HomeMy WebLinkAbout2720 so_ long as the payments called for hereunder are promptly made and the
second party otherwise abides by all the 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 orherwise breach this Agreement by non payment of taxes or other
covenant herein contained, then first parties 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 demand to the above
ciescribed property and first pardes may re-take possession of the same
instanter and second party shall then have no right to possession of said
property nor any further right under this Agreement.
NOW, if the party of the second part shall make the payments and
perform the covenants hereinbefore mentioned on their part to be performed,
then the said parties of the #irst part will forthwith tender a good and sufficient
deed with documentary stamps affixed thereto, in a proper amount, to the said
party of the second part.
IN THE EVENT OF FAILURE of the sa id party of the second part to
make any of the payments, or any part thereof, promptly on the dates specified, ~
or fail to perform anyof the covenants on its part hereby m~le and entered into,
this Agreement ~hall, at the option of the parties of the first part, be forfeited
and terminated, and the party of the second part shall forfeit all pa}?ments made
by it under this Agreement; and such payments shall be retained by che said
parties of the first part toward satisfaction and liquidation of all damages by them
sustained, and the parries of the first part shall have the right to re-enter and
take possession of the premises aforesaid without being liable to any action
therefor. The party of the second part is given the express privilege of making
two or more payments on any installment due date without E~enalty, but the
making of such additional payments shall not extend the time of the next due payment. S
IT IS MUTUALLY AGREED by and between the parties hereto that the
time of each payment shall be an essential part of this Contract and that all
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covenants and agreements herein contained shall extend to and be obligatory upon j
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