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AGREEi~tENT FOR DEED
'TtiIS AGRCEMENT made this day of
19'~,~}- by REA-SCOTT & JACOBSON INVLSTMENTS, A FLORIDA GE ERAL ~'~~t, ~
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PARTNERSHIP, hereinafter called "Seller" to C}iICfiIOU LIU and 3,~
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AtARY LIU, HIS WIFE, as to an undivided one-half interest and
WILLIAhi R. DONOVAN and KATHLEEN N. DONOVAN, HIS WIFE, as to an
undivided one-half interest, hereinafter called "Buyer" whose
address is 112 Depot Drive, Fort Pierce, Florida, 33450,
AGREE AS FOLLOWS: ~
1. That if the Buyer shall first make the payments and
perform the covenants hereinafter mentioned ta be made and
performed by the Buyer, the Seller hereby covenants and agres
to convey and assure to the Buyer, the Buyer's heirs,
executors, administrators or assigns, in fPe simple, clear of
all encumbrances whatever by a good and sufficient deed, the
lot, piece or parcel of land situated in St. Lucie County,
Florida, knoWn and described as follows, to-wit:
UNIT 202, BUILDING II, COMMODORE CONDOAtINIUAIS, as
per the Declaration of Condominium recorded in O.R.
Book 350, Page 2205, and the Amendments to
Declaration of Condominium recorded in O.R. Book
i 386, Page 2319 of the Public Records of St. Lucie .
~ County, Florida
and Buyer hereby covenants and agrees to pay to the Seller the
sum of $46,000.00, payable as follows: ~
(A) Four Thousand ($4,000.00) Dollars cash payable upon
the execution of this Agreement for Deed, receipt of whzch is
hereby acknowledged by the Seller; and
(b) The balance of Forty Two Thousand ($42,000.00)
Dollars shall bear interest at the rate of twelve percent per
annum and said interest shall be payable in forty-seven (47)
equal monthly installments of $420.00 (interest only payments)
with the first payment to commence one month after closing and ~
a like sum due on each like succeeding period thereafter until
the fourth anniversary date of cios~ng upon which date the
~i entire principal balance shall become due and paya3le in one
balloon payment of $4?.,OOO,OG plus accrued interest.
. ~ 2. Buyers shall pay the real estate taxes on the
• remises b December of each ear and send S 11
P Y e er a co f th
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aid recei t. Bu er further covenants
~ P P Y to kee the ro ert -
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insured, if not insured by the Condominium Association, at the
° maximum amount and to name Seller as loss payee as its interest
. may appear. Furthermore, Buyer agrees to be solely responsible _
I for the payment of all maintenance fees, assessments, roofing ;
reserves, painting reserves, pavement reserves, plumbing
reserves and any other assessments or reserves set up by the -
~ Condominium Association.
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3. Buyer shall not have the right to assign Buyer's F°
rights under this Agreement unless all payments hereunder are
currer:t and written permission of the 5eller obtained. Any
attempt by the Buy~r to convey, assign, or transfer his or -
their interest without first obtaining the written permission
, °~05?I P,~G~O~~~
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