HomeMy WebLinkAbout0031extended coverage insurance on the Mobile Home plus the flood
insurances the value on each said policy shall be the highest
insurable value or $13,900.00 whichever is lesser, with it
being allocated $12,900.00 for the Mobile Home and $1,000.00
for the contentst Vendor shall be carried on said policy as
his interest may appear and Purchasers shall furnish Vendor
with proof of payment and ~a copy of said policy at least ten
(10) days before the expiration of any~said policy.
7. The parties hereto recognize that the above-
described real property is currently encumbered by first
mortgage held by Albert R. Schneider and Louise Schneider,
his wife, dated January 19, 1979 and recorded in Official
Records Book 302, page 1033, Public Records of St. Lucie
County, Florida. In the event that the Vendor shall fail to
comply with all of the terms, provisions and conditions of
the first mortgage so as to result in a default thereunder
and a foreclosure of said mortgage, then, _ in that event, the
Purchasers shall have the right.to pay off the first mortgage
in full and purchasers shall receive a credit against their
obligations due under the terms of this Agreement for all
payments of principal, interest, court costs and attorneys
fees incurred by Purchasers in terminating any such fore-
closure proceedings and paying the mortgage holders in full.
Furthermore, in 'the event that it becomes necessary for
Purchasers to pay mortgage payments directly to the first
mortgage holders in order to prevent a default in said
mortgage, any such payments shall be cred:.ted against the
obligations owed by Purchasers under the terms of this
Agreement for Deed.
8. The time of payment shall be of the essence and in
the event of any default in payment. of any part~of the
purchase money as and when it becomes due or in the per-
t~~
~= ==. ,.~
~.'
=.