City Council Agenda and Packet 1979 01 02

Home Browse Search

ADDENDUM TO SALE AGREEMENT In consideration of the mutual promises of the parties and good and valuable consideration, the parties hereto hereby execute this Addendum to their Sale Agreement, dated October 4. 1979. Paragraphs numbered 2 and 3 of said Agreement are hereby amended to read as follows; 2. Tbs total purchase price shall be Two Hundred Nighty Five Thousand Dollars ($235,000) calculated at the rate of Three Thousand Dollars (93,000) per share, payable as follows: (a) Ten Dollars ($10) to be paid upon execution hereof, receipt of which by the Sellers is hereby acknowledged; (b) Thirty Five Thousand, Six Hundred Fifteen Dollars ($35,615) to be paid at closing; (c) Sixty Two Thousand, Three Hundred Forty Three Dollars and Seventy Five cents ($62,343.75) to be paid on January, 15, 1979; (d) Sixty Two Thousand, Three Hundred Forty Three Dollars and Seventy Five Cents ($62,343.75) to be paid on January 15, 1980; (e) Sixty Two Thousand, Three Hundred Forty Three Dollars and Seventy Five cents ($62,343.75) to be paid on January 15, 1981; (f) Sixty Two Thousand, Three Hundred Forty Three Dollars and Seventy Five cents ($62,343.75) to be paid on January 15, 1982. 3. There shall be added to the payments due on January 15, in the years 1979, 1980, 1981 and 1982, an interest payment to be paid on the unpaid balance of the purchase price, such interest to be at the rate of 78 per annum and computed from the date of closing. All payments shall be made by check drawn by the Purchaser and payable to the Sellers.