HomeMy WebLinkAbout1906 - . . ~ ~ c,
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~ AGREEMENT
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This Agreement made and ente.red in to this 1~day of June.
. .
19?5, by and between G. G. S, CORPORA'~'ION. a Florida cai•poration.
~ ~ hereinafte~ called khe Corporation, and JOSEPH G. GERLAK, herein-
after'~called Gerlnk. ~ `
WITNESSETH: ~ ~
~~HEREAS, the Corporation is about to purchase certain lands ~
~ tocated in St. Lucie County, Fiorida, described on Exhibit "A" a~tached
- hereto; and ~ ~ _ ~ - '
WHERE~S, Gerlak is advancing $90, OOQ. 00 for the purcha~e of
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said lands~ and has alreacly advanc~d the sum of $
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_ in connection with land acquisiEion and land improvements; and _ ~
_ ~ - . _ ~
- WHEREAS, Gerlak may ad~ance additional sums in Ehe future; and -
~ WHEREAS, all of said sums have been advanced ta the Corporation;
and , _ -
- WHEREAS, Gerlak is entitled to be repaid all sums advanced out
of the fir~t draw on the construction loan for the purpose of erecting -
_ a medical building on the property described on Exhibit "A"; and
WHEREAS, Gerlak desires to protect this investment in the event
- that said construction loan is not made; _ ~ _
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• NOW, THEREFQFtE, .it is agr~ed as foltows:
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~p ~ 4 ~ ~ . ~ _ . . - ~ - . - . - _ - .
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Y p.~ ~ 1. . Gerlak shall be entitled to be repaid ali ~ums laaned in -
d
~ ~~~yff twi. C {.y . $ - " . . _ - . .
u 4C i.~ H ~ ~ ~ ~ . . . . . ' . . .
T~~ n advance as described above` on the first draw on a construction -
~Y.. ON 6 i~ . - . ' . .
W y p ~ . . . . . .
Nap 4y ~ • _ - - -
~ loan mortgage to be placed on the abave described properEy.
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2. In the event that a construction loan mortg~ge in the minimum
amount of $500.000.00 is_ not placed on the subject property on .
_ or before six (6) months before date then in that event tY~e ~
, - Corporatian upon demand of Gerlak shall forthwith con~=ey the ~ _
subject property to Gerlak by General i~4~arranty Deed free and -
- cZear of ail encu7nbrances. ~ _ . - ` ~
_ ~ - _ - 3~ ~ _-501- D~ 7y -soc}/
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~ . $o~c~~ - _ _ .
McROSERTf A FRNHItlAN, CHARTEREp, ATTORNEY~ AT 1.AW. STUAM, FLORIDA
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