We acquired a note at the time of purchase of one of our parks, on a 2001 Schult 26 x 56 MH. I have copies of the original promissory note and agreement to buy on terms. The purchase price was $30000.00 with a $100.00 deposit and $4900.00 due at closing. After further examination of the note the “Agreement to Buy On Terms” states that the note shall be payable at $200.00 per month at 8% annually commencing on December 30, 2004. Buyer has the right to prepay with no penalty. The “Promissory Note” however, states that the payment shall be $250 per month. Also, the big problem is that no where in any of the agreements does it state the term of the loan, or years amortized!
Does the payment amount imply the amortization rate and term?
I know I will have to end up paying my attorney to figure this out…but what are my rights as the owner of the note to set a term if one is not listed?
Additionally, the Promissory Note states that the buyer is to maintain the collateral with normal wear and tear excepted. The buyer certainly has not kept up the home…the outside has visible damage and the inside is another story.
Thanks for any help!!!