HomeMy WebLinkAbout4291 with this Articles of Agreement, ~ a Quit Claim Deed re-convey~ng the above
described property unto the parties of the first part, with the express under-
standing that so long as the payments called for hereunder are promptly madle
and the parties of the second part abide by all the terms hereof the said
Quit Claim Deed shall be held in escrow. However, should any payment
called for hereunder remain unpaid for 30 days from the due d~ e or should '
second parties otherwise breach this Agreement by non payment of taxes or
other covenants herein contained, then first parties may, without any notice
or dem and to second parties, record said Quit Claim Deed and thereupon
second parties shall have no further right, title, interest or claim to the
above described property and first parties may re-take possession of the
same instanter and second parties shall then have no right to possession of
said property nor any further right under this Agreement.
NOW if the parties of the second part shall make the payments
called for and perform the covenants hereinbefore mentioned on their part
to be performed, then the said parties of the first part, wiii tortnwitn tenuer
a good and sufficient deed with documentary stamps affixed thereto, in a
proper amount, to the said parties of the second part.
IN THE EVENT OF FAILURE of the said parties of the second
part to make any of the payments, or any part thereof, promptly on the
dates specified, or fail to perform any of the covenants on their part hereby
made and entered into, this Agreement shall, at the option of the parties of
the first part, be forfeited and terminated, and the parties of the second part
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~ shall forfeit all payments made by them under this Agreement; and such
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payments shall be retained by the said parties of the first part~'oward satis~
; faction and liquidation of al1 damages by them sustained, and the parties of
; the first part shall have the right to re-enter and take possession of the
premises aforesaid without being Iiable for any action therefor. The parties
o# the second part are given the express privilege of making two or more
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payments on any installment due date without penalty, but the making of such
additional payments shall not extend the time of the next due payment.
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