upr000121 308

Upon receipt of purchase price of parcel, Hunt to award contract for construction of improvements, Land Company to pay cost of Improvements including architect's fees, provided the total shall not exceed $1,500,000? in event total exceeds $1,500,000, Hunt shall pay such excess; Hunt agrees to purchase land and improvements for amount computed as followst (a) Amount paid for land? (b) Cost of Improvements and architect's fees, but not exceeding $1 ,500,000; (c) Any other direct expense Incurred by Land Company; which amount shall be paid as follows? (a) Within 10 days after delivery of deed to Land Company, an amount equal to amount paid by Land Company for land; (b) Balance of purchase price in 35 equal annual installments, the first of which shall be paid upon date of completion of Improvements, the second and succeeding installments payable annually thereafter shall Include interest at rate of 5% per annum upon unpaid balance of purchase price; Hunt to have privilege of paying balance due at any time. Upon payment to Land Company of total purchase price plus all accrued interest, and all taxes and assessments, Land Company to convey to Hunt parcel of land and improvements and quitclaim easements, granted to Land Company by Hunt, and will deliver to Hunt, at Hunt's expense, a standard policy of title insurance in amount of purchase price, showing title to be vested in Hunt free and clear of all conditions, restrictions, reservations, easements and encumbrances, except such as existed at time of conveyance of parcel to Land Company by Hunt or subsequently created other than