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HomeMy WebLinkAbout1547 . insurance upon the above descx~ibed property in the minimun oi ;9, 50~. pp; such policy tio name as loee payeee the parties of the firet part. 1fie parties of the second part shall pay the premiums ~or such insurance prompdy ae they _become due. 7. The parttes of the secaxl part are eacecuting, simultan- eous2y with this Articles of Agreement, A Quit Claim Deed re- canveying the above described pro~perty unto the partiea of the ~rst part, with the express understanding that so long as- the payments called for hereunder are promptly made and the second garties other- wise ~ abide by a~l the terms hereof the said Quit Claim Deed. ahall be held in escrow. However, should any payment called for hereunder - remain unpaid for 30 days from the due date, or should aecond par- ties otherwise br~ach this Agreement by non-payment of taxes or other cove~nant herein comained, then Srst parties may, without any ~ notice or demand to Sec:ond parties, record said Quit Claim Deed and ~ t - ~ ~ thereupon aeoond parties sh~ll have no further right, title, interest, ~ ~ ~ . . E ~ clairri or demand to the above described prcmerty and Hrst parties may _ ~ re-take possession of the same instanter and second parties shall then ~ have no right to possession of said property nor any further right under this Agreement. NOW, if the pa.rties of the second part shall make the pay- ments and perform ~the covenants herein before mentioned on their part ~ . ~ ~ to be performed, then the parties of the first part, will forthwith tender ~ ~ a good and sufficient deed with - documernary stamps affixed thereto, in ~ ~ a proper amount, to the said parties of the second part. . ~ ~ . IN THE EV ENT OF FAILURE of the said parties of the second . ~ ~ part to make any of the payments, or any part thereof, promptly on E dates apecified, or fail to perform any of the coaenants on their part hereby made and entered irno, this Agreement shall, at tlie option of i - the parties of the first part, be forfeited and termin~xed, and the par- ~ ~f R~~~ R~~ tiea of the seco~d part shall forfeit all paymerna made by them under - AnOR11EY AT u~ this Agreement; and such paymerna ehali be retai~d by tbe said ~ ,ss.a,TM ~ow.r~sr . ' ~ ` roar naici. n~a~ .s~.~s~ ~ .