- 39 - 1986, and/or Assigns, as Buyer, entered into that certain Contract and Sale and Purchase dated May 2, 1986 (the “Contract”) with respect to the purchase of approximately 31.50 acres, more or less, located in Osceola County, Florida (the “Property”); and WHEREAS, the terms of the Contract provide for Seller’s obligation to complete construction of a road to be known as “Dan Smith Road” adjacent to the Property at Seller’s expense within one (1) year after the date of closing, and further provide for Buyer’s right to complete said construction and be reimbursed by Seller in the event of Seller’s failure to complete said construction in accordance with the Contract; and WHEREAS, the Contract further calls for the personal guaranty of Seller’s performance of said road construction and payment for said road construction by the undersigned; NOW THEREFORE, as an inducement to the Buyer to purchase the Property, and for good and valuable consideration not herein recited but the receipt and sufficiency of which is hereby acknowledged, the undersigned, jointly and severally, give to Buyer, and its successors and assigns, their continuing and unconditional guaranty of performance and payment by the Seller of the following described obligation, to the same extent as if Guarantors were the named parties identified as the Seller under the Contract: * * * * * * * The Guarantors hereunder also agree to pay all costs (including attorneys’ fees whether incurred in connection with collection, trail [sic], appeal or otherwise) of collection against the Guarantors under this Guaranty. The liability of Guarantors hereunder is binding upon Guarantors and Guarantors’ successors and assigns. Petitioner and Dr. Gant signed the guaranty. In August 1988, Mr. Miles, as trustee, sold approximately 10 acres of East Lake Vista for $80,000. Petitioner, for Mr. Miles,Page: Previous 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Next
Last modified: May 25, 2011