HomeMy WebLinkAbout0088 (2) cont'd......Refusal on the part of the party of the second part
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to pay these late penaltles will be considered failure to make i
the reg~~~rly scheduled payments herein. ~
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The party~ of the second part agree~ 8nd covenan~~
(1) To pay all ad valorem city and county taxes and any other
governmental assessments accruing subsequent to the 14th day
of January A.D. 1972.
(2) To keep the property insured at his~ expense with an insurance
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company satisfactory to the parties of the first part, in an
amount of not less than $23,000.00. Said insurance to cover
both f~re and windstorm damage, with a maximum deductible of
$1Q0.00.
(3) That fai~lure to perform any of the covenants on his ~ part,
within 30 days of the due dates, shall constitute forfeiture
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and termination of the within contract and all payments made
by the party-of the second part shall be forfeited and const-
itute full and liquidated damages to the parties of the first
part. Neither forbearance, nor acceptance by the parties of
the first part after any default in any payment hereon, shall
be deemed extension hereof.
~ (4) That in the event it is necessary to use legal means or process-
es to enforce performance of this contract or to foreclose this
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contract to obtain possession of the property, the party of the
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~ second part agree to pay a reasonable attorney's fee and all
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g other costs pertaining to the legal procedures involved.
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~ (5) That it is not necessary for the parties of the first part to
~ notify the party of the second part when any of the amounts
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< come due under this contract.
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It is mutually agreed, by and between the parties hereto, that the._
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~ time of payment shall be an essential part of this contract, and
; that all covenants and agreements herein contained shall extend to
a~ and be obligatory upon the euccessors, heirs, executors, administrat-
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= ors and assigns of the respective parties and that ~his herein contract
- is the only contract between the parties herein with regards to the
= aforesaid real property.
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