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B. The Seller hereby agrees to take back a purchase
money Second Mortgage for the balance of the purchase price
being approximately X19,000.00, said Mortgage to be prorated
over a Twenty-Five (25) year period at the rate of 13K interest
and becoming due-and payable within Five (5) years from the date
of purchase.
Buyers may exercise this option by giving Seller written
notice thereof at the last known address provided to the Buyers
by the Seller, or to the Seller's agent ALLO REALTY, INC., on
or before the time herein set f'or the expiration of the option.
The Buyers may exercise this option at any time prior to the
expiration of the One (1) }?ear period without penalty. Further
the Buyers may prepay the purchase money Second Mortgage to be
held by the Seller at any time prior to its maturation date with-
out penalty.
It is agreed between the Seller and Buyers, that the
Buyers shall be entitled to immediate occupancy of the subject
premises, upon the execution of a rental agreement with the Seller's
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agent, ALLu REALTY, INC., wherein the Buyers shall pay a monthly
part shall be credited
~ rental of $425.00 to the Seller of which no
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to the purchase price.
• Seller shall have obtained or shall obtain prior to the
closing hereof' an Abstract of Title certified to at least the
date of closing, that Abstract showing good and merchantible title,
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subject only to this agreement, taxes and assessments not yet due
~ and payable, and such easements, restrictions, reservations and -
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other related items of record:
Title in the aforesaid property shall be and is reserved
-to the Seller, her heirs, executors, administrators, successors
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and assigns until t-ull performance by the-Buyers as required here-
under. Upon full performance by the Buyers, the Seller shall de- ~
liver to the Buyers a fee simple title to the property, by general
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} Warranty Deed, r'ree and clear of all liens and encumbrances, except
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