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HomeMy WebLinkAbout1595 + t pay the premiums for such insurance promptly as they become due. . 7. 'I~~~ ~.arties of the second part are executing simultaneously with this Articles of Agreement, a Quit Claim Deed re-conveying the above described property unto the party of the first part, with the express under- standing that so long as the payments called for hereunder are promptly made and~~he second parties otherwise abide by all the terms hereof, the ; said Quit C~aim Deed shall be held in excrow; hov~ever; should any payment called 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 covenant herein contained, then first party may, without any notice or demand to second parties, record said Quit Claim Deed and thereupon second parties shall have no further right, title, interest, claim or denand to the above described property and first party may 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 parties of the second pa.rt shall make the payments and perform the covenants herein before mentioned on their part to be per- formed, then the said paxty of the first part, will forthwith tender a good and ~t=~c~Lnt deed with documentary stamps affi.xed thezeto, in a proper amount, to the said parties of the second part. IN THE EVENT OF FAILURE ~f the said parties of the second part to make any of the payments, or any part thereof, promptly on the dates specified, or fail to perform any of the covenarns on their part hereby made and entered into, this Agreement shall, at the option of the part of the iirst part, be cancelled and terminated, and the parties of the. second part shall forfeit all paym ents made by them under this Agreement; and such payments shall be retained by the said party of the first part toward sarisfaction and liquidarion of all damages b~ it sustained, and the party of the first part shall have the right to re-enter and take possession of the premises aforesaid without being liable therefor. The pa.rties of the second part are given the express -3- , ~ ~ti ~ : - . 4 ~y ~ ~ ^~~~a.