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HomeMy WebLinkAbout0765 like sum on the corresponding day of each month thereafter until the whole be fully paid, with interest at the rate of ?5 per cent per annum. Each installment shall first be applied in payment of interest and then on the unpaid balance of the principal sum;; and to pay all taxes, assessments or improvements that may be legally levied or imposed upon saic~.land subsequent to August 1, 19?2. And in the case of failure of said parties of the second part during the terin of this Agreement to make any of the payments or any part thereof, or to perform any of the covenants on their part hereby made and entered into, this contract shall, at the option of the parties of the first part, be forfeited and terminated and the parties of the second part sha?1 forfeit all payment made by them on this contract and such shall be retained by said parties of the first part in full satis- faction 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 to any action therefore. IT IS MUTUALLY AGREED by and between the parties hereto, that the time of each payment shall be an essential part of this contract, and that all covenants and agreements herein contained shall extend to and be obligatory upon the heirs, executors, administrators and assigns of the respective parties. Pre- payment in whole or in part without penalty is hereby granted to the parties of ~ E the second part. i ~ IT IS FURTHEK mutually agreed by and between the parties hereto, that ~ the essence of the Agreement is contingent upon the parties of the second part obtaining a first mortgage from a financial institution to pay off the balance of the purchase price upon the termination of the life estate aforesaid. Each of the ~ terms and conditions as to installment payments of $100. 00 a month apply to ~ occupancy prior to the termination of the life estate and shall be credited to ~ . ~ the purchase price. • ~ ~ ~ IN WITNESS WHEREOF, the parties to these presents have hereunto ~ ~ ~ ~ ~ - ~ ~ ~ ` ~ ~ • _ ~ ~ ~ ~ g~Rt 2Q~ P~1CE 1 U~ ~ _ ; ~ t ~ ; - _ , ~ ~ ~:;.~~_~~~i,.«t~,~,.v..~,...._ . .