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HomeMy WebLinkAbout2583 ~ i ~ ; ! ~f ! 1 ~ i i . ~ . S. 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, throu9hout the life of this . ! : Agreement, a policy of fi re and extended coverage insurance upon ~ i : the above described prop~rty in the minimum amount of $8~000.00; ~ ~ - such policy to name as loss payees the parties of the first part i . ~ and memorandum certificates of such insurance to be furnished ; the parties of the first part each and every year throughout the ; ti ~ life of this Agreement. i ~ : ~ 7. The arties of the second ! p part are executing, ~ ~ simultaneously with this Articles of Agreement, a Quit Claim Deed~ s re-conveying the above described property unto the parties of ~ the first part, with the express understanding that so long as j ~ - --the payments called for hereunder are promptly made, and the second parties otherwise abide by all the other terms hereof the i ; ~ t said Quit Claim Deed shall be held in escrow. However, should ` t ~ ' ~ 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 hereiri ; r' contained, then, first parites may, without any notice or demand ; to second~parties, record said Quit Claim Deed and thereupon second parties shall have no further right~ tit le~ interest~ ; claim or demand to the above described property and first parties' may re-take possession of the same instanter and second parties , ~ , shall then have no xight to possession of said property nar any fvrther right under this Agreement. ~ f NOW if the parties of the secand part-shall make the ; . : ~ payments and perform the covenants hereinbefore mentioned on ~ , , 1 " their part to be perfor~d, the n the parties of the first part ~ will forthwith tender a good and svfficient deed with documentary; sta s affixed there to in a ro mP , p per a.~novnt, to the said parties of the second part. ;i , IN THE EVENT OF FAILURE ot the said parties of the second~ a~K 1~y PA~ 25~5 !