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praperty unto the parties of the first part, with the express understanding that
so long as the payments called for hereunder are promptly made and the second
~ parties otherwise abide by all the terms hereof, the said Quit Claim Deed shail
be held in escrow, however, should any payment called for hereunder remain
unpaid for 30 days from the due date or sho~ld second parties otherwise breach
this Agreement by non payment of taxea or other covenant herein contain~d, then
first parties may, without any notlce or demand to second parties, record said
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Quit Claim Deed and thereupon second parties shall have no further right, title, ~
interest, claim or demand to the above described property and f~rst parties
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may re-take possession of the same instanter and second parties ~hall then -
have no right to possession.of said proper_ty nor a~y further right under this
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Agreement. ~ - ~
NOW, if the parties of the second pa.rt s~all make the payments and i
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perform the covenants herein before mendoned on their part to be perform~d,
then the said parties o# the first part, will forthwith tender a good and sufffcient ~
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deed with documentary stamps affixed thereto, in a proper amount, to the said
parries af 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
t~f.
iereof,
proiim~ly on~he~c a~es spec~ied,------
or fail to perform any of the covenanta on their par~ hereby made and entered E
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into, this Agreement ahall, at the opti~ of the rties of the first 1 `
pa part, be~forfeited
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and terminated, and the parties of the second part shall forfeit all payments made ~
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by them under this Agreement; and such payments shall be retained by the said
parties of the first part toward saasfaction and Iiqufdatfon of all damages by them ;
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sustained, and the partie~_c~the first part shall ha~e the right to re-enter and take
possession of the premises aforesaid without being Iia~l~ta any action therefor.
- The parties of the second part are given the express privilege of maldng two or
more payments on any installment due date without penalty, but the making of
such additional payments shall not extend the time af the next due payment.
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