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HomeMy WebLinkAbout2238 thioughout the life of this Agreetnent. ' 7. '1'he parties of the secon~i pzrt are executing, simul- taneously with this Articles of Agreement, a(~uit Ulaim Deed re-con- v~eying the above described property unto the parties of the first part, with the express understanding that so long as the payments callecl for hereundei- are promptly made, and the second paraes atherwise abide by all the other terms hereof the said Quit Claim Deed shall be held in escrow, However, shoulci any payment c~zlle~! 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 covenants herein contained, then first parties may, without notice or demand to second parties, record said Quit Claim Deed and thereupon second parties shall have no further right, title, interest, claim or demand to the above described property and first parties may re-take possession of che 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 parties of the second part shall make the payments and perform the covenants hereinabove mentioned on their part to be per- formeci, then the parties of the first part will forthwith tender a good and suffi cient deed with documentary stamps affixed thereto, in a proper amount, to the said second parties. IN THE EVENT OF FAILURE of the said parties of the second part to make any of the payments, or any part thereof promptiyo un the dates speci#ied, or fail to perform any of the covenants on their part hereby made and entered into, this Agreement shall, at the option of the pardes of the first part, be forfeited and terminated, and the parties of the second pa:t shall forfeit aIl payments made b}~ them under this Agreement; and such pay- ments shall be retained by the said parties of the first part in full satisfaction and liquidation of all damages by them sustained: and the said parties of the first part shall have the right to re-enter and take possession of the premises aforesaid without being liable therefoi- to any aetion. The parties of the second part are given the express privilege of making two or more payments on any installment due date without penalty, but the making of such additional payments shall not extend the time of the next due payment. ~194 ~~37 . : - ~ . . . . .