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eubsequent to December 31, 1962. i
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3. To allow no liene to be placed upon the above deacrib d i
property for material8 furn.ished or labor performed thereon. i
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4. To maintein in a atate of good repair the interior
of the building occupied by FLAMINGO LAUNDRY, INC. situate on the 4:
above described property and to suffer no waste or impairment of ~
the same, reasonable wear and tear of same excepted. !
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5. To pay a reasonable attarney's fee and all Court ;
costs should the parties of the f irst part be forced to take legal ~
action to enforce the provisions hereof or foreclose this Agree-
; ment . s
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; 6. To promptly pay each and every.installment hereunder
~ as the same become due, time of payments being of the essence. t
A period of grace of 15 days is hereby granted party of the second
part in making installment payments hereunder.
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7. That the insurance abovesaid shall include such :,a_:.
insurance as will hold the first parties herein as landlorda free
~ from any and all liabilities which may arise out of the operation
~ of the bus iness .
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~ 8. That the-second party herein shall do and perform all
i of the items as appear necessary to good busine8s and to preserve
; and perpetuate the business of FLAMINGO LAUNDRY, INC. and should
{ the same be forfeited or returned to the first parties for failure ~ f
of the keeping and performing of the covenants herein all of the 3
~ equipment transferred to the second party under this agreement sha
± . be returned to the first parties in as good or better condition "
i less wear and tear on the same as they are this date.
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~ ~ NO~W, if the second party shall make the payments and per- ~
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1 form the coven~nts hereinabove mentioned on his part to be perform ~
~ then the parties of the f irst part will forthwith transfer and
; tender to the second party all of the stock and shares of the r.~
~ corporation hereinabove referred to thereby causing the second
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party to be the owner absolutely of all of the business hereinabov =
' ~ ref erred to . _ i
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~ In the event of failure of the second party to make any
- of the payments or perform any of the covenants herein, this
i contract shall, at the option of the first parties, be forfeited _
and teraainated, and the seond party shall forfeit all of the pay- ~ j-
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' ments made by him under this contract; and such payments shall be
~ retained by the f irst parties and applied against the sums owing
as damages by the f irst parties sustained; and the said first
parties shell have the right of ownership of all of the stock of
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the corporation and thereby the right to vote the same and to.talc~
such actions as appears necessary to protect their righta and thei
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~ investment in and to the FLAMINGO LAUNDRY, INC. without being
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liable to any actions therefor. _
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