HomeMy WebLinkAbout1778 (2) cont'd..Refusal on the part of the parties of the second parY. to
pay these ].ate penalties will be considered failure ~o make the
aforesai~ regularly scheduled payments.
The parties of the second part agree and covenant:
(1) 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 $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 govern-
mental assessments accruing subsequent to the 15th day of September
A.D. 19?2.
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~3) That failure to perform any of the covenants on their part, within
30 days of the due dates, shall constitute forfeiture and termina-
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tion ~f the within contract and all payments made by the parties of
the second part shall be forfeited and constitute full and liquid- ~
ated damages 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 exten~ion hereof.
That in the event it is necessary to use legal means or process-
es to enforce performance of this cantract or to foreclose this
contract ~o obtain possession of the property, the parties of the
second part agree to pay a reasonable attorney's fee and alI other
costs pertaining to the legal procedures involved.
(5) That it is not necessary for the party of the first~par~ to notify
the parties of th e second part iahen any of the amounts come due
under this contract,
It is mutually agreed, by and betcveen 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, administrators
and assigns of the respective parties and that this herein contract
is the only contract between the parties herein with regards to the
aforesaid real property. (2) that the principal balance due under this
cantract can be paid off in full or in any part any time after the 15th
day of September, 1975 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 payment.
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