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HomeMy WebLinkAbout2275 ~ following items in the order stated: ~ ~a) taxes, assessments, fire and other hazard insurance premiums; (b) interest on the contract secured hereby; (c) amortization of the principal of said cantracted indebtedness. Any deficiency in the amount of such aggregate monthly payment --shall,-unless made good bv the party of the second part prior to the _ _ _ _ - due date of the next such payment, canstitutes an event of default under this contract. At party of the first part's option, party of the second part will pay a"late charge" not exceeding 4~ of any installment when paid more than 15 days after the due date thereof, but such "late charge" shall not be payable out of the proceeds of any sale made to satisfy the indebtedness secured hereby unless such ' proceeds are sufficient to discharge the entire indebtedness and all proper costs and expenses secured hereby. In the event of default in the payment of this contract and if same is collected by an attorney at law, the party of the second part hereby agrees to pay all costs of collection including a reason- able attorney's fee. _ i i 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 covenants and agreements herein contained shall extend to and be obligatory upon the heirs, executors, administrators, and assigns o¢ the respective parties. Privilege of prepayment without penalty is~granted herein. The party of the second part shall maintain sufficient life ~ insurance insuring the life of Richard E. Byrne in an amount not less than the remaining principal balance on this obligation, and shall assign their interest in said policy to the partp of the first part for the sole purpose of guarantying the payment of the remaining -3- aD00~K ~G7J PA6E~:~ ~ ; _ - ~ . ~ - ~ . a.,~"~ ~',s ~ ~ ~ ~ ' 4 'AF> ~ n-~ r : ~ ~ +,r. z~r ~ ~ ~ x ~ _ - _ . _ .