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7. The parries of the second part is executing, simultaneousl
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~ ith thfs Articles of Agreement, a Quit Claim Deed re-conveying the above
~ escribed property unto the parties of the first part, with the express under-
~stanclin that so lon as the a ents called for er
~ g g p ym h eunder are promptly made
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~ nd the second parties otherwise abide by all the terms hereof the said Quit ;
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laim Deed shall be held in escrow. However, should any payment called for
ereunder remain unpaid for 30 days from the due date or should second party
` therwise breach this Agreement by non payment of taxes or other covenant ~
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~herein contained, then first parties may, without any norice or demand to ~
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~Second parties, record said Quit Claim Deed and thereupon second parties '
~~shall have no further right, title, interest, claim or demand to the above
;~described property and first parties may re-take possession of the same
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~~instanter and second parties shall then have no right to possession of said ~
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~{property nor any further right under this Agreement.
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NOW, if the parties of the second part shall make the
i~payments and perform the covenants herein before mentioned on their part to
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~ibe performed, then the said parties of the first part, will forthwith tender a f
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$#good and sufficient deed with documentary stamps affixed thereto, in a proper ~
;;amount, to the said parties of the second part.
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;i IN THE EVENT OF FAILURE of the said parties of the
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second part to make any of the payments, or any part thereof, promptly on the i
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l~dates specified, or fail to perform any of the covenants on their part hereby ~
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j~ made and entered into, this Agreement shall, at the option of the parties of ~ ~
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j~ the first part, be forfeited and term~nated, and the parties of the second part ~ !
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t; shall forfeit all payments made by them under this Agreemerit; and such pay- '
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ments shall be retained by the said parties of the first part toward sarisfaction ~
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ji and liquidarion of all damages by them sustained, and the parties of the first
i} part shall have the right to re-enter and take possession of the premises
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aforesaid without being liable to any action therefor. The parties of the second
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~ part are given the express privilege of making two or more payments on any ~
installment due date without penalty, but the malcing of such addirional payment ?
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shall not extend the time of the next due payment.
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