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PURCHASE AGREEMENT <br />s~ <br />This AGREEMENT is made and entered into this ~ day of ~ , 2008, <br />between MARIE D. URBANCIC, 6532 White Road, Mayfield Village, Ohio 44143 (hereinafter <br />called "Seller") and the VILLAGE OF HAYFIELD, 6622 Wilson Mills Road, Mayfield Village, <br />Ohio 44143 (hereinafter called "Buyer") <br />WHEREAS, the Buyer is the Village of Mayfield, which is located in the County of <br />Cuyahoga, State of Ohio, and is fully authorized to enter into this Agreement; and <br />WHEREAS, Seller agrees to sell to Buyer and Buyer agrees to purchase the following <br />described real estate, with any appurtenances, located in the County of Cuyahoga, Village of <br />Mayfield, and State of Ohio: <br />6532 White Road, Permanent Parcel No. 831-OS-003 <br />Tl-e terms of the Agreement are as follows: <br />PURCHASE PRICE. The Seller agrees to sell and the Buyer agrees to <br />purchase the real estate set forth above for the sum of One Hundred and Forty Thousand Dollars <br />($140,000.00), the amount of which will be payable in three equal payments as follows: <br />a. On or about December 15, 2008, the sum Forty-Six Thousand Seven <br />Hundred Dollars ($46,700.00) of which $40,000.00 shall be payable directly to Seller's Lender <br />under the Promissory Note ("Seller's Note") attached hereto as Exhibit "A," Loan Number <br />999969127, which is secured by the Mortgage Deed, recorded in document number <br />200403261083 of the Cuyahoga County Recorder's Office and the remaining $6,700.00 payable <br />directly to Seller; and <br />b. On or about December 31, 2009, the sum of Forty-Six Thousand Seven <br />Hundred Dollars ($46,700.00) with a sum to be determined in an amount to pay off Seller's Note <br />