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ARTICLES OF AGREEMENT - Page 2.
The balance of FIVE T80USAND DOLLARS ($5,000.00)
in monthly payments o~ FIFTY DOLLARS ($50.00) each,
payable on the 23rd day of each month hereafter,
beginning with the 23rd day of August, 1966, until
the whole be fully paid.
Each installment shall first be applied on the
payment of interest and then on the unpaid balance
of the principal sum.
PARTIES OF TAE SECOND PART hereby covenant and agree to pay
all taxes, assessments or impositions that may be levied or ~
imposed on said land subsequent to the year 1967 and also
to pay their pro rat~ share of the 1966 taxes. SECOND
PARTIES further agree to keep the building now or hereafter
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on said land fully insured in a swn of not less than FIVI!
THaUSAND DO~,LARS ($5,000.00) in a company or companies
acceptable to FIRST PARTIES, the policy or policies to be
held by and payable to FIRST PARTIES, and in the event any
sum of money becomes payable by virtue of said insurance,
the FIRST PARTIES shall have the right to receive and apply
the same to the indebtedness hereby secured, accounting to
the SECOND PARTIES for any surplus. SECOND PARTIES also ~
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. agree to pay all costs, charges and expenses, lawyer's fees j
s
and title searches reasonably incurred or paid by FIRST
PARTIES because of the failure of SECOND PARTIES to promptly
and fully comply wit'h all conditions and covenants in this
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a
agreement. In the event SECOND PARTIES fail to pay when
due, any taxes, assessments, insurance premiums or other
sums of money payable by virtue of this agreement, FIRST
PARTIES may pay the same without waiving or affecting their
option to foreclose this agreement, and all such payments
shall bear interest from date thereof at the highest lawful
rate then allowed by the laws of the State of Florida.
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