Scotella V. Osgood

On April 5, 1978, Buyers executed a Hawaii Association of Realtors 1971 form entitled "Deposit, Receipt, Offer and Acceptance" (DROA) and offered to purchase from the Sellers Unit No. 5, Hanalei Bay Villas, Princeville, Kauai, for $79,000 payable as follows: $16,000 from the Buyers and $63,000 "by way of a first mortgage obtained from a reputable lending institution."