[DOWNLOAD] "Pleasure Time v. Kuss" by 1995 United States Court of Appeals for the Second Circuit August Term * eBook PDF Kindle ePub Free
eBook details
- Title: Pleasure Time v. Kuss
- Author : 1995 United States Court of Appeals for the Second Circuit August Term
- Release Date : January 01, 1977
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 59 KB
Description
On November 15, 1969, Theodore Kuss and his wife Florence Kuss, the vendors, executed a land contract for the sale of real property to Pleasure Time, Inc., the purchaser, and also executed a separate Agreement for the sale of real and personal property. The essential terms of the land contract and the Agreement provided for the sale of 300 acres of land in Barron county (including buildings thereon) and personal property for $200,000. The contract required a $30,000 down payment, with the remaining $170,000 to be paid off in annual installments of $16,046.80 per year, beginning on November 1, 1970. The payments were to be applied to interest on the unpaid balance first, which was charged at seven percent annually, and then to principal. Prepayments of principal without penalty were expressly allowed, and the Agreement provided that the purchaser could "obtain releases therefor. Any prepayment made shall be credited against the next payment or payments to principal due hereunder, as the case may be." Additionally, the Agreement permitted the purchaser to pay a stated sum to the vendors and to receive in return a warranty deed for certain lands which were then released from the land contract. Each building had an assigned release price, the lakeshore lots had an assigned release price of $30 per foot of shoreline, and the non-shore lands release price was $200 per acre.