HomeMy WebLinkAbout3295 (2) cont'd..i'efu:>al on tl~e part of ttie partie~ of ttie second part to
pay the;~e late perialties will t~e considered t}ze sarae as failure to
c~al:e the aforesaid re~;ularly scY~eduled pay!nent~.
`~'he parties of the second part a~ree and covenant:
(1) To keep the property iizsured at ttlz~r expense with an in~urance
company satisfactor.y to ttie parties of thE first part in an amount
of not le~s than $12,000.00. Said insurance to cover both fire and
winds~orm damage, wi~i! a ~~~a~.~~:.u^: '3°'j~~C*1h1P of $100.0~.
(2) To pay all ad valorem city and county taxes and other governmental
assessments accruing subsequent to the 15th day of DeceMber, A.D. 1972.
(3) T'r~at failure to perform any of thz cov~nants on their.part, within
33Jcia~~s of the due dates, shall constitute forfeiture and termina~i~r~
of the within contract and all payments made by tYie parties of the
second part shall be forfeited and constitute full and liquidated
damages to the par~ies of the first part. Neither forebearance
nor acceptance b;;~ the parties of the first part after any default
in any payment hereon, shall be deemed extension hereof.
(4) That in the event it is necessary to use legal means or process-
es to enf~rce perf'ormance of ttiis contract or to foreclose this
contract to obtain possession of the property, Lhe parties of the
second part agree to pay a reasonable attorney's fee and all other
cus~s per~a~:.in6 t~ the ~e~al pr~cedures invalved.
(5) Tnat it is not necessary for the parties of tiie first part to
I , parties of the second part when any of the amounts cor;le
notif~~ the
due under thi:: contract .
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~ It is mutually agreed, by and between the parties hereto: (1) that the
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; tiine of payment shal~ be an essential part of this contract, and that
$ a~~ the covenants and agreem°nts herein contained shal~ ex~end to and
be eblimatory upon the successars, heirs, execut~rs, adminstrators and
assi~n~ vf tre respective parties arid that tnis Yierein contract is the
anl~r contract betwe~n t~ie partie~ herein with regards to the afore~aid
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real property. (2) t~~at the principal balance due under this contrac~
can be paid off in full or in any part any tiMe after the 15th day of
.ianuary, 1>7o by the parties af the second part; in the event only a
; ~~artial pa;ment is r::ade, no change v~ill be made in the amount of tYie
r:onrrly payment.
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