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0 boos 13 pp,sE 113 0 <br />5. Purchase Price. If the option is duly exercised as provided in <br />paragraph 3, the Seller agrees to sell and the Buyer agrees to <br />buy the Property for a price of $250,000 which shall be paid <br />as follows: <br />(a) $95,000 in cash at closing. <br />(b) the balance by a promissory note with payments of <br />$5,000 paid at the end of each five (5) year term <br />following the date of occupancy, said payment shall <br />be applied to reduce the principal of this note. <br />The remaining principal, at 1% simple interest, if <br />not sooner paid, shall be due payable at the <br />expiration of the term of the primary financing. <br />(c) other conditions of sale: <br />The promissory note will be assumable and transferable if <br />the Property is sold by the Buyer during the term of the <br />note. However, all proceeds of the sale, after a 10% cash <br />on cash return to the limited partners and reasonable <br />costs of sale, will be applied towards payment of the <br />note. In the event that profits are not sufficient to <br />pay the note, the Seller shall continue old said note <br />until the date agreed to in sub-paragraph (c)• <br />6. Delivery of Deed and Possession. The Seller shall execute and <br />deliver to the Buyer, on the designated closing date, a good <br />and sufficient warranty deed, with proper documentary stamps <br />affixed thereto, conveying the real property to the Buyer. <br />7. Adiustments. The following shall be prorated as of the date <br />the purchase price is paid: real property taxes and <br />assessments for the current tax year. <br />8. Entry on Premises. The Buyer, its agents or assigns, shall <br />have the right to enter in and upon the Property described <br />in Paragraph 1 for the purpose of making surveys and other <br />appropriate purposes needed for the evaluation of the Property. <br />9 <br />