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S. To promptly pay each and •~very installment hereunder ~
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as the same becomes due, time of payments being of the essence.
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6. To keep ar~d maintain, throughout the life of this ~ ~
Agreement, a policy of fire and extended coverage insurance upon
the above described property in the minimum amount of $10,000.00; •
such policy to name as loss payees the parties 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.
7. The parties of the second part are executing, .
simultaneausly with this Axticles of Agreement~ a Quit Claim Deed
re.-conveying the above described property unto the par~ies of
the first part, with the express understanding that so~ long as :
the payments called for hexeunder are promptly made~ and the
second partie s otherwise abide by all the other terms hereof the .
said Quit Claim Deed shall be held in escrow. However, should
any payment called for hereunder remain unpaid for 30 days from
:the due date or should second parties-otherwise breach this ~
Agreement by non payment of taxes or other covenants herein
contained, then~ first parties may, without any notice or demand ~
to second parties, record said Quit Claim Deed and thereupon
second parties shall have no further right, title~ interest,
~claim, or demand to the above described property and first parties
~may re-take possession of the same instanter and second parties
~ shall the n have no r ight to pos session of said prope rt y nor any
further right under this Agreement.
NOW if the parties of the second part sha12 make the
'payments and.p2rform the covenants hereinbefore mentioned on
their part to be performed, then ~he parties of the fizst part
.~will forthwith tender a good and sufficient deed with documentary-
a~~6y P~~501 :
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