HomeMy WebLinkAbout2984. (iv) At any tin~e ~uring such lawsuit or any appeal ~"' ~
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thereof, ~uyer may, ~t its sole option, yive naticc to Seller . -
, tiiat it does not wisl~ to proceed witli sucl~ litiyation, in which
event, the Seller must comi~ly with Paragraph Sfe)2 hereof
in Cl~e s~me manner as it Seller had yiven tlie noticc described
in Parayraph 5(e)2.
6. t~leth~d of Paymenl- ot ~urchase I'rice. Tlte Purchase Price
sliall be ~~ayable aC or ~rior to closiny as follows:
( a) `l'he sum o f One !lundred Thousand ( U..S .) Dollars
(S100,000.00) by check as a deposit ("Deposit") which Deposit
is to be E~aid• unto Cscrow on the date this,l~grcement has bcen
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siqned and delivered by and between the p~'rties hereto and
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anci whicl~ Deposit sliall bc placecl in an int~re$~:~b~ariny account
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with a Federally Charterecl IIank with interest to accrue during
tlie term o~ ~his 1lgreement to be paid to Duyer except as pro-
~ vided in Parayrapli Cleven set forth hercin. The Deposit
sh~ll be credited on accounL- of the Purchase Price at closing.
The Deposit shall be invested as is muL-ually agreeded by I3uyer.
and Seller.
(b) The further sum of hine llundred Thousand (U.S.)
Uol~lars ($900,000.00) in casli or by certified check, subject
to ~cljusl-ments on closiny, Lo be ~~id l-l~rouyh L•'scrow by 13uyer.
(c) Purch~se t4oney Tlortgage in the amount of Nine Million
(U.S.) Uollars ($9,000,000.00) payable as follows:
1. Interest shall be payable in cash or by check
semi-annually at Seven anci one-half Perccnt (7.5$) per annum,
thc first payment l~einc~ due six months from the execution of
t:ic mortc~ayc.
2. Uc,fcr.rc~! inlcresl- o» tl~c ~~rinci~~~~l ~inwunl- sliall
~~ccrue ~ l- Seven ancl onc-lia l f Percent ( 7. S e) per annum which
accureci interest sl~all be due and payaVlc at the end oE the
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