HomeMy WebLinkAbout01496 . To keep maintained , throughout the 1 if a of this
Agreement, a policy of fire and extended coverage insurance upon
the above described property in the minimum amount of X9,000.00;
such policy to name as loss payee the parties of the first part a
the original policy of such insurance to be furnished the parties
of the first part each and every year throughout the life of this
Agreement.
Now if the parties of the second part shall make the
payments and perform the covenants hereinbefore mentioned,on their
part to be performed, then the parties of the first part will
forthwith tender a good end sufficient deed with documentary stamp
aff fixed thereto, in a proper amount, to the said parties of the
second part.
IN THE EVENT OF FAILURE of~ the said parties of the second
part to make any of the payments, or any part thereof, promptly on
~ the dates specified, or fail to perform anq of the covenants on
their part hereby made and entered into, this Contract shall, at
the option of the parties of the first part, be forfeited and
terminated, and the parties of the second part shall forfeit all
payments made by them under this Contract; and such payments shall
be retained by the said parties of the first part in full satisfacl
land liquidation of all damages by them sustained; and the said part~es
~of the first part shall have the right to re-enter and take
possession of the premises aforesaid without being liable to any ac ion
therefor, The parties of the second part are given the express
vilege of making two or more payments on any installment due da
ithout penalty, but the mating of such additional payments shall
extend. the time of the next due payment.
It is mutually agreed by and between the parties hereto,
hat the time of each payment shall be an essential part of this
tract and that all covenants and agreements herein contained
hall extend to, and be obligatory upon the heirs, executors,
ministrators and assigns of ,:the respective parties.
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