized over twenty-five (25) years in equal monthly payments at
an interest rate of eleven per cent. The balance of the purchase
price shall be paid in cash at closing. The contract shall provide,
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among other things, that the property shall be conveyed by the
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Lessor to the Lessee free and clear of any mortgage or any other
encumbrance, and that the transfer of the property by the Lessor
~ to the Lessee shall be effected by a full covenant and warranty
deed. This option shall be"a covenant running with the land
described above, and no conveyance, transfer, easement, or en-
cumbrance of such land shall defeat or adversely affect this option.
This option is entered into by the parties hereto on behalf of
themseleves, their heirs, successors, and assigns.
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