HomeMy WebLinkAbout0792 (2) cont'd... REfusal on the part of the parties of the seconn part
~o pay these late penalties will be considered failure to make
the regularly scheduled payments herein.
\The parties of the second part agree and covenants:
(1) To pay all advalorem city and county taxes and any other ~
governmental assessments accruing subsequent to the 17th day of ~
N,arch, A.D. 1972.
(2) To keep the property insured at their expense with an insurance
company satisfactory to the party of the first part, in an
amount of not less than $14,000.00. Said insurance to cover both ~
fire and windstorm damage, with a maximum deductible of $1D0.00.
(3~ ~'hat failure to perform any of the covenants on their part,
within 30 days of the due dates, shall constitute forfeiture and
termination Qf the within contract and all payments made by the
parties of the second part shall be forfeited and constitute full
and liquidated dama~es to the party of the first part. Neither
forebearance, nor acceptance by the party of the first part
after any default in any payment hereon, shall be deemed extens-
ion hereof.
(4) That 3n the event it is necessary to use legal means or process-
es to enforce performance of this contract 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 pr~cedures involved.
(5) That it is not necessary for the party of the first part to
notif the
y parties of the second part wher~ 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 hereta, that the
time of payment shall be an essential part of this contract, and
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~ that all covenants and agreements herein contained shall extend to
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and be obligatory upon the successors, heirs, executors, administ-
; rators and assigns of the respective parties and that this herein
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! contract is the only contract between the parties herein with
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! regards to the aforesaid real property.
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