HomeMy WebLinkAbout3292 (2) cant'd... REfusal on tt:e Far•t cf the parties of the ~econn pzrt
to pay these late penalties will bz considered failure ~o make
the regularly scheduled payr„ent~ ~~erein.
The pzrties of the second part agree and covenants:
(1) To pay all advalorem city and county taxes ar~d ar_y cther
goverr.rr.ental as: Essn~ents accruing subseeuent to the 17th day of
l~iarch, A.D. 1972.
(2) To keep the pr•operty insured at their expense with an insurance
company sati:.factcry to tre party of the first part, in an
ameunt of not less than $14,000.00. Said insurance to cover both
fire and wir_dstor~r~ damage, with a maxim,um deduc~ible of $1QQ.00.
C3) That failure to perform any cf the ecvenants on t}ieir part,
within 30 days of the due d2.tes, shall cor_~titute forfeiture and
termination of the w~ithin cortract ar,d all payments made by the
parties of the seconc part shall be ferfeited 2.nd censtitute full
and iiquidated dar?ages to the party of the first part. Neither
fore~earance, nor acceptanee by the party of the first part
after any def~.ult in any payment her•eon, shall be dee~r~ed extens-
:on herecf.
(4) That in the event it is necessary to use legal rr.ean~ or process-
es tc enfcrce performance of this contract or to foreclose this
contr•ac~ to chta~r, pc~~essior. of the prcger•ty, the narties ef the
second part agree to pay a rEascna~le attorney's fee and all
other• cost~ Fertaining to the legal prc~cedures involved.
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~ (5) Trat it is nct necessary for ~he party ~f the first part to
~ netify the parties of the second part k zer. any cf the arncur_ts
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corre due under th~s contract.
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It is mutually a~ree~, by and betweer~ the parties hereto, that ~he
; time of gaymer.t shall be an essenti2l Fart of this contract, and
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that all covenzr_ts anci agreemen~~ hErein contained shall extend tc
i ~.nc be etli.gatary uFcn tre successors, heirs, executors, admini:t-
rator•s and assigns of the respective parties ar,d that this hereir~
centract is the c~n~y contract betweer, the parties hereir: with
regards to the aforesaid real property.
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