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(2) cont'd.. Refusal on the part of the parties of the second part to
pay these ~ate charges will be considered the same as 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 ~
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company satisfactory to the parties of the first part in an amount
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of not less than $14,000.00. Said insurance to cover both fire and ;
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windstorm damage, with a maximum deductible of $100.00. {
(2) To pay all ad valorem city and county taxes and other governmental
assessments accruin~ subsequent to the 20th day of April A.D. 1973•
(3) 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 liquidated
damages to the parties of the first part. Neither Porebearance nor
acceptance by 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 processes 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 pertain-
ing to the legal procedures involved.
(5) That it is not necessary for the parties of the first part to
notify the parties of the second part when ariy of the amounts come
due under this contract.
It is mutually agreed, by and between the parties ~ereto: (1) that the
time of payment shall be an essential part of this contract,~and that
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; all the covenants and agreements herein contained shall extend to and
: be obligatory upon the successors, heirs, executors, adminstrators and
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assigns of the respective parties and that this herein contr.act is the
only contract between the respective 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 at any time- after the
20th day of May 1978 by the parties of the second part; in the event
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only a partial payment is made, no change will be made in the amount of
the monthly payments.
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