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HomeMy WebLinkAbout0114 . ~ ~ ~ . ~ ~ ~ ~ i throughout the life of this Agreement. ` { ~ 7. The party of the second part is executing, simultaneously with thi~ ' Articles of Agreement, a Quit Claim Deed re-conveying the above described property unto the partiea of the flrst part, with the express understanding ~ that so long as the paymenta called for hereunder are promptly made, and the second party otherwise abides 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 party otherwise breach this Agreement by non payment of taxea or other covenants herein cornained, then, first partiea may, without any notice or demand to second party, record said Quit Claim Deed and thereupon second party shall have no further right, title, interest, claim or de~nand to the above described property and first partiesmay re•take possession of the same instanter and second party sha11 then have no right to posse~sion of said property nor any further right under this Agreement. NOW if the pa.rty of the second part shall make the payments and perform the covenants hereinbefore mentioned on liie ~.part to be performed, then the parties of the first part will forthwith tender a good and sufficient ~ deed with documentary stamps affixed thereto, in a proper amount, to the ? s ~ ~ said party of the second part. IN THE EVENT C~F FAILURE of the said party of the second part ~ to make any of the payments, or any part thereof promptly on the dates speci8ed, or fail to perform any of the covenants on his part hereby made a entered into, thia Agreement sha11, at the o~ tion of the parties of the iirst ` part, be forfeited and terminated, and the party of the second part shall i ~ forfeit all payments made by him under this Agreement; and such payments i shall be retained by the said parties of the #irst part in full s~tisfaction and ~ liquidation of all damages by them sustained; and the said partles of the first I i part shall have the right to re-enter and take pc~ssession of the premises ~ , ~ ~t.4 : , - - , ~ ~ - - . _ _ _ - - ~ ~ ~ '~4 _ .