HomeMy WebLinkAbout0854 4. TWBNTY THOUSAND BIGHT HUNDRED and No/100 DOLLARS (520, 800.00)
secured by a promissory note and Purchase Money Third Mortgage, given by Purchaser
to Seller, said promissory note bearing interest at the rate of twelve percent (12$) per
annum. shall be payable as follows: Payments of interest only in the amount of 1208.00 '
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per month for three (3) years commencing one month from date of closing, with a balloon
principal payment due at the end of three (3) years of 120.800.00 plus accrued interest. }
5. SIXTBBN THOUSAND FIVE HUNDRED NINE and 69/100 DOLLARS (116.509.69)
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in cash. certified funds or cashier's check upon execution of this Agreement for Deed
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(or such greater or lesser amount as may be necessary tD complete payment of the
purchase price after credits. adjustments and prorations) .
Commencing the 1st day of October . 1980. and on the 1st day of each and
every month thereafter. Purchaser shall remit to Seller at his above address. or at
such other address as Seller may from time to time request. the sum of 5450.48. said
sum being the total of the monthly payments of principal and interest as provided for
in the above-described first and second mortgages held by First National Bank and
Trust Company of Stuart. Florida. In the event payment is not received by Seller
on or before the fifth (5th) day of each month. Seller shall be entitled to recover a ,
late charge from the Purchaser in the amount of four percent (4$) of the monthly pay-
.went which is delinquent. Seller shall timely remit to the mortgagee the payments
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on the first and second mortgages as they become due.
Further . Purchaser agrees to assume the responsibility for the regular quarterly
condominium association assessments. together with any increase in said assessments
or any special assessments that may be made or levied by the condominium associa 'o .
As of the date of this Agreement for Deed. the regular assessment for the-~r~ q ar r
of calendar year 1980, including any special assessments, have been prorated between
the parties .
Provided payments are timely made by the Purchaser, Seller warrants and rep-
resents that they will keep current and in good standing the above-described first and
second mortgages and that they will not refinance or renew said mortgage or otherwise
further encumber the above-described real property while this Agreement for Deed is
in force and effect. In the event either or both of the said mortgages are permitted to
become in default solely at the responsibility of the Seller , Purchaser reserves the right
to withhold any further monthly payments due hereunder until such time as the default ~
has been cured and any such withholding of any payment by the Purchaser upon such
conditions shall not be a default byr. the Purchaser under this Agreement for Deed.
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