Yes it was a little bit confusing (I was also scratching my head initially).
"Balance over 4 quarterly payments" is referring to the balance of the deposit. That is, the deposit of $3.2m will be paid as $1.6m plus 4x$400k.
There will be $12.8m (80%) remaining to be paid at settlement.
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Ann: Sale of Lot 917 The Lanes for $16.0 million, page-3
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