HomeMy WebLinkAbout0907
~
secured by the aforesaid rbrtgages is -~ ~., N~ n t~ h e~ S a r~ /U ~ r c
~;NT~s- __.
' ' ~'j~/ {~,~.~R :~ ~ ~-c ~.-. ~ w o cs_ ~~. 9 7dl~o ) D~11ars. ,.
',~ ~ 2. Simultaneously with the delivery of fully executed copies of
i
this Agreanent, FBIDF~t RFAI,TY, INC. will execute and deliver the afore-
i -
i mPntioned Partial Release of Mc~rt~gage of the p~arcels described at F~chibit
1J .
"B" pursuant t~o that certain O~ntract for Purchase and Sale betw~een
AQ~A RAB~ELi~A AS90CIATES and AQUA RABIIZA, INC., as Sellers, and JOEIIV T.
BI~K, as Trustee, as the Buyer, dated July 9, 1980.
3. In oonnection with the closing of the aforesaid sale, the
Buyer is executing a Non-Reoourse Purchase I-bney Note ar~d I~brtgage for
the approxim~te sum of Fbur Hundred Fifty Zf~ousand ($450,000.00) Dollars,
payable One Hundred Fifty Ttnusand ($150,000.00) D~llars on or before one
year fran closing a~xiadditional s~ns of Seventy Five Thousar~d (575,000.00)
Dc~llars each si.~c rmnths thereafter until the entire balance is paid in •
full, t~ogether with interest at the rate of seven and one-half percent
(7 1/2$) per annun, provided that interest shall rr~t aocrue thereon for
the first six m~nths after closing. Said Nbrtgage shall encu~er the
parcel described at ~hibit "C" attached hereto and made a part herec~f.
Siim~ltaneously with the execution and delivery of said Nbrtgage, the
.
rbrt~gagee5 shall execute a Collateral Assigrunent of said l~bte and l~brt~gage~
in fawr of RYDER RFALTY, INC., as ac~ditional security for the repayment
of the afore~aid Qonsolidated Promissozy Notes. The original Promissory
I~bte shall be delivered to the possession of RYDER RFIILTY, INC. until
the same is paid in full or, upon the earlier payment in full of the
Qonsolidated Promissory l~btes. RYDIIt RFALTY, INC. understands that
said ~llateral Assigrment is subject t,o the Nbrtgag~ors' rights to
obtain Partial Releases upon paym~nt of T~aelve Thou.sarri Five Hundred +
($12,500.00) Dollars for each lot in the encunbered parcel, ar~d further
subject to Mc~rt~gagee's obligation to su}~rdinate said Nbrtgage tA a leriding
institution for construction of houses on individual lots. RYDER REALTY,
INC. pranises to caoperate in praviding said Releases, provided, however,
~
~ -:5;~i'G.^ K. .. .. .. , . .. .
$~345 ~~ 9Q5
;.
~
_ _ ~'fi:: ~s~