HomeMy WebLinkAbout2874 shall be held in escrow. However, should any paymer,t called for hereunder
remain unpaid for 30 days from the due date, or should second parties otherwise
breach this Agreement by non payment of taxes or other covenant herein containecl,
then, first party may, without an}~ notice or demand to second partie~, record
said Quit Claim Deed and thereupon second parties shall have no further right, ;
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title, interest, claim or demand to the above-de~~ribed property and first party ;
may re-take possession of the same instantzr and second parties shall then .
have no right to possession of said property nor any further right under 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 party of the first part, will forthwith tender a good and sufficient dee:ci
with documentar}~ stamps affixed 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 speci- ~
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fied, or fail to perform any of the covenants on their part hereby made and ~
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entered~~into, this Agreement shall, at the option of the party of the first part,
be forfeited and terminated, and the parties of the second part shall forfeit
all payments made by them under this Agreement; and such payments shall
be retained by the said party of the first part toward satisfaction and liqui- ;
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dation of all damages by it sustained, and the party of the first part shall ~
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have the right to re-enter and take possession of the premises aforesaid ~
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without being liable to any action therefor. The parties of the second part ~
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are given the express privilege of making two or more payments on any ~
installment due date without penalty, but the making of such additional pay- ~
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ments shall not extend the time of the next due payment.
IT IS MUTUALLY AGREED by and between the parties hereto that
the time of the payments shall be an essential part of this Contract and that ~
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