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(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
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~~< 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 '
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