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HomeMy WebLinkAbout0118 throughout the life of this Agreement. 7. The parties of the aecond part are executing, simultaneously with this Articles af Agreement, a Quit Claim Deed re-conveying the above described property untio the party of ~e ~rst part, with the express under- standing that so _ long as the payments called for hereunder are promptly made; and the second parties otherwise abide by all the other terms he~reof the said Quit Claim Deed ahall be held in escrow. However, ahould any payment called for hereunder remain unpaid for 30 daya from the due date or should second parties otherwise breach this Agreement by non payment of taxes or other covenants herein contained, then, first party 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 deacribed property and first party may re-take ; possession of the same instanter and second parties shall then have no right to possession of said property nor any further right under this Agree- ` ~ men~ . ~ ! e 'es of the second art shall mal~e the ents and ,i NOW if th partt p w_ PaYm , ~ erform the covenants hereinbefore mentioned on their part m be performed, ~ p ~i the the party of the Srst part will forthwith tender a good and sufficient deed ~ with documentary stamps affixed •thereto, in a proper amount, to the said ~ arties of the second part. ~ ~ p ~ IN THE EVENT OF FAII.URE of the said parties of the second part I~ to make any of the payments, or any part thereof promptly on the datea ~ ~ i! specified, or fail to perform any of the covenants on their part hereby made and entered into, this Agreement ahall, at the option of the party of the first ~ i~ i~ part, be forfeited and terminated, and the parties of the sec:ond part shall ~ forfeit all paymenta made by them under thia Agreement; and such payments ~ ~ ~ shall be retained by the said party of the firat part in full satiafaction and i ` liquidation of all damages by them sustained, and the said party of the first ~ F ~ 1 ~ n~ ~ . ~ ~ ~ ~ ~ ~ - . _ -