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to simultaneously execute a Promissory Note and
Purchase Money First Mortgage in favor of first
parties, in the amount of $2,500.00, bearing
interest at the rate of 6.6~ per annum, with
monthl~ payments'of $50.00 per month# beginning
ONE (1) month from date of aforementioned Mort-
gage and Promissory Note.
Each installment on this contract# as well as the
mortgage above alluded to# shall first be applied
on the payment of interest and then on the unpaid
balance of the principal sum# and privilege is
hereby given second parties to prepay# without
penalty, any monthly installments due under this
Contract ,or the aforementioned mortgage.
Said parties of the second part hereby further covenant
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and agree to pay all taxes, assessments or impositions that may
be legally levied or imposed upon said land subsequent to the
_ 1961 taxes to be pro-rated.
year 1960./And, in case of failure of said parties of the second
part to make any of the payments or any part hereof, or to perform
dny of the covenants on their part hereby made and entered into,
this contract shall, at the option of the parties of the first
part, be forfeited and terminated, and the parties of the second
part shall forfeit all payments made by them on this contract; and
such p:,\,yments shall be retained by the said parties of the first
p~rt in full satisfaction and liquidation of all damages by them
sustained# and the said parties of the first part ahall have the
right to reenter and take possession of the premises aforesaid
without being liable for any action therefor.
Second parties further agree to keep the buildings upon
said premises insured in some company satisfactory to the parties
of the first part, and payable to the parties to this Agreement
as their interests may appear in a sum not less than an amount
equal to the maximum insurable value of' the afore-described
property during the term of this Agreement, it being understood
that the original policy of insurance shall be placed with the
p,trties of' the first part until this cqntract be fully paid,
unless there be a mortgage upon said property; then, and in that
event, the said original insurance policy will be held by the
Mortgagee. Thirty (30) day~ grace is given in the payment of any
installment mentioned in this Agreement,
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