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<br />- -- -- ------ - ------------ --- - -- - <br /> <br />ARDENDUM..IJ} CO~<;T UlR DEED <br /> <br />This Addendum is made 8I1d entered into this day of . 2007, by <br />and between Dennis C. Shudy ("Seller") and the City of Centervi11e, a municipal <br />corporation (~. The parties hereby nmtuaJ1y agree as follows: <br />1. PurclwIe Pri<;e. Purchaser shall pay to Seller One Million Four Hundred <br />Thousand and no/lOO ($1,400,000.00) tbr the Property, payable as follows: <br />(a> Purchaser shall pay Seller Seven Hundred Thousand and no/loo <br />($700,000.00) at the time of cIosins. SeBer agrees that all mortgages, real estate taxes <br />and special assessments sball be paid from the above proceeds. All rema.ini1tg amounts <br />shall be paid to Seller. <br />(b) On November 1, 2007, an additional sum of $100,000 shall be paid to <br />seller. The balance in the amount of Six Hundred TIlovPnd and DOIlOO (S600,000.00) <br />shall be paid to Seller in two installments on or before July 1, 2008 the sum of $250,000 <br />shall be paid and aU ~ifti1\S amounts 011 or before July 1, 2009. Interest sbaU accrue <br />on the remAining balance at a rate of five percent (5%) per annum. Interest shall not <br />begin to accrue until the later of November 1, 2007 or when all improvements to the <br />Property are completed to the satisfaction of the Purchaser as set forth in this Addendum. <br />2. ,~ to PI'O.P@lty. As part of the coosideration tbr the purchase <br />of tile Property, Seller agrees to complete the improvements to the Property in accordance <br />with the PIaDs and Specifications attached to this Addendum as Exhibit A In addition, <br />Seller agrees to complete the following "Building Extras" at no additional cost to the <br />Purchaser: <br />