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HomeMy WebLinkAbout2299 (iii) During the remainder of the option period, Optionee shall pay to Optionor the sum of SIX HUNDRED FIFTY DOLLARS ($650.00) per month on the first day of each month , ~ ;~ ~~~f ~~< commencing . h 1, 1981. There shall be a grace period of ~ ten (10) days in making this oayment. The said sum of $650.00 shall be applied as follows: (a) $350.00 as additional option paytnents; and (b) $300.00 as lease payments for master lease of premises duriny option period ending on March 1, 1983. (iv) In the event Optionee exercises his option to purchase the property, Optionor shall, on March 1, 1983, deliver a general warranty deed conveying the above-described real property to the Optionee. Simultaneously, Optionee shall deliver to Optionor a purchase money mortgage in an amoun~ reflecting the sum af $51,000.00 (Optionee receiving a partial credit in the amount of $3,000,00 for monthly option payments). The payments on said mortgage and the promissory note which it secures shall likewise be in the sum of $650.00, first being applied to interest at th~ rate of FIFTEEN (15$) percentum per annum and the balance being npplied to principal. Upon default, said note and mortgage shall bear iriterest at the rate of EIGHTEaN (18$) percentum per annum. tv) Said mortgage shall be a wraparound mortgage wrapping around the existing first mortqage in favor of Indian River Federal Savings and Loan Association, Vero Beach, Florida. It shall be the obligation of the Optionor (mortgagee) to make the monthly gayments on said mortgage to Indian River Federal Savings and Loan Association and otlierwise keep said mortgage in current status. The Optionor and Optionee recognize that Lhe Optionor is currently paying the sum of $58.48 monthly into escrow for taxes and insurance in addition to paying the regular monthly payment of $308.76. Any increase of the escrow amount required by Indian River Federal Savings and Loan Association shall be borne by the Optionee (mortgagor) and shall be reflected by an appropriate monthly increase in the 5650.00 monthly ' -~- ~,.~,~34~ ~~~,f2~~~