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RIDER ATTACHED TO AND FORMING PART OF DEm FROM GENERAL DEVELQPMENT
CORPORATION TO FRED TALBOTT and DIANNA P. TALBOTT DATED FEBRUARY 3,
1981
The grantee (buyer herein) shall be required to ca~mmence construction
of improvements on subject property not later than six (6) months
from date aforesaid. Construction of such improvements shall be in
accordance with recorded deed restrictions and applicable zoning
regulations and shall be pursued diligently to completion. In the_
event the buyer fails to co~ence construction as aforesaid, seller
herein, at its sole option and discretion, may elect to repurchase the ~
sub3ect property for eighty (SO) percent of the purchase price therein
specified. In ttie sent of such election to repurchase, the buyer,
its successors and~assigns, agrees to reconvey the subject property
to seller as herein set forth provided however, that title to the
property when reconveyed shall be free and clear of any liens,
encumbrance, or other defects in title arising out of the buyers . .
ownership~of Che property. Any expenses incurred to eliminate,
discharge, cancel or release encumbrances or clouds on title created
as a result of the grantee ownership, shall be borne by the buyer(s) .
If the buyer fails or refuses to reconvey in accordance ~rith the
foregoing, seller may elect to bring an action for specific performance
and, in such event, the buyer shall~be responsible for all costs
thereof, including reasonable attorney's fees as well as appellate
attorneys' fees.
19SI FEu -9 ~'4~ 12~ 28
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