HomeMy WebLinkAbout2864 5. To promptly pay each and every installment hereunder
as the same becomes due, time of payments being of the essence.
6. To keep and maintain, thmughout the life of this
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Agreement , a policy of f ire and extended cov~erage i ns~lrance upon
the above d~escribed property in the minimum amount of $7,700.00.
Such policy to name as loss payees the partie s of the first part
and memorandum certificates of such insurance to be furnished
the parties of the first part each and every year throughout the
life of this Agreement.
~ I~I~~, ;f th~ r~r±;~s ~+f t?+~ ~cQr~ ~rt shall ~ake the
payments and perform the covenants hereinbefore mentioried on their
part to be performed, then the parties of the first part will
forthwith tender a good ard sufficient deed with documentary
stamps affixed thereto, in a proper amount, to the said parties
of the second part .
IN THE EVENT OF FAILURE of the said parties 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
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~ ~ cave;zants on their pazt hereby s~d~ and entered into, this Agzes-
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; ~ent shall, at the option of the parties of the first part, be
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~ forfeited and terminated, and the parties of the second part
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~ shall forfeit all payments made by them under this Agreement;
~ and such payments shall be retained by the said parties of the
first part toward satisfaction and liquidation of all damages ~
~ by them sustained, and the said pa?rties of the first part shall
have the right to re-enter atxi take possession of the premises
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~ aforesaid without being liable to any action ther¢for. The
parties of the second part are given the express privilege of
making two or more payments on any installment due date without
penalty, but the making of such additional paymerrt s shall not
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