HomeMy WebLinkAbout0517 (2) cont'd.. RePusal on the part of the parties of the second part
to pay these late penalties will be considered failure to ~ake
the r~gularly scheduled payments herein.
The parties of the second part agrees and covenants;
~1) To keep the pr~~,~rty insured at their expense with an fnsurance
ec~mpany satisFactory to the parties of the first part, in an
amount of not less than $26,000.00. Said insurance to cover both
fire and windstorm damage, with a maximum deductible of $100.00.
(2) To pay all ad valorem city_,~nd county taxes and any other govern-
. mental asse~sments accruing subsequent to the 28th day of March
A.D. 1972. ~
(3) That failure to perform an~ of the covenants on their part,
within 30 days of the due dates, shall constitute forfeiture and •
termination of the within contract and all payments made by the
parties of the second.part shall be forfeited and constitute full
and liquidated damages to the part~es of the first part. Neither
forebearance, nor acceptance by the parties of the first part
after any default in any payment hereon, shall be deemed extens-
ion hereof. ~
That in the event it is necessary to t~se .legal means or process-
es to enforce performance of this contrac~ or to foreclose this
contract to obtain possession of the property, the parties of the
second part agree to pay a reasonable attorney's fee and all
other costs pertaining to the legal procedures involved.
C5) That it is not necessary for the parties of the first part to
notify the parties of the second part when any of the amounts
come due under this contract. . .
It is mutually agreed, by and between the parties hereto: (1~ that the
time of payment shall be an essential part oP this contract, and
that all~covenants and agreements herein contained shall extend to
and be obligatory upon the ~ccessors, heirs, executors, administ-
rators and assigns of the respective parties ~ that this herein
contract is the only contract between the parties herein with regards
to the aforesaid real property. (2) That.the principal balance due
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