HomeMy WebLinkAbout0904 ~ (2) cont'd..Refusal on the part of the parties of ttie second part to
pay tt~ese late penalt~e~ wi~.l be considered failure to make the
aforesaid re~,ularly schedul~~ pa~~ments ,
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The parties of the :~econd part a~,ree and covenant:
(1) To keep the property insured at their expense ~,rith an insurance
company satisfactory to the parties of the first part, in gn amount
of not le~~~ than $15,000.00. Said insurance to cover both fire and
windstorm damage, with a maximum deductible of $100._00,
(2) To pay all ad valorem city and county taxes and any other ~overn-
mental assessments accr~~~^~e~te 20th day of July A.D. 1972.
(3) That failure to perform any of the covenants on their part, within
~0 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 anci liquid-
ated damages to the parties of the first part. Neither forebearance,
nor acceptance by the parties of the first part after any default
in any payment 'riereon, shall be deemed ext,ension hereof.
(4) T~hat in 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
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other cost~ pertainin~ to the legal procedures involved.
(5) ihat it is not necessary Por the parties of the first part to
notify the partie~ cf the second part when any of the amounts
come due under thi~ contract.
It is mutually a~reed, by and between tt~e parties hereto: (1) that
trie time of payment snall be an essential part of thi~.contract, and
tnat all covenant~ and agreements herein contained shall extend to
and be obligatory upon the successors, heirs, executors, administrat-
ors and a~signs of' the respective parties and that this r~erein contract:
i:; the only contract between the parties r.erein with regards to the
aforesaid real property. (2) that the principal balance due under this
contract can be paid off in full or ir~ part any time after the lst day
of_Sentember, 1975 b;j the parties of the second part; in the event only
a partial pay~^.ent is :^~ade, no change will be made in the ar,.ount of the
r~:onthly payment .
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