HomeMy WebLinkAbout0426 (2) con~'d.. part of the parties of the second part to pay tnese late
penalties wi?1 be cons~dered the sama as failure to make the ~
aforesaid regularly scheduled payments.
The parties of the second part agree and covenant:
(1) To keep the proper~ty insured at their expense Y~ith ar~ insurance
compar.~ satisfactory to ~he parL-ies of the first part in an amount
of not less that $4,000.00. Said insurar~ce to cover both fire and ~
windstorm darriage, with a maximum deducti~le of $100.00.
(2) To pay all ad valorem city and coun~y taxes and other governmental
assessments accruing subsequent to tl;z ~st day of Eebr~ary A.D. 1973•
(3) That failure to perform any of the covenants 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 liqui3ated
damages to the parties of the .first part. Neither forebearance
nor acceptance by the parties of the first part after ~ny default
in any payment hereon, shall Ce dee~ied extension hereof.
(4) That in the event it is necessarv to use means or processes to
enforce performance of this contract or to foreclose this contract
i to obtain possession of the p~operty, the parties of the second part -
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j agree to pay a reu:-~onable attorr:~y's fee and all other costs pert-
I aining to the legai procedures involved.
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~ {5) That it is not necessary for the parties of the first part to
~ notify the parties of the second part when any of th~ amounts come
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due under this contract.
It is mutually agreed, by and between the parties hereto: (1} that the
~ 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, ad~?instrators and
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~ assigns of tne respective parties and that this herein contract is the
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~ only contract between the respective parties herein with regards to the
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~ aforesaid real property. (2) that the principal balancz due under this
~ contract ~an ~e paid off in f_u? 1 or in any part at ar,y time by the
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parties of the second part; in the ~event only a partial payment is
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~ made, no change ~rill be made in the amount of the monthl~ pa~rment .
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