On September 1, 1976, defendant Robert Spuck and plaintiff executed a written contract for the sale to Spuck of certain real property owned by plaintiff at a price of $70,000. This contract provided that plaintiff was to take back a noninterest bearing mortgage in the amount of $70,000, payable at $300 per month for 36 months, with the total outstanding balance payable upon the 37th month. The parties retained the right to renegotiate payments concerning the mortgage in the...
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