HomeMy WebLinkAbout1540 (2) Cont'd.. Refusal on the part of the parties of the second part to
pay these late penalties will be considered failure to make the
aforesaid 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 parties 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 3rd day of October,
A.D. 1972•
(3) That failure to perform any of the ~ovenants on their part, within
30 days of the due dates, shall constitute forfeiture and termination
of the within contract and all payments made by the parties of the
second part shall be forfeited and constitute full and liquidated
damages to the parties o~ the first part. Neither forebearance,
nor acceptance by the parties of the first part after any default
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in any payment hereon, shall be deemed extension hereof. ~
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(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
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 procedures involved.
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~ (5) That it i~~not necessary for the parties ofl the first part to notify
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s the parties of the second part when any of the amounts come due
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under this contract.
It is mutually agreed, by and between the parties hereto: (1) that the
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time of payment shall be an essential part of this contract, and that
all the covenants and agreements herein contained shall extend to and
be obligatory upon the successors, heirs, executors, adminstrators and ~
assigns of the respective parties and that this herein contrac~ is the
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~ only contract between the parties herein with regards to the aforesaid
real property. (2) that the principal balance due under this contract
can be paid off in full or in any part any time after the 3rd day of
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~ October, 1975 by the parties of the second part; in the event only a
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partial payment is made, no cha~ge will be made in the amount of the
monthly payment.
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