80-83 Land Installment - Armory property

Home Browse Search

LAND INSTALLMENT CONTRACT The City of Lakewood, a municipal corporation hereinafter called "Seller," agrees to sell to The Lakewood Little Theater, a corporation not for profit organized under the laws of the State of Ohio, hereinafter called "Buyer," and Buyer agrees to purchase, upon the following terms and condi- tions, the real estate, improvements, fixtures and appurtenances, the legal description of which is set forth in Exhibit "A" attached hereto and made a part hereof as if fully rewritten herein. Said property is a part of the property commonly known as the "Armory" and hereinafter shall be called the "Premises." This contract is subject to the approval of the subdividing of the larger parcel of the "Arm- ory" property purchased by the Seller from the State of Ohio in accordance with the ordinances of the City of Lakewood. PURCHASE PRICE AND PAYMENT. Buyer shall pay Seller for the Premises the Purchase Price in the amount of Ninety-one Thousand Five Hundred Dollars ($91,500.00). Said Purchase Price shall be payable as follows: (a) Upon the execution and delivery of this contract by both parties hereto Buyer shall pay to Seller the sum of One Thousand Five Hundred Dollars ($1,500.00) as a down payment on the Purchase Price. (b) The remaining principal balance of the Purchase Price in the amount of Ninety Thousand Dollars ($90,000.00) shall be paid in consecutive monthly installments of Four Hundred Dollars ($400.00) or more beginning with a first such payment on the first day 1983, and continuing 'with like payments on the fi'rst day of each consecutive month thereafter until said balance is paid in full; provided, however, that unless sooner paid the remaining unpaid balance shall be due and'payable on or beforeO]~~, 1993; (c) The remaining principal balance of Purchase Price shall bear interest at the rate of nine percent (9%) per annum computed monthly on the declining unpaid balance thereof from the date hereof. The unpaid monthly interest shall not be capitalized but shall be accrued and paid in full with the final payment.