MEMO OF UNDERSTANDING
This memo is made and entered into this 11th day of November, 1998 by and
between American Access Technologies, Inc. and Xxxx Xxxxxxxxx and his wife Xxxx
Xxxxxxxx pertaining to the purchase by American Access of their approximately 6
acres of property, legal description is:
Part of SE 1/4 of Sec. 3, TWP 8S, Reg 23E., Clay County, Florida Warranty Deed
recorded in O.R. Book 1085, page 337 et seq.
Upon completion of the Rezoning actions, the Company agrees to buy the above
described property Xxxx and Xxxx agree to sell, their approximately 6 acre
homestead for the amount of 80,000.00 dollars. The price will be paid 40,000.00
dollars at closing, with proceeds to retire the existing mortgage and balance to
sellers.
Parties acknowledge that the property has been rezoned to industrial by Board of
County Commissioners, Clay County; however, the county master plan must be
changed by the State of Florida.
The remaining 40,000.00 dollars is to be paid within 60 days if the rezoning
action clears Tallahassee. The sellers will have 30 days to turn over the
property.
The closing must be on or before January 15, 1999.
/s/ Xxxx Xxxxxxxx /s/ Xxxx Xxxxxxxx
Xxxx Xxxxxxxxx Xxxx Xxxxxxxxx
American Access Technologies, Inc.
/s/ B. E. Story
by:______________
Signature
