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or deliver same to Buyer.
Seller shall execute a Warranty Deed for Parcel
Two, that being the three hundred acres, more or less of land
surrounding the golf course and shall deliver same to Norman
A. Green, attorney at Law, as Escrow Agent, to be held by
the Escrow Agent until December 8, 1981, and shall be recorded
by Escrow Agent upon the tendering of the down payment and
the tendering of execution of a purchase money mortgage by
i Buyer to Seller as below described.
~ 3. The purchase price for Parcel ~o shall be ONE
MILLION FIVE HUNDRED SEVENTY--FIVE THOUSAND DOLLARS ($1,575,000.00)
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to be paid as follows:
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~E (a) Upon the date of clasing, which shall be
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(~ December l, 1981, Buyer shall pay to Seller a down payment
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'~ of ONE HUNDRED FIFTY-SEVEN THOUSAND FIVE HUNDRED DOLLARS
($157,500.00).
(b) Buyer shall execute to Seller a Purchase Money
Mortgage in the amount of ONE MILLION FOUR HUNDRED SEVENTEEN
THOUSAND DOLLARS ($1,417,000.00) payable in ten equal annual
payments with interest being determined for each payment as
of the due date of each payment at the same interest rate
as the Federal Land Hank, or twelve percent (12$) per annum,
whichever is higher on said payment date. There shall be
no pre-payment penalty on said Purchase Money Mortgage. The
said Purchase Money Mortgage shall provide for partial releases
of tracts of land within the 300 acre, more or less, tract,
known as Parcel R~ao and each annual mortgage payment or any
other payment reducing principal shall act as a partial release
of mortgage as below determined. Buyer shall obtain releases
from the mortgage of parcels within Parcel Two as follows:
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The down payment of ONE HUNDRED FIFTY-SEVEN
~ THOUSAND FIVE HUNDRED DOLLARS ($157,500.00) shall be app2ied
'; to the first release obtained from Seller, said release and
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i any subsequent release to be applied at one hundred f if ty
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~; percent (150$) of the assigned value of each lot within said
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