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ARTICLES OF AGRE~MENT ~
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1~Sade this 16th day of September in the year of our Lord, one thousand
nine hundred and eighty-five betYeen Jerold L. Daugherty and rtargaret
Daugherty, his wife, parties of the first. part, and t~iichael J. Whitmore,
a single man, as to an undivided 1/2 interest, and Sumroeng Soysee, a
single woman, as to an undivided 1/2 interest, parties of the second
part,
wITNESSBTfl: That if the said parties of the second part shall first
make the payments and perf orm the covenants hereinaf ter ~entioned on
their part to be made and performed, the said parties of the f irst part
hereby covenant and agree to convey and assure to the said parties of
the second part, their heirs, executors, adninistrators and assigns, in
fee simple, clear of all incunbrances whatever, by a good and sufficient
desd, the lot, piece, or parcel of land, situated in the County of St.
Lucie, State of Florida known and described as follows to-wit:
Lot 5, PLATTS BRANCH, a subdivision in Section 33,
Township 35 South, Range 40 East, according to the
Plat thereof on file in Plat Book 20, Page 16 of
the public records of St. Lucie County, Florida.
and the said parties of the second part hereby covenants and agrees to
pay to the said parties of the first part the sun of One Hundred Twenty
Five Thousand (~125,000) Dollars, in the manner following:
1. ~36,286.86 cash on September 16, 19~5;
2. ~48,713.14 principal balance renaining on first
mortgage paya~le to Indian River Federal Savings
and Loan Association by payino the principal and
interest payments of ~706.55 due on the first of
each month beginnin~ October 1, 1985, and con-
tinuing each month thereafter until all principal .
and_interest has been paid.
3• ~40,000 promissory note executed of even date
herewith secured by this purchase noney second
~ortgage, amortized over 30 years, but with a
balloon payment at the end of three years,
payable to narties of the first part, with
interest at 11~ per annun, payable monthly
zn equal installments of ~380.93, with payments
on the first of each raonth beginning December
~9s5, and continuing for 36 monthly payments.
The entire remaining principal and balance shall
be due and payable on Dece~nber 1, 1988.
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! and to pay all taxes, assesanents or inpositions that nay b~ legally
levied or i~~posed upon said land subsequent to the year 19s4, ar.ci to
E keep the buildings upon said premises insured in some company
; satisfactory to the parties of the first part, and payable for the
~ parties respectively as their interests nay appear, in a sum not less
E than Eighty Eight Thousand Dollars during the term of this agreement.
k And in case of failure of the said parties of the second part to ~nake
s any of tha payr~ents*or any part thereof, or to perforn any of the
E covenants on their part hereby made and entered into, this contract
; shall, at the option of the parties of the first part, be forfeited and
terminated, and the parties of the second part shall forfeit all
' payments aade by ther~ on ±his contract; and such payments shall be
retained by the said parties of the first part in full satis~action and
liquidation of all damages by ther~ sustained, and the said parties of
the first part shall have the right to re-enter and take possession of
the premises aforesaid without beino liable to any action therefor.
~ IT IS MtTTIIALLY AGREED, by and between the parties hereto, that the tine
~ of each payment shall be an essential part of this contract, that all
t. covenants and agreements hereir contained shall extend to and be
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~ Payments shall be made within 30 days of due date or the parties ~ S.S,
~ of the second part maybe declared in default.
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