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on the unpaid principal balance; with
interest from the date hereof at the rate of
Seven Percent (796) per annum on the unpaid
balance. Two or more payments nay be made
by the parties of the second part on any
installment due date.
And the parties of the second part further covenant and agree as follows:
1. To pay all taxes, assessments, or impositions that may be
legally levied or imposed upon said land subsequent to the 31st day of
December, 1963.
2. 1b maintain in a state of good repair the building situated
on the above described property and to suffer no waste or impairment
of the same, reasonable wear and tear of the same excepted.
3. To allow no liens to be placed on the above described
property for materials furnished, or labor performed thereon, and if
any such liens are so placed, the same may be paid by the parties of
the first part and each such payment, plus interest thereon at 896 per
annum shall be added to the unpaid balance of this agreement.
4. To pay a reasonable attorney's fee and all Court costs
should the parties of the first part be forced to take legal action to
enforce the provisions hereof, or shoull~l the parties of the second part
breach this Agreement and refuse to quit the premises, making it
necessary to'bring eviction proceedings against then or should the
parties of the first part be required to foreclose this Agreement.
S. To promptly pay each and every installment hereunder as
the same becomes due, time of payments being of the essence, each
installment to be paid as provided, that the second parties shall have
thirty (30) days from any due date within which time to redeem the
property without the penalty of foreclosure attaching :,within the said
thirty (30) days and during the time, payment of the arrearage to the
date of any said payment shall redeem the property and the first parties
shall not have the right of acceleration during the said thirty (30)
days redemption period.
6. To keep maintained, throughout the life of this Agreement,
a policy of fire and extended coverage insurance upon the above
described property in the minimum amount of $9,000.00; such policy to
name as loss payee the parties of the first part and 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.
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