HomeMy WebLinkAbout0856 • s.
and holds harmless the parties of the second part for any costs .
or expenses incurred by the parties of the second part with
regard to the above-described second mortgage held by Donald J.-
McDonald and Sandra J. McDonald, his wife, due to the failure of
-the party of the first part to provide the parties of the second
part with an estoppel letter or due to variances in the outstared-
ing principal balance from that set forth herein; provided further
i
that the parties of the second part covenant and stipulate that they
t
or their attorney have read the terms and conditions of the promis-
sory note and mortgage securing repayment thereof held by McDonald
and understand that in connection therewith,. said note calls for 1
variable payments together with a lump sum payment during the term
thereof which they will agree to pay and abide by if such variances
or lump sum payments are demanded.
Nothwithstanding the above Agreement for the party of the
first part to convey fee simple title hereunder only upon payment _
of the entire above-stated purchase price, in the event the parties
of the second part obtain refinancing with an institutional lender
sufficient to satisfy the above mortgages held by First Federal.
j
~i McDonald and Nelson, the party of the first part agrees to convey
i the subject property via warranty deed to the parties of the second
E
part and in partial consideration therefore accept a purchase money
i
promissory note and mortgage for the balance of the purchase price
{
containing the same payment terms as set forth herein for the bal-
ance.of the paymetts to be made hereunder, and the party of the
first part agrees to hold such mortgage as a second mortgage lien;
t
provided, however, that the party of the first part's agreement to
accept the aforesaid promissory note and mortgage and to have it
as a second mortgage lien on the above-described property is con-
3
ditioned upon the first mortgage lien being held by an institutional ~
s
lender and is conditioned further upon all funds obtained from such
institutional lender, after closing costs, being applied as follows:
(a) First to satisfy the above three mortgages cur-
,
rently on the subject property;
(b) The next $40,000 of loan proceeds remaining after
satisfaction of the three existing mortgages shall be available
to parties of the second part, for repairs and improvements to the
` subject property.
_3_ B~~K334 P~~ 855
_ - -