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HomeMy WebLinkAboutScan_1253 5;i .-::,.~-::~'-.:-:7 ~--. '_.~.-~ ~ -- =,- ~ :-'~:"~-.~'---::-:-~-~:-,":'J.,::-:~_:,~:-:--;~-::::::: ~'~:,~.~_-;-;~;7.:.-: ~--:-;::~"':;-.--- ~~~\~. '~.-~~.-;~_.~--:':.::~:;-:--=~:-::-.:-: .-~~-~~.:--. _i ~~~ I The oonsldG1'ot1on to be llald by ~eoond Party to Firat Pal'ty for s~ld property is Cne Hundred Fifty Thousand Dollars ($150,000.00) pOj"oble a8 follows: One 'I'houoand uollars (,$1000.00) cash upon the signinr of this a@':reor.\ont, the roooipt of which is hereby oc~no"lodfted :'our'::oen Thousand DolJors ($14,000.00) upon the dolt very and ooceptorlco of gool} ond suffiel ent warronty dOOd aecomranied by ond abstroot showin~ good ond suffioient title to said property at the date of transfer, froe from all 110ns ond encumbrances. savo and ey.c~pt toxes and assess.. ments which shall be prorated between the parties 6B 01: the doto of transfor; tho bolonce of One Hundrod 'l'hirty r'ivo ~housand DOllorah36.oo0.00) sholl be payable os follows: Ten Thousond Dollars ($10,000.00) on or before HaYl,l925. and ,the balance of One HUfidrod ??ionty- five Thousond Pollan: (~1:::5,OOO.OO) in five (5) equal annual instollmants comnencing on !:ay 1. 1926, all deferred poyments to be evidenoed br the prornissorj" notes of ~econd Party dated as of the date offhe olosing of said trana9ction, due on or before said resoeotive dates. ond beal~ ing intorest at six peroont( 6~) per annum whioh shall be poid 0:1 tr.e due d~t8 of O!lCt. note but not cor:nounded; tho balanoe of sadd purchase price and ~},e notes e.....idenCling the SBr.1e to be so- cured by first t:lortgoge upon soi d pronises whioh shall contoin release claus os o:-.d other pro- visions substantially as ~ollows: ~irst Party a;'ro~s to re1eQse fron tine to tine. on reQuest of Second Party, , oortions of soid property designated by ~eoond Pa!"ty u!lon the paynent to :'lrst Part:: of s::ch 4 ate proportion/part of the mortgage indobtedness as the soles prioe of the particular portion to be re1e9sed shall boar to the BUt:! of the Bales prioo cf the entire rronerty, os the s~ne shall be I set forth on o plat o~ the property bearing suoh sales ~rice and duly siFned by the parties heroto, plus in eoch caso a sum equal to fifteen percent (15~) of the respective release price so doternined. Pending the !lrepsration of said plat and agreenent u~on said sales prices, First Partr agrees to Telease all or part of that portion of said ~reoises fr0nting upon the ocean and running back therefrorn 8 distance of two hundred(200) foat upon the payrnent to it of Iwenty-five Dol1are($25.00) per foot of ocean frontage, and to release all or part of that portion of said premises adjacent to the !~dian River and Bethel Creek running baok a distance of two hundred (200) feet theTefrom upon the payment to it of Fifteen Dollars (~15.00) p.r foot of such ri.er or croek fron~age, and ~o release all or par~ of thot portion of said prenlses reooining( being the part other than the portion of ocean. river, or creek frontage above de- scribed) upon the payment to it of Two Hundred ~ifty Dollars (aZ50.00) per acre for the prop- ertj" so to be released. Second Party further agreep, u~on request of Second party. to release, without papment, such portion of said premises bot ~o exceed t.enty percen~ (20~) of tt~ to~a1 area __, thereof as Second Party may desire to dedioate to the public or prOpr:rl:,r cOfisti tu';ed author- il ities for at_eets and higaways. First Party agrees that, in order to effeAtuate the obtaining of said rele~se8. it will ot the timo of delivery to Second Party of the deed to soid premises deliver to The Union Tru~t Company. of Cleveland, Ohio, an instrument authorizing 8aid The Union Trust Company on behalf of First Psrty a8 mortgagee to execute releaoeSfrom tho lien of saie mortguge And deliver the'same to the order of SeOOnQ ?arty upon the terms and conditions aforassid, and that there sr~ll for such purpose ba dep:sitod with said The Union Trust Company plata of such property showing the respeotive portions to be released with the release prices indicated thereon . ~, All oharges ot said The Union ~ru8t Company for suoh servioes shall be borne by Second party. In the event 8ai d The Unim TJ'llSt Oompany shall refuse or be unable to act, Seo- ond Party MY desisnate 'Buoh other responsible baruc or trust oocpony as &18Y have general au- thority to so aot and Nirst Party shall authoriZe suoh trust oompspY or b8rlK to exeoute. suoh r~looo8~ on its behalf. i . 1 , ! , 4~;~f~tfii~~j~~J~