Benjamin E. Fugate and Lora Mae Fugate V. Book Reviews

Benjamin E. Fugate and Lora Mae Fugate V. by Southern District, Division One Court of Appeals of Missouri Book Summary

This case arises from a ""Contract for Deed"" providing for the installment sale of 10 acres. After the contract was executed, the Sellers satisfied a judgment against them which was a lien on the property. The day set for the foreclosure of an underlying deed of trust on that 10 acres, they paid the secured indebtedness. The Buyers defaulted in monthly payments, failed to pay ad valorem taxes and maintain insurance. The Sellers demanded performance. The Buyers tendered past due installments and paid two of five years' taxes. They did not obtain or tender insurance. The trial court awarded the Sellers possession of the real property and a judgment of $8,334.01. The Buyers state three points on appeal. The following is an outline of the basic facts. Benjamin E. Fugate and Lora Mae Fugate, his wife, (Sellers), owned 10 acres near Willard. The tract is improved with two houses, a barn and miscellaneous outbuildings. On July 1, 1982, the Sellers leased the tract to Laurie G. Rice and Linda K. Spurgeon (Buyers) for a term of two years. The rental was $500.00 per month. The lease granted the Buyers an option to purchase the property for $50,000.00 to be paid as follows: $6,000.00 upon the exercise of the option and the balance in monthly installments of $500.00 per month, to be applied first on the interest and the balance on the principal. The Buyers were entitled to credit against the down payment for rental paid up to the time of the exercise of the option.

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Benjamin E. Fugate and Lora Mae Fugate V. (Southern District, Division One Court of Appeals of Missouri) Book Reviews 2024

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