e. Tax-forfeited property-contract for deed

5. Purchase Price: Pursuant to the statute, the repurchase price (or consideration) must include the total amount required to be paid to effect a redemption and the total amount of all subsequent taxes with interest, penalties and costs. The repurchase price in this matter is $5,491.38. 1. Down Payment: A down payment of $1,728.78 dollars in cash shall be required upon the execution of this Agreement, the receipt of which is hereby acknowledged. 2. Installment Payments: The remaining balance of the repurchase price shall be payable in installments as follows: 1. Interest: Interest shall accrue from the date of possession at the annual rate of three and twenty-five hundredths (3.25%) on the unpaid balance. 2. Payment Schedule: Principal and interest shall be payable as follows: 1. First Payment: The first payment in the amount of $100 shall be due on November 3, 2014. 2. Subsequent payments: Subsequent monthly payments in the amount of $100 shall be due on the 3rd and 15th days of each succeeding month through and including May 15, 2016. 3. Final Payment: A final irregular payment of $63.30 shall be due on June 3, 2016. An amortization schedule is enclosed as Exhibit 2. 3. Method of Payment: Payment must be made by automatic payment through the Repurchaser's bank. 4. Application of Payments: Payments shall be applied first on accrued interest and then on principal. 6. Other Mortgages: The parties acknowledge that they know of the existence of no other mortgages on the Property. 7. Late Payment: Payments received subsequent to the due date shall be subject to a late payment service charge in the amount of $15.00. If the service charge is not paid along with the arrearage from which the service charge arose, then the amount of the service charge shall add to the unpaid principal balance and shall become an amount immediately due, together with interest from the date of default at the rate accruing on the unpaid principal balance, under this Agreement.