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o ro> ` ft1—CO Qo ' r VOL 2443 PAGU 44 w • }?i • Addendum to Land Contract F' 1. Purchaser shall make an additional payment of principal in the amount of $7, 500.00 on 'January 5, 1981. In addition, purchaser shall make an additional principal payment of $5,000 on or before the 25th day of May, in the years 1981, 1982 and 1983. 2. Purchaser agrees to make monthly payments to the Vendor in the amount of $866.25 per month on the 1st day of each month, commencing February 1, 1981. Payments shall be applied first to interest and then to principal. 3. If after the third year of this Contract, purchaser has not paid this Land Contract in full, then purchaser agrees to pay a rate of interest then charged by the Federal Land Bank where the Vendor has its first mortgage. 4. Vendor agrees to transfer by Warranty Deed to the purchaser up to Ten (10) acres of these lands (purchaser's choice) so that purchaser may construct a homestead. In consideration of Vendor's release of such acreage, purchaser shall pay to Vendor $5,000 which payment shall be applied against the principal balance of this Land Contract. 5. This Land Contract must be fully paid five (5) years from the date of execution. 6. Purchaser may prepay the principal balance of this contract without penalty at any time except that the purchaser may pay no more than $10,000 per year off the principal of this Land Contract during the first three (3) years of this contract. 7. Purchaser agrees to pay for the costs of survey of this property. 8. Purchaser hereby grants to the Vendor the right to collect and receive all rents from tenants on this property for the calendar year 1981. Thereafter, the rents shall be collected by and belong to the purchaser. In consideration of the above, Vendor agrees that purchaser may, at any time during the term of this contract, demand that the Vendor release up to Ten (10) acres of land in this description so that purchaser may receive conventional loan monies to construct a homestead on these acres. The Ten (10) acres described in this paragraph is the same land as shown in Paragraph Four (4) above. 9. Purchaser shall pay the real estate taxes when due but shall not escrow such payment monthly with the Vendor. 10. Vendor may, to the extent of the balance of this Land Contract, mortgage the premises, however, the interest rate charged to the pur- chasers shall not be changed as a result of such refinancing, except as stated above. In the event Vendor is in default of any obligation secured by this property, the purchaser is permitted to make payments directly to the holder of such obligation and to receive credit under this contract. 11. Paragraph Four (4) above, notwithstanding, Vendor is not obligated to transfer the Ten (10) acres referred to in Paragraph Four (4) , above, until the occurrence of the earlier of the following: 1) the payment of a total of $20,000 under this contract; or, 2) May 25, 1981.