HomeMy WebLinkAbout0855 54,476.42 - payable in monthly installments of $410.92,
including interest at 8~ per annum, directly
to Donald J. McDonald and Sandra J. McDonald,
his wife, via certified or cashier's check
or money order, naming North Beach Apartments
as remitter, on the first day of each month,
the first of which payments was due and made
on or about June 1, 1980 by the parties of
the second part, until the outstanding balance
of that certain second mortgage held by said
McDonalds, which was $54,476.42 as of June 1,
1980, is paid in full.
17,646.13 - payable to Harold G. Nelson and Alice E.
Nelson, his wife, on September 15, 1980,
in satisfaction of a third mortgage lien
held by them on the above-described. property.
In the event this mortgage obligation is
paid.off prior to September 15, 1980, the
per diem saved by such prepayment at the rate
of $3.089 per day shall-be added to the
installment due to party of the first part on
June 15, 1981.
13,353.87 - payable to party of the first part on or before
June 15, 1981.
50,000.00 - payable in yearly installments of $10,000.00
to -the party of the first part commencing on
June 15, 1982, and on the same day of each
year until the said sum of $50,000.00 is
paid in full.
and in addition thereto, the parties of the second part shall
pay all taxes, assessments or other impositions that may be
legally levied or imposed upon the above-described property
'i
from June 1, 1980 and thereafter and covenant to keep the
buildings and other improvements upon the above-described
property and all personal property located thereon in good
and satisfactory condition and repair, allowing for reasonable
wear and tear during the term of this Agreement, and shall
keep said property insured for its full insurable value with
a reputable insurance company, qualified to write insurance
in the State of Florida and naming the party of the first part
as a loss payee thereon and shall also name the above-described
mortgagees as loss payees:
In the event parties of the second part fail to make
the payments to the above-named mortgagees when due, any. late
0
charges or other fees or penalties assessed thereon shall be
i
~ the responsibility of the parties of the second part and the
parties of the second part hereby indemnify and hold harmless
the party of the first part with respect thereto; provided,
p however, that the party of the first part hereby indemnifies
-2- X334 P~ 854