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(2) cont'd..Refusal on the part of the,parties of the second part to ~
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pay these late penalties will be considered failure to make the
regularly scheduled payments he~~n•
The parties of the second part agrees and covenants:
(1) To keep the property insured at their expense with an insurance
company satisfactory to the parties of the first part, ~n an amount
of not less than $27,450.00. Said insurance to cover both fire and
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windstorm damage, with a maximum deductible of $100.00.
(2) That failure to perform any of the covenants on their part, within
30 days of the due dates, shall constitute forfeiture and termina-
tion of the within contract and all payments made by the parties of
the second part shall be forfeited and constitute full and liqu3d-
ated damages to the parties of the first part.~Ne~~her forebearance,
nor acceptance by the parties of the first part a~ter any default
in any payment hereon, shall be deemed extension hereof.
(3) To pay all ad valorem city and county taxes and any other govern-
mental assessments accruing subsequent to the lst day of January,
A.D. 1972.
. (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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i contract to obtain possession of the property, the partins of the
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~ second ~art agree to pay a reasonable a~torney's fee and all
p g g procedures involved.
€ other costs ertainin to the le al
(5) 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 of this contract, and ~
that all covenants and agreements herein contained shall extend to
and be obligatory upon the successors, heirs, executors, administrat- 4
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~ ors and assigns of the respective parties and that this herein contract
is the only contract between the parties herein with regards to the
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~ aforesaid real property. (2)_ That the principal balance due under this
contract can be paid off in full or 3n part any time after the lst day
of July, 1977 by the parties of the second part; in the event only a
partial payment is made, no change will be made in the amount of the
monthly pay men~ ,
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