HomeMy WebLinkAbout0418 5. To prompt ~y pay each s?nd evexy instaa l~ent hereund~r ~
as the same becoses due, tiae of pa,y~entis being of the essence.
To keep and ma~intain,~thraughout the life af this
Agreement, a policy of fire and extended coverage insurance upon
the above described pxopezty in the ~ini~aum a'nount of $9,OOU.00.
Such policy to na~te as loss payees the paxties of the f irst part
and ~aemorandu~a certificates of ~uch ~insurance to be fuznished
the parties Qf the first part each and ever y year thrc~ughaut the
life of thxs Agreement.
NOW~ if the parties of the 5econd part shall make the I
paymEnts and ger~orm the covenants h~reinbefore mentioned on
their part to be performed, then the parties of the first part
will f orthwith tender a good and sufficient deed with documentar
stamps affixed thereto, in a pxoger a~nount, to the said parties
of the second part.
TN THE EVENT OF FAILURE of the said partiies of the
second p~t to make a~ny of the payments, or any part thereof ,
pramptly an the dates specified, or fai.l to perform any of the
I .
I covenants on their part hereby made and entexed into~ thls
~ Agzeement shall, at the ~ptio n of the p~rties af the fixst part,
be for~ea.ted and terminated, ar~ the parties of the second part
shall farfeit a11 payments ~ade by them under this A~reement;
and such paymen~s shall be retained by ~he s~id parties of the
first past in fu11 satisfaction and Iiquidation af all ~a.mages
by them sustained, and the said parties of the first part shall
~ have the right to re-enter and take possession oS the pzemises
~
aforesaid without b~ing Iiable to any action therefor. The
parties of the second part are given the express privilege of
ma.king two or meare payment s on any installment due datie without
pene?lty, but th~ making o~ such additionai pay~ents sha12 not
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ATT011NtY AT LA1M
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