Laserfiche WebLink
Gas Migration Mitigation Agreement <br />September 5, 1986 <br />Page 10 <br /> <br /> (a) Down. payment: 20% to be paid by July 1, 1987. <br /> <br /> (b) Balance evidenced by unsecured note bearing interest <br /> of 10% per year or the same interest rate as that <br /> being paid by the OWNERs on OWNERS' loan on OWNERS' <br /> PROPERTY whichever is greater. <br /> <br /> (c) Monthly payment: 1/12 the annual interest by the <br /> 1st day of each month. <br /> <br /> (d) Balance due: July 1, 1988, or 5 days prior to the <br /> date on which OWNERS pay off the loans on OWNERS' <br /> PROPERTY, whichever is earlier. <br /> <br /> PROVIDED, HOWEVER, PGS shall not be required to purchase <br />the lot or lots affected by methane gas migration until the <br />Department of Real Estate ("DRE") has issued a White Report on <br />the subdivision proposed on the OWNERS' PROPERTY, permitting <br />the sale of lots to the public, unless the cause of the delay <br />is the presence of methane gas on OWNERS' PROPERTY from the <br />LANDFILL. If the DRE White Report is issued after June 15, <br />1987, PGS shall have 30 days to make the down payment required <br />by subsection (a) above and one year and one month from the <br />issuance of the Report to pay the balance required by <br />subsection (d) above or 5 days prior to date on which OWNERS <br />pay off the loans on OWNERS' PROPERTY, whichever is earlier. <br />OWNERS shall continue to improve the lot or lots being <br />purchased by PGS by grading, installing streets and utilities <br />so that a building permit for construction of a home would be <br />available but for the gas migration on the property. <br /> <br /> <br />