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A. $300,000 within thirty (30) days of the date
of the execution of this agreement in current funds;
B. The balance of $625,000 over a period of ten
(10) years bearing interest at the rate of 10%. The
first three (3) years shall be payable interest only in
equal semi-annual payments payable June 30 and December
31 each year. The first payment shall be due December
31, 1987. The remaining seven (7) years of the term of
the note will be paid by the husband in equal semi-
annual payments payable June and December each year of
principal and interest. * * *
On January 1, 1988, petitioner executed a promissory note
naming Mrs. Seymour as the holder and containing payment
provisions similar to those reflected in the property settlement
agreement.3 To secure the promissory note, petitioner conveyed
to Mrs. Seymour a mortgage deed on the residence located in Palm
Beach Gardens, Florida. The mortgage deed conveyed to Mrs.
Seymour was subordinate to a preexisting mortgage on the
property.
During the years in issue, petitioner made the following
payments (consisting of principal and interest) to Mrs. Seymour:
Date Principal Interest Total Payment
06/30/92 $44,642.86 $26,785.71 $71,428.57
12/31/92 44,642.86 24,553.57 69,196.43
Total $89,285.72 $51,339.28 $140,625.00
06/30/93 $44,642.86 $22,321.43 $66,964.29
12/31/93 44,642.86 20,089.29 64,732.15
Total $89,285.72 $42,410.72 $131,696.44
3The first payment on the promissory note was not due until
June 30, 1988.
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