Laserfiche WebLink
• <br /> Amendment to Contract for Deed <br /> This Amendment to Contract for Deed is made as of the day of , <br /> 2000 by and between LeRoy F. Brown and Ruth H. Brown, husband and wife ("Seller") and The <br /> Economic Development Authority in and for the City of Elk River, a body corporate and politic <br /> ("Purchaser"). <br /> RECITALS <br /> WHEREAS, the parties entered into that certain Contract for Deed (the"Contract") dated <br /> June 29, 1999, filed June 30, 1999 in the office of the County Recorder for Sherburne County, <br /> Minnesota as Document No. 393104 respecting real property located in Sherburne County, <br /> Minnesota, legally described on Exhibit A attached hereto and made a part hereof; <br /> WHEREAS, the parties wish to amend the terms of the Contract as set forth in this <br /> Amendment. <br /> NOW, THEREFORE, it is agreed by and between the parties as follows: <br /> 1. The payment due under the Contract on January 15, 2001 shall be in the amount of <br /> $53,294.25. <br /> 2. Commencing on July 15, 2001, and continuing on the 15th day of each January and <br /> July thereafter to, and including, July 15, 2003, semi-annual payments shall be due in the amount <br /> of the $54,747.22 each. Said payments to be applied first to accrued interest and the balance <br /> toward the reduction of the principal balance. A final payment of unpaid principal and accrued <br /> and unpaid interest shall be due and payable on January 15, 2004. The interest rate under the <br /> Contract shall remain at seven percent per annum on the unpaid principal balance from time to <br /> • time outstanding. <br />