HomeMy WebLinkAbout2333 time to time without penalty of any sort.
It is understood and agreed between the parties that when :
the principal sum has been paid in full, the Sellersshall deliver ~
to the Purchasers, an Abstract showing the title to the property
above described to be good and marketable, and that the Purchasers
shall have the right at any time during this contract, to reduce
the balance remaininq under the Agreement for Deed to an amount
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equal to the Mortgage now on the property, and the Sellers promise ~
and agree to convey the property to the Purchasers by good and
sufficient Warranty Deed at such time, and furnish the said Abstract,
and to pay all of the Documentary Stamps required on said Deed, ;
and thus convey to the Purchasers this property, subject to said ~
Mortgage in the event that the Purchasers elect to pay the differ-
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ence between the Agreement for Deed and the existing Mortgage. It ~
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is understood that this election is with the Purchasers alone, and
they may do it, or not, as they wish, and this privilege is given
purely as an elective option with the Purchasers.
The Purchasers shall be permitted to go into possession of
the property covered by this Agreement on the date of June 1, 1966,
and sha11 assume all liability for the insurance and maintenance
from and after that date, to the property above described. The
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Purchasers are a religious organization and exempt from taxation, ;
and for that reason, it is not anticipated that the Purchasers shall ;
be liable for any taxes. The Purchasers~agree to maintain the house
located on said property, in good condition and to maintain adequate
insurance coverage on the said property, in an amount sufficient to
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protect the Seller her~in, a~d the said insurance payments shall be
paid as abovesaid, and paid from the escrow account on this property.
The time of payment is of essence to this contract and in the
event of any default in payment of any part of the Purchase Money
as and when it becomes due, or in the performance of any other obli-
gations assumed by the Purchasers, this Agreement may be accelerated ~
at the election of the Sellers, in the event that the default shall
- continue for a period of 30 days or more, and the Sellers may demand
the whole balance due under this Agreement, from the Purchasers, and r
in the event that it is necessary to foreclose this Agreement by
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proceedings, the Purchaf,er~- agree to pay all costs of these proceedings,~
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