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hand paid by DC to Havens and to Barber and the receipt
of which is hereby acknowledged and for other good and
valuable considerations including the mutual promises
contained herein the parties agree as follows:
1. The Caroline County property will be transferred
to DC for consideration of $715,000.00, which
includes the assumption by DC of the existing
indebtedness in favor of Colonial Farm Credit ACA
[in] the approximate amount of $394,800.00. This
transfer will be by way of a land sales contract.
The difference between the present indebtedness of
$394,800.00 and $715,000.00 will be evidenced by a
promissory note payable to Havens bearing interest
at the lowest rate allowed by law to prevent the
imputation of interest. Such note shall be due
and payable upon the sale of the Caroline County
property. If the parties terminate this agreement
or at DC’s option if the management contract re-
ferred to herein is not renewed, DC will convey
its interest in the property back to Havens, the
aforesaid note shall be cancelled and DC will be
relieved from any further obligations for payment
under the indebtedness to Colonial Farm Credit
ACA. Any moneys spent by DC for maintenance or
for interest on the indebtedness will be at DC’s
expense not to be reimbursed to DC if the Caroline
property is reconveyed to Havens.
2. The Virginia Beach property will be transferred to
DC for consideration of $300,000.00, which in-
cludes the assumption by DC of the existing in-
debtedness in favor of Crestar Mortgage Corp. [in]
the approximate amount of $172,000.00. This
transfer will be by way of a land sales contract.
The difference between the present indebtedness of
$172,000.00 and $300,000.00 will be evidenced by a
promissory note payable to Havens bearing interest
at the lowest interest rate allowed by law to
prevent the imputation of interest. Such note
shall be due and payable upon the sale of the
Virginia Beach property. If the parties terminate
this agreement or at DC’s option if the management
contract referred to herein is not renewed, DC
will convey its interest in the property back to
Havens, the aforesaid note shall be cancelled and
DC will be relieved from any further obligations
for payment under the indebtedness to Nations
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Last modified: May 25, 2011