HomeMy WebLinkAbout0911 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, thxoughout the life of t2~s
Agreement, a policy of fire attd extended coverage insurance upon
the above described property in the minimum amount of $9,500.0~;
such policy to name as loss payees the party of the f irst part
and memorandum certificates of such insurance to be furnished
the party of the first party each arxi every year throughout the
life of this Agre ement.
7. The parties of the second pazt are executing~
simultaneously with this Articles of Agreement, a Quit Claim Deed
re-•conveying the above described property unto the party of the
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first part, with the express understanding that so long as the
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payments called for hereunder ~re gromptly made, and the second
paxties otherwise abide by all the other terms hereof the said i
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Quit Claim Deed shall be held in escrow. However, should any ~
payment called far hereunder remain vnpaid 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
! fixst azt ma without an notice or demand to second
p Y Y, y parti.es,
record said Quit Claim Deed and thereupon second parties shall
have no further ri.ght, title, interest, claim or demand to the
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above described property and first party may re~take posse ssion
of the smae instanter and second parties shall the n have no right
to possession af said property nor any further right under this ~
~ Agreement.
; NOW if the parties of the second part shall make the (
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payments and perform the covenants hereinbefore mentioned on ~
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~ their part to be performed, then the partby of the first part ~
( will forthwith tender a good and sufficierit deed with documentar ~
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