03-13-2002 Council Agenda - Laserfiche WebLink

Home Browse Search

WO The following i lens or encumbrances: None 2834599 ;and (b) Deliver to Purchasers the bbstract of title to the Property or, if the title is registered, the owner's duplicate certificate of title. 4. PURCHASE PRICE. Purchasers shall pay to Seller, at ally place designated by Seller Thirty thousand one and no /100 Dollars the sum Of ($30,001.00 ,,/ ) UP and for the purchase price for the Property, payable as follows: $1.00 cash in hand paid, the receipt of which is hereby acknowledged by Sellers. Balance of $30,000.00 payable in monthly installments of $300.00 or more per month commencing July 15, 1994 and payable on the 15th day of each and every month thereafter until July 15, 2004 when the entire unpaid balance, including accrued interest, shall be due and payable in full as a balloon payment. Interest shall be at the rate of 8$ per annum from and after the date hereof. Interest shall be deducted first from said monthly installments with the balance applied to principa', reduction. 5. PREPAYMENT. Unless otherwise provided in this con tract, Purchasers shall have the right to fully or partially prepay this contract at any time without penalty. Any partial prepayment shall be applied first to payment of amounts then due under this contract, including unpaid accrued interest, and the balance shall he applied to the principal installments to be paid in the inverse order of their maturity. Partial prepayment shall not postpone the clue date of the installments to he paid pursuant to this contract or change the amount of such installments. 6. estate taxes and TAXES installments of special assessments atsse.ssed against the Property) vhrich areduenod payable in the year 19 95 and in all subsequent years. Real estate taxes and installments of special assessments which are due and payable in the year in which this contract is dated shall be paid as follows: All by Seller, if any. • Seller warrants that the real estate taxes and installments of special assessments; which were clue and payable in the years preceding the year in which this contract is dated are paid in full. 7. PROPERTY INSURANCE. ' (a) INSURED RISKS AND AMOUNT. Purchasers shall keep all buildings, improvements and fixtures now or later located on or a part of the Property insured against loan by fire, extended coverage perils, vandalism. maliciout mischief and, if applicable, steam boiler explosion for at leant the amount of _I~ui1 1n ^,;;abi. vZRC - - - - --