HomeMy WebLinkAbout2300
payment due and payable under the Option purchase money
note and mortgage by the Optionor (mortqagee) and Optionee
(mortgagor) .
(vi) The purchase money r.iortgage, to the extent
that it's principal balance exceeds the then existing balance
of the underlying mortgage to Indian River Federal Savings and
Loan Association, shall be due and payable in full on or before
March l, 1991. Upon such payment in full, said mortgage will
be satisfied and Optionee (mortgagor) shall then continue to make
the payments due under the mortgage to Indian River Federal
Savings and Loan Association until it is paid in full.
3. Within ten (10) days of the execution of this Agree-
ment, Optionor shall deliver to Optionee a title insurance
commitment showing insurable title in the Optionor subject only
to the lien of the mortgage to Indian River Federal Savings and
Loan Association. If there are any objections to insurability
Optionor shaZl have fifteen (15) days to cure same.
4. Upon payment of the sum of FOUR THOUSAND NINE HUNDRED
DOLLARS ($4,900.00) in accordance with paragraph 2(a)(ii) above,
this Option Agreement shall be recorded in the Public Records
of St. Lucie County, Florida, following which Optionor shall
issue a title insurance policy insuring the interest of the
Optionee.
5. Any payment of documentary stamp tax, intangible and
recording costs shall be in accordance with the normal practice
then in effect in St. Lucie County, Florida.
6. Upon the payment of the sum of FOUR THOLiSA23D PJT_NE
HUNDRED DOLLARS ($4,900.00), in accordance with paragraph
2(a)(ii) above, Optionee, as master lessee of premises as
aforesaid, shall be entitled to possession of the premises and
shall be entitled to rent the premises for her own account and
shall be entitled to all profits therefrom, provided that this
Option Agreement is still in force and effect. Rents shall be
prorated as of March 1, 1981, with appropriate adjustment
-3- ..,~x34~ r~.UE2~9~
~