- 14 -
STATEMENTS:
A. The Seller agrees to sell and the Purchaser
agrees to buy the property described on Exhibit A
attached hereto and made a part hereof by this refer-
ence (the “Caroline County property”) upon certain
terms and conditions contained therein; and
B. The parties hereto have agreed that such sale
and purchase be by contract and that the deed of con-
veyance be delivered when such contract has been com-
pleted in full.
* * * * * * *
2. The Property and Restrictions. The Pur-
chaser agrees to purchase and the Sellers [sic] agree
to sell the property described in Exhibit A.
3. Purchase Price and Terms of Payment. The
price of the property shall be $715,000.00 with the
present indebtedness being assumed by the Purchaser and
the balance evidenced by a promissory note payable by
the Purchaser upon the sale of such parcel.
The Purchaser agrees that the unpaid balance shall
bear interest at the lowest rate allowed by law to
prevent the imputation of interest per annum from the
date hereof, such interest to be payable annually. Any
payments are to be applied first to the payment of
interest on any unpaid balances of the purchase price
and second to the reduction of the principal amount of
the purchase price.
Until the sale of the parcel, Delaware Corp. shall
be responsible for payment of all indebtedness which
constitute[s] a lien against the parcel.
4. Deed Upon Full Payment. Upon the entire
balance of the purchase price of the parcel being paid
in full, the Purchaser shall be entitled to receive a
deed for that parcel * * *.
* * * * * * *
8. Risk of Loss. From the date hereof, risk of
loss or damage to the properties by fire, windstorm,
casualty or other cause is assumed by the Purchaser.
Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 NextLast modified: May 25, 2011