HomeMy WebLinkAbout1807 5. To promptly pay each and every installme nt hereunder
as the same becomes due, time of payments being of ~he essence.
6. To keep and maintain, throughout the life of this
Agreement, a policy of fire and extend~d coverage insurance upon
the above described property in the minimum amount af $(9,700.00).
Such policy to name as loss payees the parties of the first part
and emeorandum certificates of such insurance to be f urnished
the parties of the first part each and every year thxoughout the
~ife of this Agreement.
NOW, if the parties of the second part shall make the
payments and perform th~ covenants hereinbefore mentioned an their
part to be performed, then the parties of the fixst part will
forthw~th te nder a good and sufficient deed with documentary
sta.mps affixed thereto, in a proper aznount, to the said parties
of the secon~i part.
TN THE EVENT OF' FAILURE of the ~aid partieG of the
second part to make any of the payments, or any part thereof,
promptly on the dates specified, or fail to perform any of the
covenants on thei r part hereby made and entered into, this Agree-
ment shall, at the op~ion of th2 parties of the first part,
be forfeited and terminated, and the parties of the second part
shall forfeit all payme nts made by them under this Agreement;
and such payaneu~ts shall be retained. by the said partiesog the
first par± toward satisfaction and liquidation af all damages
by them sustained, and the said parties of the first part shall
have the right to re-enter and take possession of the premises
aforesaid without being liable to any action therefor. Th2
partzes ofthe second part are given the express privileg~ of
makin.g two or more payments on any installment dve date withaut
penalty, ~ut the making of such additional payr.ients stiall not
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